The Basic Economic Problem What Economics is really about Scarcity Economics is a social science that studies the allocation of scarce resources Scarcity – an unlimited demand for limited resources There simply isn’t enough to go around What are some of the resources that you have? Economic Roles In the economy‚ there are two roles that are played out PRODUCER – also called manufacturers‚ suppliers‚ or sellers. CONSUMER – also called buyers or users Which are you? From the Producers’ Perspective
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Economics Notes 2011-2012 Contents SECTION 1 – MICROECONOMICS Chapter 1 : page 2 Chapter 2 : page 6 Chapter 3 : page 10 Chapter 4 : page Chapter 5 : page 11 Chapter 6 : page Chapter 7 : page Chapter 8 : page Chapter 9 : page Chapter 10 : page Chapter 11 : page Chapter 12 : page SECTION 1 – MICROECONOMICS 1. The foundations of economics Economics – Social science‚ a study of people in society and how they interact with each other. A study of rationing systems‚ the
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SMRT Corp Ltd : LTA – SMRT Tabletop Exercise to improve Emergency and Crisis Management Procedures 02/28/2012 | 04:43am US/Eastern Joint News Release Date of Issue: 27 February 2012 LTA - SMRT Tabletop Exercise to Improve Emergency and Crisis Management Procedures 1 This afternoon‚ the Land Transport Authority and SMRT jointly carried out a tabletop exercise to examine the comprehensiveness of LTA’s and SMRT’s plans to manage train service disruptions. Chaired by Mr Chew Hock Yong‚ LTA’s Chief
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1. Analysis Industry: Airline Industry In the case study two groups of competitors were acknowledged: legacy carriers and the low cost carriers (LCC). The legacy carriers included most of the best-known U.S. Airlines‚ like United‚ Delta or American Airlines. These airlines used the “Hub and Spoke” model as their operations system. The LCC‚ including used a different type of operations model called the “Point to Point Model”‚ pioneered by Southwest Airlines. In 2001 many airlines cut the traditional
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| |Fonterra | |An participant in an Oligopoly | |Fonterra’s Position in the Global Dairy Market
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monopolies‚ so preventing unfair business behaviours. Oligopoly – a small number of dominant firms or individuals compete to provide a product or service. Competition is limited and as a result‚ very closely related. Everything a competitor does directly affects your business. E.g. If one company drops its prices all the other businesses in the oligopoly are affected. Business decisions must always consider competitor’s influence / reaction. An oligopoly may agree to maintain artificially high prices
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Market Power Introduction This paper will discuss the antitrust law‚ specifically the Sherman Act of 1870. A claim was filed against the NCAA by the Governor of Pennsylvania for reasons that violate this act. It will also discuss monopolies and oligopolies‚ given an example of how they can be good and bad for the economy. Investigation Governor Tom Corbett had filed the law suit against the National Collegiate Athletic Association (NCAA) on January 2‚ 2013 in Harrisburg‚ PA. This investigation
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To protect consumers there are specific regulations put into effect. In an Oligopoly market structure there is a small number of sellers. What one seller does‚ in terms of cost structure or product for example‚ can greatly affect the other firms in the oligopoly. Because of these‚ sometimes the sellers will join together to try and set certain price points or collude with each other. When this happens naturally‚ it
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Pure Competition ANSWERS TO END-OF-CHAPTER QUESTIONS 21-1 Briefly state the basic characteristics of pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification. Pure competition:
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Introduction Title: An analysis into the involvement of adults in the financial sector. Purpose of Investigation The purposes of this research are: 1. To identify the association of adults with the formal sector of Tobago. 2. To determine the involvement of adults in the informal sector of Tobago. 3. To determine the factors affecting the involvement of adults in the financial sector. Methods of Investigations The primary source of information used in this project is:
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