MICROECONOMICS CHAPTER 1 INTRODUCTION TO ECONOMICS ____________________________________________________________________________________________ 1.0 INTRODUCTION – THE SUBJECT MATTER OF ECONOMICS Economics comes from the verb ‘to economise’‚ and this means making ends meet. This is a study of how society makes decisions‚ regarding the allocation of scarce resources. Economics as a subject is divided into two parts; Economics‚ social science concerned with the production‚ distribution
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Functions and graphing functions Basics: A function is a rule that changes input into output A relation is any set of ordered pairs A function is defined as a set of ordered pairs in which no two ordered pairs have the same element A function must give exactly one unique output for each input Also called a mapping or simply a map The set of input numbers is called the domain The set of output numbers is called the range The set of all possible outputs is called the co-domain The range is generally
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What is the meaning of a knowledge based economy? The term “knowledge-based economy” results from a fuller recognition of the role of knowledge and technology in economic growth. Knowledge‚ as embodied in human beings (as “human capital”) and in technology‚ has always been central to economic development. In the knowledge-based economy it is the production of ideas‚ not goods‚ that is the source of economic growth‚ and the reason that the new computing and telecommunications technologies are
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(2013‚ June 6). What does instagramming our food say about modern eaters?. treehugger‚ Retrieved from http://www.treehugger.com/culture/what-does-instagramming-our-food-say-about-modern-eaters.html History of kodak 1878-1929. (n.d.). Retrieved from http://www.kodak.com/ek/US/en/Our_Company/History_of_Kodak/Milestones_-_chronology/1878-1929
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Introduction THE NATIONAL INCOME One of the basic questions facing economics centers on whether the total output of goods and services is growing from year to year or it remains static. This question is very important because countries are keenly interested in the performance of their economy. National income estimates enable countries to calculate the total production of goods and services in a year. The lecture also focuses on the measurement of national income and their problems‚ uses
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The British Invasion had a huge influence on our culture and was one of the greatest musical revolutions in American history. In the year of 1964‚ the British Invasion began‚ and for the few following years‚ British rock & roll bands flooded the American market with their music. However‚ rock & roll music originated in America and was still in its early ages during the late 50s‚ but has also undergone a steady decline in quality. The British Invasion also involved the virtual domination of AM radio
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Money‚ Value of money‚ Inflation and Policy Responses Inflation: Inflation is a sustained increase in the cost of living or the average / general price level leading to a fall in the purchasing power of money. Causes of Inflation:–There are a few different reasons that can account for the inflation in our goods and services; let’s review a few of them. * Demand-pull inflation refers to the idea that the economy actual demands more goods and services than available. This
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Fifteen years ago at the watershed of the two centuries‚ business organizations across the globe faced a new environment‚ which was a far cry from the world of regulated domestic economy that was characteristic of the last century. Today‚ international markets have turned much more mercurial and volatile. Industries are undergoing quantum change‚ thanks to the unprecedented globally wide recession. The challenge is to marshal the cumulative and collective managerial experience in order to countenance
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MANAGERIAL ECONOMICS MEANING OF MANAGERIAL ECONOMICS Managerial economics‚ used synonymously with business economics‚ is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. It acts as the via media between economic theory and pragmatic economics. Managerial economics bridges the gap between ’theoria’ and ’pracis’. The tenets of managerial economics have been derived from quantitative techniques such as regression
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nature‚ emotion and particularly the individual. Emily Dickinson was not only famous for her romantic input but also for being mysterious when it came to her work. Her personal life and its mysteries shaped her poetry. In Emily Dickinson’s “There’s a Certain Slant of Light”‚ the speaker is rather confusing‚ hiding from the sunlight within
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