Question: 1. Why should firms in the airline industry pay more attention tomacro-economic business environments? (Use either U.S. airline carriers and/ or companies from any other country to answer this quest)

2. One of the principal functions of any business firm is to define consumer wants/ needs. As a business consultant to an investor who wants to start a new restaurant in La Verne explain what information would be needed to make sure that he/ she understands the market. (Identify and explain relevant economic concepts which you have learnt in our class so far that would be helpful here.)

3. What do managers need to do to assure optimal use of the firm's limited resources? What are potential applications of any of the production functions? (Give some examples to support your answers.)

4. When should contracts be used by management over spot exchange? Which are the best ways to motivate managers and workers? (Provide some real life examples from any industry/ies and/ or firm/s.)