1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
Premium Economics
Chapter 1: ECONOMIC INTERDEPENDENCE.- “ When the U.S sneezes‚ the economies of other nations catch a cold” GLOBALIZATION . Is the process of greater interdependence among countries and their citizens. Agglomeration Economies.- are a powerful force that help explain the advantages of the "clustering effect" of many activities ranging from retailing to transport terminals. (Urbanization‚ Industrialization‚ Localization economies) FOREIGN OUTSOURCING.- Certain aspects of a product’s manufacture
Premium International trade
Unit 203 Outcome 1: understand the importance of equality and inclusion 1.1 explain what is meant by: * diversity * equality * inclusion * discrimination DIVERSITY means difference. When it is used together with EQUALITY it means recognizing both individual and group differences‚ it means treating everyone as an individual and giving value to each and every person. Diversity means allowing people to be different and respecting these differences. In care industry the carer
Premium Sociology Educational psychology Education
is at max point Managers take production right up to the point where TC=TR; if they can [2] Oligopolies can benefit most from going past the profit maximising output because it gives them a market share advantage over their competition. The economic climate can affect managers’ ability to deploy this tactic. If a recession is on the cards then shareholders will be anxious and keeping them and profits high will be a priority to which managers must abide to keep their position. The Downsides:
Premium Microeconomics Profit Marketing
Policies for Reducing Unemployment There are two main strategies for reducing unemployment - • Demand side policies to reduce demand-deficient unemployment (unemployment caused by recession) • Supply side policies to reduce structural unemployment / (the natural rate of unemployment) Demand Side Policies [pic] Demand side policies are important when there is a recession and rise in cyclical unemployment. (e.g. after 1991 recession and after 2008 recession) 1. Fiscal
Premium Unemployment Monetary policy Inflation
professors. Obviously‚ all students hope to select a good professor‚ but it is often a shot in the dark when selecting classes for the upcoming year. To combat this‚ I sat in on two different sections of the general education course. The course I chose was ECO 155 Principles of Macroeconomics. One section is taught by Dr. Julie Gallaway‚ and another section is taught by Dr. Mahua Mitra. My goal was to compare the two different teachers‚ and ultimately give my opinion on who was the better professor‚ using
Premium Education Teacher Learning
because the residents there lack of the core knowledge about the impacts and consequences of overpopulation (‚ 2011). In addition‚ overpopulation occurs in Vietnam is also because of the policy of government‚ unawareness of some framework and party members. They were misunderstanding about the population policy. For example‚ in Vietnam‚ each family has an average five children and 60% of families have six to seven children. Having many children for each families but just generate the lower income
Premium Poverty Africa
government’s rationale for allowing two integrated resorts to be built in Singapore. Why was there this change in policy? Question 2: Explain the economic impacts of the integrated resorts. Expected Economic Benefits from Integrated Resorts When the idea of building Integrated Resorts in Singapore was first introduced to the citizens‚ the government measured the expected economic benefits and social problems the Integrated Resorts would bring about. After much consideration‚ the government
Premium Lee Hsien Loong Singapore Problem gambling
Principles Of Economics Assignment Nurlisa Asyiqin Salehuddin 951123-10-6264 19295 ‚ Foundation in ICT Madam Khalidah Khalid 1.Define a market. A market is any arrangement where buyers and sellers interact with each other to determine the price and quantity of goods and services to be exchanged at a certain period . It need not be a particular place . For example ‚ Amazon.com website is a market in itself since they bring buyers and sellers together to transact goods and
Premium Supply and demand
CLICK TO DOWNLOAD ECO 550 Final Exam 1. The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____. 2. In the linear breakeven model‚ the difference between selling price per unit and variable cost per unit is referred to as: 3). Break-even analysis usually assumes all of the following except: 4).The short-run cost function is: 5). In the short-run for a purely competitive market‚ a manufacturer will stop production when: 6). In the long-run‚ firms
Premium Economics Monopoly Supply and demand