Eco 372 Economic Recommendations Economic Recommendations August 7‚ 2012 ECO/372 In December‚ 2007‚ an economic downturn began. A recession ensued and by September‚ 2008‚ it earned the name of the Great Recession (Yglesias‚ 2011). The unemployment rate‚ declining values in the housing market‚ increasing foreclosures‚ bankruptcies‚ the swelling federal debt‚ increasing food prices‚ and multiplying fuel prices demanded an economic response through fiscal policy and monetary policy. As a result
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Make or buy decision Definition of ’Make-Or-Buy Decision’ The act of choosing between manufacturing a product in-house or purchasing it from an external supplier. In a make-or-buy decision‚ the two most important factors to consider are cost and availability of production capacity. An enterprise may decide to purchase the product rather than producing it‚ if is cheaper to buy than make or if it does not have sufficient production capacity to produce it in-house. With the phenomenal surge in global
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Fundamentals of Macroeconomics ECO/372 Version 4 11/03/2013 Part 1 Macroeconomics includes a variety of terms relevant to its study. The following terms help identify key factors that influence the U.S. economy. The Gross Domestic Product
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Week One Article Analysis ECO/365 January 16‚ 2012 Week One Article Analysis David Colander defines economics as "the study of how human beings coordinate their wants and desires‚ given the decision-making mechanisms‚ social customs‚ and political realities of the society” (Colander‚ 2010‚ p. 4). Coordination in this definition refers to production content‚ method‚ recipients‚ and even quantity. To think like an economist one must analyze every situation by comparing the costs and benefits
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Reflection: How to Win Friends and Influence People My favorite part of the first chapter however‚ would have to be about how appriection and the feeling of being needed was one of a person’s main goals in life. I believe that statement to be true as well‚ I see that situation in my own life. If I did not feel appreciated at my school or in my own family‚ I don’t think I would be as happy of a person as I am today. People need that love and acknowlegement in life. If there wasn’t any of that‚ what
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Everyone has rights when they enter the world. Everyone is always told to make pleasing choices in one’s life. What might happen if everyone was allowed to make their own decisions? What would our society become? Underage activities‚ disobedience to authorities and parents‚ and illegal activities involving the government are just some of the reasons why people shouldn’t decide for themselves. Concerning this topic‚ minors can opt to participate in underage activities such as drinking‚ driving‚ and
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FOR WEEK 2 ECO 365 What is the relationship between productivity and the cost of production? The relationship between productivity and the cost of production is your cost per day or per hour compared to your productivity. By examine these two things together. The productivity which is your output for the amount of hours worked compared to the total cost of a certain item – you will be able to reach a “break even analysis” showing you how much you need to a make minus the total coast to make
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the following is true? (Points : 1) Efficiency refers to the size of the economic pie; equality refers to how the pie is divided. Government policies usually improve upon both equality and efficiency. As long as the economic pie continually gets larger‚ no one will have to go hungry. Efficiency and equality can both be achieved if the economic pie is cut into equal pieces. 2. Pete receives $50 as a birthday gift. In deciding how to spend the money‚ he narrows
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Question 1) The presented situation best represents consumer-consumer rivalry. An auction is a consumer-consumer rivalry in which each consumer places bids to obtain what they are bidding for. Although Levi Strauss & Co. is the producer of the 110-year-old pair of Levi’s jeans‚ the company is in the position of consumer in an auction where the company is competing with other consumers. Question 2) The present value of $150‚000 to be received at the end of five years is: PV = (150000/(1.09^1)) +
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requires them to constantly make difficult decisions that often affect hundreds of millions of people. These decisions become even more plentiful and complicated when the U.S. is fighting a war. President Harry S. Truman was one such unlucky individual who had to step up and be the man to make the hard choices on what the U.S. was to do in the bloodiest war in history‚ World War II. He only held that position for the last six months of the war‚ but he had the toughest moral decision presented to any world
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