1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
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price ceiling. 2. Which of the following is likely to have the most price elastic demand? Breakfast cereal‚ corn flakes 3. A reduction in a country ’s barriers to trade? benefits some citizens of the importing country but does not benefit the domestic producers in the importing country. 4. The amount of a good that buyers are willing and able to purchase is quantity demanded. 5. Suppose a market in which demand is more elastic than supply. The incidence of a tax will? fall more heavily on sellers
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To what extent is economic growth beneficial for global economies? Economic growth is defined as the expansion of the productive capacity of an economy. An increase in resources causes an area to produce more goods or services in a given period of time – as shown on a production possibility frontier (PPF) diagram‚ where the curve shifts outwards. The PPF is a curve showing the maximum combinations of goods and services that can be produced in a given period with available resources. The improvement
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convey special greetings from the leadership of the federation and its structures. We are gathered here today to soberly reflect on the changing global balance of class forces and imperative of how best to reposition the federation and the whole working class movement in order to deepen the crisis of the capitalist system and simultaneously build a solid foundation for real alternatives. During the recent period we have preoccupied ourselves with a need to understand the global financial crisis‚
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raising money. I knew then we were on the brink...We easily could have had unemployment of 25 percent.” —Henry M. Paulson (former Treasury Secretary)‚ commenting on the state of the U.S. economy in 2008 hroughout this book‚ we have seen that many kinds of shocks can decrease an economy’s output in the short run. Examples include increases in taxes‚ decreases in consumer confidence‚ and increases in oil prices. However‚ one kind of shock is especially devastating to an economy: a financial crisis. Such
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Integration of ICT in Teacher Education Mrs Gurinder Kaur is Lecturer in Education‚ SMDRSD College of Education Pathankot‚ Gurdaspur Dr Gursharan Singh Kainth is Director GAD Institute of Development Studies‚ 14-Preet Avenue‚ Majitha Road‚ PO Naushera‚ Amritsar-143008 Teaching is becoming one of the most challenging professions in our society where knowledge is expanding rapidly and much of it is available to students as well as teachers at the same time (Perraton‚ Robinson
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Feudalism is a political and economic system of governing and landholding. It is based on land ownership and personal loyalty. The feudal system is also based rights and obligations between people. People in the feudal system exchange their services and.Feudalism emerged in Europe during the Middle Ages due to political turmoil and chronic warfare. People suffered invasions from several groups‚ including the Magyars‚Vikings and the Muslims. This caused disorder and chaos and kings were unable to
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the freedom we have on voting for which president we want to have‚ but some people just don’t think that way. As a consequence‚ voter turnouts during presidential elections has been traditionally low. There are a number of reasons why people may not vote such as a lack of understanding of politics‚ people being busier‚ a lack of trust in the government‚ laziness; which is disrespectful‚ and not caring or even contentment with how things are. But when people
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1. GLOBAL INTEGRATION: ADVANTAGES AND DISADVANTAGES Globalization is the process by which different societies‚ cultures‚ and regionaleconomies integrate through a worldwide network of political ideas throughtransportation‚ communication‚ and trade. Generally‚ globalization has affected manynations in various ways; economically‚ politically‚ and socially. It is a term that refersto the fast integration and interdependence of various nations‚ which shapes the worldaffairs on a global level. Globalization
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Spanish colonization The invasion of the Filipinos by Spain did not begin in earnest until 1564‚ when another expedition from New Spain‚ commanded by Miguel López de Legaspi‚ arrived. Permanent Spanish settlement was not established until 1565 when an expedition led by Miguel López de Legazpi‚ the first Governor-General of the Philippines‚ arrived in Cebu from New Spain. Spanish leadership was soon established over many small independent communities that previously had known no central rule. Six
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