“If an economy is at a general competitive equilibrium‚ we may conclude that social welfare is being maximized.” Access this statement and explain why you think it is right or wrong. This essay will commence by defining the criteria for social welfare maximization. It will then discuss the relationship between competitive market and Pareto efficient before explaining the implication from the first and the second welfare theorem. It will then talk about equity issue arise from the topic and social
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world economic events and how they affect the domestic economy .The economic activity‚ and of the interactions of consumers and businesses. Government policy and its effects. SCARCITY AND EFFICIENCY: THE TWIN THEMES OF ECONOMICS: Robbins’s definition of economics (economics is the science of scarcity) Scarcity of an economic goods or services (means not that it is rare but only that it is not freely available) occurs where it’s impossible to meet all unlimited desires and needs of the peoples
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Micro vs. Macro Economics Micro-indiidual consumers/firms Macro-economic aggregates-GDP‚ inflations‚ unemployment Markets-opportunity for exchange 1) Opportunity Costs-value of the next best for gone alternative when a decision is made -all decisions involve an opportunity cost (assuming the firm operates efficiently) 2) Marginal Analysis-analyze situations involving incremental change -marginal: something is changing by a small amount (incremental/one-unit change) 3) Laws of supply and
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Environment ENVIRONMENT What is Environment? The purpose of this essay is to familiarize you with the relationship between man and his environment. After reading it you will be able to understand the meaning of Environment and man’s place in the environment. You will also be able to see the complexities of‚ man-environment inter-change and the impact that has been made on the environment since the beginning of the industrial revolution. Environment may be broadly understood to mean our
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What does it mean to be an educated person? According to Merriam- Webster’s Dictionary definition‚ to be educated is someone who has learned how to acquire‚ analyze‚ synthesize‚ evaluate‚ understand‚ and communicate knowledge and information. I believe that being well-educated means‚ you need to have a degree in a specific field and also be able to excel and easily adapt to a different field with substantial amount of knowledge to it. For some people‚ being educated means you need to have a college
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1. INTRODUCTION Micro electromechanical systems (MEMS) are small integrated devices or systems that combine electrical and mechanical components. They range in size from the sub micrometer level to the millimeter level and there can be any number‚ from a few to millions‚ in a particular system. MEMS extend the fabrication techniques developed for the integrated circuit industry to add mechanical elements such as beams‚ gears‚ diaphragms‚ and springs to devices. Examples of MEMS device applications
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Microeconomics vs. Macroeconomics I. Introduction Economics is the study that discusses how a society tries to solve the human problems of unlimited wants and scarce resources. This field of study is vast that it has been the subject of a great deal of writings. Economics is divided into Microeconomics and Macroeconomics. Macroeconomics deals with the overall economy‚ the aggregate demand and aggregate supply for all goods and services. The main concerns of Macroeconomics are the
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Tool 4.8. 2. When a serious problem occurs with Windows 7‚ you might be able to repair it by starting the Window PE operating system and running diagnostic tools. In this scenario‚ Windows PE is called by another name‚ which is Windows Recovery Environment. 3. To migrate user profile information from one computer to another‚ you can use either direct or indirect. 4. A computer running Windows PE will automatically reboot after 72hrs. 5. Windows Easy Transfer supports migration using any removable
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Name: Mouza Salem AL Khatri ID: H00224958 Section: BB2 Teacher: Karoline Gottschild (1367) words Part 1 Apple Inc is an American multinational corporation that designs and creates iPod and iTunes‚ Mac laptop and desktop computers‚ Its software includes the OS X and iOS operating system and the revolutionary iPhone and iPad. “Established in Cupertino‚ California on April 1‚ 1976 “for the first 30 years the company was called Apple Computer‚Inc but “dropped the word (Computer) on January
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especially investigation or experiments aimed to the discovery and interpretation of the facts‚ revision of the accepted theories or low in the light of new facts or practical application of such new or revised theories of low. Wikipedia 3. “The definition of research includes any gathering of data‚ information and facts for the advancement of knowledge.” Martyn Shuttleworth 4. “ Research is the process of steps used to collect and analyze information to increase our understanding
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