UNIT 1 – FUNDAMENTAL PROBLEMS OF ECONOMIC SYSTEMS 1.1 INTRODUCTION In this unit you will get acquainted with the fundamental problems of the economy. The understanding of the concept will help you bring closer to the basic idea of the economy’s problems as well as remedies of such problems. In this unit you will get detailed description of what is an economic system‚ problems of economic system‚ factors of production‚ concept of production possibility curve‚ and the fundamental of allocation of resources
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Explain the impact of Lenin’s economic policies (8m) Lenin’s economic policies included the War Communism‚ which was implemented during the civil war in 1918 as well as the New Economic Policy (NEP)‚ which was implemented in 1921. War communism was the name given to the name of the harsh economic measure the Bolsheviks adopted during the civil war. The aims was to put Communism theories into practice by redistributing wealth among the Russian people as well as help with the Civil
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performed amazing feats with their abilities and were involved in some historically important cases of their era throughout the 1800’s till now. Historically local tribal groups were composed of kin-based communities or as villages‚ bands‚ and sometimes regions. Local groups were generally politically and economically autonomous‚ and often maintained kinship‚ political‚ economic‚ and ceremonial ties to other local groups and the collective nation. Beck at the time of Kin based Justice was a family who’s
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Q1: ) Did it surprise you that logistics can be such an important component in a country’s economic system? Why or why not? Answer I not surprise ‚ according to my past experience as a material controller in LG electronics and nowadays as a purchasing member in Suez Canal Authority The Logistics has a historical relationship with the Economic system specially with GDP . before 1980 logistics didn’t exceed the 10% of GDP ‚ but this percentage has been increased yearly until 2005 ‚ the logistics
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THE IMPORTANCE OF PRICES IN ECONOMIC SYSTEM A price is the amount of money a buyer must pay to a seller for a good or service. Price is not always the same as cost. In economics‚ cost means opportunity cost—all that is sacrificed to buy the good. While the price of a good is a part of its opportunity cost‚ it is not the only cost. For example‚ the price does not include the value of the time sacrificed to buy something. Buying a new jacket will require you to spend time traveling to and from the
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Penshoppe’s Sales and Inventory System A Database 2 Project Presented to The Faculty of the College of Engineering and Computer Studies St. Michael’s College Iligan City In partial fulfilment of the requirements For the Degree of Bachelor Science Major in Information Technology Ben Bryan Abijay Jamil A. Calandada October 2015 CHAPTER 1 1.1 INTRODUCTION Nowadays‚ using computers in companies and other establishments in transacting with their clients is a big factor. Some of the companies or
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provided by businesses. This led to the production of new housing in suburban areas and the increase in product sales for many different businesses. All of these different factors had a collective impact on the United States economy and caused the economic boom during the
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ANSWER SCHEME ECO551/553 APRIL 2010 QUESTION 1 a) A barter trade system is a system whereby people exchange goods for other goods. ( with example) b) There are many problems facing the barter trade. Three of these problems are: i) Double coincidence of wants ii) Rate of exchange iii) Divisibility ( with explanation) (b) The four functions of money are as follows: i) Medium of exchange ii) Unit of account iii) Store of value iv) Standard for deferred payment
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Canada first became a country on July 1‚ 1867. Initially‚ the country was home to only four provinces including Ontario‚ Quebec‚ New Brunswick‚ and Nova Scotia. Canada is home to a parliamentary system within a constitutional monarchy. The ruler of Canada is Queen Elizabeth II but the Governor General‚ David Lloyd Johnson‚ takes care of most the federal royal duties in Canada. The country of Canada now consists of ten provinces and three territories. It is the world’s second largest country in terms
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The types of economic systems used all over the world differ from country to country. In this day in age Australia needs good management in production‚ distribution and consumption; a good economic system. Everyone has wants and needs but as scarcity is the fundamental economic problem facing all societies the wants and needs of everyone is limited. The factors of production and resources are land‚ labor‚ capital and entrepreneurship. How efficiently these are used determines the measure of success
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