Economics | | |Sr. No. |Core Areas |Percentage | |1. |Micro-Economics |15% | |2. |Marco-Economics |15% | |3. |Econometrics
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Version 111 THE UNIVERSITY OF WESTERN ONTARIO LONDON CANADA Jeannie Gillmore ECONOMICS 1022B-002/004 February 11‚ 2012 MIDTERM 1 INSTRUCTIONS: 1. The examination begins at 4:00 p.m. and ends at 6:00 p.m. 2. Check that your examination paper contains 14 pages. 3. Use a BLACK PENCIL to complete your Scantron Form. Print your NAME and complete your SIGNATURE. Enter your STUDENT NUMBER. Enter your SECTION NUMBER‚ which is either 002 or 004. 4. Please hand in Scantron Form only
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. THE ECONOMIC PROBLEM AND ECONOMIC SYSTEMS The economic activity of a society consists of activities related to the production and consumption of goods and services. Since earliest times‚ the primary function of organized society has been economic in nature. The other elements of civilized society -- architecture‚ literature‚ music‚ etc. -- emerge only after the material needs of the society have been amply provided for. Poor societies do not build great pyramids‚ erect magnificent cathedrals‚ or
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accounting profit figure is simply a measure of the true profit of an organisation.” Discuss. In order to assess whether the accounting profit is a measure of the true profit it must first be shown that there is such a thing as true profit. If we decide there is‚ we then need to know what it is exactly‚ in order to assess the extent to which the accounting profit reflects this true profit figure. Before studying this module I believed that the true profit was essentially the accounting profit calculated
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Cost‚ Volume‚ and Profit Formulas Heather Jauregui University of Phoenix of Axia College “The Cost-volume-profit (CVP) analysis is the study of the effects of changes in costs and volume on a company’s profits.” (Kimmel‚ P.‚ Weygandt‚ J.‚ & Kieso‚ D. 2003) The analysis is used to maximize efficiency in a business. In order to be effective the CVP analysis has to make several assumptions. These assumptions are that the costs can be fitted into either fixed or variable categories. The
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do something differently or why their perception of a given situation may be different than my own. I like the idea that I perceive things in my own unique way based on my specific experiences and situation in life. To look at something with a macro-level perspective is to study society by looking at a large-scale social structure in order to determine how it affects the lives of groups and individuals. The opposite of which is micro-level perspective. This perspective concentrates on the interactions
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Question 2 Cost Volume Profit Analysis 1.0 Introduction According to Jon Scheumann “a successful organizations need a culture that is attuned to cost management and pay attention to cost structure” From that statement manager must pay attention and carefully thinking when do decision making to the cost. For example when manager want to target the profit. They must take every cost that related in production such as variable cost and fix costs. Cost Volume profit analysis is used in decisions
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Maximizing Profits in Market Structures Competitive markets‚ monopolies‚ and oligopolies play a big role in the economy. We will be discussing the characteristics‚ price determination‚ output determination‚ barriers to entry‚ and the role in economy of each market structure. In a competitive market there are many firms that supply the same product‚ such as local gas stations. Mankiw (2007) stated‚ “You may recall that a market is competitive if each buyer and seller is small compared to the size
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Micro: Floor: govt imposed limit or minimum price that can be charged for a good or service Price floor holds no weight unless the price equilibrium falls below it Production possibilities and Trade offs a. PPC defined b. Economic model that provides the opportunity cost c. PPC examples d. Resources are not equally suited to both items Comparative advantagecondition in which a nation state is capable of producing some product at a lower opportunity cost
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ECONOMICS the branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. the social science that studies economic activity to gain an understanding of the processes that govern the production‚ distribution and consumption of goods and services in an exchange economy. SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive
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