Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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1.0 MACRO ENVIRONMENT ELEMENTS There are many factors in the macro-environment that will effect the decisions of the managers of any organization. Tax changes‚ new laws‚ trade barriers‚ demographic change and government policy changes are all examples of macro change. 1.1 Political and Legislation Factors The political-legal dimension of the general environment also affects business activity. The philosophy of the political parties in power influences business practices. The legal environment
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INTRODUCTION: The micro Environment The micro environment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself‚ its suppliers‚ marketing intermediaries‚ customer markets and publics. The business can take control over all challenges and influences in the micro environment. BODY: 1.1.1)Vision The vision of the business is what the business aims to achieve. It sets out where a business needs to go to be
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these things at once because all expenditure in the economy ends up as someone’s income. 2. The production of a pound of caviar contributes more to GDP than the production of a pound of hamburger because the contribution to GDP is measured by market value and the price of a pound of caviar is much higher than the price of a pound of hamburger. 3. The four components of expenditure are: (1) consumption; (2) investment; (3) government purchases; and (4) net exports. The largest component
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Unit 2 Macro-Trend Analysis BUS 620 Larry Fiegle Tina Haller May‚ 3‚ 2012 Hybrid Vehicle Macro-Trend Analysis Introduction As gas prices continue to rise‚ people have started to trend toward more energy efficient means of transportation. Hybrid vehicles have an electric motor along with rechargeable batteries and have an increased efficiency of up to 50 percent. There is an onboard computer that switches between gas and electric power. The hybrid car runs on the energy of the battery when
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Price War between Airasia and Malaysia Airlines The purpose of the analysis is to evaluate the supply and demand of two main air line operators in Malaysia‚ which is Airasia and Malaysia Airlines by determines the price and quantity and change in the market of Airasia and Malaysia Airlines. Airasia is a leading airline company in providing low cost airline services while Malaysia Airlines is more towards providing high quality airline services. In the past time‚ the demand of Malaysia Airlines is higher
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demand and supply on tax incidence; 9. Realise how supply and demand analysis can be applied to understand real-world phenomena. Key Concepts • Demand (PR pp.23-25‚ The Demand Curve) The demand for student rooms in the specified market is a schedule that gives you‚ for each possible price (monthly rent)‚ the quantity demanded (the number of student rooms rented). Note that all other variables than monthly rent (such as the students’ income‚ their tastes for living in student rooms
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UNIVERISTATEA POLITEHNICA BUCURESTI DEPARTAMENTUL DE MANAGEMENT MANAGEMENTUL SI INGINERIA AFACERII Titular curs: Prof.dr.ing.Anca-Alexandra Purcarea Cursant: Bucur Ioana Cristina Bucuresti 2007 1. Prezentarea organizatiei 1.1. Istoricul firmei DANTE INTERNATIONAL SRL a fost infiintata de trei asociati‚ Radu Apostolescu‚ Bogdan Vlad si Dan Teodorescu si inscrisa in Registrul Comertului in august
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resources. Capital in economics 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
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finding proper information that may help me more to do better. The data on rural finances are not available in organized manner. Many firms render rural finances through improper distribution channel and don’t maintain database. Micro Finance A type of banking service that is provided to unemployed or low-income individuals or groups who would otherwise have no other means of gaining financial services. Ultimately‚ the goal of microfinance is to give low income people an opportunity
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