8.1 (a) Using a diagram to show the income flow of the circular flow model‚ identify the four factors of production and their respective payments. [10 marks] Circular flow of income model represents a closed economy(income flow is the inner circle) Assumption that decision makers are either the households or the firms. They are linked together through the resource market and the product market Households own four factors of production: land: rent labour: wages capital: interest entrepreneurship: profit
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The Nature of Economics Economic Problem The economic problem is about the need to make choices due to unlimited wants on the economy’s limited supply of goods and services due to scarce availability of resources. Due to scarce resources‚ individuals‚ businesses and governments must prioritise between wants leaving some wants unsatisfied in order to solve the economic problem. Types of Wants Basic- Recurring Substitute- Can be used instead of another Luxury Complementary- Works
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Microeconomics Positive economics This is the use of economics to describe the activities which are happening in the world It is also called “what is” or “descriptive” Normative economics This is the use of economics to recomment changes. It means advicing on how things “shoud be” It is also called prescriptive analysis The market economy An economy that is entirely run by the market forces demand and supply and there is no government involvement in the economy A pure market economy
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ITIL Foundation Certification – My Short Notes Information Technology Infrastructure Library (The Office of Government Commerce in the UK) Definitions Definition – ITSM The implementation and management of quality IT services that meet the needs of the business. IT service management is performed by IT service providers through an appropriate mix of people‚ process‚ and information technology. Definition – Functions A team or group of people and the tools they use to carry out one or more
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Macroeconomics: we are interested as the economy as a whole. Week 1: DAY ONE Overview: 1) Short run issues a. What explains SR fluctuation in the economy? (Business cycle‚ Recessions‚ Boosts‚ etc.) b. Government policy (monetary and fiscal policy) c. Price level fluctuations d. Interest rates 2) Long Run issues a. What explains LR economic growth? GDP: Gross Domestic Product 1) Definition: the market value of all newly produced final goods and services within an economy over a given period of time
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Economics investigates human behaviour and its consequences on a world with scarce resources. Economics: Deals with practical problems like inflation. The need to understand economics to the economic problem arises because the supply of the resources is limited in relation to the demand or wants of individuals. Since the wants of society are unlimited in relation to the supply of resources‚ the problem of scarcity arises The more scarce the item the more money. Therefore if something is
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1. What is Labour Economics? Labour Economics may be defined as a study of wages and employment in the labour market‚ and the distribution of income among individuals and households. Labour Economics looks at * Labour market processes * Size of the labour force * Trade Unionism * Labour Legislation * Factors affecting employment/ unemployment/underemployment * The demand and supply of labour 2. Law of Derived Demand. Explain Marshall’s law of derived demand states
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Starch From Wikipedia‚ the free encyclopedia Starch Identifiers CAS number 9005-25-8 EC-number 232-679-6 RTECS number GM5090000 Properties Molecular formula variable Molar mass variable Appearance white powder Density 1.5 g/cm3 Melting point decomp. Solubility in water none Hazards MSDS ICSC 1553 EU Index not listed Autoignition temperature 410 °C (verify) (what is: / ?) Except where noted otherwise‚ data are given for materials in their standard state
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Ch1: The Fundamentals of Managerial Economics * Managerial Economics is the application of microeconomic theory to business decision-making. Revenue‚ costs‚ and profits * Revenue(TR=total revenue) is gross inflow of money to firm from producing and selling a good * Costs = 2 kinds of production costs 1. Explicit costs: all costs requiring the firm to pay money to someone (out of pocket costs) 2. Implicit costs: the opportunity costs to the firm of using inputs it owns(land
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European Politics Discuss the proposition that globalisation and European integration have eroded the sovereignty of the nation state in Europe The essay begins by looking at the aspect of globalisation‚ before considering the thoughts and functionality of European integration leading to a ‘supernation’ Europe. ‘Sovereignty refers to the ultimate source of authority in society. The sovereign is the highest and final decision-maker within a community.’ Hague & Harrop (2007). Comparative Government
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