ECONOMICS CHAPTER 1 ECONOMIC WAY OF THINKING SCARE RESOURCES WEALTH OF THE NATIONS ECONOMICS: ADAM SMITH STAR CITY Scarcity Scarcity is the basic and central economic problem confronting every society. It is the heart of the study of economics and the reason behind its establishment. Authors have defined scarcity in various way some if which are complexly stated. One author defines scarcity as a commodity or service being in short supply‚ relatives to its demand (Kapur
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Macroeconomics Basic economics concepts Basic economics problems Production possibilities curve INTRODUCTION Economics is one of the oldest disciplines among the humanities and is categorized as a social science. Economics examines and analyses the economic activity of people in order to satisfy their needs and desires. Human wants are the starting point of economic activity and provide the basis for economics. Generally‚ economics deals with the economic problems of individuals
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Three motives for british imperialism are religious‚ economic‚ and political. I believe that the most important motive for british imperialism was economy. The british hungered for more land and more money‚ they even attacked natives for resources. The covered their main reasons with lies. Religion‚ that doesn’t mean anything to them they spread and conquered like a plague. They killed‚ stole‚ and conquered. All that they cared about was money and power. The british attacked the people of India‚
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considered a “jewel in the crown‚” especially to the British. India was good for its location‚ weather‚ and abundance of cash crops. Though the British brought about many new technology and infrastructure ‚ the Indians still felt like they were disrespected in a sense that they were treated unfairly. The British began to increase their unreasonable laws that contradicted Indian culture. This spiked many uprisings and rebellions. As a result‚ the British Raj ended up having a negative impact on the Indians
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CostEconomic SystemMarketProfitDemandSupplyElastic- Economics Final Exam Study Guide Name_________________________________ InelasticPartnershipCorporationSole ProprietorshipMonopolyOligopolySurplusShortageIncentiveWagner Act of 1935Collective BargainingBoycottAntitrustGross National Product (GNP)EquilibriumFree Enterprise SystemEntitlementsFiscal policyMonetary PolicyConsumer Price IndexEquilibrium PriceComplementsEffective Demand- Economics Final Exam Study Guide Name_________________________________
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Parsley Garden The qualities of carelessness and anger can be just as destructive as excessive pride. In Parsley Garden‚ Al Condraj has made many significant blunders due to his self-pride. In fact‚ his arrogance has gone straight to his head; Al thinks he is so great and is always right. Unfortunately‚ due to this absurd thinking‚ he makes many errors in judgment and doesn’t fully think his ideas through before acting on them. Hence‚ this destructive frame of mind ends up being extremely hazardous
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British colonial rule and Indian Subcontinent 1/19/2013 Prepared by – (Group 10 The rising stars) Indian subcontinent between 1858 and 1947 Group members – The British Raj (rāj‚ lit. "reign" in Hindi)[1] was British rule in the Indian subcontinent between 1858 and 1947.[2] The term can also refer to the period of dominion.[2][3] The region under British control‚ commonly calledIndia in contemporary usage‚ included areas directly administered by the
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DEPENDENCY THEORY: - Economic development theorists over the last few centuries have developed models for explaining the “undeveloped-ness” of countries in the third world countries. From Durkheim to the International Monetary Fund (IMF)‚ we have‚ time after time‚ come to witness the rise and fall of development theories and their explanations for the predicament that many poor countries face. Dependency theory has (more so than others) lasted a great deal of time in the framework of the international
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and pull factors regarding brain drain appear to be rooted in the unequal economic development of the emigration and immigration countries. Push Factors Agha Khan Medical University conducted study about the brain drain of (doctors) from Pakistan. As per research 95% of the students of AKU and 65% students of BU want to emigrate due to poor salary in Pakistan along with poor quality of training and work environment. Syed Jafar Askari viewed terrorism and economic crises are the main factors which forced
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Collusive and Non-Collusive Oligopoly What is an oligopoly? An oligopoly is a market dominated by a few producers . An oligopoly is an industry where there is a high level of market concentration. Examples of markets that can be described as oligopolies include the markets for petrol in the UK‚ soft drinks producers and the major high street banks. Another example is the global market for sports footwear – 60% of which is held by Nike a nd Adidas. However‚ oligopoly is best defined by the
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