Economics Exam 1 Study Guide Vocabulary Opportunity Cost – the value of the opportunities lost Total Cost – the “all or nothing” cost of engaging in any activity Marginal Cost – describes how total costs change as I change the amount (or intensity) of the activity Benefits – The advantageous or desirable outcome of an action Inflation – an increase in the general level of prices Absolute Advantage – the ability to produce the same good using fewer inputs than any other producer. Production
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’Brilliant’‚ ’Quite Good’‚ ’What?’‚ these are just some of the comments made recently in the press regarding economic development. I really‚ really like economic development. While it has been acknowledged that it has an important part to play in the development of man‚ it is yet to receive proper recognition for laying the foundations of democracy. Inevitably feelings run deep amongst global commercial enterprises‚ who are likely to form a major stronghold in the inevitable battle for hearts and
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SOS ECON102 Midterm #2 Review Package Remember‚ this package only offers a short review of the material that will covered on the midterm. It is most effective when used in conjunction with your textbook‚ study guide‚ and the PowerPoint provided. Chapter 7: Production and Growth Terms: Catch-up effect the property whereby countries that starts off poor tend to grow more rapidly than countries that start off rich Diminishing returns the property
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References: (2012‚ 12). Investopedia – Educating the world about finance. Currency Exchange: Floating Rate Vs. Fixed Rate. Retrieved February 2‚ 2013‚ from http://www.investopedia.com/articles/03/020603.asp#axzz2KSYK6X7h UMKC School of Law. The Powers of Congress.. Retrieved February 7‚ 2013‚ from http://law2.umkc.edu/faculty/projects/ftrials/conlaw/congpowers.htm ‚ S. (2010). Open Economy Macroeconomics
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Econ 101: Micro Economics 09-‐16-‐10 Chapter 2: The Economic Problem The production possibility Frontier -‐ The boundary between those combinations of goods and services that can be produced and those that cannot -‐ Shows the trade-‐off between more of one good in terms of the other o PPF looks
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ECON2206 ASSIGNMENT 1 Question 1 MLR 1 (Linear in Parameters) – From observation of equation (2) we can see that the model in the population can be written in the form y = β0 + β1X1 + …+ βkXk + u. In the model β1‚ β2 …βk are the unknown parameters of interest and u is an unobserved random error. log(TCi) = β1+ β2log(Qi) + β3log(pi1) + β4log(pi2) + β5log(pi3) + ui (2) MLR 2 (Random Sampling) – This assumption assumes a random samples of n observations. We deduce that it would be infeasible to
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This paperwork of ECON 545 Week 8 Final Exam shows the solutions to the following problems: 1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility‚ what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market
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Business Economics Project 2 Situation C INTRODUCTION: Edgar wants to review the business of opening a new gas station. He must consider the costs of operating it and the possible revenues he can obtain. This will help to arrive at profits expected. A positive expected profit will imply a thumbs up to the new venture. RELEVANT INFORMATION: The article tells us the gas prices are expected to touch a high of $4. It also states that this high price has forced consumers to squeeze non-gas
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American InterContinental University Unit 2 Individual Project Circular Flow In the textbook‚ there are two circular flow diagrams. One represents the flows in the macro-economy as a closed system and the other represents the flows as an open system. The circular flow diagrams show how money travels through the economic systems including businesses‚ households‚ foreign agents and governments (Editorial Board‚ 2013). Within the closed and open systems there are two consumers. The first consumers
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Exam #2: Essay Questions 1. Describe the development of the Atlantic slave trade and of the system of slavery in the American colonies. How did the slave trade begin? How was it carried out (be sure to discuss the Triangle Trade)? What was the impact of slavery on the Thirteen Colonies and how did it differ from the rest of the Americas? 2. Describe the Salem witch-hunt and its place in both the history of New England and of the Great European witch-hunts of the 16th and 17th centuries
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