ECONOMIES OF SCALE AND ECONOMIES OF SCOPE Economies of scale are reductions in average costs attributable to production volume increases. They typically are defined in relation to firms‚ which may seek to achieve economies of scale by becoming large or even dominant producers of a particular type of product or service. A distinction can be made between internal and external economies of scales. Internal economies of scale occur when a firm reduces costs by increasing production. External economies
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Revolution‚ James Madison observed that “the most common and durable source of faction has been A) racial inequalities.” B) the various and unequal divisions of property.” C) urban and rural divisions.” D) aristocracy.” E) the British army.” 3) Beginning in 1781‚ the U.S. was governed under the A) Articles of Confederation B) British Constitution C) Mayflower Compact D) current U.S. Constitution E) Basic Law of 1781 5) Among the factors that contributed to economic turmoil under
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Command Market Introduction Globally‚ there are at least 4 well known economy systems that are used by countries around the world. They include the traditional market‚ free market‚ command market and mixed market. Certainly‚ the way government policies work and their influence on the economic growth of their country vary depending on which economic system is used. It is also important to note that these different systems of economy management have their own distinct advantages and disadvantages as well
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Forms of Government Democracy The word democracy comes from ancient Greek words meaning ‘people’ and ‘rule of government’. It is a system of government of a country whose leaders have been elected by the people. When the elected representatives meet in parliament to make laws‚ the form of government is a parliamentary democracy. Monarchy A monarchy is a form of government led by an individual who holds the position for life‚ having inherited the position‚ and who passes it on to a relative
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generate the coefficient‚ we get below equation Q = a - b1X1 + b2X2 + b3X3 Q = 514.890 – 242.884X1 + 1.223X2 + 2.919X3 (44.9245) (1.5596) (0.7313) => standard error Where Q = quantity consumed a = Intercept / Constant b1..3 = Coefficients X1 = Price Per Six-Pack X2 = Income Per Capita X3 = Mean Temperature Answer: [pic]
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information on how the government should function. The idea of democratic government came to the mind of the colonist‚ and the idea of the Constitution is based of democracy. Democracy is are formed by the people‚ which the supreme power is vested in the people or by their elected agents under the electoral college. The information proclaimed in the U.S. Constitution showed a democratic thinking of the colonists‚ they believed that by establishing a democratic government‚ citizens will earn the
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Review your role‚ responsibilities and boundaries as a teacher in terms of the teaching/training cycle. In the teaching profession the role and responsibilities of a teacher are numerous and a teacher might undertake many roles in a day ‚ these could include planning a session‚ lecturing ‚ paperwork ‚ communicating on the telephone or assessing a students progress. The responsibilities of a teacher will include making sure everyone has a safe and healthy environment in which to work or learn
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LEVEL 1:1 (VISITING) PRESENTATION QUESTION: Types of economies Societies have developed different broad economic approaches to manage their resources. Economists generally recognize four basic types of economic systems—traditional‚ command‚ market‚ and mixed. “Economics is the study of the use of scarce resources to satisfy unlimited human wants” (Lipsey‚ Courant‚ Purvis and Seiner 1993:5) In the traditional System the economy is based on tradition‚ customs and habits where the young men
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Evaluate the roles of 3 body systems‚ of your choice‚ in maintaining the characteristics of living things in humans. The roles of the body systems within the human body are very significant and they contribute to help maintaining certain functions within the body. Without the systems‚ our bodies would not operate to their full extent and we would struggle on a day to day basis. The skeletal‚ digestive and reproductive systems are just three body systems that help us to maintain some of these functions
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Subject Area: Economics Topic: Deficit Spending Essential Question: Should the government use instruments of monetary and fiscal stimulus policies to reactivate the economy? Imagine people living in parks called Bushville’s‚ lines for soup kitchens that go for blocks‚ and all across the country kids running away from home travelling on trains searching for your next meal. This is just a taste of what 2009 could have been‚ but thankfully‚ the year did not go down this way although it will be remembered
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