private benefit. Demerit Good: A good for which the long term private costs of production exceed the short-term private costs of consumption. Negative Externality: An adverse consequence of a economic activity that is experienced by third parties; an adverse spin-off effect resulting from an economic activate; when the social costs of activity exceeds private costs of activity. ==================================================================================================== Aggregate
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Assignment 1: Principles of Economics Cletajo Hollingsworth ECO 100 29 January 2012 Suggest how an economist would approach the problem of alcohol abuse. Economics is about scarcity and choice. It is assumed that all human beings are rational thinkers hence would always choose to consume products that would give them maximum satisfaction or utility. Mankiw (2011‚ p. 6) argues that rational people ‘systematically and purposefully do the best to achieve objectives given available opportunity
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ECON1210 Online Quiz #1 Solutions Q.01: The main incentive for business activity is: A) government subsidies. B) technological advancement. C) profit. D) government regulation. Ans) C Solution: Profit is the reward in monetary term that serves as the main incentive for business activity. Government subsidies‚ if available‚ may serve as an incentive for business activity but it will never be a main one. Technological advancement and government regulation are not incentives that will reward business
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Questions Q1. What are the differences between the microeconomic and macroeconomic perspectives on the economy? Microeconomics is the branch of economics which caters with individual firms‚ consumers‚ and industries as they produce‚ buy and sell goods and services. Macroeconomics‚ on the other hand‚ deals with changes in the overall level of economic activity‚ interest rates‚ unemployment‚ and exchange rates to affect the competitive strategies of individual firms and industries. It caters to the
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Urban Economics Assignment 1 Student Name: HAO LI Student Number: 997456097 Chapter 2 1. a) The gains from trade are +1 shirts for North and +1 shirts for South. b) A trading city won’t develop because the opportunity cost of exchange for North is 2 shirts‚ which exceeds the gross gain of 1 shirt. c) Suppose an innovation in transportation decrease the transaction time. A trading city will develop if the transaction time is less than 15 minutes because the opportunity cost of exchange is 1 shirt
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Finish Line & Beyond CLASS XI ECONOMICS UNIT I DEVELOPMENT POLICIES AND EXPERIENCE (1947-90) INDIAN ECONOMY ON THE EVE OF INDEPENDENCE www.excellup.com ©2009 send your queries to enquiry@excellup.com Finish Line & Beyond Q1. What was the focus of economic policies pursued by the colonial government in India? What were the impacts of these policies? Answer: The focus of economic policies pursued by the colonial government in India was to reduce the country to being a feeder economy for Great
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REVIEWS‚ REFINEMENTS AND NEW IDEAS IN FACE RECOGNITION Edited by Peter M. Corcoran Reviews‚ Refinements and New Ideas in Face Recognition Edited by Peter M. Corcoran Published by InTech Janeza Trdine 9‚ 51000 Rijeka‚ Croatia Copyright © 2011 InTech All chapters are Open Access articles distributed under the Creative Commons Non Commercial Share Alike Attribution 3.0 license‚ which permits to copy‚ distribute‚ transmit‚ and adapt the work in any medium‚ so long as the original work is properly
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Principles of Economics chapters 1. Ten Principles of Economics 2. Thinking Like an Economist 3. Interdependence and the Gains from Trade 4. The Market Forces of Supply and Demand 5. Elasticity and Applications 6. Supply‚ Demand‚ and Government Policies 7. Consumers‚ Producers and the Efficiency of Markets 8. Application: The Costs of Taxation 9. Application: International Trade 10. Externalities 11. Goods and Common Resources 12. The Tax System 13. The Costs of Production 14. The Competitive
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People are modifying their behavior‚ and technology continues to make leaps and bounds on a path that seems to know no boundaries. Within scope‚ I think social networking is growing rapidly and it has effects on face-to-face interaction. The combination of social networking and face-to-face interactions can lead to positive experiences as the rise of social networking continues. In order to better understand concept of social networking ‚ I want to consider all popular social network sites (Facebook
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Face-to-face communication vs. social media Table of Content 1. Introduction 3 2. Definition 3 2.1. Face-to-face communication 3 2.2. Social media 3 3. Four sided model of advice 4 4. When face-to-face communication overrules social media 5 4.1. Business to individual 5 4.2. Individual to business 5 4.3. Business to business 5 4.4. Individual to individual 6 5. When social media is beneficial 6 5.1. Business to individual 6 5.2. Individual to Business 7 5.3. Business to business 7 5.4. Individual
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