Economics 247 Assignment 1 Version A This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely. 1. a. 3/3Define opportunity cost‚ and explain its importance in economics. (3 marks) -The opportunity cost of something is what you must give up of one thing‚ in order to get it. Opportunity cost is a key concept of
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In your final project‚ describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions are: Should our company hire temporary workers or hire new workers to handle increase demand for our product? Should we buy a new machine or upgrade the old one? What is the optimal level of parts we should order and keep on the shelf? Should we lease or buy a car? Should we rent or buy
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Past Song one The first song I would care to talk about is TikTok‚ by Ke$ha. During fourth grade‚ I was a fan of this song‚ although it might have been a bit mature for my age at that point. I remember using this song for my fourth-grade talent show. I also used it during auditions for the school musical. During my childhood‚ I was shy at times but could also be quite silly. my demeanor could change in a very short period of time. I enjoyed theater and performance a lot because I could be a completely
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- Financial flows Deregulation of financial markets (less rules and regulations in currency markets and foreign investment) led to a rapid increase in FDI and portfolio investment. Investment makes economies more integrated as economic changes in one country influence others (CONTAGION e.g. negative effects such as the GFC and the EDC or positive effects such as new technology and booming economies). The main benefits are that it enables countries to finance their domestic economy even if domestic
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Unit 44 – M2; Unit 6 – P5 My knowledge‚ development‚ skills and understanding has made a difference to the staff in my placement because my experiences have crafted me to become nearly as proficient as a health care professional which may have given an opportunity to the employees that there is an extra hand available. With the knowledge I have been able to pick up from college‚ I used this in practice which made a difference by maintaining team work with the other staff members and working more
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SUPPLY - LAW OF DEMAND LAW OF SUPPLY - DETERMINANTS OF DEMAND DETERMINANTS OF SUPPLY - DEMAND SCHEDULE SUPPLY SCHEDULE - DEMAND CURVE SUPPLY CURVE The Law of Demand And Supply is one of most important laws in economics. It give us a closer look at the system of exchange in the circular flow. There is exchange taking place because of this law. In the Philippines the law assumes greater importance since our economicsystem prodiminantly market in nature and therefore
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Describe the process by which genes and environment operate together to influence development. Discuss the significance of these processes for our understanding of child development. This essay will give a detailed account of the process by which genes and the environment operate together to influence development. Looking at Physical development and Language development and the perspectives of Natavism‚ Behaviourism. Constructivism and Social Constructivism it will explain the role of these perspectives
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1.0 Introduction Although inflation is generally thought of as an inordinate increase in the general price level‚ throughout the history of economics the causes of inflation and the definition of inflation itself remained as an unresolved issue. There is a general agreement that‚ in the long-run‚ inflation is a monetary phenomenon. In short-run‚ however‚ many other factors could cause inflation that instigates unsettled debate on the causes of inflation. Every school of economists tries to define
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Examine the influence that socio-economic status can have on the parenting and caring relationship. (6 marks) An individual’s socio-economic status is influenced by the income they receive‚ the occupation of the person and the area in which they live. These influences affect the way people carry out their parenting and caring tasks‚ thus determining the quality of the relationship. Parents and carers with higher incomes may be more indulgent with toys‚ gifts and holidays‚ which can create a close
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separate the functions of the two. First and foremost‚ both of these terms mentioned are sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop the strategy for the overall growth of an organization. They are the two most important fields in economics‚ and are necessary for the rise
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