Body……………………………………………………………………………...…….2 1. REE’s mission‚ values and objectives and the influence of stakeholders ……..2 2. Achievement of stakeholder’s objectives…..………….……………………..……..5 3. REE Corporation’s responsibility and strategies employed to meet objectives of stakeholders………………………………………………………………...…..8 4. Explanation of how economic systems in your country (Viet Nam) attempt to allocate and make effective use of resources available within the country……………11 5
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Equilibrium Price: The price at which quantity demanded and quantity supplied are equal. (or use labelled supply and demand diagram) Market Failure: When a market results in a misallocation of resources (or labelled marginal cost and benefit diagram) Social Cost: The whole cost resulting from any decision or choice‚ for example by a firm or a consumer Normal Good: A good for which demand increases as income increases A good with a positive income elasticity of demand Income elasticity
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Definition of Economics The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants. Human wants are unlimited‚ but the means to satisfy the wants are limited. The Economic Perspective Scarcity and choice Resources can only be used for one purpose at a time. Scarcity requires that choices be made. The cost of any good‚ service‚ or activity is the value of what must be given up to obtain it.(opportunity cost)
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Section 1 – Know the employment rights and responsibilities of the employee and employer 1. Identify four main points that would be included in a contract of employment. If possible‚ use an example contract to support your answer (feel free to obscure any confidential information). Four main points that would be included in a contract of employment could be‚ the name of employer and the address of the workplace. The job title and the main duties and responsibilities of the employee will also
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Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis. The Center for Disease Control came up with an astonishing record of how much binge drinking cost the United States each year. On average‚ excessive alcohol consumption costs $223.5 billion each year‚ mostly due to lost workplace productivity and increased health care costs. (Kliff‚ 2012) To take
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chapter 1 BUSINESS ETHICS‚ THE CHANGING ENVIRONMENT‚ AND STAKEHOLDER MANAGEMENT |TOPICS COVERED | 1.1 Business Ethics and the Changing Environment 1.2 WHAT IS BUSINESS ETHICS? WHY DOES IT MATTER? 1.3 LEVELS OF BUSINESS ETHICS 1.4 FIVE MYTHS ABOUT BUSINESS ETHICS 1.5 WHY USE ETHICAL REASONING IN BUSINESS? 1.6 CAN BUSINESS ETHICS BE TAUGHT AND TRAINED
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Business economics assignment Part A 1. Many firms have similar cost structures‚ it might be possible to predict the prices of other competing organizations. Also cost plus pricing is simple to compute. Markup= (price-cost)/ cost price= cost (1+markup) P= Lab+ Mat+ Mkt+ F/Q+Z*A/Q Q: planned output A: gross operating assets Z: desired profit rate MR=P/ (1+1/Z) if firm is maximizing profit: MC=MR=P/ (1+1/Z) P= MC* [1/ (1+ 1/Z)] So profit maximizing price is a mark up on marginal
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Assignment 1: Principles of Economics Cletajo Hollingsworth ECO 100 29 January 2012 Suggest how an economist would approach the problem of alcohol abuse. Economics is about scarcity and choice. It is assumed that all human beings are rational thinkers hence would always choose to consume products that would give them maximum satisfaction or utility. Mankiw (2011‚ p. 6) argues that rational people ‘systematically and purposefully do the best to achieve objectives given available opportunity
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Contract Elements Business Law is an interesting topic‚ especially when contracts are the subject of discussion. Contracts can obligate a party to perform a task‚ stop performing a task. They can be a guideline on a specific business sale or as simple as ordering something online. When things go wrong and contracts are claimed to be broken‚ the first thing we look into is whether it was a valid contract to begin with. For a contract to be considered valid there are 4 main elements it must contain
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4.) A firm contemplating an advertising campaign that promises to yield $120 one year from now for $100 spent now. Explain why the firm should not undertake the advertising campaign. Because of the Time Value of Money; the $120 might have a Present Value that is lower than the $100 spent now‚ therefore the campaign would have a negative Net Present Value and should not be undertaken. 5.) Determine which of two investment projects a manager should choose if the discount rate of the firm is 10
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