Economics report Question 1 a) Why does choice arise in economics? Use one example or more to discuss the concept of “rational choice” and opportunity cost. b) What do you understand by the law of demand? Pick a product and discuss two factors‚ which in your opinion would cause the demand curve to the left. Can you think of two other factors which would shift the supply curve of your product to the right? According to Sloman (2007)‚ economics is a social science that studies human
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saying “There is no such thing as free lunch”‚ popularized by the economist Milton Friedman‚ brings the concept of opportunity cost. It shows that every choice has a cost; something will need to be given up or sacrificed to get something else. In the quote‚ for example‚ no money was paid for the meal‚ but the time to eat the meal is the pay. This leads to the fact that analyzing the costs and benefits of going to college is an essential part of the decision-making process – understanding what sacrifices
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Summary: It is a Friday in the ghetto‚ Craig lost his job because they caught him on camera stealing boxes out of the store. He has to pay to live in the house with his parents so this really makes thing tough on him. He also has a bestfriend named Smokey. Smokey is supposedly a drug dealer but he smokes up all of his product‚ So he owes this guy named Big Worm money. Smokey goes over to Craig’s house. Craig tells him how he got fired and everything and so then they sit on the porch to hang and
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Source: Steiner-Adair‚ C. (2014). The Big Disconnect: Protecting Childhood and Family Relationships in the Digital Age. Reprint. HarperCollins. Source Summary: This book The Big Disconnect: Protecting Childhood and Family Relationships in the Digital Age written by Steiner-Adair brings the attention of families who are turned to the screen‚ children continually texting their friends‚ parents working online around the clock‚ everyday life is suffering a massive transformation. Easy availability
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Walmart and Equal Opportunity Jenny Lindemann & Demetria West Austin Peay State University Case Summary In a small rural Tennessee town called Smallville‚ resides approximately 5000 people. The members of Smallville are tight knit and everyone knows one another. Smallville is located more than 30 miles from any major metropolitan area‚ making employment outside of the community very difficult. Aside from any locally owned motels and restaurants‚ the largest employer in the
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Case Scenario: Big Time Toymaker LAW/421 Case Scenario: Big Time Toymaker At what point‚ if ever‚ did the parties have a contract? Chou and BTT reach the point of having a contract when they agree to all terms. In the email send by BTT covering the obligations of the parties and the terms of the agreement‚ BTT showed objective intent. According to Melvin‚” Objective intent Requirement for an offer to have legal effect necessitating that generally‚ the offer or must have a serious intention to become
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“Big Brother Big Business” by David FaberSummary Big Brother Big Business takes a disturbing look at how the growth of the information society may be deteriorating the freedoms many people take for granted. More than ever before‚ technology is being used to monitor Americans. Driving habits are being documented‚ personnel are monitored‚ shoppers and patrons are observed and analyzed‚ and Internet queries are saved and utilized as evidence in the courtroom. It is Big Business which gathers the
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THE SUMMARY OF THE COSTS OF UNEMPLOYMENT Some people believe that recessions are neither good nor bad but simply part of the natural survival of the fittest in the business world. Actually‚ it is not true. In The Costs of Unemployment‚ the authors tell us both the good and bad influences of recessions. Recessions will cause unemployment because of the loss of output and GNP. Some people may argue that unemployment is ¡°a part of the functioning of the economy¡±. They are partly right‚ for the unemployment
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Case Scenario: Big Time Toymaker. The parties did have a contract for exclusive negotiation rights as stated in the case scenario. Big Time Toymaker (BTT) paid Chou $25‚000 for a 90-day period of exclusivity‚ thus prohibiting Chou from soliciting or entertaining offers from other parties. The agreement stipulated that unless it was written no distribution contract existed. Prior to the 90-days elapsing‚ the parties reached an oral agreement and BTT sent Chou an e-mail titled “Strat Deal” covering
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Lesson 1 FOUNDATIONS OF ECONOMICS Lesson 1- Economic System & Opportunity Cost 1 Learning Objectives By the end of this unit‚ you should be able to: give an overview of Economics deal with the Economic Problem discuss the Methodology in Economics differentiate between Microeconomic Issues and Macroeconomic Issues Lesson 1- Economic System & Opportunity Cost 2 Lesson 1- Foundations of Economics Lesson 1-pg1 What is Economics? Economics is the study of how people and society
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