Economics Chapter One: Ten Principles of Economics Scarcity – the limited nature of society’s resources Economics – the study of how society manages its scarce resources Principle #1: People Face Tradeoffs Making decisions requires trading off one goal against another A dollar/unit of time spent on one thing is one less dollar/unit of time less spent on another Common trade offs include: “butter for guns”‚ a clean environment or a high level of income & Efficiency – the property of society
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fluctuations in its movement ► The business cycle refers to the periodic fluctuations of economic activity about its long term growth trend ► The Business cycle is the more or less regular pattern of expansion (recovery) and contraction (recession) in economic activity around the path of trend growth. At cyclical peak‚ economic activity is high relative to trend At a cyclical trough‚ the low point in economic activity is reached. The business cycle Potential output Real GDP 3 3
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Martinez Macro Economics June 30‚ 2013 Oil and Gasoline Prices in the US Oil and gasoline prices follow a trend that sparks mixed reactions from different industry stakeholders in the America’s economy. The trends on oil and gasoline and their stability have immense impact on the performance of the economy based on their primary as energy. The government’s ability to ensure stability in price movement is seen as a key step towards fostering steady economic growth. A variety of factors are at
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1.Abstract The area of research is on the factors that cause and propagate the current social group dynamic trends that are prevalent within the United States International University Nairobi campus ( hereby referred to as USIU). It would be prudent to first define what this paper terms as social group dynamics. This term will be taken to include all those activities that are undertaken by students at USIU that involve interaction on a physical‚ emotional and mental level with other members
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Name: _________________________ (Last name‚ first name) SID: _________________________ GSI: _________________________ Econ 100B Macroeconomic Analysis Professor Steven Wood Fall 2012 Exam #1 ANSWERS Please sign the following oath: The answers on this exam are entirely my own work. I neither gave nor received any aid while taking this exam. I will not discuss the questions on this test until after 5:00 p.m. on September 27‚ 2012. _______________________________________ Signature
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Factors influencing the learning of a second/foreign language Some students learn a new language quickly and easily than others. This simple fact reflects the hard work and persistence of the learner. However there are other crucial factors influencing the success that are totally beyond the control of the learner. These factors can be categorized as: 1. Age: second language acquisition is influenced by the age of the learner. Many studies have found that adolescents learn more rapidly than
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explores the differences between macro risk management and micro risk management. This paper explains the definitions provided by Kendrick and then compares and contrasts them. It also gives an example of a project and assigns classification of either macro or micro risk management. It analyses the risk factors associated with the project and the impacts of the associated decisions involved with the completion of the projects. Furthermore‚ it discusses the factors that determine a particular classification
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I. The Economist as Scientist A. Economists Follow the Scientific Method. 1. Observations help us to develop theory. 2. Data can be collected and analyzed to evaluate theories. 3. Using data to evaluate theories is more difficult in economics than in physical science because economists are unable to generate their own data and must make do with whatever data are available. 4. Thus‚ economists pay close attention to the natural experiments offered by history. B. Assumptions Make
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Assignment Questions (Semester 1‚ 2012) Microeconomics – Worth 20% of total assessment: Answer all five (5) of the following questions. Each question is worth 10 marks. Question 1: Explain and illustrate with diagrams the differences between diminishing marginal returns and decreasing economies of scale and cite causes and examples. (10 marks – 2.5 marks diagrams‚ 2.5 marks for explanation‚ 5 marks for causes / examples) Question 2
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1 M.A.PART - I ECONOMIC PAPER - I MACRO ECONOMICS 1. Basic Macroeconomics Income and spending – The consumption function – Savings and investment – The Keynesian Multiplier – The budget – Balanced budget : theorem and multipliers. Money‚ interest and income – The IS-LM model – adjustment towards equilibrium – Monetary policy‚ the transmission mechanism and the liquidity trap – Basic elements of growth theory : Neoclassical and endogenous. 2. Behavioural foundations of Macroeconomics
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