TASK 1 1.1 Explain the economic principles related to construction industry‚ taking the following in to consideration; Scarcity‚ Specialization‚ Division of Labour Scarcity This is the basic economic problem. Mainly Scarcity means that the resources are not enough to satisfy human wants fully or completely. In other words the resources are insufficient to produce all the goods and services humans might desire as the resources are limited and the human wants are unlimited. Here the resources
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Definition of ’Macroeconomics’ The term Macro has been taken from the Latin word Macros which means big. The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment‚ national income‚ rate of growth‚ gross domestic product‚ inflation and price levels. Macroeconomics Concerns Production Prices Income Employment National Production/Output Total Industrial Output Gross Domestic Product Growth of Output
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Aristotle and Economics Aristotle is classified among the most vital thinker ever to exist in the economic sector. He advanced and analyzed economic processes within his surroundings to determine the position of the economy (buying and selling) in the society. Aristotle’s writings on economics continue to attract the attention of many contemporary thinkers. He developed many insightful economic thoughts especially the value theory. The most important topics related to economics covered by Aristotle’s
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towards and are in favour of economic integration. Since this is the case economic integration is not a novelty to West African states as the sub-region has witnessed numerous attempts at integrating economies. In fact much more than any other sub-region of Africa‚ West Africa has attempted to apply the instrument of economic cooperation and integration to enhance its economic and political landscape1. CONCEPTUAL AND THEORETICAL ANALYSIS OF ECONOMIC INTEGRATION Economic integration is a very wide
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RELATIONSHIP BETWEEN DIVISIONS OF ECONOMICS AND LABOR ECONOMICS Insert name Insert institution Insert course Insert date Abstract Labor economics comprises the study of the factors affecting workers. Since all divisions of economics involve workers‚ it is prudent to evaluate their influence on labor economics and labor market for that matter. Consumption directly affects the supply of labor. If the workers experience an increase in their desire for consumption in relation
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activities‚ social and economic factors and technological developments. Social or Societary environment of business means all factors which affects business socially . Every business works in a society ‚ so societies ’ different factors like family ‚ educational institutions and religion affects business . Economic dimensions of environment Economic environment refers to the aggregate of the nature of economic system of the country‚ the structural anatomy of the economy to economic policies of the
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Managerial Economics School of Distance Education Bharathiar University‚ Coimbatore - 641 046 Author: Atmanand Copyright © 2007‚ Bharathiar University All Rights Reserved Produced and Printed by EXCEL BOOKS PRIVATE LIMITED A-45‚ Naraina‚ Phase-I‚ New Delhi-110028 for SCHOOL OF DISTANCE EDUCATION Bharathiar University Coimbatore-641046 CONTENTS Page No. UNIT-I Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6 Lesson 7 Managerial Economics: Definition
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B. Answers the three basic economic questions of what‚ how‚ and for whom. C. Refers to least cost production technology. 2. Which of the following represent scarce productive resources? A. Land‚ technology‚ labour‚ organizational skills. B. Land‚ labour‚ investment‚ managerial ability. C. Land‚ capital‚ natural resources‚ executive skills. D. Land‚ labour‚ capital‚ entrepreneurial ability. 3. The field of economics that is most relevant to the
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Economics is concerned with the way limited resources are distributed/allocated among alternative uses to satisfy unlimited human wants. It helps to understand the nature and organization of society and the operation and behaviour of business firms and other economic decision-making units. Microeconomics deals with the economic behaviour of individual units (consumers‚ firms‚ resource holders): how scarce resources are allocated among alternative uses; the role of prices and markets. Macroeconomics
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NAME: TRAN CONG THANH CLASS: GMA02 1a.How do clusters allow us to understand business development? Think of cluster‚ we think about interconnected 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
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