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
Free Economics
Homework 2: The Value of Information 1. I am considering working during the Easter break‚ but I am not quite sure which is the b est choice. My salary dep ends on the pro t of the hotel I chose to work for and this dep ends on the weather conditions. Usually it rains (with probability 0.7)‚ in which case going to the mountains might b e a go o d choice (my salary will b e 100)‚ but if the weather is sunny I will not enjoy the mountains so much (my salary is 30). If contrary to the tradition
Free Rain Weather Decision theory
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) When using the income approach to measure GDP‚ the largest share of GDP generally consists of: 1) A) labour income. B) indirect taxes. C) profits D) interest income. E) capital income. 2) If nominal GDP rises from $40 trillion to $48 trillion‚ while the GDP deflator rises from 2.0 to 2.4‚ the percentage change in real GDP is: 2) A) 10%
Premium Gross domestic product Value added Unemployment
BUSINESS ECONOMICS BEO 6600 Associate Professor Sarath Divisekera Topic 1: Introduction Associate Professor Sarath Divisekera Office: FS1022‚ City Flinders Campus Tel. Ext: 1071 email: sarath.divisekera@vu.edu.au Important: if you wish to communicate with email‚ please make sure that you use your official (student email not your private emails). Office hours: Please check my timetable (on the office door) –1/03/2014 –Business Economics © Dr Sarath Divisekera
Premium Management University Business
Milestone I:Business recommendations based on economic projections ECO 561 November 28‚ 2010 John McNary Milestone I:Business recommendations based on economic projections Determine pricing strategy to meet organizational goals In every organization strategies have to be put in place to ensure the company runs smoothly. Larson is currently facing a slowdown in business due to financial issues throughout the economy. The company is currently being labeled as a risk because of some
Premium Pricing Marketing Economics
Topic THE IMPORTANCE OF CULTURAL FACTORS IN INTERNATION BUSINESS In the process of globalization‚ the world is getting smaller. The connections and interactions between countries or international companies are easier by cultural integration. For example‚ Google’s company was a small company in California before 2000. They then expanded their company in other countries such as Germany‚ Japan and they has boosted many different language versions of the site. Google has been considered as the largest
Premium Nonverbal communication Language English language
“ When the world say “Give up” hope whispers….Try one more time”-Unknown Although both characters‚ Jim and Arnold at one point where hopeless about difficulties such as loneliness‚ disabilities‚ and family problems‚ etc‚ they never gave up because a mentor was there to help them. If a mentor had not inspire them to gain hope they would have always been hopeless. For example‚ Arnold was hopeless about where he lived and about how poor he was. Jim on the other hand was hopeless about how lonely he
Premium Family Short story Love
AP Macroeconomics Study Guide – Version 1.00 Created by Charles Feng I. Basic Economic Concepts Economic Goals 1. Economic growth – produce more and better goods and services 2. Full employment – suitable jobs for all citizens who are willing and able to work 3. Economic efficiency – achieve the maximum production using available resources 4. Price-level stability – avoid large fluctuations in the price level (inflation + deflation) 5. Economic freedom – businesses‚ workers‚ consumers have a high
Premium Economics Macroeconomics Economic growth
Spinoza states‚ “there cannot be more than one substance of the same nature”. I want you to realize that we would repudiate the meaning of substance if there were more than one with a similar trait. Since if there were more than one with a similar quality‚ at that point one would impart a trademark to another‚ which implies that reasoning one includes pondering another‚ which repudiates the meaning of substance as self-caused. We realize that substance must exist‚ since it is characterized as self-caused
Premium Metaphysics Ontology Philosophy
Macroeconomics Problem Set 1 1. Explain why an economy´s income must equal its expenditure 2. List the four components of GDP. Give an example of each 3. Why do Economists use real GDP rather than nominal GDP to gauge economic well-being 4. What component of GDP (if any) would each of the following transactions affect? Explain a. A family bus a new refrigerator b. Jane buys a new house c. For sells a Thunderbird from its inventory d. You buy a pizza
Premium Inflation