Terms and Definitions related to Economics Administered price: A price set not by the forces of demand and supply‚ but by some authority like the Government or a regulatory authority. Agenda 21: Programme of action adopted at the Earth Summit in 1992. It has 21 chapters dealing with all aspects of sustainable development‚ conservation‚ and resource management. Appropriation Bill: A bill introduced in the Parliament together with the budget‚ seeking the approval of the House to permit expenditure
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ECONOMICS conimists- 16th and 17th centuries. hysiocrats (farmers) ercantalists (traders) Father of Economics/ Father of the classical school of economic thought- Adam Smith (In 1776‚ he wrote ’An enquiry into the nature and causes of the Wealth of Nations’) According to Smith‚ self interest was an invisible hand which would work for the common benefit of the community. The Great Depression of 1929 was a phase in which supply exceeded demand. John Maynard Keynes (a British economist)
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ECONOMICS the branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. the social science that studies economic activity to gain an understanding of the processes that govern the production‚ distribution and consumption of goods and services in an exchange economy. SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive
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BECO001 ASSIGMENT2 Case study #5: Milk Price War 1. What are the main issues? * Main Issues: * Coles and woolies have decreased the price of milk ( 2 litre bottle of own- brand milk just $2) * Based on saving my by Coles and Woolworths customer following the lower milk price; they saved $175 million * Based on saving my by Coles and Woolworths customer following the lower product price; they saved $500 million * Coles and Woolworths have control the milk price
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Economics is production‚ distribution‚ and consumption of goods and services‚ or the material welfare of humankind. A couple things ive learned in economics class is the free market system and how goods and services can determine a free interprice system. It also helps us to know what is relationship between demand and supply. Another thing i learned about was how to plan a business and what is needed to make this business become successful by doing the business plan project which made me understand
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w w w e tr .X m eP UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level e ap .c rs om MARK SCHEME for the October/November 2009 question paper for the guidance of teachers 9708 ECONOMICS 9708/22 Paper 22 (Data Response and Essay – Core)‚ maximum raw mark 40 This mark scheme is published as an aid to teachers and candidates‚ to indicate the requirements of the examination. It shows the basis on which Examiners were instructed to award
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How did Japan benefit from the first World War? Japan wasn’t always a nationalist or militarist country before becoming a major power during World War I‚ Japan was a growing power in Asia and was becoming a major threat as a whole. As an impact‚ this started the Sino-Japanese War in 1894‚ which called for Japan to give up the Liaodong peninsula‚ Shandong Province‚ and the with the seizures Great Britain and France were able to take advantage of a weakened China and take hold of port cities. After
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1. What is the ‘economic problem’? The fundamental economic problem is related to the issue of scarcity. Scarcity means that resources are limited and short in supply in the world (e.g. diamond). Because of limited resources and unlimited demands‚ society needs to decide how much to produce and distribute these relatively scarce resources. The basic economic problem can be define as what to produce‚ how much to produce and for whom to produce. Some countries are lucky to have great natural resources
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World War I has had traumatic effects on the countries that participated in it in terms of many aspects such as the tremendous amount of debt and war costs that they had to encounter at the end of the war. Such effects were usually long-term in nature and were most strongly reflected in the form of changing political‚ economic and social structures‚ and public opinion across those participant nations or even other parts of the world for decades even after the official end of World War I.1
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Unemployment Economic growth and development The foreign sector THE PUBLIC SECTOR: STUDY UNIT 4 What are Your Views on Fiscal Policy and How Fiscal Policy Affects You? Roles of Government in a mixed economy 1. Establishing and enforcing rules of exchange such as Property rights‚ Contract law 2. Promoting competition/prevent anticompetitive practices 3. Regulating natural monopolies 4. Provide public goods 5. Dealing with externalities i.e.cost or benefit that falls on
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