Question 1. What are the vital functions of an Economy? Explain the price mechanism. Answer:- An economy refers to the financial system of the region‚ province or nation. "It is a system by which folks get a livelihood." For instance the "Economy includes farms‚ factories‚ mines‚ shops‚ banks‚ roads‚ railways‚ aircrafts‚ offices‚ schools‚ cinemas etc.‚ which grants the people with the goods and services which they also use themselves or sell overseas in order to be able to buy imports." Sir John
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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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adalah ilmu sosial yang mempelajari produksi‚ distribusi dan konsumsi barang dan jasa. Q.2 What is an Economic System? Q.2 Apakah yang dimaksud dengan Sistem Ekonomi? Ans.2. It is the set of goals rules and institutions that society prefers to follow in its economic life. Economic systems are the major repository of the “values” and ideals that society wants to live up to in its Economic life. Ans.2. Ini adalah seperangkat aturan tujuan dan lembaga bahwa masyarakat lebih suka mengikuti dalam
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Economic systems doesn’t remain static as they are always in transition. They are determined by history and culture of their people. A transition economy is an economy which is changing from a centrally planned economy to a free market. Transition economies undergo economic liberalization‚ where market forces set prices rather than a central planning organization. In addition to this trade barriers are removed‚ there is a push to privatize state-owned businesses and resources‚ and a financial sector
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where every person has a strong opportunity to succeed? * A central argument of the book is that the economy exists to serve the person‚ not the person for the economy. Do you agree with this statement? * The Catholic bishops feel that economic life has moral obligations to the people‚ such as how it protects and undermines the life and dignity of the human person‚ supports the family‚ and serves the common good. Do you feel the economy has moral obligations‚ or that it should simply be
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Poland is characterized by a great history of rulers and conquers in the early stages of the country’s history. In the last century‚ Poland confirmed herself as an independent state‚ no more under foreign control and went through a major change in its economic stage adopting a policy of drastic change. The Yalta conference held in 1945 established the Polish Provisional Government of National Unity and called for fair elections. However‚ the communist party‚ under influence of the powerful Soviet Russia
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country may adopt any form of government most appropriate to local conditions. I agree. Though different countries suffer any losses‚ still‚ they recover after all‚ with their different types of economic system and following the principles of natural law. Loss is an inevitable thing. Right technique or system must be used to solve it and gain achievements. In same manner‚ the government of South Africa experienced it too. During the inflation‚ South Africa turns down. But because the government has
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control inflation * Suffocating bureaucracy Current situation Originally the “Doi Moi” Policy was to convert Vietnam into a free-market economy. But in 1990 the VCP (Vietnam Communist Party) published a new plan “The Draft Strategy for Socio-Economic Stabilization and Development up to the year 2000” that changed Vietnam’s economy‚ which was on its way to becoming a free market‚ to a Socialist-oriented market economy. * Government is still the main factor of the economy. * It is a
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Chapter 9: Political and Economic Factors Affecting International Business 9.3 Economic Factors Related to International Business Page 284 – 292 Economic Systems An economic system is what allows a country to decide what to produce‚ how to produce‚ and for whom to produce. These systems include natural resources‚ labor‚ capital‚ management and standards for creating products. Market Economies In market economies‚ i) ownership of private property is encouraged‚ ii) businesses are encouraged to
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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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