Compared with other economic sciences‚ sports economics mainly discuss the relationship between sports and economics‚ and about how limited sports resources are effectively allocated. Sports this special cultural phenomenon has the inseparable connection with social and economic phenomenon. Economy is the foundation of sports emergence and development‚ whose development restricts sports development. At the same time‚ the scale and development level of sports can reflect the status and level of economic
Premium Economics
Wage determination in perfect and imperfect markets Perfect competition In perfect labor markets‚ everyone is wage taker – both the employee and the employer. On the one hand‚ the employer and his firm cannot control the market as there are too numerous firms and the firm is price taker on the product market and labor market. On the other hand‚ the workers cannot control their wage as they have no economic power to do so or they are of a clearly definite type. In perfect competition there
Premium Employment Supply and demand Wage
the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. An example of a supply & demand graph (a)People decide to have more children. This indicates there is an increase in the number of buyers‚ therefore increase in its demand. (b)A strike by steelworkers raises steel price Steel prices increases due to workers’
Premium Supply and demand Costs Microeconomics
ECONOMICS FOR MANAGERIAL DECISION MAKING-I (ECONOMIC ANALYSIS SIMPLIFIED FOR YOU) COURSE DURATION: 20 HOURS PER SEMESTER COURSE CREDITS: 02 1. ESSENCE OF ECONOMICS Problems of an economy; Solutions of these problems; Alternative system to tackle the problems; Economics‚ micro – economics & macro – economics; Basis building blocks of microeconomics – rationality‚ marginalism‚ opportunity cost‚ general & partial equilibrium. 2. FALLACIES AND PITFALLS Economics is about decision making
Premium Supply and demand Economics
If there are lot of barriers to entry there will be market structure such as monopoly or oligopoly; if there are no barriers to entry‚ or just few of them‚ there will be market structure such as perfect competition or monopolistic competition. When the barriers to entry are lots and strong‚ another producer will not be able to enter into the market because the costs and difficulties are too high‚ we will find a monopoly. In this type of market structure there are different kind of barriers to entry
Free Economics Perfect competition Monopoly
CONTENTS INTRODUCTION 1 METHODOLOGY 2 1. Nominal exchange rate (NER) 2 2. Real exchange rate (RER) 2 3. Nominal effective exchange rate (NEER) 2 4. Real effective exchange rate (REER) 3 DATA COLLECTION AND CALCULATION 4 ANALYSIS 6 1. The divergence between the NER and RER index (2001-2011) 6 2. The relationship between NEER‚ REER and trade competitiveness of the Philippines (2001 – 2011) 10 CONCLUSION 14 REFERENCE 15 INTRODUCTION The Phillippines is
Premium International trade Exchange rate International economics
Economics 130: Exam 3 Study Guide 1) Which market model has the least number of firms? a. Pure monopoly 2) There is no control over price by firms in: a. Pure competition 3) Which is true under conditions of pure competition? a. A large number of firms b. Standardized product (meaning no product differentiation) c. Price takers (no exertion over product price) d. Free entry and exit in and out of the market e. Individual firms have a perfectly elastic demand curve‚ but whole industries
Premium Monopoly Perfect competition Economics
written by John Bellamy Foster‚ the editor of Monthly Review and professor of sociology at the University of Oregon collaborating with Robert W. McChesney. The article came originally from the introduction of the book called The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the United States to China. The Great Financial Crisis and the Great Recession began in the United States in 2007 and quickly spread across the globe‚ which appear to be the turning point
Premium Economics
Practice Test Economics 01 Midterm 2 Fall 2013 Professor K.C. Fung Multiple Choice: Choose the best answer 1. Suppose price of baguette is $1 and price of sushi is $5‚ then to maximize total utility‚ a rational consumer should consume until: a) the marginal utility of baguette divided by the marginal utility of sushi is 1 b) the marginal utility of baguette divided by the marginal utility of sushi is 5 c) the marginal utility of baguette divided by the marginal
Premium Economics Microeconomics
+ 20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue‚ marginal cost‚ and demand curves‚ and show the area that represents deadweight loss on the graph. 3. In question 2‚ what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? 4. Show that if a firm is a natural monopoly‚ a government policy that forces marginal cost pricing will result in losses
Premium Sociology Education Learning