Economics Chapter 1 I. An Economic way of Thinking What’s Economics? - The study of choices people make to satisfy their needs and wants. - It is the study of how society choose to use it’s scarce resources to satisfy it’s unlimited needs and wants. Economists: - Someone who studies the choices that people make. - Someone who studies the economic theory and applies it to the real world. Economic Actions: 1. Micro-economic: Study of one single factor of economy. (Mobile co.) 2. Macro
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Summary of Reading – Chapter #2 Chapter 2 of The New Jim Crow focuses on how the system of mass incarceration works. Alexander concentrates on the "War on Drugs‚" because "convictions for drug offenses are the single most important cause of the explosion in incarceration rates in the United States." Early on‚ she exposes myths‚ noting that the war is not "aimed at ridding the nation of drug ’kingpins’ or big-time drug dealers‚" and the drug war is not "principally concerned with dangerous drugs"
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Solution sto Chapter 2 Problems Accounting Judgements Questions 1. Accounting principles include: (a) Underlying assumptions – basic underlying assumptions that make accounting possible. (b) Qualitative criteria – standards to judge policy choices in conjunction with reporting objectives. (c) Measurement methods – ways to measure results and financial position. 2. The importance of establishing a document such as the IASB’s Framework is that this material helps standard setters when
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The following chapter summaries are mostly based on the McConnell & Brue text “Economics- 16th Ed.” Details available at http://highered.mcgraw-hill.com/sites/0072819359/information_center_view0/ note .. arrow means “leads to‚” “results in‚” “causes” Chapter 1 – The Nature and Method of Economics Economics is the study of scarcity and choice Key concept- opportunity cost: for a person to get more of one thing... he/she must forego getting something else e.g. to get food must
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Introduction This write up analyses the Strategy Simulation Game‚ the important economic and strategic decision that a firm must make in order to achieve maximal profit and how the approach changes based on the four general classification of industries (Stegmann‚ 2009) and the decision that I made using the information from AMBA670 and previous course. Decision making processes of management is described in different market structures. Just as it pertains to any for-profit business organization
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2 The English legal system and the common law tradition Contents Introduction 22 2 1 Judging the operation of the legal system 23 2 2 2 3 2 4 2 5 2 6 The common law tradition and its influence upon the English legal system 27 Have we seen the historical rise and fall of the common law tradition
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Learning activity 2 ch 3-U2 1. When do we consider two commodities to be complements or substitutes? It is considered both products and services as a substitute or complementary when the price of goods purchased gets increased to such a level that the consumer purchasing power will be affected less looking for a good price that is similar or lower the purchase quantities where his purchasing power allows. 2. What must be true for a good to be normal and a necessity? To be a normal product
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Chapter II Demand (DD) & Supply (SS) Classification of Goods & Services • Conventional • Islamic Demand (DD) • Definition‚ Law of demand‚ Individual Demand Curve & • • • • • Market Demand Determinants of demand Changes in Quantity Demanded vs. Changes in Demand Determinants of demand from Islamic Perspective Exceptional Demand Inter Related Demand Demand (DD) Classification of Goods & Services • Conventional Perspective Free goods – types of good does not require any monetary cost eg
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CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
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CHAPTER 2 Management Challenges Business Applications Module I Information Technologies Development Processes Foundation Concepts COMPETING WITH INFORMATION TECHNOLOGY Chapter Highlights Section I Fundamentals of Strategic Advantage Strategic IT Competitive Strategy Concepts Real World Case: GE‚ Dell‚ Intel‚ GM‚ and Others: The Competitive Advantage of Information Technology Strategic Uses of Information Technology Building a Customer-Focused Business The Value Chain and Strategic
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