All Rights Reserved 2– 2 CLASSIFICATION OF GOODS AND SERVICES Free goods are goods that have no production cost. Public goods are goods that are for common use and will benefit everyone. Economic goods are goods of value that can be seen and touched. Economic services are intangible things (with value) that cannot been seen or touched. All Rights Reserved 2– 3 LAW OF DEMAND Law of demand states that the higher the price of a good‚ the lower is the quantity
Premium Supply and demand Consumer theory
Test #2 Practice Test #2: Answer Key Exam number 2 will take place on Monday‚ April 8th‚ 2013. This‚ the second of two practice exams‚ will be the subject of class on Wednesday. It will not be graded‚ but will serve only as practice material accurately representing the content and format of the exam. 1.) Walter used to work as a high school teacher for $40‚000 per year but quit in order to start his own painting business. To invest in his painting business‚ he withdrew $20‚000 from his savings
Premium Costs Perfect competition Economics
Diff between economics vs managerial economics 1 The traditional Economics has both micro and macro aspects whereas Managerial Economics is essentially micro in character. 2. Economics is both positive and normative science but the Managerial Economics is essentially normative in nature. 3. Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect. 4. Managerial Economics studies the activities of an individual firm or unit. Its analysis
Free Economics Economics of production Microeconomics
PAPER ON EFFECTS OF MARKET STRUCTURE OF AN INDUSTRY ON THE CONDUCT AND PERFORMANCE OF A FIRM This paper provides an overview of telecommunications industry in Kenya and discusses how structure of the industry can affect the conduct of a firm within an industry and also explores how market structure and conduct of the firm affect the firm’s performance. It also offers some ideas regarding the future of the telecommunications sector in Kenya. Introduction Kenya ’s earliest telecommunications connections
Premium Mobile phone Telephone company Mobile network operator
is and i quote “the socio-economic problems of Ghana are responsible for indiscipline of the citizens”. Mr. Chairman before i take my stand in this august argument‚ i would like to explain certain keywords in the motion so that my audience will get a clear idea of what the motion is about. Mr. Chairman‚ the keywords in the motion are socio-economic problems‚ responsible‚ indiscipline and citizens. According to Wikipedia-the free Encyclopaedia‚ a socio-economic problem refers to the area that governs
Free Unemployment Economics Ghana
ECONOMIC PROBLEMS OF PAKISTAN Outline 1. Economy of Pakistan is in serious crises. 2. Political instability is the major cause along with many others. 3. In Pakistan‚ the system of taxes does not work well. 4. Corruption and bribery of the government officials hinder smooth functioning. 5. Pakistan is rich in natural resources but poor in managing and utilizing these. 6. Foreign exchange has always been a major problem of Pakistan. 7. The population growth rate adds
Premium Economic development Economy Economics
are true Pakistani then you will probably be aware from the main economic problems of Pakistan? Well if not then you must be aware because the solution of all such problems are connected with your bright and successful future. There have been so far huge sum of the problems related to the economic sector that is all the time in the mood of disturbing the economics of Pakistan. Well we cannot blame the entire mistake on the economic monster because the actual culprits are the policies that are infusing
Premium Economics Stock exchange Pakistan
A PRESENTATION ON SOCIO-ECONOMIC PROBLEMS AND EDUCATIONAL MANAGEMENT DONE BY: SIZE M (M149944) MUSHURE W (M149945) KUWODZA A (M149946) Bed Hons [educational Leadership and Management] SOCIO-ECONOMIC PROBLEMS AND EDUCATIONAL MANAGEMENT 1.0 OBJECTIVES After reading this presentation‚ one should be able to 1.1 identify social problems affecting society 1.2 explain how socio economic problems affect educational management 1.3 discus how an educational manager can help society
Free Education College High school
10 Economic Problems of the Philippines 1. Over-dependence on Global Economy The growth of the Philippines economy drastically slowed to just 3.6% in the first three quarters of 2011‚ which is significantly less than the 7%-8% growth targeted by administration’s Philippine Development Plan (PDP). Though the slowdown may have been due to the ongoing global crisis‚ it was markedly slower in comparison to other South-East Asian neighbors. Economic performance figures indicated a contraction
Premium Unemployment Philippines
Big Problems Thailand‚ like other countries‚ is facing several problems. Many are trivial; some are significant or BIG. I have reflected on the big problems‚as a Thai fellow‚ that I think are challenging the well-being of Thailand. In fact‚ a small-scale survey conducted by one of my students revealed that the four big problems were ranked as follows: 1. Economic Problem 2. Red-Yellow Groups 3. The Deep South It was found that the environment-related problems (such as global warming
Premium Economics Poverty Southern United States