Definitions; Basic economic problem – Capital capital goods‚ or real capital are those already-produced durable goods that are used in production of goods or services. Command economy – economy where supply and price are regulated by the government rather than market forces Division of labour - Division of labour is the specialization of cooperative labour in specific‚ circumscribed tasks and like roles Enterprise- simply another name for a business. Free market economy - is an economy in
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international congresses continued for another decade as Austria aligned herself with Russia and Prussia. This marked the high point of Austria ’s diplomatic importance‚ but soon Metternich slowly slipped back into the periphery of international diplomacy. At home‚ Metternich also held the post of Chancellor of State from 1821 until 1848‚ under both Francis II of Austria and his son Ferdinand I of Austria. After a brief period of exile in London‚ Brighton and Brussels that lasted until 1851‚ he returned
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Construction Economics: Government Economic Policy A policy refers to any rule or principle used in guiding decision making and achieving rational results. The intended goals to be achieved by a policy widely vary with the organization and the context to which it was made. Policies are basically made to prevent negative effects noticed in an organization or promote positive benefits. Government economic policy refers to the actions that a government takes to influence its economy. The economic policy
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19th Century Theories 1. Continental thought in the early 19th Century was shaped by a philosophy that rejected material things in favor of a search for inner truth. This philosophy was (a) Cartesian rationalism. (b) classical economics. (c) Marxian economics. (d) social rationalism. (e) dialectical materialism. 2. A school of thought influenced by Auguste Comte’s determinism‚ and which contended that Ricardians “confined the observations on which they based their reasoning to the small
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CHAPTER 1 Nature and Scope of Economics Nowadays‚ understanding of economic issues has become quite indispensable for all sections in the society. Everyone wants to get rich; wants to increase their wealth holding; wants to have hold over productive resources; wants to expand their business activities. People want to earn more and more profits‚ and exercise control over the market and other economic system; people want to raise their living standard and enjoy more and more consumption;
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ECONOMICS FOR MANAGERS UNIT I Introduction: Economics can be divided into two broad categories: microeconomics and macroeconomics. Macroeconomics is the study of the economic system as a whole. It includes techniques for analysing changes in total output‚ total employment‚ the consumer price index‚ the unemployment rate‚ and exports and imports. Macroeconomics addresses questions about the effect of changes in investment‚ government spending‚ and tax policy on exports‚ output‚ employment and prices
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Diploma Programme Economics subject outline First examinations 2013 This document explains the major features of the course‚ and outlines the syllabus and assessment requirements. More detailed information about the course can be obtained by referring to the guide for this subject‚ which is available on the subject page of the IB online curriculum centre (OCC) website (http://occ.ibo.org) and can also be purchased from the IB store (http://store.ibo.org). © International Baccalaureate Organization
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Introduction Governments the world over have long been investing in infrastructure in the hope of boosting economic development of their country. To study the relationship between infrastructure and economic development‚ we compared two journals; Infrastructure and Local Economic Development by Rives‚ J & Heaney‚ M. (1995) and Infrastructure and Economic Growth: The Nigeria Experience 1980-2006 by Enimola‚ S (2010). We chose these journals as the journal by Rives‚ J looked at the approach
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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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