Economics is known as the study of scarcity. Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants‚ in a world of limited resources. To minimize scarcity we need to make choices‚ this is where the five e’s of efficiency come in to play. Economic growth is the increase in the ability to produce new resources. This is caused by having more resources‚ better resources‚ and having better technology. To achieve maximum satisfaction we need to use our existing
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Ethiopia as a Less Developed Country By: Danielle McGrady i. Ethiopia According to the United Nations Economic and Social Council‚ Ethiopia is considered one of the forty-eight least developed countries (LDC). The list of LDC are looked over every three years and this list was recently updated in March 2012. To be considered a least developed country‚ the Committee for Development takes into consideration these three factors: “ (A.) A per capita income criterion‚ based on a
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THE INFORMATION BELOW IS THE FORMAT IN WHICH THE SCHOOL BASED ASSESMENT FOR ECONOMICS MUST BE DONE. Report Use American Psychological Association (APA) style 1. 12 font 2. Times New Roman 3. 1.5 space between lines 4. Number the pages - top right hand corner After you have been advised that your report has met the required criteria‚ and you have made ALL corrections‚ place the pages in a soft folder with a transparent cover. The pages must be punched and secured in the folder. An alternative
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Chapter 2 Homework Set 1. Indicate what types of resources each of the following is: a. Capital b. Land c. Entrepreneur d. Labor 2. If money GDP increased by 4 percent and the price level increases by 1 percent‚ what is the approximate impact on per capita real GDP? e. 4 3. Which of the following products or services would be counted in US GDP when produced? f. No g. Yes h. Yes i. No 4. In 2003‚ Microsoft lowered the
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Red tama ung wlang highlight mali un.. haha 1 Suppose that a consumer’s income triples. However‚ at the same time‚ both the price of and the price of also triple. This consumer has experienced Response: no change in purchasing power. * Edit Question 2 Suppose the price of is PhP20 and the price of is PhP10 and that good is plotted on the horizontal axis. If the price of doubles and the price of triples‚ leaving the consumer’s income unchanged‚ the budget line Response: will shift out from
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Question 1: Per hour‚ Kim can produce 40 pies OR 400 cakes‚ whilst Liam can produce 100 pies OR 200 cakes. a. Calculate Kim’s and Liam’s opportunity costs of producing one pie. Kim’s opportunity cost of producing a pie is 400/40 = 10 cakes per pie. Liam’s opportunity costs of producing a pie is 200/100 = 2 cakes per pie b. If Kim and Liam spend 30 minutes of each hour producing pies and 30 minutes producing cakes‚ how many pies and cakes does each of them produce? Kim produces 20 pies and 200 cookies
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Kim 6 ASSIGNMENT 1 1. Chapter 1 (page 34) 1) Why is economics central to an understanding of the problems of development? It is because that the development of a country depends on economic factors. Economics helps you to interpret how a country is developing‚ economic policies of a country that determine whether or not it develops and how fast it develops if it performs. In addition‚ economics helps you to understand how wealth and finance are distributed‚ and the causes and effects of borrowing
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Assignment 3: Economics 202 Problems for Chapter 13 1. Economists in Funlandia‚ a closed economy‚ have collected the following information about the economy for a particular year: Economists also estimate that the investment function is: where r is the country’s real interest rate‚ expressed as a percentage. Calculate private saving‚ public saving‚ national saving‚ investment‚ and the equilibrium interest rate. Please note: national savings is not related to the interest rate‚ which means that
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SOC 201 – Final Study Sheet This is a study sheet and not an all-inclusive review. A majority of what you need to know is on here but you are also responsible for the materials covered in the readings that we did not discuss in class‚ as well as the films‚ and online articles. I suggest you study the reviews at the end of each chapter in the book‚ and take the practice tests. Good luck! What is the difference between sex and gender? What is sexuality? Sexual orientation? Sex: The biological
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Influences on Sibling Relationships By D.H. Sailor Pearson Allyn Bacon Prentice Hall Updated on Jul 20‚ 2010 The family constellation‚ or structure of the family‚ the relationships within the family‚ and the characteristics of the individual children all impact sibling relationships. Family constellation refers to the number and sex of the adults and children including the birth order‚ type of relationship (biological‚ adopted‚ stepparent or sibling)‚ age‚ and spacing of the children.
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