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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UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Advanced Level 9708/42 ECONOMICS Paper 4 Data Response and Essays (Supplement) October/November 2011 2 hours 15 minutes Additional Materials: Answer Booklet/Paper * 2 1 8 2 6 0 2 5 0 5 * READ THESE INSTRUCTIONS FIRST If you have been given an Answer Booklet‚ follow the instructions on the front cover of the Booklet. Write your Centre number‚ candidate number and name on all the work you
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LECTURER MR MACHOKOTO COURSE CODE PRINCIPLES OF ECONOICS (CBA 1104) ASSIGMENT 1 DUE DATE 30 SEPTEMBER 2013 Mixed economy is the hybrid of free market and command economy. In mixed economy both the private and public sector need to co-exist to overcome the weakness of one another. Most countries practice mixed economy for a number of reasons as mentioned below. Where there is free market enterprise economic forces are unfettered. Supply and demand determine the prices
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EC137 Economics Coursework Based on Principles of Microeconomics (Lecturer: Ger Turley) Assignment 2 Instructions: To be submitted by 4pm on Friday‚ 18th of October to the Economics Department‚ 1st floor of St. Anthony’s building (old part of the CAIRNES School of Business and Economics building) on the Upper Newcastle Road (located on the right-hand side‚ beyond the Topaz garage and crossroads). Please ensure that your name‚ student ID‚ tutorial details (day‚ time‚ venue)‚ degree programme
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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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Economics | | |Sr. No. |Core Areas |Percentage | |1. |Micro-Economics |15% | |2. |Marco-Economics |15% | |3. |Econometrics
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Economics and Managerial Economics Economics may be defined as a branch of knowledge dealing with allocation of scarce resources among competing ends. Managerial Economics may be defined as application of eco for problem solving at corporate level. Factors affecting Managerial decision Often only pure logic does not contribute to decision making Human Factor Human behavioral considerations often influences a manager into compromising or moderation a decision which would otherwise have made
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Mercantilism was an economic theory that was current between about 1550 and 1760. First‚ it stated that wealth can be created only by trading between nations‚ using the products in which each has a special advantage. The second feature formed the principle behind colonialism because it stated that an increase in the wealth of one country must cause a reduction of wealth in others. By deduction‚ for "civilised" European countries to become richer‚ countries in Africa‚ Asia and America will need to
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What does it mean to begin to think like an economic naturalist? To begin to think like an economic naturalist means applying principles of economics in making daily life decisions. Prior to taking this class I believe that unconsciously I am already an economic naturalist As an example: I live far from shopping centers‚ there is always school shopping before school starts. The closest place for me to shop for my kids supplies is on base‚ but the choices are not as much as driving for two hours
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1. Explain economics? Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output‚ called goods. Resources include inputs such as labor‚ capital‚ and land. Goods include products such as food‚ clothing‚ and housing as well as services such as those provided by barbers‚ doctors‚ and police officers. These resources and goods maybe be considered scarce because of society’s tendency to demand more resources and goods than
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