Economics 247 Assignment 1 Version A This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely. 1. a. 3/3Define opportunity cost‚ and explain its importance in economics. (3 marks) -The opportunity cost of something is what you must give up of one thing‚ in order to get it. Opportunity cost is a key concept of
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Kelsea Shick Economics October 5‚ 2010 An economic system consists of production‚ distribution/consumption of goods and services of an economy (Grolier). Without any of the above an economy would not become as industrialized and successful as either the
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The South China Sea dispute has long being discussed and also complicated. Controlling the Paracel Islands and the Spratly Islands in the South China Sea is not only claiming the countries’ territory‚ but mainly gaining economic benefits of the exclusive economic zone (EEZ). These benefits include natural resources: the US Energy Administration estimates that 11 billion barrels (bbl) of oil reserves and 190 trillion cubic feet (Tcf) of natural gas reserves under the South China Sea. The
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Education of South Africa A Research Paper Introduction Education was used as a means of control before and during the apartheid. With the ratio of whites to blacks in South Africa so extreme‚ it is difficult to imagine the minority maintaining power over the vast majority for so long a time. The ability to influence a mass of people through their education‚ or lack there of‚ was the backbone of the inequalities throughout South Africa’s history. It was the crux of all economic stratification
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macroeconomics Measuring performance of the economy The Monetary Sector The Public Sector Macroeconomic Theories Inflation Unemployment Economic growth and development The foreign sector THE PUBLIC SECTOR: STUDY UNIT 4 What are Your Views on Fiscal Policy and How Fiscal Policy Affects You? Roles of Government in a mixed economy 1. Establishing and enforcing rules of exchange such as Property rights‚ Contract law 2. Promoting competition/prevent anticompetitive practices
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with efficient accuracy. Though the reliability and inexpensive access of the Internet has radically benefitted our civilization; legitimate concerns exist on the detrimental effects the Internet has on mental cognition. Nicholas Carr’s article in The Atlantic and The Wall Street Journal as well as Bobby Cole’s article in Insider Technology document concerns on the Internet’s detrimental effect on minds and cognition. Nicholas Carr states that Internet causes division and diversion of attention
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1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
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The Concerns of Obesity in Children and Young People Introduction Fat adults are fat because they eat too much fatty food and do not get enough exercise. Fat children are healthy and cute. Fat teenagers are not. Fat people are funny. Fat people can lose weight if they really wanted to. These are just a few common perceptions the public have of people who are over their ideal body weight. What most people do not know is that being overweight or obese carry with it a myriad of health
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Imperialism and foreign rule over one’s country has caused many of the oppressed to resist and fight back in hopes of a change in political power and government‚ often referred to as a revolution. Revolution can be defined as the overthrow or renunciation of one government or ruler‚ resulting in a fundamental change in political power and political organization. Revolutions are the turning points of history‚ often times bringing significant change and upheaval to a society‚ region or nation. Many
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2010 (aged 85) Achievements: As an opposition member of Parliament from 1974 to 1989‚ he was among the most vociferous campaigners against apartheid‚ the South Africa Jewish Board of Deputies said. Schwarz forcefully denounced the government’s racial policies and spoke out strongly against anti-Semitism. From 1990 to 1994 Schwarz served as South Africa’s ambassador to the United States. As an attorney‚ he served on the defense team of Nelson Mandela and other anti-apartheid activists during the 1963-64
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