Perfect competition A perfectly competitive market is a hypothetical market where competition is at its greatest possible level. Neo-classical economists argued that perfect competition would produce the best possible outcomes for consumers‚ and society. Ex:- Wheat‚ rice Key characteristics Perfectly competitive markets exhibit the following characteristics: 1. There is perfect knowledge‚ with no information failure or time lags. Knowledge is freely available to all participants‚ which means
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Economics The economics course provides students with a basic foundation in the field of economics. The course has five sections: fundamental concepts‚ microeconomics‚ macroeconomics‚ international economics‚ and personal finance. In each area‚ students are introduced to major concepts and themes concerning that aspect of economics. Fundamental Economic Concepts SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity‚ opportunity
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What is Economics? Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction‚ studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions
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THE PHILIPPINE READY-TO-DRINK INDUSTRY RTD Tea in the Philippines • The Ready-to-Drink (RTD) industry in the Philippines was relatively underdeveloped back in 2004. Consumers mostly purchased carbonated soft drinks‚ which dominated store shelves‚ both in the modern and traditional trade. • Also‚ at that time‚ the still or non carbonated beverages comprise only a small portion of the beverage market. The products under this sector include energy drinks‚ iced tea and juices. • However‚ the only
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change in price‚ income and other commodities. Calculating price‚ income and crossprice elasticity can review the new cars market‚ it can be found that the demand and supply of new cars are always affected by these three factors. This essay will examine the economic factors that affect the elasticities for new cars. First of all‚ this essay will now examine the PED. The price elasticity of demand "measures the responsiveness of quantity demanded to the price change of a product"‚ and It can
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presence — for instance‚ Fabindia‚ W‚ Biba‚ Anokhi‚ Bandhej‚ and Meena Bazaar. Retailers such as Westside‚ Shoppers Stop‚ Lifestyle‚ Reliance and Big Bazaar have partially filled this gap and helped to evolve ethnic wear from a tailor-stitched to a ready-to-wear category. There is an opportunity in this segment for launching ethnic wear brands with pan-India presence. There is a huge potential in contemporizing traditional work from various regions and creating Indo-western apparel specifically targeted
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Economics is the study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society. Economics seeks to understand how those individuals interact within the social structure to address key questions about the production and exchange of goods and services. First‚ how are individual needs and desires communicated such that the correct mix of goods and services become available? Second‚ how does a society provide
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COURSE: BACHELOR OF COMMERCE (BCOM) UNIT: INTRODUCTION TO MACRO-ECONOMICS QUESTION: MICRO-ECONOMICS AND MACRO-ECONOMICS INTRODUCTION Economics is the foundation of all commercial activity and comprises two areas: microeconomics and macroeconomics. Macroeconomics is concerned with the big picture‚ for example‚ the national economy and gross domestic product. By contrast‚ microeconomics is concerned with the small picture and focuses on theories of supply and demand. Microeconomics is
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POLYTECHNIQUE UNIVERSITY OF ASIA THE MOST PREFFERED MEAL OFFERED TO UNIVERSITY STUDENTS Company: COMPANY NAME HERE Proponents: NAME1 NAME2 NAME3 Table of Contents CHAPTER 1: The Problem and its Background A. Introduction B. Background of the Study C. Theoretical Framework D. Conceptual Framework E. Research Paradigm F. Statement of the Problem G. Significance of the Study H. Scope and Delimitation of the Study I. Definition of Terms CHAPTER 2:
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EC137 Economics Coursework Based on Principles of Microeconomics (Lecturer: Ger Turley) Assignment 2 Instructions: To be submitted by 4pm on Friday‚ 18th of October to the Economics Department‚ 1st floor of St. Anthony’s building (old part of the CAIRNES School of Business and Economics building) on the Upper Newcastle Road (located on the right-hand side‚ beyond the Topaz garage and crossroads). Please ensure that your name‚ student ID‚ tutorial details (day‚ time‚ venue)‚ degree programme
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