Chapter 1 The Big Ideas in Economics Think of why some goods should be allocated by money while some not. Why demand curve is downward sloping? Two effects: 1.Substitution effect (dominent) 2.Income effect (small) The demand&supply curve can be read horizontally or vertically. You should be familiar with both ways of reading. Chapter 3 Supply&Demand Concepts: 1.A normal good: a good for which demand increases when income increases. An inferior good: a good for which demand decreases
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To what extent did the technological developments of the Industrial Revolution contribute to economic change in this period? Technological developments of the Industrial Revolution made a profound contribution to the economic changes in this period liberating labor and allowed for unbridled monetary developments. The Industrial revolution spanning the 150-year period between 1750 to 1900 saw exponential technological advancements in England which freed the average person from the confines of their
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the opportunity cost‚ unemployment‚ discouragement of investment and savings‚ and shortage of goods. Positive effects include the reserve bank adjust their real interest rates and encourage investment in non-monetary capital projects. However the economics in today’s time believe that an economy is said to be in a favorable and a stable condition only if the inflation rate is steady or favorably low(as compared to zero or negative). Most of the most developed countries have managed sustain an inflation
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date‚ rulers have been forced from power in Tunisia‚ Egypt (twice)‚ Libya‚ and Yemen; civil uprisings have erupted in Bahrain and Syria; major protests have broken out in Algeria‚ Iraq‚ Jordan‚ Kuwait‚ Morocco‚ and Sudan; and minor protests have occurred in Mauritania‚ Oman‚ Saudi Arabia‚ Djibouti‚ Western Sahara‚ and the Palestinian Authority. Related events outside of the Arab World included protests in Iranian Khuzestan by the Arab minority in April 2011 and border clashes in Israel in May
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can cause changes in economic activity Economics activity is the production‚ distributions‚ exchange and consumptions of goods and services. Businesses and consumers can cause it to increased and decreased‚ when it increases it means that the value and amount of goods and services are increasing as well‚ many factors can change how the economic activity for example interest rates‚ consumer spending and many more. Interests rates is one of the main factors that cause changes to the economic activity
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Microeconomics How Economics Can Change the World with Renewable Energy For the longest people around the world have been trying to use renewable energy to help the planet. The energy system of the 20th century is based primarily on the use of fossil fuels (coal‚ oil and gas). These represented in 2008‚ 81% of all energy consumed‚ the remaining 19% originated in “traditional biomass”. (8%) used mainly in developing countries‚ nuclear (6%) large hydropower (2%) which are a renewable source of
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Many important factors helped to promote America’s huge industrial growth during the period from 1860 to 1900. Before the blossom of this industrialization‚ the United States consisted of mostly farms and small towns. The development of factories and urban cities soon changed all of this. The railroad system expanded and eventually turned into a goldmine for commerce in the United States. Machinery started to decrease the amount of animal labor used‚ which allowed the consistency and production of
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well as series of small battles around Belgium between the Belgians and the Dutch army. This conflicts were known as the Days of September since they were between the 23rd and 27th of September 1830 . These events occurred due to a multiple reasons ranging from religious conflicts to economic‚ social and political conflicts. One of the major causes of the Belgian revolution‚ which took place between August and September 1830‚ was the fact that the Belgians were under Dutch rule. The ruler of the United
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The 1860’s brought hardship between whites and Indians. As our people slowly moved into the tribe’s land‚ no friendship was bound to be created. Little by little‚ we nudged the Indians into a limited area of land where they felt the need to fight back. Included in this retaliation was three massacres. The bloodiest battle according to the rest of the US military that was not murdered‚ was titled the Fetterman Massacre. The last two Massacres took place in territories such as Colorado and Missouri
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Philippines Economy To Survive Haiyan Despite a terrible human toll‚ Haiyan is unlikely to derail the nation’s impressive economic performance. By Anthony Fensom Asia’s “strong man” economy of the Philippines is considered tough enough to weather the effects of Typhoon Haiyan. Yet even after the deadliest typhoonin the nation’s recorded history‚ analysts have warned of potentially worse storms ahead. After making landfall on November 8‚ Haiyan (known as Yolanda in the Philippines) flattened dozens
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