[pic] Scarcity‚ Choice and Opportunity Cost 1. What are resources? Describe two different types of resources. Resources are anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants. Capital resources include machinery‚ equipment‚ and structures used to produce other goods and services. Human resources include labor‚ skills‚ and knowledge. Products of nature can also be used as resources. Difficulty: E
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ASSIGNMENT No. 1 ECONOMIC ANALYSIS -522- SPRING 2010 Q. 1 DISCUSS IN DETAIL THE TERM ECONOMIC RESOURCES WITH REFERENCE TO SERVICE INDUSTRY. EXPLAIN THE LINK BETWEEN SCARCITY‚ CHOICE AND OPPORTUNITY COST. Ans: ECONOMIC RESOURCES are the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole.) REA (Resources
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Work Sheet - IB – I Year Name: Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country’s
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OPPORTUNITY COST & THE FREE MARKET Scarcity is one of the most basic and crucial points to understand in microeconomics.1Scarcity means that we cannot have all the needs and wants to satisfy our desires. Scarcity can be applied to almost anything. Due to the scarcity of products we must make a choice of what we want. We must choose whether to do one thing or another by what we value to be most important to us. This‚ therefore‚ leads to us opportunity cost. Usually when one has to make a decision
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Part A 1) The & 4 million offer is “ Relevant ” financial information Because of : important cost will be cost will happen just if the strategy is attempted‚ it can be kept away from by systems for breaking down cost information for basic leadership purposes ( Opportunity Cost ); it is just money costs that is pertinent ‚ opportunity costs along these lines speak to the cost of chances inescapable because of making one course of move ‚ there are as significant as some other expenses
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Opportunity cost is a decision between two conceivable choices where you judge the advantages of one decision over the other. Opportunity cost is an immediate implication of scarcity. Individuals need to pick between various options when choosing how to invest their time and money. Choosing to go to college as opposed to entering the workforce‚ you forego whatever you may have earned working a regular job. Many people when considering the budgetary ramifications of heading off to college just consider
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Example 5.4: Producing and Shipping Tomato Products at RedBrand The RedBrand Company produces a tomato product at three plants. This product can be shipped directly to the company’s two customers‚ or it can first be shipped to the company’s two warehouses and then to the customers. Figure 5.17 is a network representing RedBrand’s problem. Nodes 1‚ 2‚ and 3 represent the plants (suppliers denoted by S)‚ nodes 4 and 5 represent the warehouses (transshipments nodes denoted by T)‚ and nodes 6 and
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for Corn If the demand for corn increases due to its use as an alternative energy source‚ the supply of corn substitute like soybean would decrease. This would happen because as the demand of corn rises‚ the price of corn would rise. Therefore the producers of a substitute like soybean would start producing corn instead of the soybean considering that they both have the same farmland. The producers of soybean will expect to make more profit by selling corn at a higher price assuming the cost of production
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Opportunity Cost Associated with Merger of Airlines Student ECN 202 February 15‚ 2013 The airline industry on Feb 14‚ 2013 announced the merger of American Airlines and US Airways forming the biggest airline company American (Mouawad‚ 2013). That leaves just three airlines‚ American‚ Delta Air Lines and United Airlines to offer domestic and international service. Airline executives claim that mergers are good for passengers as they provide more service to more destinations. If this
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Genetically modified corn‚ Gasoline and High fructose corn syrup Did you know that about 85% of our corn is genetically modified (True Food Network)? It’s really surprising how genetically modified food has been incorporated into our society. We eat genetically modified food every single day whether it would be yogurt‚ fruits‚ milk‚ peanut butter‚ etc. So what is genetically modified food‚ according to “Non-GMO shopping guide”‚ genetically modified food (also known as GMO) is define as “the result
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