Economics 247 Assignment 1 Version A This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely. 1. a. 3/3Define opportunity cost‚ and explain its importance in economics. (3 marks) -The opportunity cost of something is what you must give up of one thing‚ in order to get it. Opportunity cost is a key concept of
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The purpose of this paper is to prepare a speech that will be provided to a number of reporters that are not well versed with economics. In this paper I will put emphasis on international trade and foreign exchange rates and how those affect the GDP‚ domestic markets‚ and students. I will also outline some of the benefits on goods and services that are imported from other countries and how those contribute to our economy in the United States. What happens when the dollar-value of goods and services
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1. What is the ‘economic problem’? The fundamental economic problem is related to the issue of scarcity. Scarcity means that resources are limited and short in supply in the world (e.g. diamond). Because of limited resources and unlimited demands‚ society needs to decide how much to produce and distribute these relatively scarce resources. The basic economic problem can be define as what to produce‚ how much to produce and for whom to produce. Some countries are lucky to have great natural resources
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OLONGAPO: A CLEAN CITY LEGEND According to popular legend‚ there once was a group of warring tribes who lived in the area in and around what is now the modern city. A wise old man‚ seeing the perils of disunity‚ exerted great effort toward uniting the warring tribes. There were‚ however‚ some who bitterly opposed his idea‚ and one day the old man just disappeared. After a long search‚ the old man’s body was found‚ but with the head missing. It is said that the tribesmen launched search parties
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Semester I Revised June 2012 Revised Business Economics I Syllabus for F.Y.B.Com from June 2012 onwards University of Mumbai Semester I Module I: Demand analysis Demand function and determinants of demand – Concept and importance of Elasticity of demand‚ Income‚ cross‚ promotional. Case studiesConsumer surplus‚ Demand forecasting: meaning significance and methods-case studies Module II Theory of production and cost Production function-short run and long run- Law of variable proportions- Isoquantproducers’
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Cultural Dimensions In Management And Planning Geert Hofstede* ABSTRACT The nature of management skills is such that they are culturally specific: a management technique or philosophy that is appropriate in one national culture is not necessarily appropriate in another. The paper describes the scope of (workrelated) cultural differences as they were revealed by research in more than 50 countries around the world and discusses how these differences affect the validity of management techniques and
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longest defensive wall in the world. The Forbidden City was completed in 1420. Is is a historic attraction in Beijing‚ and it is home to the largest collection of ancient wooden artifacts. Morocco Marrakesh Medina is a bustling Moroccan City. The city has several alleyways and sightseeing trails. Fez is a historic Arabian City. The streets are complex mazes‚ and cars are not allowed in the city. The locals are friendly‚ and they will
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of social and economic groupings in the world today. 40 Marks Contrary to popular belief‚ the world is not only separated into countries and continents‚ the world can also be separated into groupings that work to protect and enhance their economies‚ their level of development and also the social status of their home. The European Union‚ NAFTA and the World Trade Organisation are all examples of these groupings. One of the primary reasons for the introduction of social and economic groupings was
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My understanding of cultural and contextual considerations in William Shakespeare’s play‚ Macbeth was greatly developed through my participation in the Interactive Oral. Before the Interactive Oral‚ we discussed how we must respect other’s cultural and social aspects. Throughout the Interactive Oral‚ My peers and I conversed on ideas about cultural and social considerations through the time period in the course of the novel. During the year 1606‚ Shakespeare wrote Macbeth based on the themes of
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innovative‚ and creative learners & thinkers‚ who appreciate the aesthetic use of language‚ evaluate perspectives and evidence and challenge idea and interpretations. Literature explores how literary works shape the perceptions of the world and enable us to enter other worlds of imagination. Through literature‚ we establish and articulate views through creative response & logical argument. We reflect on the literary texts‚ appreciate the power of language and inquire into relationships between personal
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