OPPORTUNITY COST & THE FREE MARKET Scarcity is one of the most basic and crucial points to understand in microeconomics.1Scarcity means that we cannot have all the needs and wants to satisfy our desires. Scarcity can be applied to almost anything. Due to the scarcity of products we must make a choice of what we want. We must choose whether to do one thing or another by what we value to be most important to us. This‚ therefore‚ leads to us opportunity cost. Usually when one has to make a decision
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Work Sheet - IB – I Year Name: Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country’s
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In the essay “The Box Man”‚ Ascher contemplates isolation and solitude‚ and the significance it holds for different people. She describes the experience of three solitary people: a homeless man‚ and two ladies. The homeless man is the most alone of them all‚ by every meaning of the word; he has isolated himself from society‚ and by doing so‚ society has isolated itself from him. But despite all this‚ he would choose no alternative. The homeless man is certainly alone‚ but he is happy. The two ladies
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Summary – “The Box”‚ by Marc Levinson. Princeton 2006 Marc Levinson brings together in his book “The Box”‚ How The Shipping Container Made The World Smaller And the World Economy Bigger‚ a history in unitised freight handling in its birthplace‚ and shares with us an education in obsession‚ innovation‚ and invention. He describes through his main character‚ Malcom McLean‚ how to do business by integrating shipper‚ transporter‚ and customer in controlled logistics/ in a smooth supply chain. Further
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Effect of Wal-mart and other Big Box in India Abstract : In this paper‚ try to provide an opinion on one central problem of the effects of wal-mart and other big box in India.We believe that our evidence improves substantially on existing studies of these and related questions‚ most importantly by implementing an identification strategy that accounts for the endogeneity of store location and timing and how these may be correlated with future changes in earnings or employment. The other
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1. What dangers do you see from increasing globalisation in a world economy? Globalisation refers to the integration and interdependence of the world economy and can be seen by the fact that communications‚ media and business spans the world‚ not just one given economy or even type of economy. Boyes (2011‚ p.6) reports that there are now close to 40‚000 transnationals companies‚ and increase of 300% on just 25 years ago‚ and that these companies make up approximately 33% of all private-sector
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Opportunity Cost Associated with Merger of Airlines Student ECN 202 February 15‚ 2013 The airline industry on Feb 14‚ 2013 announced the merger of American Airlines and US Airways forming the biggest airline company American (Mouawad‚ 2013). That leaves just three airlines‚ American‚ Delta Air Lines and United Airlines to offer domestic and international service. Airline executives claim that mergers are good for passengers as they provide more service to more destinations. If this
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China-Complicated Risks‚ Big Opportunities Though there is a particularly difficult political system and a failing legal system‚ businesses are still investing in China. Ease of globalization has encouraged the growth of many MNEs‚ and China offers a massive market with great potential. Abstruse standards make business difficult‚ but their country is rich with human resource and the investment environment is improving. The Chinese political system inflicts adversities while their legal system
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In the beginning of the chapter "Opening Skinner’s Box‚" Lauren Slater acknowledges B.F. Skinner’s remarkable ability to conduct experiements with animals‚ and had many great successes with them. However‚ Slater would remind us in her own opinion that he had used his baby daughter was an experiment too. Skinner’s plan with his daughter was to "shape" her behavior‚ as he demanded from the rest of his experimentations. Furthermore‚ Slater continuously questions Skinner’s motives for everything‚ from
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After finishing the book “Opening Skinner’s Box” by Lauren Slater the Chapter on Eric Kandel’s sea slug experiment is what I found very interesting. Eric Kandel is a psychoanalysis and neurologist who did an experiment using Aplysia slugs. In this experiment he trained his sea slugs by touching their bodies and siphons with an electric probe. This caused the sea slugs gill to withdrew. This experiment caused Kandel to discover with his colleagues that the sea slugs reflex could possibly be form
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