MICROECONOMICS CHAPTER 1 INTRODUCTION TO ECONOMICS ____________________________________________________________________________________________ 1.0 INTRODUCTION – THE SUBJECT MATTER OF ECONOMICS Economics comes from the verb ‘to economise’‚ and this means making ends meet. This is a study of how society makes decisions‚ regarding the allocation of scarce resources. Economics as a subject is divided into two parts; Economics‚ social science concerned with the production‚ distribution
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ARUSHA CAMPUS INDIVIDUAL ASSIGNMENT PROGRAMME: BACHELOR OF COMMERCE UNIT NAME: INTRODUCTION TO MACROECONOMICS UNIT INSTRUCTOR: THOMAS MAHUNDA UNIT CODE: HBC 2211 ACADEMIC YEAR: 2012/13 SEMESTER: 1 PARTICIPANT: * MROKI‚ Evans Determination of National Income by the Equality of Saving and Investment Method: Definition and Explanation: This approach is based on the Keynesian definitions of saving and investment. According to Keynes‚ the level of national income‚ in the short run‚ is
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interest for stars. Many cultures have used the stars to explain where life was created and when life is over‚ where the soul finally rests. I myself have always had a personal interest in the stars. As a kid I liked to look at the sky and imagine other places beyond what our gravity strickens us to. And now when gazing at the stars‚ it seems to be able to send me back to those times. At this time in my life I have to recognize things and one being stars and constellations. One being the constellation
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aggregate demand and economic growth rise. C. P1 E1 P3 E3 Q1 Q3 Expl : Technology can help increase productivity by using resource more efficiently. Mechine can often make high things more quickly and cheaply than human can. 3. a. If inflation has increased in the economy a) The international competitiveness will decrease. Inflation is an economic problem that has negative impacts on the level of economic growth as well as international
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Economics Reviewer (For IV- Understanding ONLY) Market – the medium in which buyers and sellers interact. (Note: its meaning is not limited to a location or geographical area‚ it also focuses on people who are WILLING and ABLE to buy and/or sell goods and services. Two major players/actors in the market: Buyers & Sellers Market Equilibrium: when buyers and sellers agree at a certain price and quantity to transact Price Equilibrium: price agreed by both buyers and sellers. Quantity Equilibrium:
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1. Explain economics? Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output‚ called goods. Resources include inputs such as labor‚ capital‚ and land. Goods include products such as food‚ clothing‚ and housing as well as services such as those provided by barbers‚ doctors‚ and police officers. These resources and goods maybe be considered scarce because of society’s tendency to demand more resources and goods than
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Introduction THE NATIONAL INCOME One of the basic questions facing economics centers on whether the total output of goods and services is growing from year to year or it remains static. This question is very important because countries are keenly interested in the performance of their economy. National income estimates enable countries to calculate the total production of goods and services in a year. The lecture also focuses on the measurement of national income and their problems‚ uses
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This work of HIS 204 New Ver Week 5 Final Paper comprises: Thesis statement: Native American History Economics - General Economics Circular Flow Diagram . Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram‚ explain a way that your family interacts in the factor market and a way that it interacts in the products market. Supply and Demand . Analyze how the law of demand applies to a recent purchase that you made. Describe
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Sexual socialization Sexual socialization is the process through which young people learn and internalize sexual knowledge‚ attitudes‚ skills‚ norms‚ and expectations for sexual relationships. People learn to be sexual within specific cultures and contexts‚ and socialization is a lifelong process that begins in childhood‚ increases considerably in adolescence‚ and continues throughout adulthood (Gagnon‚ 1990; Longmore‚ 1998). Key socializing agents in the development of sexual behavior include
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FIELD EXPERIMENTS IN ECONOMICS By: Ravisha Sodha INTRODUCTION: Field experiments occupy an important middle ground between laboratory experiments and naturally occurring field data. The underlying idea behind most field experiments is to make use of randomization in an environment that captures important characteristics of the real world. Distinct from traditional empirical economics‚ field experiments provide an advantage by permitting the researcher to create exogenous variation in the variables
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