IA 710 CLASS 1 Scarcity‚ shortage and substitutability 1. Answer all parts: a) What do you think is meant by the concept of constrained choice? Why is economics often described as the science of constrained choice? b) Explain how scarcity‚ choice and opportunity cost are relevant when choosing amongst alternatives? 2. Define the concept of “opportunity cost” and discuss various examples. 3. Explain how the concept of opportunity cost may be used to explain the following:
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BEHAVIOR AND UTILITY MAXIMIZATION Consumers are assumed to be rational. Given his money income and the market prices of various commodities‚ he plans the spending of his income so as to attain the highest possible satisfaction. It is possible to measure the amount or level of satisfaction that individuals get from consuming a commodity or a bundle of goods using the concept of utility. Two approaches to the concept of utility (Cardinalists and Ordinalists approach) describe how utility can be gauged
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Question 1. What do the principles of integrity‚ character‚ and ethics mean to you? Describe someone (they can be anyone‚ real or fictional) whom you believe embodies these principles. (200-300 words) The principles of integrity‚ character‚ and ethics are very important when taking a role of leadership. These characteristics embody not only a good leader‚ but a level-headed individual. Whenever I am in charge of making important decisions that affect others‚ I strive to practice these values to
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The daily declining level of morality in the world generally‚ and the daily upsurge of immorality even among children of a very young age is the result of the woman throwing away her values‚ throwing away her place in the home and throwing away her dignity. Our mothers and grandmothers and the ones before them did not have all the problems we have nowadays. Gone are the days when a woman was a woman. Its a shame today‚ women are becoming girls - who don’t know where they belong anymore. Before
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sMarginal Benefit / Cost and Scarcity Paper Uploaded by 989 on Aug 1‚ 2005 -------------------------------------------------------------------------------- Marginal Benefit / Cost and Scarcity Paper Define the concept of scarcity: Scarcity: The goods available are too few to satisfy individuals’ desires. Scarcity is a central concept in economics. Resources are scarce if any individual would prefer to have more of that good or service than they already have. Most goods and services
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time as the USA will be declining in power. The USA was once in the lead for collage graduation‚ however‚ they have dropped down to 12th. In the US‚ currently there are 23‚500‚000 out of work‚ with 43‚000‚000 on welfare‚ which is the highest in US history. At this point on the cycle of trade deficits and surpluses‚ America’s trade is in a Trade deficit which has declined‚ basically meaning that it is importing more than it is exporting. America is on the cusp of declining at all times and it
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against anything that wants our relationship to fail and engage in the warfare against Satan who is attempting to contend for my life with Your Son Jesus Christ. I pray that as Jesus spoke what He heard You say‚ and what He saw You do‚ I pray that I speak Your words that are Spirit and Life. I pray that I do the works of healing‚ forgiving‚ delivering‚ and restoring in the name of Jesus! God if we are one‚ people will know that You are God and God alone. They will know that there is nobody like
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make an individual better off is to make another worse off‚ economists say that the allocation is Pareto efficient. This means that a Pareto efficient allocation must be both‚ consumption efficient on the contract curve and production efficient on the production possibility curve. It must‚ therefore‚ be allocation efficient‚ where the consumer’s common value of the marginal rate of substitution between the two goods is equal to the marginal rate of transformation between the two goods. In a Pareto
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What do biologists do? What do biologists do? Biologists study many things. The three main things that they do are that they hypothesis‚ they make observations‚ inferences and they record data. Without hypothesizing‚ biologists can not experiment or create scientific laws. Being able to hypothesis is very important in the world of science. Some evidence that I have‚ to prove that biologists hypothesis‚ are the activities we did in page 17 and in page 28. In page 17‚ in our notebook‚ we
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Pınar Yazıcı 11223025 ‘’What do sociologists do?’’ Summary What do sociologists do? In Collins article‚ it is told that‚ as the modern industrialism has developed and options are enlarged societies started to differ too. Sociology is interested in those social institutions and how they should be studied. One of the sociologist’s job is‚ to show the reality which is already seen but from another point of view. The other is‚ to show things which we think we know. Human beings difference from
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