Profit Maximiser MR = MC An industry can be defined from two criteria: - similarity of products - similarity of economic activities A Sport industry can be defined as a cluster of firms that: - produce sport activities - provide products and services - trade and sell products Meeks ‘3-Sector’ Model of the sport industry: Sector #1: Sports Entertainment Sector #2: Sports Products Sector #3: Sports Support Organisations Li‚ Hofacre and Mahoneys ‘2-Sector’ Model of the sport industry:
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MONOPOLY A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with amonopsony which relates to a single entity’s control of a market to purchase a good or service‚ and with oligopoly which consists of a few entities dominating an industry) Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. The verb "monopolize" refers to the process by which
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Lecture 5: Markets and Demand Money. -Barter requires no special tools. -Buying and selling requires money. -Selling means obtaining money in exchange for goods. -Buying is the opposite. -Commodity money: salt‚ gold. -Fiat money: modern money. Has no value of its own (paper or computer memory)‚ its declared to be money by the government or other institution. Acceptance of money. -Why do people accept paper money? We accept it because we know others will accept it. -Bitcoin: money invented
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Journal of Development Economics‚ 53‚ 1 (June 1997)‚ 157-167. Downes‚ L.‚ and C. Mui. Unleashing the Killer App: Digital Strategies for Market Dominance‚ Cambridge‚ MA: Harvard Business School Press‚ 1998. Dybvig‚ P. H.‚ and Spatt‚ C. Adoption Externalities As Public Goods. Journal of Public Economics‚ 20‚ 2 (March 1983)‚ 231-247. Gentry‚ J. A.‚ Newbold‚ J. P.‚ and Whitford‚ D. T. Classifying Bankrupt Firms With Funds Flow Components. Journal of Accounting Research‚ 23‚ 1 (Spring 1985a)‚ 146-160.
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Youth Unemployment in South Africa: Reasons‚ Costs and Solutions Word Count: +- 1940 words Introduction – A description of the question: “What are the causes of youth unemployment?” A high employment rate among the people of a nation promotes a spirit of dignity‚ independence‚ achievement and innovation – it isn’t only about earning a form of income. In stark contrast‚ unemployment in South Africa is accompanied by social troubles such as violence‚ poverty‚ a loss of
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The Power of Markets: Who feeds Paris? Two basic assumptions that economists make about individual and firms are that all individuals act in a way to make themselves as well- off as possible. For example‚ individuals make the best use of their utility and skill‚ so they can earn more money. The second assumption is that firms always try to maximize the money they earn. For example‚ if an entrepreneur had two business choices that he could make‚ he would pick the business choice that he thinks
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Argument Essay Outline Title: Keystone XL Pipeline Construction Thesis: The project is controversial because it clearly involves some environmental risks and spillovers to nature and society while economic benefits are also hard to ignore‚ but the best way to deal with the issue is adopting market-oriented regulations. • Keystone Pipeline System has been a major source of crude oil import for the U.S. in recent years. According to The New York Times‚ the Keystone alone supplies about a half million
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Course: Pre-U Economics Between 2009 and 2011 Ireland’s real GDP is expected to fall by more than 10%. Explain what is meant by this‚ and examine the extent to which measure of national income are an accurate reflection of living standards in more economically developed countries (MEDCs). Being an MEDC‚ Ireland is one of the few economically developed countries being tipped to fall in real GDP from 2009 to 2011. To reiterate‚ Ireland have not been making positive progress in terms of their
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Paper Economic Geography State capitalism in Europe Sam Bakker BA10 Economic Geography 19-2-2013 Introduction In the recent history and the current global financial crisis governments have nationalised banks in the Western world. They did this because the banks had too many debts and if the banks would go bankrupt it would create social unrest‚ political instability and economic problems because people will lose confidence in the monetary system. In other
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In this work of BUS 402 Entire Course you will find the next docs: BUS 402 Week 1 DQ 1.doc BUS 402 Week 1 DQ 2.doc BUS 402 Week 2 ASSIGNMENTS.doc BUS 402 Week 2 DQ 1.doc BUS 402 Week 2 DQ 2.doc BUS 402 Week 3 Critical Thinking Quiz.pdf BUS 402 Week 3 DQ .doc BUS 402 Week 3 DQ2.doc BUS 402 Week 4 DQ 1.doc BUS 402 Week 4 DQ 2.doc BUS 402 Week 5 ASSIGNMENTS.doc BUS 402 Week 5 DQ 1.doc Business - General Business BUS402 Strategic Management
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