BEA111 Online Quizzes 1-6 Quiz 1 1. Economics is best defined as the study of how A. prices and quantities of goods and services are determined in markets B. private firms and households respond to taxes and subsidies C. people make choices in the presence of scarcity and the results of those choices. D. interest rates and exchange rates are determined 2. The scarcity principle implies that A. people will never be satisfied with what they have B. as wealth increases
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LABOR LAWS AND EOBI PAKISTAN Employees Old-Age Benefits Institution (EOBI) is the primary public social security scheme for workers in Pakistan providing pensions to workers. In many labor laws remedial‚ beneficial and welfare clauses and sections were provided but none from these laws or others provide such coverage of the old-age risk thus it was necessary to make a law that can provide security in the eve of old age when a man becomes handicap to work hard‚ condition of invalidity and in the
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Division of Labor in Society‚ Émile Durkheim[14] observes that the division of labor appears in all societies and positively correlates with societal advancement because it increases as a society progresses. Durkheim arrived at the same conclusion regarding the positive effects of the division of labor as his theoretical predecessor‚ Adam Smith. In The Wealth of the Nations‚ Smith observes the division of labor results in "a proportionable [sic] increase of the productive powers of labor." [15] While
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Supply and Demand The supply and demand process can be somewhat difficult and knowing the fundamental factors on both sides is essential to business success. Focusing on the Chick-fil-A fast food chain‚ there are factors that are a determinant to supply and demand. A technology change‚ the price of substituting goods‚ population changes and consumer preferences all impact business operations. Technology changes within Chick-fil-A restaurants will allow locations to run efficiently and assist
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Child Labor Throughout history there have been articles‚ boycotts‚ books‚ poems‚ and so much more released to raise awareness on child labor. Children work under illegal‚ hazardous‚ and exploitative conditions each day risking their lives. Many of these children have their opportunity for an education taken away to work under harmful circumstances. William Blake’s poem “The Chimney Sweeper” was written to help aware and prevent child labor. William Blake wrote a poem to aware the society of
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child labor in the Philippines increased by almost 30 percent from 4.2 million in 2001 to 5.5 million last year‚ the 2011 Survey on Children of the National Statistics Office (NSO) indicate‚ alarming both the Federation of Free Workers (FFW) and the International Labor Organization (ILO). The NSO‚ which ran a survey on working children last year‚ also said the number of children engaged in hazardous work increased by 25 percent from 2.4 million in 2001 to 3 million 2011. Hazardous child labor was
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How‚ the Laws of Supply and Demand Affect Us Supply and demand is the interaction that results in prices and quantities of products produced. Supply comes from the willingness of consumers to purchase a product at a certain price. Demand stems from consumer wants‚ and the willingness of the supplier to respond to this demand. Both determine the elasticity of a product. The responsiveness of demand and supply cause a product to become elastic‚ if the quantity in the demand curve changes increasingly
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have had many fluctuations in clothing markets regarding unusually high cotton prices. The changes in cotton clothing market give us a good opportunity to illustrate the Principle of Market Equilibrium that any time there is an imbalance between supply and demand‚ economies will normally move toward an equilibrium in which no individual would be better off doing something else. In fact‚ we have now seen that a market tends to have a single price‚ the equilibrium price at which the quantity demanded
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CHILD LABOR One of the biggest discussions about human rights in the world is child labor‚ which includes either legal and illegal types of labor for children. According to "The Children’s Rights Convention(CRC)"‚ everyone who is under 18 is agreed to be a child‚ and has the rights as those mentioned in the "Universal Declaration of Human Rights". As adults‚ children also have rights about their work life‚ which are mentioned in the Article 32 of the CRC. Although this article declares that
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quantity demanded to drop by 1.19%. Therefore‚ the demand of this product is somewhat elastic. Subsequently‚ increase in price may drive customers away. Cross-price elasticity is 0.68. If the price of a competitor’s product goes up by 1%‚ then quantity demanded of this product will increase by 0.68%. This product is fairly inelastic to a competitor’s price and there is no need to be concerned about the competitor since their pricing won’t affect sales. Income-elasticity is 1.62. This indicates
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