Theory ECON210-1403A-01 July 14‚ 2014 Scenario 2: In order to understand the concepts of macroeconomics and microeconomics‚ the definition and the concept of economics must first be explored and understood. Economics is the focus of how the production‚ consumption‚ and transfer of wealth affect the standard of living. Economics is broken up into main areas‚ macroeconomics and microeconomics. Macroeconomics is the greater aspect of economics as it focuses on aggregate production and consumption in
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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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either believe that they have the choice to make decisions (free will)‚ or that life is already decided for them (determinism). I believe‚ however‚ that free will and determinism coexist‚ which is referred to as compatibilism. The movie Minority Report is set in Washington D.C. during the year of 2054. The city is at the point of full automation: cars are self-driven‚ iris scanners are used as a way of identification‚
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The Chapter two of "The Minority Report” illustrates a lot of qualities of the Pre-crime Commissioner‚ John A Anderton‚ but one of his quality that was clearly seen in his character was that his manner was not in a regular pattern‚ like he was continuous skeptical about everything‚ he was suspicious about his environment and the surrounding people Anderton main suspect was Witwer because once he is imprisoned ‚ Pre-crime will fall under his control ; For example‚ when John A Anderton realized
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explains how they are doing it. It is basically an overview of the business. Cash flow trends Discussion on critical accounting choices (also discussed here as well as at disclosure.) Uncertainty and risk is discussed here. The Audit Report Objective: The Audit is an independent review of the companies financail statements - Appointed by the shareholders - It strives to reduce agency cost (making sure the management isn’t hiding anything from the shareholders. Reasonable Assurance:
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Research and discussion of press article About the article | Title of the article : Extension Responds: Katrina’s aftermath : How Hurricane Katrina will affect energy and fertilizer costs? | Source (Newspaper) and link to the article : University of Wisconsin-Madison/Extension http://www.uwex.edu | Summary of the article :In 2005 Hurricane Katrina caused massive shortage on natural gas and fuel in the USA.Due to the location of the hurricane in southern USA‚ agricultural shipping‚ fuel production
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Interdependence The characteristics of oligopoly is interdependence‚ oligopoly firms have big relative to the market and they interdependence in making decision. The number of competitor is less and any oligopoly firms changes in the price and other economic factors or marketing strategy ‚it will affect the change in competitor firm. So the firms must attention about the other competitor change in the industry and also need to think over the market demand and cost of its product. In oligopoly
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Practice Test # 3 Useful formulas/expressions: (1) MPC = ∆ C / ∆ DI or ∆ C / ∆ YD & MPC + MPS = 1 (2) Exp. Multiplier = 1/(1-MPC) ∆GDP = Exp Mult. * ∆AE (3) Δ AE = Δ Income * MPC (4) DD Multiplier = 1/rrr ∆DD = DD Mult. * ∆Reserves Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Long-run full-employment equilibrium assumes: a. a downward-sloping production function. b. a downward-sloping long-run supply curve (LRAS)
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Answer the following questions: Question One: Explain why each of the following two statements is False: (Assume that all variables are kept constant in all the 3 statements below) Statement (1):If the price of shoes decreases‚ then the demand on socks will decrease as well because the two goods are complement goods. This statement is false : because they are complement goods so is the price of (x) which is shoes decreases the quantity demand of (y) which is socks must increases. In
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3. Consider the market for minivans. For each of the events listed here‚ identify which of the determinants of demand or supply are affected‚ also indicate whether demand or supply increases or decreases. Then draw the diagram to show the effect on the past and quantity of minivans A. People decide to have more children. Answer: It is expected to have more children‚ and household spending will increase‚ demand will reduce household wagon. From the supply point of view‚ due to population increases
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