Standards/Elements addressed by the Unit 1 test: SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity‚ opportunity costs‚ and tradeoffs for individuals‚ businesses‚ and governments. a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. b. Define and give examples of productive resources (factors of production) (e.g.‚ land (natural)‚ labor (human)‚ capital (capital goods)‚ entrepreneurship)
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TASK 1 (P1‚ P2‚ M1‚ D1) Introduction In this assignment I will be talking about Marks and Spencer and how the economic environment could have an effect on them. The economic environment is basically all the economic factors brought together. By saying economic factors‚ I mean aspects such as; employment‚ inflation‚ interest rates‚ productivity and wealth. All of these elements mentioned above have an influence on the buying behaviour of consumers and organisations. P1 In terms of economic variations
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Economics Unit 1 Review Economics – the study of how to distribute scarce resources among competing ends Microeconomics – focuses on individual consumers and businesses Macroeconomics – takes a broad view of the economy 3 Basic questions any society must answer * What to produce * How to produce * For whom to produce Economists assume that economic decision makers maximize their own utility. Utility is the satisfaction or pleasure from any action. Economists assume the
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Question 1) The presented situation best represents consumer-consumer rivalry. An auction is a consumer-consumer rivalry in which each consumer places bids to obtain what they are bidding for. Although Levi Strauss & Co. is the producer of the 110-year-old pair of Levi’s jeans‚ the company is in the position of consumer in an auction where the company is competing with other consumers. Question 2) The present value of $150‚000 to be received at the end of five years is: PV = (150000/(1.09^1)) +
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Face in the Crowd Give three examples from the film which illustrates the concept of ethos and ethics in connection with LR and Marcia. LR in some part of the movie had ethos but he never had ethics. In his relationship with Marcia he had ethos in the begging of the movie when he was in the jail singing and talking using his great charisma of speak. In addition‚ he lost the Goodwill with her when he lies about his first marriage‚ and when he marries betty-lou while he engaged
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Lashain Taylor Essentials of Contemporary Communication (ENG/135) Week 5 June 09th‚ 2015 Jennifer Mann The difference between presenting information in a face-to-face environment versus an online environment. Communicating face-to-face or online proves to be very effective in their right. However‚ making a presentation allows for certain privileges that cannot be obtained in an online environment. Each has their drawbacks as well that can create barriers to communicating. Based on an
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Definition of Economics The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants. Human wants are unlimited‚ but the means to satisfy the wants are limited. The Economic Perspective Scarcity and choice Resources can only be used for one purpose at a time. Scarcity requires that choices be made. The cost of any good‚ service‚ or activity is the value of what must be given up to obtain it.(opportunity cost)
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MICROECONOMICS TUTORIAL 1 (Chapter 1: Ten Principles of Economics) 1. The phenomenon of scarcity stems from the fact that a. most economies’ production methods are not very good. b. in most economies‚ wealthy people consume disproportionate quantities of goods and services. c. governments restricts production of too many goods and services. d. resources are limited. 2. "There is no such thing as a free lunch‚" is used to illustrate the principle that a. goods are scarce. b. people face tradeoffs. c. income must
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1. „Manifest Destiny” and the economic development Manifest Destiny: Offered a moral justification for American Expansion‚ a prescription for what an enlarged United States could and should be. At its worst it was cluster of flimsy rationalizations for naked greed and imperial ambition. “the belief that America had a God-given right‚ or destiny‚ to expand the country’s borders from ’sea to shining sea’. . “ People moved West for various reasons; for adventure‚ new land‚ search for wealth‚ new
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ECONOMIC 1 COURSE MACROECONOMICS ANALYSIS YANIQUE FAULKNOR TOWER HILL DISTRICT TOWER HILLP.A 70663026 ECONOMIC 1‚ BUS 121 PROJECT # 05047700 PENNFOSTER COLLEGE March 2015 Introduction The objective of the report is to analyse the trade relationship between U.S. and Russia over a 5 year period ending 2010. Definition of Russia E.T.F. An exchange-traded
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