Prices & Markets Lecture 1: Demand & Supply © Martin Byford 2012 Definition: Economics /iːkəәˈnɒmɪks‚ ɛk-/ noun The social science that analyses the production‚ distribution and consumption of goods and services given unlimited wants and scarce resources. ORIGIN late 16th cent. (denoting the science of household management): from ta oikonomika‚ the name of a treatise by Aristotle (or his student Theophrastus). Definition: Microeconomics /ˌmʌɪkrəәʊ-/ noun That part of economics concerned
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For this task I will explain how a product price is determined and how this is calculated at the activity level of the product in the shop. - Costs can be divided into different concepts. Below I will explain those concepts and give an example of how it will work in practice. o Direct costs Direct costs are the costs that are directly linked to a cost object. You can also say‚ the costs that are made when making the product ready. All the costs of making the product ready for sale are the
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Price discrimination Price discrimination is the practice of charging a different price for the same good or service. There are three of types of price discrimination – first-degree‚ second-degree‚ and third-degree price discrimination. First degree First-degree discrimination‚ alternatively known as perfect price discrimination‚ occurs when a firm charges a different price for every unit consumed. The firm is able to charge the maximum possible price for each unit which enables the firm to
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English 1023---M02 28 October 2012 Gas Prices Today‚ gas price as a national average have risen to 2.1 dollars per gallon. This is the highest gas price increase since 1990‚ during operation desert storm. What is the cause of this drastic increase in gas prices? Limited supply of crude oil from the Middle East some say. Others think the cause is high trade tariffs on incoming foreign oil. But what is the solution to this problem? Is it drilling in our national wildlife reserves in Alaska? Dropping
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A drug is a substance which may have medicinal‚ intoxicating‚ performance enhancing or other effects when taken or put into a human body or the body .For other uses‚ see Drug (disambiguation). Page semi-protected Coffee is the most widely used psychoactive drug beverage in the world. In 1999‚ the average consumption of coffee was 3.5 cups per day per U.S. citizen.[1] Wine is a common alcoholic beverage.[2] A drug is a substance which may have medicinal‚ intoxicating‚ performance enhancing or
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To prevent gasoline prices from having devastating effects on the economy it has been proposed that all gasoline prices in the United States be fixed at the average price for the last two years. For simplicity it will be assumed that this price is $2.50 per gallon. When equilibrium prices are under $2.50 per gallon the excess payments will be kept in a government fund. When retail prices exceed $2.50 per gallon money from this fund will be distributed to pay the difference. Do you think that this
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other countries‚ has its drug-related crimes. Crimes that are committed through the use of drugs such as rohypnol‚ ecstasy‚ GHB‚ GBL‚ ketamine‚ methamphetamine‚ and PCP‚ otherwise known as club drugs. Club drugs‚ often found at nightclubs‚ bars‚ and “raves”‚ is a genera term used to refer primarily to synthetic psychoactive substances. The use of these club drugs has been increasing rapidly according to the Drug Enforcement Administration. I believe these club drugs are the drugs that contribute most
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Effects of teenage drug abuse Drugs had a terrible effect on teenagers. It is a bad habit because they don’t know the consequences. When teenagers use drugs‚ the negative effects can be seen in family relationships‚ academic performance‚ and even criminal. Drugs use often leads to a breakdown in family relationships. First of all‚ teens on drugs often stop communicating with parents such as they don’t want to go anywhere with their parents because they want to stay at home and use drugs. Second‚ teens
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2 Drugs are generally defined as a substance which alters our normal bodily functions when it is induced into our body. Having a drug free society is to have a community of people living in a particular region‚ restricted from the usage and influence of drugs. Certain drugs have side effects‚ in which it can cause addiction to its user. This is why many had considered drugs to be dangerous‚ they thought that the usage of drugs should be banned completely from the society. On the contrary
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An often debate is whether increasing the price of petrol is an appropriate way to decline traffic and contamination problems. It is undeniable that traffic as well as traffic’s emissions will not work normally if the price of petrol rises. In this case‚ I would contend that the growth of the price of petrol will solve traffic and pollution problems effectively. To begin with‚ I will show some reasons that the price of petrol can control growing traffic completely. Firstly‚ it is obvious that transport
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