Introduction Foundations Basics Language of economics Fundamental problem facing mankind “Our resources are limited (scarce)‚ but our wants (aspirations to good life ‚ ambitions ‚ needs‚ dreams) are unlimited.” SCARCITY = Budget Constraint Proof Resources Limited * Time: 24 hours day * Time is money * 20 hours in bed (leisure) * Safe drinkable water = Less than 1% of total water * $2000 apt/studio‚ cook own food * $2000000 a month * Mansion
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actual real GDP. C) natural real GDP is increasing rapidly. D) None of the above. Question Status: Previous Edition 2) The real income per capita is a measure of the A) well-being of every individual in the nation. B) well-being of the average individual in the nation. C) well-being of the average employed person in the nation. D) total well-being of the nation. Question Status: Previous Edition 2.2 The Circular Flow of Income and Expenditure 1) GDP can be measured by the A) total value of all sales
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Summary The retail sector has a major role in the growth of the Australian economy and is the barometer of the economic health of Australia ’s future growth prospects. When the economy is thriving so does the retail industry within an economy – thus‚ the level of demand within the retail industry has a significant impact on other industries as the money within the retail industry goes in a circle complementing the growth of the other industries. The performance of the retail industry is a strong
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Competition is essential to achieve efficiency in any market. In an imperfectly competitive market structure‚ however‚ efficiency is lost. The Economist’s article “Let Mexico’s Moguls Battle”‚ describes the lack of competition in the fixed and mobile phone markets in Mexico‚ shows its effects on consumers‚ and outlines the measures taken to promote competition. Figure 1 Figure 1 Telmex and Telcel abuse the lack of competition in the Mexican fixed and mobile phone markets respectively. These “two
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EC370‚ Midterm I‚ Practice Questions 1. If she spends all of her income on uglifruits and breadfruits‚ Maria can just afford 11 uglifruits and 4 breadfruits per day. She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per day. The price of uglifruits is 6 pesos each. How much is Maria’s income per day? a. 115 pesos b. 105 pesos c. 114 pesos d. 119 pesos 2. Bella’s budget line for x and y depends on all of the following except a. the amount of money she has
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Externality: the uncompensated impact of one person’s actions on the well-being of a bystander Externalities and Market Inefficiency Negative Externalities Ex: aluminum factories emit pollution: for each unit of aluminum produced‚ certain amount of smoke enters atmosphere Cost to society of producing aluminum larger than cost to aluminum producers Social cost includes private costs of aluminum producers plus costs to those bystanders affected adversely by the pollution How can social planner
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Galileo Galilei - a teacher of mathematics The Methuen Student Edition of Life of Galileo was written by Bertolt Brecht. This version was first published in 1968 by Methuen London Ltd. It portrays Galileo and how he has used his power of determination and resolution to prove his findings; which later contributed to the greater good of mankind in scientific ways. This is depicted in three different scenes and events. In it‚ Galileo is stripped of pride and dignity‚ even risking his life for his work
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Human Resource Management 13th Edition Gary Dessler Chapter 11 – Establishing Strategic Pay Plans Employee Termination is includes all forms of pay or rewards going to employees and arising from their employment. 2 Main Components Of Employee Termination: Direct Financial Payments – pay in the form of wages‚ salaries‚ incentives‚ commissions‚ and bonuses. Indirect Financial Payments – pay in the form of financial benefits like employee-paid insurance and vacations. There are 4 forms that managers
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Group 9 Investigatory Project JH 7 – St. Leopold of Castelnuovo Chapter 2 Review of Related Studies The rinds of orange and other citrus fruits contain flavonoid phytonutrients. John A. Manthey‚ a chemist of the USDA Agricultural Research Service‚ discovered that these flavonoids can lower LDL‚ “bad”‚ cholesterol levels and triglyceride levels at a significant level. They also have potential anti-inflammatory properties. All these benefits can help reduce the risk of heart disease
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ECON 545 Microeconomic analysis KELLER GRADUATE SCHOOL OF MANAGEMENT Project 1 Situation A My situation has to do with my niece Jenny. Jenny is a super intelligent high-school student who wants to make intelligent choices about her future so she’s decided to call upon me for advice in regard to possibly pursuing a career as a doctor and on the best location to practice medicine. She got wind that I am currently taking a business course in economics and decided
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