1.0 Introduction Although inflation is generally thought of as an inordinate increase in the general price level‚ throughout the history of economics the causes of inflation and the definition of inflation itself remained as an unresolved issue. There is a general agreement that‚ in the long-run‚ inflation is a monetary phenomenon. In short-run‚ however‚ many other factors could cause inflation that instigates unsettled debate on the causes of inflation. Every school of economists tries to define
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Economics Reviewer (For IV- Understanding ONLY) Market – the medium in which buyers and sellers interact. (Note: its meaning is not limited to a location or geographical area‚ it also focuses on people who are WILLING and ABLE to buy and/or sell goods and services. Two major players/actors in the market: Buyers & Sellers Market Equilibrium: when buyers and sellers agree at a certain price and quantity to transact Price Equilibrium: price agreed by both buyers and sellers. Quantity Equilibrium:
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India’s Innovation and Entrepreneurship Potential India has been one of the best performers in the world economy in recent years. Indian economy has been one of the stars of global economics growing 9.6% in 2006 and 9.2% in 2007. Growth had been supported by market reforms‚ capital inflows of FDI‚ rising foreign exchange reserves‚ both an IT and real estate boom‚ and a flourishing capital market. Like rest of the world‚ however‚ India is also facing testing economic times (economic recessesion) with
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1. Explain economics? Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output‚ called goods. Resources include inputs such as labor‚ capital‚ and land. Goods include products such as food‚ clothing‚ and housing as well as services such as those provided by barbers‚ doctors‚ and police officers. These resources and goods maybe be considered scarce because of society’s tendency to demand more resources and goods than
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FORMULAS & NUMERICAL PROBLEMS RELATED TO MEASUREMENT OF NATIONAL INCOME MEASUREMENT OF NATIONAL INCOME INCOME METHOD 1. EXPENDITURE METHOD PRODUCT METHOD INCOME METHOD : Net Domestic Product At Factor Cost = Compensation Of Employees + Operating Surplus + Mixed Income of Self Employed 1 WAGES & SALARIES CASH AS WELL AS KIND + * COMPENSATION OF EMPLOYEES 2 SOCIAL SECURITY CONTRIBUTION BY THE EMPLOYER + 3 RETIREMENT PENSION 1 RENT + * OPERATING SURPLUS 2
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Economics and Managerial Economics Economics may be defined as a branch of knowledge dealing with allocation of scarce resources among competing ends. Managerial Economics may be defined as application of eco for problem solving at corporate level. Factors affecting Managerial decision Often only pure logic does not contribute to decision making Human Factor Human behavioral considerations often influences a manager into compromising or moderation a decision which would otherwise have made
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In economics‚ there are many fallacies that exist. In relation to economics‚ a fallacy is a policy or theory that can be misleading if based on faulty reasoning yet is still accepted by many as fact. Economists attempt to use information based on statistics and facts in order to hypothesize relevant theories. Due to the fact that economists and others that are involved in making decisions on economic policies are human‚ human error can occur. As a result‚ policies put in place that seemed logical
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Entrepreneurship and Innovation Session: 3 Subject: The Social and Ethical Perspective of Entrepreneurship Case: A Friend For Life The Glades Company is a small manufacturer. It has produces and marketed a number of different toys and appliances that have done very well in the marketplace. Late last year‚ the product designer at the company‚ Tom Berringer‚ told the President‚ Paula Glades‚ that he had invented a small‚ cuddly‚ talking bear that might have a great deal of appeal. The bear is
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harder. McGregor McGregor’s X-Y theory is a salutary and simple reminder of the natural rules for managing people‚ which under the pressure of day-to-day business are all too easily forgotten. McGregor’s ideas suggest that there are two fundamental approaches to managing people. Many managers tend towards theory x‚ and generally get poor results. Enlightened managers use theory y‚ which produces better performance and results‚ and allows people to grow and develop. McGregor’s ideas significantly relate
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Global Entrepreneurship and Small Business Management 9-1 Entrepreneurial Enterprise 9-2 The Business Plan and SelfEmployment 9-3 Operating an Entrepreneurial Enterprise 9-1 OBJECTIVES Explain the importance of an entrepreneur in the development of an economy. Differentiate between the types of Entrepreneurial businesses. Describe telecommuting and the effect of technology on home-based businesses. The Economic importance of Entrepreneurs The world of business is constantly changing
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