Balance of payment (page 161) Visible and invisible trade: Goods and services which are sold overseas are called EXPORTS. Those which are bought from other countries are called imports. Economies distinguish between visible trade and invisible trade. Visible trade: buying and selling of physical goods Invisible trade: exchange of services such as e-commerce and credit sales. Balance of trade: visible exports - visible imports Balance of payments: a BOP is a record of all transactions
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(buildings‚ machinery‚ and equipment) used to produce goods and services - kapitál Cost - the amount of money paid or needed for buying‚ doing or producing something - náklady Economic good - a good or service that is both useful and scarce and therefore has a price - ekonomický statek Economics - the study of how people use their limited resources to satisfy unlimited wants - ekonomie Economy - an organized system of the production‚ distribution and consumption of wealth
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Chapter 9: Political and Economic Factors Affecting International Business 9.3 Economic Factors Related to International Business Page 284 – 292 Economic Systems An economic system is what allows a country to decide what to produce‚ how to produce‚ and for whom to produce. These systems include natural resources‚ labor‚ capital‚ management and standards for creating products. Market Economies In market economies‚ i) ownership of private property is encouraged‚ ii) businesses are encouraged to
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away from the planned economy. Globally‚ compared with command economy‚ market economy has proved more successful in raising living standard‚ economic growth and economic efficiency. Here comes the question that to what extent shall we move from planned economy to market economy. Market economy is an economic system‚ which resolves the basic economic problem mainly through the market mechanism and limit government role. It relies on the profit motive and consumer sovereignty. In contrast‚ in
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for good as the liberal economic order underwritten by the US has proven its instability since the turn of the millennium‚ leading to an uneasy balance in which American perpetually borrows to lend.[1] This system is unsustainable and needing reform. American decline is desirable as it could open discussion on replacing or reforming this economic order. The true extent of American decline will be explored below‚ examining the cases put forward regarding the America’s economic and military decline‚
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Economic Systems The way a country’s resources are owned and the way that country takes decisions as to what to produce‚ how much to produce and how to distribute what has been produced determine the type of economic system that particular country practises. 1. MARKET ECONOMY (also called FREE ENTERPRISE ECONOMIES or CAPITALIST ECONOMY) 2. CENTRALLY – PLANNED or CONTROLLED ECONOMY 3. MIXED ECONOMY 1. MARKET ECONOMY in comparison to 2. PLANNED ECONOMY e.g. USA‚ Japan Private firms
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TOPIC 1: INTRODUCTION TO ECONOMICS Chapter 1: What is Economics about? 1.1 • Economic Problem: how a society can satisfy the unlimited wants with the limited resources available. • Opportunity Cost: represents the cost of satisfying one want over an alternative want. Also known as economic cost/real cost. • Wants: are the material desires of individuals or the community. They provide utility/satisfaction/pleasure when consumed. ○ Needs: are wants‚ but are basic necessities
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Question 1: Monism versus Pluralism in Economics 4 Introduction 4 Discussion 5 Conclusion 6 References 7 Question 2: Change in Economics 8 Introduction 8 How does change come into existence? 9 Change within Accounting & Control 9 References 12 Question 3: Game theory 13 Introduction 13 Conclusions on Game theory and agency-problems 15 References 16 Question 4: Behavioral Economics 17 Introduction 17 Influences of Behavioral Economics 18 Securities Market (In)efficiency and
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Association of Southeast Asia (ASA)‚ an alliance consisting of the Philippines‚ Malaysia‚ and Thailand that formed in 1961. As such‚ ASA is considered the predecessor to ASEAN. The Association of Southeast Asian Nations (ASEAN) is a political and economic organization of countries located in Southeast Asia. ASEAN was formed on August 8‚ 1967 by the Philippines‚ Malaysia‚ Thailand‚ Indonesia‚ Singapore‚ as a display of solidarity against Communist expansion in Vietnam and insurgency within their own
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towards and are in favour of economic integration. Since this is the case economic integration is not a novelty to West African states as the sub-region has witnessed numerous attempts at integrating economies. In fact much more than any other sub-region of Africa‚ West Africa has attempted to apply the instrument of economic cooperation and integration to enhance its economic and political landscape1. CONCEPTUAL AND THEORETICAL ANALYSIS OF ECONOMIC INTEGRATION Economic integration is a very wide
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