Economic Economics is the science that studies how people and societies make decisions that allow them to get the most out of their limited resources. Because every country‚ every business‚ and every person deals with constraints and limitations‚ economics is literally everywhere. This Cheat Sheet gives you some of the basic essential information about economics. the Big Definitions in Economics When studying any subject‚ a key first step is to learn the lingo. Here are definitions for three of
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command economy. In mixed economy both the private and public sector need to co-exist to overcome the weakness of one another. Most countries practice mixed economy for a number of reasons as mentioned below. Where there is free market enterprise economic forces are unfettered. Supply and demand determine the prices of goods and services. Prices in turn tell businesses what to produce‚ if the people want more of a particular good than the economy is producing the price of the good rises. That catches
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- Financial flows Deregulation of financial markets (less rules and regulations in currency markets and foreign investment) led to a rapid increase in FDI and portfolio investment. Investment makes economies more integrated as economic changes in one country influence others (CONTAGION e.g. negative effects such as the GFC and the EDC or positive effects such as new technology and booming economies). The main benefits are that it enables countries to finance their domestic economy even if domestic
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How successful were the Labour Government reforms of 1945-51 in improving social and economic conditions? From 1945 to 1951‚ Clement Attlee was prime minister of the Labour Government. He aimed to improve the Social and Economic Conditions. The main aims to improve the social conditions were: to create a fairer society and improve the lives of ordinary people‚ build on the recommendations of the Beveridge Report‚ and slay the five giants (Want‚ Disease‚ Squalor‚ Ignorance‚ and Idleness). The main
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Conservatives’ inability to economically modernise Britain was the main reason why Labour won the 1964 election.’ Assess the validity of this statement (45) The 1964 election changed the British political landscape forever as a thirteen-year Conservative dominance crumbled at the hands of Harold Wilson and his youthful Labour Party. Historians‚ such as Rowe‚ postulate that there are a plethora of reasons to why Labour won the 1964 election‚ most prominently because of the Conservatives’ inability
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the era of globalisation‚ child labour remains a widespread phenomenon throughout the world. For large number of children work is an ordeal‚ on source of suffering and exploitation‚ and a fundamental abuse of human rights (Bequele‚ 1998). The consequences of child labour often result in education deprivation‚ social disadvantage‚ poor health‚ physical and psychological development. The causes of child labour are complex and wide ranging‚ but the future for child labour does show some good prospects
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Labour weakness was the most important reason for Conservative dominance from 1951 to 1964. How far do you agree? Between 1951 and 1964‚ the Conservative’s time in power‚ the Labour party were providing ineffectual opposition. One of the reasons for this was their internal disputes over issues such as unilateralism. However‚ there were also more important reasons for Conservative dominance‚ such as the economy and growing prosperity in Britain‚ the property owning democracy and the greater availability
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Economics Answers Define the following terms: 1) Public goods are goods that when produced can be freely consumed by anyone‚ for example the justice system. They are made up of the following goods‚ non-exclusive and non-rival. Non-exclusive goods are goods that people cannot be excluded from consuming‚ it is difficult or impossible to charge for its use which implies no private market as benefits cannot be denied to those who refuse to pay‚ for example public TV. Non-rival goods or
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Introduction THE NATIONAL INCOME One of the basic questions facing economics centers on whether the total output of goods and services is growing from year to year or it remains static. This question is very important because countries are keenly interested in the performance of their economy. National income estimates enable countries to calculate the total production of goods and services in a year. The lecture also focuses on the measurement of national income and their problems‚ uses
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ECONOMICS ANALYSIS FOR BUSINESS UNIT – 1 1. What is Economics? Economics is the science which studies human behaviour as a relationship between ends and scare means which have alternative uses. 2. Definition of economics According to “Adamsmith” Economic is a social science the deals with human behaviour pertaining to production‚ Exchange and consumption of goods and services. 3. What are basic concept of economic? * Resource allocation * Opportunity cost * Diminishing marginal
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