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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2. Why isn’t money consider a capital in economics? Capital is a physical asset‚ which can be used to produce goods and services. Money is related to capital‚ in that it can be used to purchase capital‚ but it is not itself capital. The distinction is important if you consider that money can be created or destroyed through the expansion or contraction of credit‚ but this does not create or destroy any real capital. Money is capital. Money is the most common form of capital. Raising capital money
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think sports and fitness. Some others may think of leisure as spare or unproductive time that is only allowed when work is finished.But there is a lot more to healthy leisure than activities that benefit our physical bodies. A balanced lifestyle makes time for both responsibilities and leisure.The fact is‚ leisure activities are essential to our emotional and physical wellness. They can help us manage stress‚ prevent boredom‚ and maintain mental agility and physical dexterity. They can teach us coping
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Explain how the concepts of scarcity‚ choice‚ and opportunity cost relate to your dilemma. For scarcity it would be that instead of me doing other things of my liking I would study‚ resulting in higher grades. Opportunity cost would be for example working which comes with making money and letting that go but then in the long run being able to graduate high school and have more opportunities. 2 What are the possible short-term costs and benefits? What are the possible long-term costs and
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individuals to take part in development activities Overview This standard identifies the requirements when supporting individuals to take part in development activities of various kinds‚ including those that will help them retain or regain skills‚ interact with others or engage in chosen physical or intellectual pursuits. The standard includes preparing for development activities‚ supporting participation and contributing to evaluation of the activity. SCDHSC0211 Support individuals to take
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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 conduct (or behaviour) of firms within
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Managerial Accounting Activity 2.4 - Case Study 1: Cost Terms and Concepts In this module you will have an opportunity to demonstrate your understanding of cost terms and their application in the aviation industry. For this Case Study complete the four requirements below: 1. ABC Airlines has determined both the fixed and variable costs per flying hour associated with flying each of the 10 different types of aircraft in their fleet. How might this type of information be useful in determining the
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Economics for business TABLE OF CONTENTS Question 1 ................................................................................................................................ 3 Overview of the Mauritian Economy ........................................................................................ 3 Economic Indicators ............................................................................................................ 4 GDP .............................................
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Economic Economics is the science that studies how people and societies make decisions that allow them to get the most out of their limited resources. Because every country‚ every business‚ and every person deals with constraints and limitations‚ economics is literally everywhere. This Cheat Sheet gives you some of the basic essential information about economics. the Big Definitions in Economics When studying any subject‚ a key first step is to learn the lingo. Here are definitions for three of
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all-round development of the students. So it is logical to think that extracurricular activities are the integral part of educational system. Although researchers agree that extracurricular activities do‚ in fact‚ influence academic performance‚ the specific effect that various activities produce is debated. One study‚ conducted by the National Educational Longitudinal Study‚ found that “participation in some activities improves achievement‚ while participation in others diminishes achievement” (Broh
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