Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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MCD2090 Revision Tutorial ( T2‚ 2012) The following questions have been taken from the weekly tutorial questions. You are expected to attempt all of the following questions before you attend tutorial in week 12. 1. Topic: Saving‚ Investment and the Financial System Terms and definitions: * * Financial system * Financial market * Financial intermediaries * Market for loanable funds * Real interest rate * Investment tax credit * Budget deficit * Budget
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1. Prepare a brief report based on set task number 1. Investigate the range of hospitality businesses in your district. How many are there? What faction / section of the industry do they cater for? Make notes for a brief report on what you discover? I investigated the range of hospitality business in my district. My district is Midleton area in County Cork. I found six hospitality businesses in my area: Midleton Park Hotel Barnabrow House Ballymaloe House Castlemartyr
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tourists‚ main tourism markets and how tourism affects local economy‚ social life and environment. The factors affecting the travel and tourism industry are political or they are influenced by worldwide economic developments‚ or they can be climatic changes. One of the most important factors which affect development of the tourism is global warming. Advances developments in the ICT industry has a deep and intense effect on all our lives and some of these issues‚ particularly the emergence of e-tourism
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Table of content Table of content Introduction 1. Globalization and its definition 2. Globalization and Hospitality Industry 3. Challenges brought by Globalization 3.1 Globalizing marketing 3.2 Global promotion 3.3 Global advertising 3.4 Global e-marketing 3.5 Global pricing 3.6 Global ethics 4. Strategies and tends toward Globalization Conclusion References Introduction World maps define national boundaries‚ but those lines belay the increasingly clear nature of the global
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Sociological theories can be divided into two categories‚ macro-sociological and micro-sociological theories‚ otherwise known as structural and action theories‚ respectively. As sociological theories‚ they both aim to explain the society we live in‚ but differ in where they choose to focus their explanation‚ with macro-sociological theories observing society as shaping the individuals that live in it‚ and micro-sociological theories observing individuals as shaping the society they live in. Structural
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1.0 MACRO ENVIRONMENT ELEMENTS There are many factors in the macro-environment that will effect the decisions of the managers of any organization. Tax changes‚ new laws‚ trade barriers‚ demographic change and government policy changes are all examples of macro change. 1.1 Political and Legislation Factors The political-legal dimension of the general environment also affects business activity. The philosophy of the political parties in power influences business practices. The legal environment
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EFFECTS OF URBAN CRIME ON THE URBAN ENVIRONMENT Technical Paper by: Ms. Adit Padhi (aditipadhi@gmail.com) “Greater concern about terrorism places new opportunities before the design community. If protection is considered from the outset‚ design can make buildings and people safer.”1 Introduction Violent crime was the issue of the nineties‚ while terrorism has become the talk at the onset of 21st century. Understanding crime prevention design is therefore an invaluable tool in organization and
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curves‚ and shifts of demand and supply curves; 4. Understand the effect of price ceilings and price floors; 5. Understand the concept of price elasticity as a concept of price sensitivity (+ cross-price elasticity‚ income elasticity); 6. Understand the relation between revenue and price elasticity of demand; 7. Understand that it does not matter whether firms or consumers pay a per unit tax; 8. Understand the effect of elasticity of demand and supply on tax incidence; 9. Realise
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resources. Capital in economics can actually be used to produce goods and services. 3 Explain the difference between macroeconomics and microeconomics. Give example of the areas of concern to each branch of economics. Micro: individual unit. Eg household‚ market‚ industry Macro: economic behavior of aggregate (national level) Eg national output‚ unemployment rates‚ etc. page 6 4 Explain why it is important for an economic model to be an abstraction from the real world. TO UNDERSTAND THE
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