ECONOMIES OF SCALE AND ECONOMIES OF SCOPE Economies of scale are reductions in average costs attributable to production volume increases. They typically are defined in relation to firms‚ which may seek to achieve economies of scale by becoming large or even dominant producers of a particular type of product or service. A distinction can be made between internal and external economies of scales. Internal economies of scale occur when a firm reduces costs by increasing production. External economies
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focuses on two systems of economy‚ that is Market economy and Command economy. Basically there are four types of economy: Traditional Economy: As the word says‚ Traditional economy is an economic system in which traditions‚ customs and beliefs of the economy guides the production of goods and services. Command Economy Command economy is a system in which government plays a major role in taking the production decision for goods and services in the economy. Market Economy Under this system‚ goods and
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Principles of Microeconomics (ECO2103) Diploma in Business Administration Mehdi Tasaloti mehdi.tasaloti@newinti.edu.my Faculty of Business‚ Communication & Law (FOBCAL) INTI International University August 2014 Session Faculty of Business‚ Communications and Law INTI International University 1 Class syllabus for Long semester Week 1-3 4-6 Topic Economics Concepts‚ Issues & tools Price Theory ( Demand & Supply) / Individual assignment/ Test 1 7&8 Applications
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The Fugitive Slave Act was one of the five acts contained in the Compromise of 1850. The highly controversial new law required the return of all runaway slaves to their masters. The recovery of runaway slaves was now under Federal Jurisdiction. Federal Marshalls were now bound by duty to return any runaway and also now had the authority to require assistance from any individual. If the assistance was not provided‚ the individual faced prosecution and fines. The law also stripped runaway slaves
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American history. The constitution was intended to be this almighty document that united the states and kept them in balance but tension rose greatly. Even though the constitution is ultimately our most important historical “rulebook” it failed in the 1850’s being the primary cause for a Civil War. For four long years there were battles‚ trials‚ and also riots including deceitful ideologies our founding fathers had
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logic‚ and science • Emotion and feeling towards ppl less fortunate • Americans wanted an American culture – American sculptures‚ American art‚ American writers‚ American literature‚ etc. • Americans think that they are inferior over Europe • In America you can succeed • During this time we started moving away from the E. Period and started believing in the idea of going with your gut feeling and start making an American culture • Some things define logic like supporting your country • We are
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Welcome to Service Management Chapter 01 Role of Services in an Economy James Fitzsimmons Seay Professor of Business Emeritus University of Texas at Austin McGraw-Hill/Irwin Service Management: Operations‚ Strategy‚ and Information Technology‚ 6e Copyright © 2008 by The McGraw-Hill Companies‚ Inc. All Rights Reserved. Learning Objectives Identify traits that all services have in common. Discuss the central role of services in an economy. Identify and differentiate the five stages of economic activity
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America ’s Economy during the 1840 ’s through the 1860 ’s The influential factors that contributed to the vigorous economic expansion of America during the 1840 ’s through the 1860 ’s‚ consisted of the Industrial Revolution‚ the Improvements in Transportation‚ and Internal Expansion‚ all played a vital role in helping form the dynamic economy. The nations industry was rapidly growing more efficient‚ better quality products‚ with help of the advances in manufacturing technology. A change from unmarried
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MARKET ECONOMY | PLANNED ECONOMY | * The market economy is not run by a high authority. Instead it is run by many individuals regarding production‚ consumption and work. * The market is free and prices can be of a wide range * The market economy is intended for a middle/upper class. This is because people can earn as much money as they want‚ upper class people don’t have to distribute a profit evenly. * The theory of the market economy is to give people the capability to earn as much
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Political Views in Russia Russia from 1850 to 1917 was littered with numerous political views that ranged across the whole political spectrum. The vast bulk of Russians in the 19th century were extremely poor; a few were extremely rich. The educated middle class were small in number and invariably outside of politics. Though small in number‚ the middle class did have one great advantage it was an educated class and many in the middle class saw that Russia could not carry on as it was before Alexander
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