ECONOMIES OF SCALE AND ECONOMIES OF SCOPE Economies of scale are reductions in average costs attributable to production volume increases. They typically are defined in relation to firms‚ which may seek to achieve economies of scale by becoming large or even dominant producers of a particular type of product or service. A distinction can be made between internal and external economies of scales. Internal economies of scale occur when a firm reduces costs by increasing production. External economies
Premium Costs Economics of production Marginal cost
focuses on two systems of economy‚ that is Market economy and Command economy. Basically there are four types of economy: Traditional Economy: As the word says‚ Traditional economy is an economic system in which traditions‚ customs and beliefs of the economy guides the production of goods and services. Command Economy Command economy is a system in which government plays a major role in taking the production decision for goods and services in the economy. Market Economy Under this system‚ goods and
Premium Economic system Market economy Planned economy
Principles of Microeconomics (ECO2103) Diploma in Business Administration Mehdi Tasaloti mehdi.tasaloti@newinti.edu.my Faculty of Business‚ Communication & Law (FOBCAL) INTI International University August 2014 Session Faculty of Business‚ Communications and Law INTI International University 1 Class syllabus for Long semester Week 1-3 4-6 Topic Economics Concepts‚ Issues & tools Price Theory ( Demand & Supply) / Individual assignment/ Test 1 7&8 Applications
Free Economics Consumer theory Utility
The issue of whether the government should provide free health care in Papua New Guinea has been debated widely in our country recently. It is an important issue because health care has great impact on peoples’ lives in all walks of life. Health is a basis of good life and happiness. Without better health care life would be very difficult when it comes to deal with health related issues and emergencies especially in rural areas and those disadvantage ones in the urban centres. Health is for all
Premium Health care Healthcare
The Impacts of mining developments in Papau-New Guinea Word Count: 1797 (20% allowance) Table of Contents 1.0 INTRODUCTION 4 2.0 BACKGROUND 5 3.0 MINING VIEW OF PNG 6 4.0 ENVIRONMENTAL DEGRADATION WITH A POLITICAL INSIGHT 7 5.0 SOCIAL IMPACTS AND DISINTEGRATION 8 6.0 CONCLUSION 9 7.0 RECOMMENDATIONS 10 REFERENCES 11 1.0 Introduction Mining is the
Premium Mining Papua New Guinea
How to take care of your pet guinea pig. A guinea pig is a great first pet. He is fairly easy to take care of but can be hard as well. Guinea pigs are fun and playful pets for children of all ages. In this reading I will teach you how to care for a guinea pig. You will be able to decide after reading if this is the pet for you. You will learn how to clean your guinea’s cage‚ how to feed your guinea‚ how to bath your guinea and how to hold your guinea pig. He is
Premium Dog Pet Dogs
What is largely fueling the underground economy‚ experts say‚ is the nation’s swelling ranks of low-wage illegal immigrants. The government puts this population at 8.5 million‚ but that may represent a serious undercount. Robert Justich‚ a senior managing director at Bear Stearns Asset Management in New York‚ makes a persuasive case in a forthcoming paper‚ "The Underground Labor Force Is Rising to the Surface‚" that illegal immigrants actually number 18 million to 20 million. If true‚ the economic
Premium Immigration to the United States Immigration United States
The New Guinea cargo plane cult from a functionalist perspective stresses that the un-industrialization of the cult is due to the developed world not sharing technological advances with the tribe (cult). The tribe leader’s ability to explain the purpose of the cargo planes and the tribe’s inability to succeed with riches like that of the white man had a large affect on the tribe’s belief system. The tribes simple way of life was disturbed by the discovery of cargo planes in the sky‚ shocking whatever
Premium Sociology
Linacre Chapter Summaries Mr. Pachankis Prologue “In the prologue‚ the author displays his work in the country of New Guinea. The people that lived in New Guinea questioned him about why the “whites” always seemed more dominant. They felt as though the whites were gloating about their advanced capabilities. The author thoroughly explained how the people who lived in New Guinea are just as intelligent as the modern people.” Chapter 1 “In Chapter 1‚ multiple extinctions happened around the same
Premium Domestication Bankruptcy in the United States
1. Open Economy vs. Closed Economy • Open Economy A country has an open economy if it is joining international trade‚ which exporting and importing are collectively together. Selling or buying of goods or services to a foreign country is allowed in this kind of economy. The Market-economy is mostly free from trade barriers and where exports and imports form a large percentage of the GDP. Imports give citizens of a country access to products and services provided by other nations
Premium International trade Trade