i.) In business activities‚ you can take two routes; socialist and capitalist. In a socialist business environment‚ you would be dealing with public or common ownership. When there’s socialism in business there is an equal say‚ and it would include equal power relations‚ and maybe even cooperating with another manager. In a capitalist business environment‚ it is more along the lines of private ownership. When there’s capitalism in business‚ the final say and decisions are made by the person in
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Part A – Microeconomics: Question 1: Indicate whether each of the following changes in price cause total revenue to increase‚ decrease or remain unchanged? Explain why. (2 marks each) a Price falls and demand is elastic; b Price rises and demand is elastic; c Price falls and demand is unitary elastic; d Price rises and demand is unitary elastic; e Price falls and demand is inelastic. Question 2: a Define‚ describe and illustrate with a diagram‚ one opportunity cost
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ECO 550: Managerial Economics and Globalization Assignment #2 1. Office building maintenance plans call for the stripping‚ waxing‚ and buffing of ceramic floor tiles. This work is contracted out to office maintenance firms‚ and both technology and labor requirements are very basic. Supply and demand conditions in this perfectly competitive service market are: QS = 2P - 20 | (Supply) | QD = 80 - 2P | (Demand) | Where Q is thousands of hours of floor reconditioning per month and
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Islamic Economic System implies a mood of satisfying the economics needs of the members of organized society in accordance with is injection of Quran and Sunnah. It’s derived from the teachings of the Holy Qur’an and explained in his Ahadith by the Holy Prophet (SWT). This system continued in this original form till the death of the Second Caliph Hazrat Umar (RA). The system believes in the private ownership of the means of production‚ distribution and exchange which are managed and controlled by
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represents man’s attempt to make life easier" (Younkins‚ 2000).In an Explanatory note‚ technology simply reflects user’s belief of how technology can provide a soft life. Internet is one of hundred technology applications. The word Internet is sometime abbreviated (net) by the users. Internet has wide usages that facilitate human lifetime. However‚ using the Internet effectively is a big challenge currently because everyone use it based on his interests. Internet can be used effectively for communication
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Economic Importance of Natural Resources The mineral resources constitute a vast potential wealth of our country and varieties of mineral resources are available in all countries namely; iron‚ manganese‚ mica‚ bauxite‚ gypsum‚ titanium‚ thorium‚ uranium‚ chromium etc.‚. These mineral resources‚ when used‚ in a prudent and judicious manner have the powers to convert a developing country into a developed country. Iron: Iron ore plays a key role in the industrialization of a nation and some developing
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“Indonesian Economy System” Group 2: Ida Ayu Lidya Kusuma Dewi 1306305007 / 16 Ni Wayan Dewi Mas Yogi Pertiwi 1306305008 / 17 Ni Putu Julita Diastiningsih 1306305012 / 19 Ni Komang Urip Krisna Dewi 1306305086 / 28 I Putu Adi Surya Lesmana 1306305092 / 29 Ni Putu Intan Pradnyani 1306305097 / 30 I Putu Gde Chandra Artha Aryasa 1306305146 / 35 FACULTY OF ECONOMY AND BUSINESS UDAYANA UNIVERSITY 2015 I. INTRODUCTION Basically there are only two economic systems that the market system and command
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Chapter 1: The Power of Markets What are the two basic assumptions that economists make about individuals and firms? What is the role and significance of prices in the market economy? What’s so great about a market economy anyway? Chapter 2: Incentives Matter Explain how each of the following relates to efficient outcomes in a market economy: Adverse selection‚ “perverse incentives”‚ principal agent problem‚ and the prisoner’s dilemma. Chapter 3: Government and the Economy In
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Question: What is the Best Economic System? Economic systems have formal and informal rules that help regulate a society. They also determine what to produce‚ how to produce and how to distribute goods and services. Each system’s priorities are to promote economic progress and maintain the economic stability. There are 4 types which consist of: Traditional‚ Market‚ Command and Mixed. I believe the best option would be the Mixed-Market economic system. It not only has economic institutions but also
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1. Which of the fundamentals of planning did the McCloskeys effectively execute? Explain your answer. A.- McCloskey identified clearly their main barrier it had to be successful. It needed to change the perception about big farms. Pivoting around this issue‚ McCloskey developed a mission and vision‚ that described clearly this goal and them linked it with other fundamentals of planning. Their mission was described as “educating the public about modern farming‚ protect the environment‚ care for
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