ECONOMICS Economic Problem * Unlimited wants‚ limited resources Economic Systems * Questions to answer: 1. What to produce? 2. How much to produce? 3. How to produce? 4. For whom to produce? * Criteria to classify economic systems 1. Productive resources owned by private individuals (private sector) or government (public sector) 2. Role of market forces of demand and supply in allocating resources‚ determining prices‚ distributing incomes 3. Role of government in production
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TASK 1 1.1 Explain the economic principles related to construction industry‚ taking the following in to consideration; Scarcity‚ Specialization‚ Division of Labour Scarcity This is the basic economic problem. Mainly Scarcity means that the resources are not enough to satisfy human wants fully or completely. In other words the resources are insufficient to produce all the goods and services humans might desire as the resources are limited and the human wants are unlimited. Here the resources
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Economics of Strategy What are the distinctions among fixed costs‚ sunk costs‚ variable costs and marginal costs? Fixed costs‚ such as SG&A expenses‚ property taxes‚ remain constant as output increases; FC are invariant to output. Variable costs‚ such as labor and sales commissions‚ increases as output increases; VC are variant to output Sunk costs are costs that cannot be avoided; avoidable costs are its opposites; some sunk costs need not be fixed. Marginal costs is the incremental cost
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economy for our country. There have 3 factors that responsible with economy in Malaysia: Definition of Mixed Economy Mixed economy means that part of economy is left to the free market and the other part is run by the government. In reality‚ most economic are mixed economy with varying degrees of state intervention. Mixed economies start from the basic of following private enterprise to run most business. There have the country which practises mixed economy such as Sweden‚ Iceland‚ United Kingdom
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– Summary of main points • Voluntary transactions create wealth by moving assets from lowerto higher-valued uses. • Anything that impedes the movement of assets to higher-valued uses‚ like taxes‚ subsidies‚ or price controls‚ destroys wealth. • Economic analysis is useful to business for identifying assets in lower-valued uses. • The art of business consists of identifying assets in low-valued uses and devising ways to profitably move them to higher-valued ones. • A company can be thought of as
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environmental forces - To state the strategic role of the environment on business performance Section 1: An Overview of Business Economics 1.1. Introduction Business economics is concerned with a total approach to organisational existence and activities. According to G.J de Cronje‚ in his popular book‚ “Introduction to Business Management” Business Economics also known as Business Management is the science which studies the functioning of the business organisation. It seeks to promote -
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market value of the firm’s common stock. (True/False) TRUE 7. Which of the following statements best represents what finance is about? C a. How political‚ social‚ and economic forces affect corporations b. Maximizing profits c. Creation and maintenance of economic wealth d. Reducing risk 8. The goal of the firm should be: A a. Maximization of profits. b. Maximization of shareholder wealth. c.
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Expectations An economic forecast tries to predict the future of the economy based on several factors including housing prices‚ unemployment rate‚ GDP and interest rates. Expectations in the U.S. economy in the year 2013 are slightly improving over the last several years of a dismal outlook. Over the last several years‚ housing prices had been dropping rapidly‚ but in the last year‚ prices have leveled off and are slightly on the rise again. This implies that there is a growing demand for houses
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experience in home countries. the inherent disadvantage that foreign firms experience in home countries. Question 5 An institutional framework if made up of: regulatory and cognitive pillars. formal and informal institutions. the political‚ economic‚ and legal systems of countries. None of these answers. Question 6 According to the institution-based view‚ in situations where ____ constraints are unclear or fail‚ ____ constraints will play a larger role in reducing uncertainty and providing
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A Summary In the article‚ “The Economics Of Professional Football: The Football Club As A Utility Maximiser”‚ Peter J. Sloane (1971) identifies a lack of a tenable theoretical framework when analysing the economic characteristics of the football industry‚ and endeavours to provide such framework. It is pointed out by Sloane that the product of football competitions (i.e. football matches) necessarily is derived from more than one football club. Due to this characteristic Sloane deduces that clubs
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