Economics is the allocation of scarce resources among competing ends. To some extent‚ virtually everything is scarce - money‚ food‚ water‚ dates for the prom... but some resources are scarcer than others‚ and deserve special attention from those with the tools to allocate them properly. Basically scarce resources can be defined as the limit a society has on a particular resource that is less obtainable than others which are readily attainable. Some examples of some scarce resources that are found
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The death penalty is a deterrent to someone who may consider committing a capital crime. Victims of capital crimes are entitled to retribution. Criminals committing capital crimes deserve severe punishment. If the crime was heinous‚ deliberate and multiple then capital punishment is the answer. The subject should be approached rationally and without emotion. It is not unfair and inhumane to execute another human being. For those who would unfairly‚ inhumanely and premeditate the demise of others
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The building maintenance department for Taylor Bath Manufacturing Company budgets annual costs of $3‚000‚000 based on the expected operating level for the coming year. The costs are allocated to two production departments. Taylor Bath is considering two allocation bases for assignment of costs to departments: (1) square footage and (2) direct labor hours. The following data relate to the potential allocation bases: Production Dept. 1 Production Dept. 2 Square Footage
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Assess the arguments in favor of the greater use of direct democracy in the UK. There are both positives and negative for the UK government using a greater amount of direct democracy in the way they govern. A direct democracy involves every citizen voting on every issue. I will explore these positives and negatives in this text. At the moment we have a mixed use of democratic systems in the UK‚ however we are mainly based on a representative democracy‚ and a participatory democracy. This is because
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Revenue allocation formulae: The current revenue allocation formulae is 52.68%‚ 26.72% and 20.60%.for the F.G‚ States and L.Gs respectively | FEDERAL GOVT. | STATE GOVT. | LOCAL GOVT. | | | | | |52.68% |26.72%
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Home ALLOCATION OF REVENUE (FEDERATION ACCOUNT‚ ETC.) ACT ARRANGEMENT OF SECTIONS SECTION 1. Distribution of the Federation Accounts‚ etc. 1 Formula for distribution between the Federal and State Governments. 1 Formula for distribution between Local Government Councils. 1 Proportion of revenue to be paid by each State to Joint Local Government Account. 1 Allocations under special Funds. 1 Establishment of Federation Account Allocation Committee and functions. 1 Establishment of Joint
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Examine the arguments in favour of a free market system of resource allocation “The basic economic problem for every society is about scarcity and choice since there are only a limited amount of resources available to produce the unlimited amount of goods and services that we all we need and desire” (Lawrence‚ J. Stoddard‚ S. & Copp‚ A.) . All societies face the problem of having to decide what good and services to produce‚ how best to produce those goods and services‚ and who is to receive those
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Resource Allocation in Hotels –Alternative Distribution Options The number of reservations flowing to hotels through the electronic and switchboard distribution channels – the Internet and reservation call centers – is growing steadily. Once a minor contributor of bookings‚ they are now primary business sources and grow more important with every passing month. This productivity growth has heightened emphasis throughout the hotel industry on using the electronic and switchboard distribution channels
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Chapter 1: Markets and resource allocation Case Study 1.1 Google Takes networking fight to Facebook 1. Variables in the ‘condition of demand’ that are being targeted by Google are the rise in advertisement of their own social network with the use of Gmail. This is a substitute of Facebook’s messages that can be sent within the social network. Another condition of demand that Google will target is the use of the ‘Google Buzz’ on smart phones. A large number of Facebook users access the network
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Resource Allocation Problem Statement The type of problem most often identified with the application of linear program is the problem of distributing scarce resources among alternative activities. The Product Mix problem is a special case. In this example‚ we consider a manufacturing facility that produces five different products using four machines. The scarce resources are the times available on the machines and the alternative activities are the individual production volumes. The machine
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