Perfect competition A perfectly competitive market is a hypothetical market where competition is at its greatest possible level. Neo-classical economists argued that perfect competition would produce the best possible outcomes for consumers‚ and society. Ex:- Wheat‚ rice Key characteristics Perfectly competitive markets exhibit the following characteristics: 1. There is perfect knowledge‚ with no information failure or time lags. Knowledge is freely available to all participants‚ which means
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Concept of Motivation Institution Name Date Concept of motivation Motivation is defined as an amalgamation of forces that instigate‚ direct and maintain a certain type of behavior that aims towards achieving a specified goal (Hong-chee‚ 1968). From this definition it is evident that motivation is a group of certain forces working together to achieve a particular objective. Therefore‚ motivation is regarded as a vector quantity possessing both direction and magnitude. Motivational direction
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Hart’s theory and legal system Introduction One of the principal lessons of ‘The concept of law’ is that legal systems are not only comprised of rules‚ but founded on them as well. In contrast to Austin who had insisted that the sovereign makes all of the rules‚ Hart argued instead that the rules make the sovereign. In this essay‚ I would like to explain Hart’s theory and how the social rules are related to the legal system and rules of recognition. This essay has five parts. In the first part
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interest of their client. The nurse taking on the role of advocate is better prepared to provide the client specific care needed for each unique situation and has a stronger rapport with those involved than one who chooses not to advocate. This concept is important because it is the nurse‚ not the doctor‚ who is on hand meeting these needs while the client is seeking care. Advocacy provides nurses with a plethora of opportunities to ensure clients‚ and their families receive the best treatment
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CHAPTER 1 The concept of ‘Postmodernism’- A Theoretical Approach It is a cliché by now to say that we live in a postmodern world‚ and it is true that the word ’postmodern’ has become one of the most used‚ and abused‚ words in the language. Still‚ it is striking that not many people can say with assurance what this term actually means and involves. Some theorists suggest that ‘postmodernism’ refers to a mood or an attitude of mind‚ others define it as a literary‚ cultural
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sManBal1e_CH19 02/09/10 5:36 PM Page 537 CHAPTER 19 Financial Crises There was a time when the credit markets had essentially frozen and when blue chip industrial companies were having trouble raising money. I knew then we were on the brink...We easily could have had unemployment of 25 percent.” —Henry M. Paulson (former Treasury Secretary)‚ commenting on the state of the U.S. economy in 2008 hroughout this book‚ we have seen that many kinds of shocks can decrease an economy’s output
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MC equals MR‚ the profit is maximized. From the above table‚ when output level is 140 minutes‚ marginal revenue equals marginal cost ($10000=$10000)‚ so the profit-maximizing level of output is 140 minutes. (d) When the industry exists positive economic profit‚ it will attract new firms to enter into the industry. However‚ no more licenses will be offered by government‚ so no any new firm entering the industry. (e)(i) Collusion is a formal or tacit agreement to limit competition by setting output
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Essentially‚ organizational culture is the character of the organization a culture is consists of complex problem that basically includes groups who shared values‚ beliefs‚ attitudes‚ and behaviors. Culture is widespread to aspects of its inside and outside relationships and culture is multi-layered in that it guides someone actions even to the degree that members are not even conscious he or she influenced by‚ it. The field of OB uses scientific methods to develop test. Scholars support to agree
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In The “Banking “Concept of Education Freire discusses the conventional way of teaching as a trap that creates an oppressive environment in education and cripples students in their knowledge and their ability to take action later in life. Freire discusses that the teacher and student relationship contributes heavily to this oppressive atmosphere in the classroom and encourages ignorance on behalf of the student. I challenge Friere’s thoughts of escaping from education as we know it today; and instead
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Chicanismo was a complex of nationalist strategies by which Chicano origins and Histories‚ as well as present and future identities‚ were constructed and Legitimized. Furthermore‚ Chicanismo provided a context for historical reclamation of the self through the affirmation of Chicano cultural narratives while resisting Anglo models of assimilation. By the late 1960’s‚ Chicanismo had become in effect the central strategy in the process of self definition for the Chicano community
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