Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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Ideas to Revamp Mr. Burger: Problems: 1. Bad law and order conditions of city. 2. Location Problems 3. Lacking of new customers 4. Low advertising budget 5. Environment not appealing 6. Lack in cost cutting of the product Recommendations: In my point of view‚ bad law and order situation in the city is an external matter for the company. There is not much a restaurant can do about it‚ all their management can do is that they can change their location to a relatively peaceful place in the
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a city.According to comedian P.J. O’Rourke‚ “microeconomics concerns things that economists are specifically wrong about.To be more technical‚ microeconomics is about money you don’t have .Microeconomics focuses on the market’s supply and demand factors‚ that determine the economy’s price levels.Microeconomics facilitates decision making for smaller business sectors.Microeconomics concentrates on the ‘ups’ and ‘downs’ of the markets for services and goods‚ and how the price affects the growth of
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Hoosier Burger Week 2 Hoosier Burger is a small restaurant that currently has no digital information capabilities. The new owners‚ Bob and Thelma‚ have just finished up product identification and selection. Now that Hoosier Burger has been open for a little while‚ they have a good feel for what works – and what does not – in the current system. With a solid approach to identification and selection‚ scope definition‚ examination of feasibility factors and the development of a project scope statement
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are resources also called factors of production? Why are they called inputs? Economic resources are natural‚ human‚ and manufactured resources that go into production of goods and services. Economists classify economic resources into four general categories land‚ labor‚ capital‚ and entrepreneurial ability. Resources are called factors of production because land‚ labor‚ capital‚ and entrepreneurial ability are combined to produce goods and services. Another name for factors of production is inputs
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Outcome 2.1 Show macro and micro environmental factors which Influence marketing decisions -Gatorade is not PepsiCo official product in Vietnam but it isn’t produced in Vietnam ‚ it was imported from foreign country so the price of the product is higher and isn’t really suitable for Vietnam average income. There are two main environment elements which affect the price of the Gatorade: Micro environment -Competitors: There are many other products to choose in the soft drink market include
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What is the macro gross anatomy? The macro gross anatomy is the study of organisms with the naked eye. What is the skeletal system? The skeletal system is a very important part of the human body this consists of 206 bones‚ which together with different structures make the joints of the system. Within the skeletal system the structures present are the cartilage‚ bone tissues‚ fibrous connective tissues which form the ligaments of the bones Scanlon and Sanders‚ pp.122‚ 2014). The skeletal system
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