Micro vs. Macro Economics Micro-indiidual consumers/firms Macro-economic aggregates-GDP‚ inflations‚ unemployment Markets-opportunity for exchange 1) Opportunity Costs-value of the next best for gone alternative when a decision is made -all decisions involve an opportunity cost (assuming the firm operates efficiently) 2) Marginal Analysis-analyze situations involving incremental change -marginal: something is changing by a small amount (incremental/one-unit change) 3) Laws of supply and
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Macro-environment Demography Research shows‚ that Costco’s way of doing research is a unique way‚ indeed it uses its membership concept to gather statistics on its customers that in turn did not involve extensive research. They are put into groups business owners and licensed professionals‚ depending on the job role‚ for instance‚ business owners and licensed professionals which are in one group and this allows them to minimize the risk involved with accepting cheques and makes it possible to
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supply and demand and the determination of price and output in individual markets (e.g. coffee industry). Areas microeconomics covers: Supply and demand Competition Monopolies Profit and loss Opportunity cost Elasticity • Rigid laws:- Businesses may be doomed to be non starters due to restrictive business environment which may take the form of rigid government laws ( no polluting industry can ever be located in around 50 Km radius of the Taj) ‚ state of competition ( Car manufacturing
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“Lady with the Pet Dog” Anton Pavlovich Chekhov‚ 1860-1904‚ Russian writer and physician.(Fragment) The son of a grocer and grandson of a serf‚ he helped support his family‚ while he studied medicine‚ by writing humorous sketches. His reputation as a master of the short story was assured when in 1888 “The Steppe‚” a story in his third collection‚ won the Pushkin Prize. The Island of Sakhalin(Novel or story?) (1893-94) was a report on his visit to a penal colony in 1890. Thereafter he lived
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1.0 Introduction: 1.1 What is Pet Shop? A pet store or pet shop is a retail business which sells different kinds of animals. Pet stores also sell pet food‚ supplies‚ and accessories. A shop where domestic animals and domestic animal products are on sale means an establishment where companion animals are bought‚ sold‚ exchanged‚ or offered for sale or exchange to the general public. Pet stores commonly sell • fish for home • small birds such as parakeets • fancy rats • hamsters
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Animart Pet Store Animart‚ a pet store started its business in Madison in 1982‚ and has grown via these years by meeting the customers’ needs‚ providing products‚ service and knowledge to let the pet live longer and healthier lives. Animart Pet Store is always known as a creative pet store in pet industry since their innovative ideas‚ such as having an annual pet fest that is just like a festival for pets and their family‚ and you can also learn a lot about a variety of pets on the fest. Besides
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how the macro environment impacts upon industries 1. Introduction To answer this question‚ I will use Toyota as an example of an automotible industry within South Africa. An industry can be defined as a group of companies that satisfies a specific customer need. 2. Economic forces Since economic forces can change the health of the economy‚ they also have a direct impact on the broader industrial competitive environment. The four most important of these forces are: • the growth rate
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PESTLE” which stands for political‚economic‚ socio-cultural‚ technological ‚legal and ecological environment. PESTEL analysis of the macro-environmentThere are many factors in the macro-environment that will effect the decisions of the managers of any organisation. Tax changes‚ new laws‚ trade barriers‚ demographic change and government policy changes are all examples of macro change. To help analyse these factors managers can categorise them using the PESTEL model. This classification distinguishes between:
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can actually be used to produce goods and services. 3 Explain the difference between macroeconomics and microeconomics. Give example of the areas of concern to each branch of economics. Micro: individual unit. Eg household‚ market‚ industry Macro: economic behavior of aggregate (national level) Eg national output‚ unemployment rates‚ etc. page 6 4 Explain why it is important for an economic model to be an abstraction from the real world. TO UNDERSTAND THE COMPLEXITIES OF THE REAL
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Environmental Scan Paper Steve Pachorek MGT/498 October 8th‚ 2012 George Staight Environmental Scan Paper A business environment is made up of both internal and external factors. The environment of a business must be scanned to be able to determine what factors the company can use to determine the development and forecasts that will help in the success of the business. The definition of Environmental Scanning‚ as per managementstudyguide.com‚ is the “possession and utilization of information
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