assumptions that economists make about individuals and firms? What is the role and significance of prices in the market economy? What’s so great about a market economy anyway? Chapter 2: Incentives Matter Explain how each of the following relates to efficient outcomes in a market economy: Adverse selection‚ “perverse incentives”‚ principal agent problem‚ and the prisoner’s dilemma. Chapter 3: Government and the Economy In your own words‚ explain what an externality is. Besides
Premium Economics Market failure
P3 – Explain patterns and trends in health and illness among different social grouping For this essay I will explain the different patterns and trends in health and illness among different social groups‚ these are: Gender Social class Ethnicity Age Geographical location The black report Gender Women’s life expectancy is higher than men; women typically live five years longer than men (Stretch and Whitehouse 2012. In 2002‚ life expectancy at birth for females born in UK was 81 years‚ compared with
Premium Psychology Gender Life expectancy
Explain Plato’s Analogy of the cave. (25) Plato uses an analogy to help describe his philosophical ideas about the physical world and the World of Forms‚ he attempts to use the analogy to explain the difference between the two worlds. Plato uses his analogy to explain to others why the world of appearances is nothing but an illusion. Plato believes that reality must be found in the infinite World of Forms. The cave analogy is often said to be allegorical‚ meaning that different elements of the
Premium Earth Truth World
1.2 Describe underpinning theories of change Undermining is; repairing of faulty foundations. There are many theories that explain the reasons for change and the way people react to changes. Mckibben explains reasons for changes in three ways Firstly it is the incremental changes‚ these are small changes. It may be a change in Timetable‚ change in a parents feedback form so that more information is gathered‚ area being cordoned off because of a leak. This would mean changing or tweaking things for
Premium Change Problem solving
Aristotle essay A. Explain Aristotle’s concept of causality. Aristotle completely disagreed with some parts of Plato’s theories‚ despite the fact he was his teacher. He respectfully made it known that he had identified four causes that explain why or why not an object or living being exists. They were known as Aristotle’s four causes which included; the material cause‚ the formal cause‚ the efficient cause and the final cause. The material cause is very basic and asks the question: what is
Premium Causality Aristotle
A) Explain the problems of religious language. (30) Some words used within religious language may be viewed as contradictory to our inherent beliefs and logical view as human beings one example of this would be the story of the ‘virgin Mary’ as there is no logical explanation to how she gave birth. Many of the words used in religious language are also metaphysical and have no physical representation therefore it is very hard for us as humans to fully comprehend the ideas they are expressing. An
Premium Religion Metaphysics Human
Explain the strategies for competitive advantage. The challenge for a marketing strategy is to find a way of achieving a sustainable competitive advantage over the other competing products and firms in a market. A competitive advantage is an advantage over competitors gained by offering consumers greater value‚ either by means of lower prices or by providing greater benefits and service that justifies higher prices. Porter suggested four "generic" business strategies that could be adopted in order
Premium Marketing Strategic management Organization
P2 – Explain the potential effects of five different life factors on the development of an individual Genetics affect who you will grow to be in many ways. Deoxyribonucleic acid (DNA) is the language of life that is within every living thing‚ genetic instructions that form what we will become. There is still much of the language that scientists don’t understand‚ but after extensive research scientists have found that certain gene codes actually relate to increased chances of developing a cancer or
Premium Pregnancy
Explain the meaning of law and morality. Discuss whether the law does and should seek to uphold moral principles. (30 marks + 5 marks for AO3). Laws and morals are quite similar in some ways but they also have their differences. Law is best described as rules made by authority. John Austin defined law as a command from a sovereign power‚ law needs to be obeyed and is enforced through sanctions. Morality on the other hand is values and principles as opposed to rules. Phil Harris defines a society’s
Premium Morality Ethics
I believe the illuminati is real because they are used in music. They are also shown by buildings or celebrities. There are conspiracy theories that the illuminati are real. There are many theories of if it is real or fake and there are reasons to all the questions. The illuminati are an organization of worshippers or followers to the devil. The illuminati are a foresight nation. They can control many living things and try to make everyone follow evil. Do you believe the illuminati is real or fake
Premium Salem witch trials Witchcraft Salem