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Classical economics school of thought and author of ’The Wealth of Nations‚ ’ states his thoughts as "there being an invisible hand (and automatic mechanism) that moves markets towards a natural equilibrium‚ without the requirement of any intervention at all" (Nikaido). He believes that eventually the free market will lean toward equilibrium. The main fault with Classical Economics is that Smith did not consider the greediness of humanity. Within classical economics‚ there are three basic assumptions;
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indicating the PPF (which in this case is a straight line) With the given constraint of 1000 hours of labour we get the cases where: o Pt H indicates the situation when all labour units are being employed to produce 2000 haircuts ( As haircut requires 0.5 hrs => 2000*0.5 = 1000 labor hours) o Pt S indicates the situation where all labour units are being employed to produce 200 shirts ( As shirt requires 5 hrs => 200*5 = 1000 labor hours) The slope of the production possibilities frontier (PPF)
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** c) positive economics‚ but not normative economics. d) the establishing of an overall view of the operation of the economic system. 5. Any combination of goods lying outside of the budget line: a) implies that the consumer is not spending all his income. b) yields less utility than any point on the budget line. c) yields less utility than any point inside the budget line. d) is unattainable‚ given the consumer’s income.*** 6. In deciding whether to study for an economics quiz or go
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optimistic about their future‚ they will generally spend more and save less at any given level of disposable income. Reversely if consumers feel pessimistic about their future then the opposite will occur‚ where they will spend less and save more at all level of disposable income. An example of where the exogenous consumption would increase would be in times of economic boom‚ where share prices rise and property prices increase. Consumers would feel wealthier and hence tend to spend more rather than
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which can be rewritten as: y = c + i + g +x – m In real terms‚ it could be said that real output (y) is equal to real aggregate expenditure (c + i + g + x – m). The right side of the equation depicts how to determine real GDP by the total income all people within a certain economy. This equation is written as: y = c + s + t If we combine both equations‚ we can rewrite the formula for savings (s) in the following two ways: s = i + (g – t) + (x – m) This shows that savings must be
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Macro-economic factors: There are a lot of macro environmental factors that affect Telfin performance though emphasize has been given on the important factors. Economic factors like current and anticipated economic growth‚ interest rate‚ inflation‚ cost of labor‚ disposable income and distribution of income etc collectively comprise economic environment. Current and projected economic conditions: In recent years Pakistan’s economic figures were indicating very impressive and promising consequences
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village were taking loans from a moneylender and trader‚ and that the interest rates on these loans were very high‚ at 10 percent per week. He saw that these loans made these individuals slaves to those that leant them the money. He then made a list of all those who had borrowed money. There were 42 people on this list‚ and the cumulative total of these loans came to 856 taka‚ which translates into 27 dollars American. Yunus decided he would free these individuals from their poverty and took the money
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Business Scenario As discussed there are three different types of businesses‚ sole proprietor‚ partnership and corporations. With these businesses come many advantages and disadvantages that one will have to determine will best suit their own lifestyle. Starting a business is something very serious to plan and make sure you have the necessary financial backing to keep it running‚ and have the legal knowledge to keep yourself and organization covered. Lastly‚ if you have the knowledge and product
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resources. This field of study is vast that it has been the subject of a great deal of writings. Economics is divided into Microeconomics and Macroeconomics. Macroeconomics deals with the overall economy‚ the aggregate demand and aggregate supply for all goods and services. The main concerns of Macroeconomics are the rate of inflation‚ unemployment and economic growth. On the other hand‚ Microeconomics deals with the functioning of individual consumers‚ business firms and households. While it
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