Economists have generally looked for some’ fundamental assumption” about human behavior from which most of the principles of economics can be ultimately deduced. Every decision-maker in an economic system-whether he is a consumer or producer‚ whether it is a house hold or a firm- is assumed to have in a rational manner and go in for maximum gain. Economic rationality presupposes that every person knows his interest and selects that course of action‚ which promises him the greatest amount of satisfaction
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China is going through a tough problem with having a shortage of water. They are in a severe drought and with having no water‚ it is causing many different problems. China only has one main river that is dangerously polluted and can’t be used for the large population or for industry. There are three main causes of China’s water scarcity crisis‚ industry‚ pollution‚ and population. Of these‚ the biggest driver is population. One reason for China’s water shortage is the industry. The larger
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truth? Plato: I have left “the cave” that you are all living in. I have climbed out and can see the light of the world while you can only see the shadows that are cast on the wall. Ibn Tufayl: What do you mean by shadows? Plato: The shadows are the base level of understanding in our world and that is what most people will ever see. Galileo: Would you say that the bible are some of those shadows?
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Key terms: Definition: Opportunity cost The cost of missing out on the next best alternative. Economic goods Goods that are scarce and therefore have an opportunity cost. Free goods Goods that have no opportunity cost‚ e.g. Air Factor market The market for the factors of production that make other goods and services such as labour or raw materials. Free market economy One in which there is very limited government involvement in providing goods and services. Division of labour
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1- Historical overview of Olive Oil industry In Spain Olives have been an important agricultural product in Spain for a long time. In "The Olive Industry of Spain‚" published in the April 1936 edition of the journal Economic Geography‚ the author‚ William E. Bull‚ outlines the history of olive oil production in Spain up to that point. The Romans encouraged the planting of olive orchards after their occupation of the Iberian Peninsula in 206 B.C. Although the olive industry decreased in production
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Chapter 2 Economics Problem Production Possibility Frontier (PPF) -boundary between those combination you chose to produce - there is a limited about of production capabilities -curve/ boundary for production possibility - the points inside curve are attainable -all points outside ppf are unattainable Production Efficiency -using resources to maximum capacity -efficiency means that if you increase production of pizza means you must give up cola (only way—no extra resources to use)
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Production and Operation Management Chapter One: an introduction What do we mean by POM? POM is the management of operation system within the organization‚ which converts inputs into the organization’s products and services. Discuss the relationship between POM and other organization’s functions? Three basic functions in a typical business organization: - Finance - marketing - production operations The production operations integrates with marketing and finance to accomplish
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Why the choice of the textbook ECONOMICS‚ An Introduction by Villegas and Abola? * The book is contextualized to the Philippine economic setting---learning of economic principles is immediately related to the current situation and issues facing the economy. Students will therefore be learning not abstract or foreign concepts but concrete ones they can relate with and use to explain socio-economic phenomena they experience‚ and most likely motivate them to take constructive action on these phenomena
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NAME: PARICHI SIMBARASHE PROGRAMME: MCOM ECONOMICS REG NO: R133750G COURSE: MECO701 ASIGNMENT NO: 1 LECTURER: MR DZINGIRAI QUESTION Discuss with the aid of diagrams how consumers and producers maximise utility and profits respectively overtime. The paper aimed to estimate the cost of providing health care in district hospitals in South Africa. It is the mandate of the hospitals to ensure quality health care delivery. Primary health care service providers
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Analysis of “But What Do You Mean?” Deborah Tannen has written several books and many articles on the importance of communications in social and business relationships. In the essay “But What Do You Mean” Deborah focuses on many of the communication rituals found in the work environment and how they’re viewed differently between men and women. Deborah’s views tend to unfairly paint men as the aggressor and women the innocent victims in the workplace. It begs the question‚ are men just mean and women
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