alternatives and choices that could make us whirl in undecisive condition. Nevertheless‚ we need to deal with it by making decision. Every decision making process granted a final choice. The final decision can either be an opinion or an action. “In economics‚ it is thought that if humans are rational and free to make their own decisions‚ then they would behave according to the rational choice theory. This theory states that people make decisions by determining the likelihood of a potential outcome‚ the
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Projection is of two types – forward and backward. It is a forward projection of data variables‚ which is named forecasting. By contrast‚ the backward projection of data may be named ‘back casting’‚ a tool used by the new economic historians. For practical managers concerned with futurology‚ what is relevant is forecasting‚ the forward projection of data‚ which supports the production of an event. Thus
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Chapter 1 The Big Ideas in Economics Think of why some goods should be allocated by money while some not. Why demand curve is downward sloping? Two effects: 1.Substitution effect (dominent) 2.Income effect (small) The demand&supply curve can be read horizontally or vertically. You should be familiar with both ways of reading. Chapter 3 Supply&Demand Concepts: 1.A normal good: a good for which demand increases when income increases. An inferior good: a good for which demand decreases
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Society’s Dilemma: Dominant vs. Subdominant Groups As human beings evolved into an intelligent species‚ organized civilizations came into existence. As these civilizations grew into more intricate societies‚ their inhabitants began to form separate groups. Eventually‚ these groups divided the population into two basic categories: the dominant and the subdominant. Often‚ the dominant group represented the majority of the population. These divisions of the population brought about turmoil within
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Billion and a GDP of 7321508 Million US dollar. Population explosion in China was an outcome of high economic growth as well as a reason of heavy profits and surpluses of manufacturing industries in China. Through this paper I Intend to compare the similar relation among other countries like Japan and Sweden. Aging population brings the availability of cheap labor down and hence impacts the economic performance of countries. I will examine fertility and mortality and age structure pattern of population
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After discussing the various reasons which have made the novel the most popular literary form today‚ let us consider the main characteristics of the modern novel. In the first place‚ we can say that it is realistic as opposed toidealistic. The ‘realistic’ writer is one who thinks that truth to observed facts—facts about the outer world‚ or facts about his own feelings—is the great thing‚ while the ‘idealistic’ writer wants rather to create a pleasant and edifying picture. The modern novelist is ‘realistic’
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Semester I Revised June 2012 Revised Business Economics I Syllabus for F.Y.B.Com from June 2012 onwards University of Mumbai Semester I Module I: Demand analysis Demand function and determinants of demand – Concept and importance of Elasticity of demand‚ Income‚ cross‚ promotional. Case studiesConsumer surplus‚ Demand forecasting: meaning significance and methods-case studies Module II Theory of production and cost Production function-short run and long run- Law of variable proportions- Isoquantproducers’
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BANGLADESH Md. Anwar Hossen‚ Department of Economics ‚ Shahjalal University of Science and Technology‚ Sylhet‚ Bangladesh‚Email: anwarbabu40@gmail.com 1. Introduction A debate has been raging in the country on whether transit facilities should be given to India or not through the land territory of Bangladesh. Some argue that it should not be given unless some core bilateral issues with India are resolved‚ while some have advanced the view that transit is an economic issue for trade facilitation and should
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candidates may take a different approach‚ which if appropriate should be fully rewarded. 1. (a) Explain the differences between monopolistic competition and oligopoly as market structures. [10 marks] • large number of firms (m.c) versus a few dominant firms (oligopoly) • differentiated product (m.c) versus differentiated or standardized (oligopoly) • low barriers to entry (m.c) versus high barriers to entry (oligopoly) • interdependence of firms in oligopoly • comparison of the demand curves
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Hand Sensitivity Are people more sensitive to cold water on their dominant hand or non-dominant hand? If a person sticks their hand in cold water‚ then their dominant hand will be able to withstand cold the longest. To conduct the experiment two bowls of the same size were filled: one with room temperature water and one with cold water (adding lots of ice). After this was done‚ each participant put both hands in each bowl (one at a time). The time was recorded how long each participants had each
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