THE UTILITY CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on
Premium Supply and demand Monopoly
businesses working together in a region in a particular field. So being a part of cluster allows individuals or companies to operate more productivity and efficiency. Cluster is a typical place where receive so many support and investment from government and institutions about infrastructure in order to enhance companies ‘s productivity as well as the ability recruit employee with lower cost in training. Moreover‚ there are so many companies ‚ institutions ‚ specialized suppliers concentrate in the cluster
Premium Costa Rica Economics
Foundation Course Economics OUfc008 2 Open University of Mauritius - Foundation Course in Economics - Module 1 FOUNDATION COURSE IN ECONOMICS Module 1 OUfc 008 April 2013 3 Open University of Mauritius - Foundation Course in Economics - Module 1 ACKNOWLEDGEMENTS Course Author : Vinod Seegoolam Course Reviewer : Dr Chong Wang Cheong Ah Tow OPEN UNIVERSITY STAFF Course Supervisor : Perienen Appavoo (Open School Division) Project Coordinator : Premanand Koonjal (Open School
Premium Supply and demand Economics Planned economy
What is economics all about? Economics is the study of how people choose to use resources. Resources include the time and talent‚ people‚ the land‚ buildings‚ equipment‚ and other tools on hand‚ and the knowledge of how to combine them to create useful products and services. We make all kinds of choices every day. Economics is about making choices. Many people hear the word "economics" and think it is all about money. Economics is not just about money. It is about weighing different choices or alternatives
Free Economics Macroeconomics
patients to be safe. The definition given by a legal dictionary (Hill & Hill; 1981-2005) was that: “standard of care is the watchfulness‚ attention‚ caution and prudence that a reasonable person in the circumstances would exercise. If a person ’s actions do not meet this standard of care‚ then his/her acts fail to meet the duty of care which all people (supposedly) have toward others. Failure to meet the standard is negligence‚ and any damages resulting therefrom may be claimed in a lawsuit by
Premium Tort law Tort Common law
Impact on business changes in the economic environment Introduction- In this report I will describe and then explain how the GDP‚ inflation‚ interest rates and employment rates are affected by the growth and recession stage of the business cycle. I will also explain how the balance of payments is and how Tesco’s contributes to trade surpluses/deficits. I will also be stating what the conflicting objectives are of Tesco’s and how they affect them as a business whilst describing‚ the ripple effects
Free Economics Unemployment Macroeconomics
Management Unit Title: Economics for Business Submitted by: B. M. Akhtaruzzaman London Guildhall College ATHE Level 6 Diploma in Management Unit Title: Economics for Business Submitted by: B. M. Akhtaruzzaman Table of Contents Introduction 2 Task 1 - Understanding of the Micro-Economic Business Environment 3 1.1: The Importance of the Micro-Economic Environment to Business Organisations 3 1.2: An Analysis of Business Objectives and Business Behaviour in the Economic Context 4 1
Free Economics
socially more acceptable and eventually better sophisticated human beings. Management Plan: The business shall have the following departments managing different jobs: Human Resource – managing the staff and their concerns. Finance – generating capital for the business and its operations. Research and Development – conduct market surveys and research and introduce most demanded and unique courses. Marketing and sales – this department shall play the most important role in the business as it needs
Premium Pricing Marketing mix Marketing
Discuss 4 reasons‚ why using percentage change in Nominal GDP is an inadequate measure of Economic Growth? Nominal GDP (Gross Domestic Product) measures the total value of goods and services produced by an economy over a period of time‚ which is normally one annum‚ and is not adjusted. There are factors which means that the fact the Nominal GDP is not adjusted makes it an inadequate measure of economic growth. Economic growth is the increase in the amount of the goods and services produced by an economy over
Premium Gross domestic product Economic growth Inflation
Nigeria economy 3 Chapter 1: The discovery of oil and the Nigerian economy 4 Type chapter title (level 2) 5 Type chapter title (level 3) 6 Abstract: Nigeria has remained a point of reference in Africa and on global level. This is stem from the fact that‚ it is one of the largest exporters of crude oil to developed nations of the world. For more than three decades therefore‚ crude oil has been the major hub of the energy‚ revenue and foreign exchange earner for the Nigerian economy. In spite
Premium Economic growth Petroleum OPEC