private benefit. Demerit Good: A good for which the long term private costs of production exceed the short-term private costs of consumption. Negative Externality: An adverse consequence of a economic activity that is experienced by third parties; an adverse spin-off effect resulting from an economic activate; when the social costs of activity exceeds private costs of activity. ==================================================================================================== Aggregate
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UNIT 1 ECONOMIC ENVIRONMENT OF BUSINESS Objectives After studying this unit‚ you should be able to : • Define what you mean by “environment” • Classify the complex environmental variable on the basis of objective criteria • Identify the critical elements of economic environment of business • Analyse the interactions between economic and non-economic environment • Explain the impact of economic environment on business management; and • Illustrate your understanding of economic environment
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What Is Regional Economic Integration? Regional economic integration has enabled countries to focus on issues that are relevant to their stage of development as well as encourage trade between neighbors. There are four main types of regional economic integration. 1. Free trade area. This is the most basic form of economic cooperation. Member countries remove all barriers to trade between themselves but are free to independently determine trade policies with nonmember nations. An example is the North
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Assignment 7-1 What causes an economic downturn? What causes an economic downturn? An economic downturn defines as the economy being in recession‚ which is a period of time that economic‚ won’t grow or even falling. The definition of an economic downturn is less strict than recession. In the economic downturn period‚ the growth rate will slow down. We can see the house prices falling down and a lot of people lose their jobs. There are some features of an economic downturn: First‚ the economic grow
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following with your partner. Do you know much about economics? Tick which of these statements you think are true. Then explain to your partner why. 1 Economics is only the study of money. 2 Economics is something governments take care of. 3 An economist basically decides how money is spent. What does economics study? What do you think of when you hear the word economics? Money‚ certainly‚ and perhaps more complicated things
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• What professional‚ social‚ or personal characteristics do you have in common with your dominant learning style? B= Producer and C= Director I think this these are really actuate results because I do prefer working by yourself‚ at your own pace. I feel if we are working together there is always some who gets left behind and others keep going. I am also a focused‚ and to the point person. I like to get my work done first then we can talk about other things because that way we will not have to worry
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Dominant party systems are political systems that lie on the boundary between democratic and authoritarian. Dominant party systems are not authoritarian systems of government which prevent alternate political power‚ yet they do not exhibit the political freedoms of a true democracy. Within the system of a dominant party‚ there exists a government where power is concentrated within the reach of one party‚ although others exist and are part of elections. Opposition parties are not illegal‚ but are
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ECONOMICS AND BUSINESS ENVIRONMENT 1.1) Economic activity and economics (Pp. 14-16) Prosperity: The ready availability of goods and services to fulfil needs. Resources: Land‚ labour and capital. Scarcity: The excess of human needs over what can be produced. Economic activity: occurs when people (consumers‚ managers) make choices to maximise their prosperity using scarce resources. The Science of Economics: is concerned with the study of economic activity. This field is complex
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C17B- SERVICE MARKETING * Explain the role of service industry in economic development of a nation Service sector is the lifeline for the social economic growth of a country. It is today the largest and fastest growing sector globally contributing more to the global output and employing more people than any other sector. The real reason for the growth of the service sector is due to the increase in urbanization‚ privatization and more demand for intermediate and final consumer services
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54082 Module leader: Ms. Bandana Rai Submission: ECONOMIC CRISIS IN HOSPITALITY & TOURISM INDUSTRY Submitted by: Pavitra Mehrotra Student Id: 010109029 Abstract In the recent scenario‚ hospitality and tourism sector has become an important part of daily life but which is now experiencing multiple challenges because of the global economic crisis. Besides tourism‚ many other industries are in a position to create affluence and economic development opportunities‚ which also considered difficult
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