INTRODUCTION | 2 | Basic concept of economics | 2-3 | economics problems | 3-4 | Mixed economics | 5 | Socialism | 6-8 | Capitalism | 8-12 | Introduction Adam smith defined the subject matter of economics as the study of the causes of material welfare or as the science of wealth. Alfred Marshall in particular defined economics as the study of production‚ consumption‚ exchange and distribution of wealth by men engage in the ordinary business of life. Robinson however
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opportunity cost in other products. There will be unlimited wants for items‚ so the resources used to make cigars instead of other products will have to be considered. The type of market may also be considered (Cuba currently has a planned market) ‚ should it be a free‚ planned or mixed economy‚ as this will widely effect the production‚ distribution and actual product itself. Another factor that should be questioned is employment issues. This would also create an opportunity cost in workers‚ as people
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it is profitable to do so. The consumption of harmful goods & services may be encouraged. The social effects of production may be ignored. Some necessary goods and services may not be produced simply because it is not profitable to do so. Planned Economies: Basically the government decides whom to produce etc. Disadvantages: Governments produced what they wanted & not what the people wanted. Even if this was produced-poor quality-as none of the workers have an incentive of profit to
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as an example in the following paragraphs. As is known to us‚ China’s economy has experienced a transformation from planned economy to a combination of planned economy and market economy. So let us have a glimpse of how the different role market plays in these completely different economic systems. In the early 1880s‚ planned economy dominated China’s economic system. Planned economy assumes that the wisest and fairest allocation of resources is achieved though government planning of what is produced
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Personal Finance Glossary Personal Finance 1040EZ tax form – The basic tax form used by many people for filing their federal income taxes. An income tax form is also called a tax return. 1099 form – A tax form similar to a W-2 form that is used by independent contractors‚ such as part-time freelance employees‚ lawyers‚ or accountants. 401(k) account – A type of retirement savings account set up by employers for their employees. 529 plan – A fund that allows parents to prepay or save for
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In any financial market‚ investors and other stakeholders will want to assess the financial position of the company before making decisions concerning that company. In recent years there has been an increased level of convergence in terms of international accounting. Despite this‚ there are differences in the way accounts prepared dependent upon the country which they take place. For example looking at two companies in the same manufacturing industry; Dell and Hartcourt Companies‚ Inc. the accounts
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order. D) self-interest‚ not benevolence‚ is the foundation of economic order. E) without benevolence production would not occur. 3) Karl Marx argued that 3) A) benevolence‚ not self-interest‚ produced an effective economic order. B) centrally planned economies could provide a more equitable distribution of total output than capitalist economies. C) the unfettered market system driven by self-interest leads to the best social outcome. D) technological change was not important in improving living
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relatively painless affair of structural adjustment and stabilisation – at least for the first decade. The state sector was never large in Vietnam‚ where 80 percent of the population lived in rural areas‚ mostly growing rice. Further‚ by 1986 the planned part of the economy was thoroughly undermined. The collapse of the CMEA trading relationship forced restructuring in the modest state-owned enterprise sector‚ which shed almost one-quarter of its workforce during 1988-1992. Institutional reforms
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Sources of Information Finance The finance department consists of many different roles‚ most of which are critical to the smooth running of any company. Its main job is to provide the financing and accounting information which is needed to make various decisions within the company. The main areas in a finance department include:- Book keeping – Financial transactions were recorded by hand into thick books called ledgers. Now these records are usually kept on a computer. Creating balance
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A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy.[1] Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization‚ where prices are set by market forces rather than by a central planning organization. there is a push to privatize state-owned enterprises and resources‚ state and collectively run enterprises are restructured as businesses
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