1. What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. Microeconomics is the study of how an individual‚ group or a company makes their decisions while macroeconomics is the study of how decisions are made on a whole‚ which involves growth‚ inflation‚ use of country resources and unemployment; focusing on broad issues. Microeconomics and macroeconomics goes hand in hand‚ they compliment each other. The decisions
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‘Business’ and Its ‘Environment’ Introduction Every business organization has to interact and transact with its „environment‟. The effectiveness of interaction of an enterprise with its environment primarily determines the success or failure of a business. The environment imposes several „constraints‟ on an enterprise and has a considerable impact and influence on the scope and direction of its activities. The enterprise‚ on the other hand‚ has very little control over its environment. The business
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given price) being affected by market failure (when the amount of a good supplied doesn’t equal the amount demanded). Without government intervention (regulatory actions taken by the government to alter the free market economy for a certain good)‚ the free market equilibrium point (the point at which the quantity demanded equals the quantity supplied) would balance itself out and the market for cigarettes would be at maximum efficiency. However‚ at this free market point‚ there is a negative externality
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ECON 1020 Principles of Macroeconomics Assignment 1 Question 1 (10 marks) (a) The relative scarcity of resources makes the operation of any economy a matter of choosing between alternatives.” Explain. The world has limited resources and us‚ as people have unlimited wants. Therefore‚ we must constantly make decisions to choose what we would rather buy or produce and what we must give up in its consequence. This includes work and time. For example‚ studying for an exam late at night would give
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Today’s Youth Market Barry Brooks BUS 330 Principles of Marketing Instructor: Kristin Brocklesby December 3rd‚ 2012 The world’s top consumer brands need new customers. The youth market is the key to growth. Demographics in Western Europe‚ North Asia and North America point to an aging population as the Baby Boom generation heads toward retirement‚ with fewer replacements coming behind due to decades of declining fertility rates. At the same time‚ many of these markets are just now seeing
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Tutoring ECON 201‚ Winter 2010 Lecture Notes on The Price Theory: Demand‚ Supply‚ Market Equilibrium‚ and Applications Hany Fahmy1 This lecture note discusses the price theory and its applications. The theory is introduced after a brief review of some basic concepts. The demand and supply of a normal good are de…ned and explained in detail. Practice problems and examples are used for illustration. The concept of market equilibrium is introduced and the e¢ ciency conditions are explained. The government
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Case Brief Summary Nike is one of the world’s top shoemaker companies. It was established by Phil Knight and Bill Bowerman in 1964. At the beginning‚ the company was looking at Asia to find the cheapest sources of production for its shoes. Nike never owned a factory in Asia‚ instead the company found subcontractors with whom they contracted production. Nike got started selling low-priced but high quality shoes in the 1960s manufactured by the Onitsuka Tiger Company‚ a Japanese manufacturer. As
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The Great Debt Shift from 2000 to 2012 The United States is facing a structural budget deficit in recent years. The fiscal situation has an increasingly dire and unsustainable outlook over the next 10 years and beyond. However‚ looking back ten years before‚ when George Bush took office at the beginning of 2001‚ the federal government was running a substantial budget surplus and projected rising surpluses. Here comes to a question: how did federal government get into this fiscal mess. My paper
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Sweetpotato (Ipomea batatas) is considered a staple crop in many considerable parts of Africa. According to FAOSTAT (2013)‚ sweet potato has been considered as the seventh important food crop in the world. Agriculture has become more market oriented and sweetpotato is one of the many crops that help farmers obtain income and subsistence food security (Wheatly and Loechl‚ 2008). Sweetpotato are mainly eaten as staple food‚ consumed directly from the farm in a subsistence economy across the sub-Saharan
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regions of the world an estimated one in five children will not live to see their fifth birthday‚ primarily because of environment-related diseases. Eleven million children die worldwide annually‚ equal to the combined populations of Norway and Switzerland‚ and mostly due to malaria‚ acute respiratory infections or diarrhoea — illnesses that are largely preventable. When the environment becomes less valuable or damaged‚ environmental degradation is said to occur. There are many forms of environmental
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