Limited resourcesTime‚ money. * Inability to satisfy all of our wants * Faced with scarcity we must choose among available alternatives * Trade offs * Incentive: Reward that encourages and action or penalty that discourages * Microeconomics: Choices of: * Individuals * Businesses * The way these choices interact in markets and the influence of the government * Macroeconomics: * Study of the performance of the national economy and the global economy * E.g.
Premium Supply and demand
SUBJECT NAME : MICROECONOMICS SUBJECT CODE : BEC1001 ACADEMIC YEAR : AY 2012/2013‚ OCT SEMESTER “By submitting this work‚ we are declaring that we are the originators of this work and that all other original sources used in this work have been appropriately acknowledged. We understand that plagiarism is the act of taking and using the whole or any part of another person’s work and presenting it as our own without proper acknowledgement. We also
Premium Fast food Supply and demand Fast food restaurant
Microeconomics study guide Chapter 6 Notes: Firms and Production A firm converts inputs into outputs What firms want: 1. Profit : π = R - C 2. efficient production to maximize π -efficient production alone is not sufficient to ensure a firm’s π is maximized How they are organized 1. information exchange 2. incentives for workers Production Function q = f(L‚K) relationship b/w quantities of inputs used & max quantity of output that can be produced given current knowledge about
Free Economics Economics of production Microeconomics
Carleton University Department of Economics ECON 1000 A – Introduction to Economics 2012 Summer Session (May 7 to August 15) Instructor: Brian Glabb Office: A-808 Loeb Office Hours: By Appointment E-mail: bglabb@rogers.com Objectives: This course provides an introduction to the discipline of economics‚ covering microeconomics and macroeconomics. It focuses on economic principles and concepts as well as on applications. Economic analysis is applied to a variety of contemporary
Free Economics Macroeconomics
future we try to avoid it due to its effect to us INSTINCTUAL DRIFT is the tendency of an organism to revert to instinctive behaviors that can interfere with the conditioned response SUBLIMINAL LEARNING sub means below and luminal light it is the theory that states that a person can learn even with little information which if is continuously repeated DISCOVERY LEARNING is when we learn after experiencing something for our self DIRECT INSTRUCTION learning through given instruction e.g. lectures
Premium Reinforcement Memory processes
Fundamentals of Microeconomics In the world today product and services are both key to the survival of mankind. Depending on the demand from consumers‚ companies will see an increase or decrease of the items they produce or the service rendered. In the article of trends in US gasoline and ethanol use and petroleum production and imports these items will be looked at; as well as a discussion of the fundamentals of microeconomics. First‚ in order to understand what the fundamentals of microeconomics are
Premium Supply and demand Economics Elasticity
I. MICROECONOMIC Micro-environment is preferred as ‘the operating system’ which includes the forces that has significant impacts on and can affect the organization’s ability to operate and serve its customer (Chaffey et al‚ 2009). This is influenced by the need of customers and how services are provided to them through the competitors‚ marketing intermediaries‚ and suppliers within the marketplace (Chaffey et al‚ 2009). 1. Customer Airasia provides to its customers the basic flight carrier
Premium Airline Low-cost carrier
CHAPTER 1 INTRODUCTION 1.1 DISCIPLINE OF ECONOMICS THEORY There are two different categories concerning economic behavior‚ the micro economics and macro economics. Micro economics The study of economic behavior of individual making units such as producer‚ consumer‚ household‚ and firms. Macro economics The study of economic system as a whole or on the basis of aggregate such as consumer price index‚ inflation rate‚ national income and unemployment level. 1.2 DEFINITION OF ECONOMICS
Free Economics
inspiration. Theories: Functional Theory -Interprets each part of society as contributing to the stability of the whole the frame work for the theory emphasizes consensus and order in society‚ focusing on social stability and shared public values. Disorganization leads to change because of societal components must adjust to achieve stability. A key part: when one part of society is not working (dysfunctional)‚ it affects all the other parts and creates social problems. Conflict Theory – Emphasizes
Free Sociology
would incrementally increase prices unless people would be willing to conserve the natural gas or if the efficiency improves.In conclusion‚ the growth of demand increases while the supply reduces as storage inventories decrease. | Link with the theory | Which chapter ? Market equilibrium (Chapter 4) | Explanation of the link :We can see in this article that the market equilibrium is disturbed due to the sudden change of the production caused by the Hurricane Katrina.Since natural gas is the
Premium Supply and demand Hurricane Katrina