In a capitalist system such as the one in the US‚ everything is controlled by supply and demand. When there is a scarcity of a specific object/service‚ the demand for it is higher. A savvy businessperson will recognize the demand and will offer the product/service. Major chain stores are included in this system; they recognize a demand and try to fill it. As a simplistic example: town A has no pizza store. Mr. B realizes that people would like to be able to eat in a local pizzeria‚ so he opens
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NZ farmers hit by worst drought in 30 years Introduction Major dairy exporter New Zealand has joined a growing list of agricultural countries being sucked dry by a drought - its worst in 30 years - with the government warning of higher global milk prices. Market for milk when drought occurs in New Zealand 1. There are higher global milk prices. Due to drought in New Zealand crops that are produce for cow is sucked dry. Higher prices of crops will result in higher cost of maintaining
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1) Which of the following transactions would be included in GDP? a) The purchase of a Monet painting b) The purchase of paper clips c) The purchase of Telstra shares d) The purchase of a used car 2) Economics is the study of a) the choices everybody makes to attain their goals‚ given their scarce resources. b) supply and demand. c) how to make money in a market economy. d) how to make money in the stock market. 3) The economy is considered to be at full employment when
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Main reasons that have caused globalisation 1. Improved transport‚ making global travel easier. For example‚ there has been a rapid growth in air-travel‚ enabling greater movement of people and goods across the globe. 2. Containerisation. From 1970‚ there was a rapid adoption of the steel transport container. This reduced the costs of inter-modal transport making trade cheaper and more efficient. 3. Improved technology which makes it easier to communicate and share information around the world.
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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1. The securities‚ intermediaries‚ and markets that exist to match savers and borrowers comprise the financial ________. a. system b. market c. economy d. security • 2. A contract in which a borrower promises to compensate the lender in the future is called a financial ________. a. stock b. debt c. investment d. security • 3. A contract that makes the owner of a security a part owner of the company that issued the security is known
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Running head: ANTITRUST PRACTICES AND MARKET POWER Antitrust Practices and Market Power A slight inkling of antitrust by the consumers can easily destroy a company’s reputation; bring down years of hard work and dedication. This paper highlights the case of Apple Inc. There was a recent case US vs. Apple‚ that has been on news media. “The Justice Department today released some of the comments it received regarding the ongoing Apple e-book price-fixing case‚ and many of those
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ECO 561 Economics March 12‚ 2012 Abstract The following paper discusses a business proposal on hair extensions. The proposal will include profit maximization strategy‚ how to increase revenue‚ entry into the market. The proposal will also look at product differentiation and the mix of pricing and non-pricing strategies to increase revenue as well as pricing and non-pricing strategies for hair extensions under the current business cycle in the United
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Tariff Cuts in Vietnam The Vietnamese economy began to feel the impact of entry to the World Trade Organization (WTO) in January. Under its WTO commitments‚ Vietnam has begun to cut tariffs on more than 1800 imported items. The cut is quite large for some commodities‚ such as fabrics‚ where the tariff has dropped from 40 % to 12 %. Taking advantage of the lower tariffs‚ businesses have imported a large quantity of foreign goods‚ and the prices of goods at the retail stores have fallen as the
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