knowledge‚ and how they these two concepts are often difficult to differentiate. It would be accurate to state that Bill knew that he saw the mouse eat the cheese‚ since he physical witnessed the mouse ingesting the cheese and there wasn’t the possibility of obscurity of judgment‚ since he was sober and no mental disorders was mentioned during the proximity of the story. Though in the case of Alice it isn’t incorrect to state that she knew the mouse ate the cheese‚ it’s only fair to say that she
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Chapter 1: Limits‚ Alternatives and Choices The fundamental economic problem Scarcity: – The basic economic problem arises because resources are limited‚ but human wants are unlimited. – Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. What is economics? • Economics is the study of how individuals and economies deal with the fundamental problem of scarcity. • Scarcity forces individuals‚ firms
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this incurable disease and wants to die‚ but cannot due to science advancement in technology making impossible to die at that moment. The possible future of science is uncontrollable. The power of science provides possibility and with this possibility doesn’t always generate a good possibility. Jeremy Rifkin in "Biotech Century" and Michael Bishop in "Enemies of Promise" talks about the science as their argument in a casual sense of manner. The fear of the unknowingness of what science can provided for
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amount of real GDP produced by an hour of labor. Growing labour productivity depends on three main factors: investment and saving in physical capital‚ new technology and human capital. Production Possibility Frontier ("PPF") Author: Geoff Riley Last updated: Sunday 23 September‚ 2012 A production possibility frontier (PPF) is a curve or a boundary which shows the combinations of two or more goods and services that can be produced whilst using all of the available factor resources efficiently. We normally
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ECON2318Assignment 1 Lesson 1‚ 2 & 3 1. Answer the following short questions. Each question is of equal value. (36 Marks) a) What is the difference between positive and normative statements in economics? Provide an example of each. Normative statements are subjective‚ often without a basis in fact or without evidence‚ the statements involve judgments about what should or ought to happen. Positive economics involves statements about economic reality‚ which can be supported or
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and for whom production takes place have to be addressed in all economies • what is meant by factors of production‚ namely land‚ labour‚ capital and enterprise • what is meant by the division of labour • the characteristics of a production possibility curve • how resources are allocated in market‚ planned and mixed economies • problems of transition when central planning in an economy is reduced • the difference between positive and normative statements in Economics • the functions and characteristics
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land‚ labor‚ capital‚ and entrepreneurship. b. rent‚ mortgage‚ interest‚ and bonds. c. rent‚ wages‚ interest‚ and profit or loss d. rent‚ interest‚ bonds‚ and profit or loss e. rent‚ wages‚ profit or loss‚ and bonus 2. Why is a production possibilities frontier bowed out (concave)? Select one: a. A) The bowed shape reflects constant opportunity cost. b. B) The bowed shape reflects decreasing opportunity cost c. D) The bowed shape indicates that opportunity cost at first increases at a decreasing
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which there are many possibilities for it to be inconsistent with what we think we know about the external (outside) world. Then the third step is to claim that the evidence that we posses doesn’t rule out the possibilities. That would mean that the evidence that we have is strong enough for it not to be ruled out of the evidence. From there‚ now there’s an skeptical argument: “1. A person knows that p on the basis of evidence E‚ only if E rules out alternative possibilities to p”. (Greco 640). 2
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anticipated future economic growth. Economists use a Production Possibility Curve‚ a graph to depict the sacrifice between two products produced. It indicates an opportunity cost‚ the amount you lose in investing in one option compared to choosing another. The Gautrain Project represents primarily as a capital intensive project‚ having an expected R20 billion pumped into the project. This indicates on the Production Possibility Curve an investment in more capital than consumer goods. The opportunity
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wheat and Brazil exports cars. 4：A nation that gains from trade will find its consumption point being located: Outside its production possibilities curve Inside its production possibilities curve Along its production possibilities curve None of the above [我的答案] Outside its production possibilities curve 5：Table 2.1. Output Possibilities of the U.S. and the U.K. Output per Worker per day Country Tons of Steel Televisions United States United
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