1. Below is a list of topics in usually studied in economics. Determine whether each topic deals under the area of microeconomics or macroeconomics. a. How Bangko Sentral ng Pilipinas influences the consumer spending in the Philippines. b. How a household decides what LPG brand to buy. c. How a firm decides whether to continue business or shutdown. d. How debt affects the income gap among Filipinos. e. How new parents decide whether to work or stay at home with their children. f. How the
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ECONOMICS CHAPTER 1 ECONOMIC WAY OF THINKING SCARE RESOURCES WEALTH OF THE NATIONS ECONOMICS: ADAM SMITH STAR CITY Scarcity Scarcity is the basic and central economic problem confronting every society. It is the heart of the study of economics and the reason behind its establishment. Authors have defined scarcity in various way some if which are complexly stated. One author defines scarcity as a commodity or service being in short supply‚ relatives to its demand (Kapur
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lives of many people. Social & Cultural Factors Baroque music has a large role in American Culture. Many people can often be seen taking part in activities associated with Baroque music. This is partly because people of most ages can be involved and families are brought together by this. Generally a person who displays their dislike for Baroque music may be considered an outcast. Economic Factors It is not common practice to associate economics with Baroque music. Generally‚ Baroque music
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Introduction Although inflation is generally thought of as an inordinate increase in the general price level‚ throughout the history of economics the causes of inflation and the definition of inflation itself remained as an unresolved issue. There is a general agreement that‚ in the long-run‚ inflation is a monetary phenomenon. In short-run‚ however‚ many other factors could cause inflation that instigates unsettled debate on the causes of inflation. Every school of economists tries to define inflation
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Economic and social factors could be said to have played a prominent role in the coming to power of Mao‚ in that discontent was heavily influenced by peasants’ extremely poor economic situations as a result of both inflation and exploitation‚ which generated animosity towards the upper classes and hence the entire feudalistic system‚ as well as giving Mao an opportunity to appeal to the desperation of the peasants‚ for whom the prospect of his leadership in their eyes promised an infinitely more
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1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
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Investigating Factors that Affect the Rate of Reaction of the Decomposition of Hydrogen Peroxide Emilio Lanza Introduction- In this experiment‚ the rate of reaction‚ calculated in kPa sec-1‚ of the decomposition of hydrogen peroxide will be investigated to see how the change in concentration of hydrogen peroxide and the change in temperature affect the rate of reaction. The data will be collected by measuring the gas pressure. The product of Hydrogen Peroxide is oxygen in a gas state thus
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In economics‚ there are many fallacies that exist. In relation to economics‚ a fallacy is a policy or theory that can be misleading if based on faulty reasoning yet is still accepted by many as fact. Economists attempt to use information based on statistics and facts in order to hypothesize relevant theories. Due to the fact that economists and others that are involved in making decisions on economic policies are human‚ human error can occur. As a result‚ policies put in place that seemed logical
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MANAGERIAL ECONOMICS MEANING OF MANAGERIAL ECONOMICS Managerial economics‚ used synonymously with business economics‚ is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. It acts as the via media between economic theory and pragmatic economics. Managerial economics bridges the gap between ’theoria’ and ’pracis’. The tenets of managerial economics have been derived from quantitative techniques such as regression
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