ch 3-U2 1. When do we consider two commodities to be complements or substitutes? It is considered both products and services as a substitute or complementary when the price of goods purchased gets increased to such a level that the consumer purchasing power will be affected less looking for a good price that is similar or lower the purchase quantities where his purchasing power allows. 2. What must be true for a good to be normal and a necessity? To be a normal product‚ the consumer wants
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Question 1: What is the significance of the pollution from plastic bags? What is the scale of this pollution problem compared to other forms of pollution? Answer: Pollution from plastic bags or bottles has involvement from the accumulated products made of plastic which in turn adversely affect the environment which consists of wildlife‚ and humans. It can affect lands‚ waterways like oceans and rivers. The biggest prominent factor for usage of plastic bags is due to inexpensiveness and durability
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$117.99 per barrel. (Source US Energy Information Administration) Economics is the study of using resources in a productive manner and to allocate them in the best possible way. Economics is concerned with the production and consumption of goods and the transfer of money to create and get those goods. Economics tells us how people in the markets communicate in order to achieve what they desire and fulfill their goals. Economics deals with studying the wants and desires of people resulting in creating
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Consumer expenditure Mini Case John Hawksworth “Opinion: Economic Trends - Saved by the consumer?”‚ Accountancy‚ London‚ Mar 2002 (with minor editing) How long can the UK economy buck the global trend just because our consumers keep spending money? Have we avoided the recession that has gripped the US‚ Japan and Germany over the past six to 12 months or are we just postponing the day of reckoning? And are we storing up worse problems for the future as a result of rising household debt levels
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Question 1. What are the vital functions of an Economy? Explain the price mechanism. Answer:- An economy refers to the financial system of the region‚ province or nation. "It is a system by which folks get a livelihood." For instance the "Economy includes farms‚ factories‚ mines‚ shops‚ banks‚ roads‚ railways‚ aircrafts‚ offices‚ schools‚ cinemas etc.‚ which grants the people with the goods and services which they also use themselves or sell overseas in order to be able to buy imports." Sir John
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BRIBERY SCANDAL AT SIEMENS AG Abstract: This case discusses the bribery scandals that were unearthed at Siemens AG (Siemens) in 2006 and 2007. There were a series of scandals that involved some of the company’s employees bribing foreign officials to gain contracts and creating slush funds for this purpose. In another case‚ the company was accused of bribing labor representatives on the supervisory board in order to gain their support for its policies. After the German authorities conducted raids
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because it helps explain why exchange rates move so sharply from day to day. The economic explanation of overshooting comes from the interest parity condition. Question 4 (a) Using the AA/DD framework‚ explain the separate effects of a temporary monetary expansion and a temporary fiscal expansion on the exchange rate‚ output and the current account. [10 marks] Effects of a Temporary Increase in the Money Supply An increased money supply shifts AA1 upward to AA2 but does not affect the position
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Economics and Scarcity Problems In most countries the birth rate has fallen as incomes and the economic opportunities for women have increased. The expansion of women’s income has discouraged fertility. Women have found it more expensive to have kids because of time and limited resources. First being a full time Mother can conflict with the amount of time away from the house. It cost money to have someone watch kids during the day. Women rather only have one or two children because excessiveness
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In recent years there has been a surge of interest in social and economic rights and more generally in the intersection of abuses of these entitlements and forced displacement of people. Majorly ignored during the Cold War period and thereafter‚ today social and economic rights have acquired heightened significance in light of the persistence of systemic poverty in the worldwide economy often leading to violation of other civil and political rights‚ and consequent displacement of people both within
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September 2003‚ in an interview with Al-Ahram‚ the Egyptian government newspaper‚ in response to a question about economic problems with a reference to a current shortage of bread - President Mubarak of Egypt stated‚ once again‚ publicly and forcefully that rapid population growth in Egypt was the primary cause of the country’s economic and social problems. He added that the country was doing what it could to solve these problems‚ but that the government could only do so much. Implicit in his announcement
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