Economics 515 Midterm 1 1. Economic growth vs. economic development‚ define extensive growth & intensive growth Economic growth is the sustained increase in the output of goods/services of a society. Economic development is economic growth plus changes in technical and institutional arrangements by with output are produced. Extensive growth- increase in output due to increase in inputs (labor force grows‚ land stock increases) Intensive growth- increase in output per unit of input –
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Economics for Managers by Paul Farnham y Chapter 5: Production and Cost Analysis in the Short Run © 2005 Prentice Hall‚ Inc. 5.1 Defining the Production Function P d ti F ti The formula can be read as “quantity of quantity output is a function of the inputs listed inside the parentheses” Q = f (L‚ K‚ M…) where Q = quantity of output L = quantity of labor input K = quantity of capital input y M = quantity of materials input © 2005 Prentice Hall‚ Inc. 5.2 Fixed
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Association of Southeast Asia (ASA)‚ an alliance consisting of the Philippines‚ Malaysia‚ and Thailand that formed in 1961. As such‚ ASA is considered the predecessor to ASEAN. The Association of Southeast Asian Nations (ASEAN) is a political and economic organization of countries located in Southeast Asia. ASEAN was formed on August 8‚ 1967 by the Philippines‚ Malaysia‚ Thailand‚ Indonesia‚ Singapore‚ as a display of solidarity against Communist expansion in Vietnam and insurgency within their own
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Economic Justice Between Classes We live in a country today misrepresented by its own peoples ’ perception. The consensus that we live in the greatest nation in the world is not so much a feeling of nationalism as it is a forgone conclusion in the minds of millions of Americans. What a great many of these millions do not realize is that they are the victims of a government set up by our founding fathers to uphold a class system based on a very unproportional distribution of wealth. As
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Economic Impact on the London 2012 Olympic Games 2011 Economic Impact on the London 2012 Olympic Games 2011 Table of Contents 1. Executive Summary…………………………………………………3 2. Introduction …………………………………………………………4 3. Analyze the economic environment of London 2012 Olympic Games-PESTLE Analyze………………………………..5 4.1 Political Factors………………………………………………...5 4.2 Economic Factors………………………………………………6 4.3 Social Factors…………………………………………………
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Definition: In economics‚ production is the act of creating output‚ a good or service which has value and contributes to the utility of individuals.[1] The act may or may not include factors of production other than labor. Any effort directed toward the realization of a desired product or service is a "productive" effort and the performance of such act is production. The relation between the amount of inputs used in production and the resulting amount of output is called the production function
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Eternal Law and Human Law As humans live in this world‚ laws and regulations are strictly enforced for the justice‚ safety‚ and rights of the humans. Whether those laws are eternal or temporal‚ all laws require standards. Saint Augustine’s On the Free Choice of the Will discusses these standards and defines what each laws mean. Most importantly‚ Augustine argues that eternal law is necessary for temporal law to exist and for the nation to function properly. I agree with Augustine’s argument on
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minimize distortions to economic behavior > tax efficiency 3 – administration should be easy and administrative costs should be as low as possible 4 – tax system should be easy to understand and relatively easy to comply with and it should be applied in a non-arbitrary way 5 – tax system should generate required revenues tax evasion – not paying your taxes tax avoidance – using existing tax rules (code) to be able to minimize your tax burden. -use existing law to your advantage‚ the best
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analyse case studies in economics. ii) Concepts and key terms must be defined accurately and completely. iii) The assumptions upon which the analysis is based must be stated at the outset. iv) Diagrams must be drawn properly‚ correctly labelled and the relations they depict explained. v) Answers must be complete‚ addressing the specific tasks nominated in the questions. vi) Critical Analysis overall should be provided by relating economic theory to real-life economic examples of the petroleum
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between the role of criminal law and civil law in relation to the legal system and analyse the purpose of the law. Criminal law is the body of law that relates to crime. It might be defined as the body of rules that defines conduct that is prohibited by the state because it is held to threaten‚ harm or otherwise endanger the safety and welfare of the public‚ and that sets out the punishment to be imposed on those who breach these laws. [1] The criminal law serves several purposes and benefits
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