TOPIC 1: INTRODUCTION TO ECONOMICS Chapter 1: What is Economics about? 1.1 • Economic Problem: how a society can satisfy the unlimited wants with the limited resources available. • Opportunity Cost: represents the cost of satisfying one want over an alternative want. Also known as economic cost/real cost. • Wants: are the material desires of individuals or the community. They provide utility/satisfaction/pleasure when consumed. ○ Needs: are wants‚ but are basic necessities
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Introduction to Microeconomics - Midterm Exam 2 Spring Semester - 2014 Chapter 7: Consumers‚ Producers‚ and the Efficiency of Markets 1. Consumer Surplus a. Willingness to Pay i. A buyer’s maximum price they are willing to pay ii. measures how much that buyer values the good iii. Consumer Surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. 1. consumer surplus measure the benefit buyers receive from participating in a market b. Using The Demand
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2. PROGRAMMABLE LOGIC CONTROLLERS 2.1 INTRODUCTION Control engineering has evolved over time. In the past humans were the main method for controlling a system. More recently electricity has been used for control and early electrical control was based on relays. These relays allow power to be switched on and off without a mechanical switch. It is common to use relays to make simple logical control decisions. The development of low cost computer has brought the most recent revolution‚ the Programmable
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Name: Tenesha Lewis Class: 501 Date: 18th January‚ 2013 H.S.B Project: DISEASES Teacher: ………………………………….. INTRODUCTION The difference between good health and disease is that health is the level of functional or metabolic efficiency of a living being. In humans‚ it is the general condition of a person’s mind‚ body and spirit‚ usually meaning to be free from illness‚ injury or pain (as in “good health” or “healthy”) whiles
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MEANING OF THE WORD ENTREPRENEURSHIP & ENTREPRENEUR The word Entrepreneurship is derived from the French verb “ENTERPRENDRE” and it literally means “between taker “or “go between”. According to Oxford Dictionary‚ Entrepreneur can be defined as “one who undertakes an enterprise‚ especially a contractor – acting as intermediary between capital and labour” EVOLUTION OF THE CONCEPT OF ENTREPRENEURSHIP Earliest Period An early example of the earliest definition of an entrepreneur as a go between is Marco
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INTRODUCTION Background in Brief Ryanair was established by the Ryan family with a staff of 25. Its first route was launched in 1985 with a 15-seat aircraft ferrying passengers between Waterford in Ireland and London. In 1986‚ Ryanair launched its route from Dublin to London to challenge British Airways and Aer Lingus‚ the two dominant airline carriers on that route‚ by offering fares at lower prices. With two routes in operation‚ Ryanair carried 82‚000 passengers in its first full year of
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Introduction to Business (Question for 1st semester midterm exam.) # What is business? Ans : An organization or economic system where goods and services are exchanged for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. Businesses can be privately owned‚ not-for-profit or state-owned. An example of a corporate business is Grameen Phone‚ while an Azad Products is a private
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VIETNAM Introduction Vietnam is a country officially known as the Socialist Republic of Vietnam found in Southeast Asia. Vietnam is bordered by Cambodia in the Southwest‚ China in the North‚ Laos in the Northwest and South China Sea in the East. The Republic of Vietnam is the 13th most populated country with a pollution of 86 million people. The capital city is Hanoi and the official language is Vietnamese. The economy of Vietnam was largely based on agriculture with wet rice cultivation as the
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CHAPTER 1 INTRODUCTION Microfinance is usually understood to entail the provision of financial services to micro-entrepreneurs and small businesses‚ which lack access to banking and related services due to the high transaction costs associated with serving these client categories. For some‚ microfinance is a movement whose object is "a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services‚ including not
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Introduction to Waste Management In this essay I will discuss Waste Management Inc. Scandal. I will identify what type of company Waste Management is‚ when they became a company‚ how and why the scandal took place‚ who was involved‚ how they were caught‚ the shareholders losses‚ the overall outcome and the status of Waste Management Inc. today. Waste Management is a waste collection and recycling company that was founded in 1894 in Houston‚ Texas. Garbage generally was collected
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