available to fulfill those wants Economics: The study of the choices people make to attain their goals‚ given their scarce resources. Economic Model: A simplified version of reality used to analyze real-world economic situations. Often based on unrealistic assumptions that simplify the problem at hand without substantially affecting the validity of the answer No one model can address every important topic‚ so we will learn diff models as we study diff topics Economic analysis may be positive or
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The following is a full environmental analysis of yupiepet.co.za starting with the micro environment‚ followed by the market environment and ending in the macro environment. The layout for each of the environments was taken from page 17 of the Business Studies grade 10 Learners Book‚ third edition 2018‚ Authored by Estie Meyer and Zain Strydom‚ and published by Consumo Publishers. Micro Environment: Micro environment factors‚ are factors close to a business that have a direct impact on its business
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I believe the three videos show good examples of the macro level approach. They provide help to the community and at the same time‚ they help individuals to feel better. In the video Women of Hull House‚ I think it started more as a micro. They were helping the people that were living in the house; however‚ it became macro after they kept adding more services and programs that were beneficial for an entire community. “They provided community services‚ supported unions‚ and undertook vigorous crusades
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products. Gender is another factor that should be noted. Female gamers are a large portion of the video console market although significantly less than their online gaming counterparts. ESA research predicts that 40% of video game players are females. Economic Factors: Household income ± studies have shown that video games in the toys and games market are able to gain a significant share of the market the larger the average household incomes are of a given market segment or particular region. For video
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PART I INTRODUCTION TO ECONOMICS Demand‚ Supply‚ and Market Equilibrium 3 © 2009 Pearson Education‚ Inc. Publishing as Prentice Hall Principles of Macroeconomics 9e by Case‚ Fair and Oster PART I INTRODUCTION TO ECONOMICS CHAPTER 3 Demand‚ Supply‚ and Market Equilibrium Demand‚ Supply‚ and Market Equilibrium 3 CHAPTER OUTLINE Firms and Households: The Basic Decision-Making Units Input Markets and Output Markets: The Circular Flow Demand in Product/Output Markets Changes
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Although both GDP and HDI measure the standard of living in a nation through one statistic‚ GDP is less comprehensive than HDI‚ making it not reflect societal well-being as all-rounded as HDI. GDP show total income of a country‚ indicating that only economic growth is taken into consideration. However‚ through means and expected years of schooling‚ life expectancy at birth and gross national income per capital‚ HDI can cover three dimensions: education‚ health and living standard‚ making HDI serve as
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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movies. A session at the gym costs the same as the cost to see a movie. Ralph says‚ that for his current consumption of gym sessions and movies‚ he values one more movie twice as much as he values one more session at the gym. Rebecca is studying economics‚ and she tells him that he cannot be choosing at his optimal bundle given his preferences exhibit a diminishing marginal rate of substitution. Is Rebecca correct? Explain. Section II Answer Three of the following four questions. Show all your
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still positive. 4. Microeconomics is concerned with: a) the aggregate or total levels of income‚ employment‚ and output. b) a detailed examination of specific economic units that make up the economic system.** c) positive economics‚ but not normative economics. d) the establishing of an overall view of the operation of the economic system. 5. Any combination of goods lying outside of the budget line: a) implies that the consumer is not spending all his income. b) yields less utility than
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Micro-environmental factors such as customers are essential in determining the success of marketing especially when the needs of the clients are satisfied. Similarly‚ the contribution of employees to the company is fundamental in production of high quality products which are highly marketable (Apple‚ Inc. 2008). The media is an equally crucial factor of the micro-environment because any information which originates from the media either positive or negative can adversely affect the sales of the
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