the economy – consumption (demand)‚ production (supply)‚ investment‚ employment‚ finance‚ etc . Microeconomics focuses on individual economic units: consumers‚ firms‚ workers and investors – and the markets in which they interact. Macroeconomics focuses economy-wide aggregates like unemployment‚ inflation‚ aggregate economic growth‚ interest rates. Managerial economics consists mostly of microeconomic topics‚ especially topics related to decision-making within firms. THE UNIVERSITY OF BRITISH COLUMBIA
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Chapter 1: Limits‚ Alternatives and Choices The fundamental economic problem Scarcity: – The basic economic problem arises because resources are limited‚ but human wants are unlimited. – Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. What is economics? • Economics is the study of how individuals and economies deal with the fundamental problem of scarcity. • Scarcity forces individuals‚ firms
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| Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics | Copyright © 2011‚ 2008‚ 2007‚ 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories‚ concepts‚ terminology‚ and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Faculty
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Course: IB Economics SL Commentary number: 1 School name: Candidate name: Candidate number: Date commentary was written: 24 May 2014 Section of the syllabus to which the commentary relates: Section 1 – Microeconomics Word count: 745 Source of extract: Richard J. Brennan‚ Published on Thu May 01 2014‚ Tax on cigarettes going up http://www.thestar.com/news/queenspark/2014/05/01/tax_on_cigarettes_going_up.html Article: Tax
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Principles of Economics II – Microeconomics Homework #1: Ch 4~6 and Article Questions Article Questions Please download the associated article. “Fare Hike...” 1. Based on the article‚ are taxi fares more elastic or less elastic for drivers? Passengers? How do you know? Give at least 3 reasons. 2. If given a chance‚ do you think that cab drivers would have raised the amount that high? Why/not? Chapter Questions Ch 4 Questions: 1. Consider the market for eggs. For each of the events
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in 1956 3. Concept: limited resources‚ more demand / extraction‚ hard to get to‚ and higher cost (Microeconomics) B. Natural resources are limited and nonrenewable‚ 1. We need to invest in and develop new energy technology for alternative fuels‚ and we will be less dependent on oil. a. Electric powered cars‚ solar power‚ hydro power and wind power b. Use ethanol instead of gasoline for an alternative fuel c. Cars of Tomorrow With Energy-Saving Technology (link)
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Galaxy S3 remains at RM1‚ 800. The quantity demanded of Samsung Galaxy S3 will increase because they are substitute goods. For complementary goods‚ when the price of a good declines‚ the demand for its complement rises. For example‚ if the price of gasoline decline‚ the demand of car rises and vice versa. c) Tastes and Preferences Tastes and preferences can affect the demand of a good without a change in price. If people like a certain brand name or design of a product‚ they will buy the
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Course Design Guide School of Business ECO/365 Version 4 Principles of Microeconomics Copyright © 2011‚ 2008‚ 2007‚ 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories‚ concepts‚ terminology‚ and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies
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spill coffee from Colombia on your shirt made in Texas from textiles shipped from South Carolina. After class you drive with a friend on an interstate highway that is part of a system that took 20 years and billions of dollars to build. You stop for gasoline refined in Louisiana from Saudi Arabian crude oil brought to the United States on a supertanker that took 3 years to build at a shipyard in Maine. Later you log onto the Web with a laptop assembled in Indonesia from parts made in China and Skype
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Economics: Principles in action. Upper Saddle River‚ New Jersey 07458: Pearson Prentice Hall Krugman‚ Paul‚ and Wells‚ Robin. Microeconomics. Worth Publishers‚ New York. 2005. http://www.bized.co.uk/virtual/vla/theories http://www.netmba.com/econ/ http://faculty.winthrop.edu/stonebrakerr/book/demand_and_supply.htm http://ocw.mit.edu/courses/economics/14-01-principles-of-microeconomics-fall-2007/lecture-notes/14_01_lec02.pdf http://www.pitt.edu/~mgahagan/Definitions/SupplyandDemand.pdf
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