Economics Assessments 1.1.1 Scarcity‚ Choice‚ Opportunity Costs‚ and Comparative Advantage – Using examples‚ explain how scarcity‚ choice‚ opportunity costs affect decisions that households‚ businesses‚ and governments make in the market place and explain how comparative advantage creates gains from trade. 1. Willie loves ice cream. He has found a store that sells ice cream cones at a bargain price of $0.50 each. He has just eaten two of these cones but has not decided to buy a third one
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Managerial Economics Meaning: - Managerial Economics deals with money/income. It helps in decision making regarding sales‚ production‚ and profit. It is a branch of economics that applies microeconomics analysis to decision methods of businesses or other management units. Artha – Money/Income Shasthra – Body of Knowledge Economics – Body of knowledge which deals with the management of money. DEFINITIONS OF MANAGERIAL ECONOMICS • According to
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Economics Definition: Economics is a social Science dealing with the Economic Problem. • Social: Science that deals with human beings. • Dealing: Means facing and not solving. • Economic Problem: The problem of Scarcity (The inability to satisfy all the needs & wants) Economics is giving us the rules of rationality; the ability of taking rational decisions. Economics studies the behavior of the government at the macro level. Micro Economics: It studies the individual choices regarding
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Role of consumers: - consumers: all individ.s in ec. that consume goods and services to satisfy needs and wants - consumer sovereignty: refers to the fact that patterns of consumers spending determine patterns of production. Through spending dec. consumers express their preferences. Factors influencing individual consumer choice: Income: disposable income – after tax (main determinant on consumer spending) More income‚ more demand for good and services But APS
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Chapter 1: Introduction to Managerial Economics 1 Introduction to Managerial Economics CHAPTER SUMMARY Managerial economics is the science of directing scarce resources to manage cost effectively. It consists of three branches: competitive markets‚ market power‚ and imperfect markets. A market consists of buyers and sellers that communicate with each other for voluntary exchange. Whether a market is local or global‚ the same managerial economics apply. A seller with market power will
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Theory of Development and Underdevelopment Subject: Community Development and Planning RUHSA Department‚ CMC‚ Vellore Modernization theory Development: An event constituting a new stage in a changing situation Oxford Definition The theory focuses on Modernization being the best path to Development Economic development is given the prime emphasis Modernization is described as a universal pattern The theory emerged after the World War II Walt Whitman Rostow United States economist
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Cambridge University Press 978-0-521-12665-6 - Cambridge International AS and A Level Economics‚ Second Edition Colin Bamford and Susan Grant Excerpt More information 1 1 Basic economic ideas Basic economic ideas Core On completion of this core section you should know: • what is meant by scarcity and the inevitability of choices that have to be made by individuals‚ firms and governments • what is meant by opportunity cost • why the basic questions of what‚ how and for whom
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Economics assessment outcome 1 As Sony begins production of their new product‚ PlayStation move‚ define the following costs and explain the short run influences on each. Illustrate your explanation of each cost with a diagram. 1a.As Sony begins the production of their new product‚ the total cost of the firm is the total cost incurred in the production of their output‚ Sony total cost will include their variable and fixed cost‚ an example of variable cost is the raw materials. The variable cost
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Economic Utility Student BUS 640: Managerial Economics Professor Date Economic Utility People have long made condescending declarations that theories do not have any practical application to real world problems. But‚ the problem with people who make comments such as those is that they have not learned how to properly use theories to aid in breaking down real world processes. Profitable solutions usually require that people understand how the real world functions‚ which is often far too
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Economy Transdisciplinarity Cognition www.ugb.ro/etc Vol. 15‚ Issue 1/2012 103-111 The Role of Banks in Capital Formation and Economic Growth: The Case of Nigeria Alex Ehimare OMANKHANLEN Covenant University‚ Ota‚ Ogun State‚ NIGERIA alexehimare@yahoo.com Abstract: This study investigates the role of banks in capital formation and economic growth: The case of Nigeria for the period 1980-2009. The economies of all market-oriented nations depend on the efficient operation of complex and delicately
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