INTRODUCTION Cash is a paradox. Why do individuals treat certain pieces of metal and paper differently from other similarly valueless objects? Despite the above‚ cash is an indispensable part of modern economies and is part of a complicated monetary regime. Even though we take it for granted that the pieces of paper in our wallet offer a reliable representation of our consumption power‚ this monetary regime is anything but trivial Money and cash (as a form of money) allow people to engage in complicated
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’Rubbish has no value.’ Identify the arguments for and against this view. Essay Plan. Process words- Identify the arguments. (outline the arguments) Content words- Rubbish‚ Value. Rubbish is the ’invisible part of consumption’ (Brown‚ 2009‚ p103). The definition of rubbish via the dictionary is something that is ’worthless‚ unwanted material that is rejected or thrown out;’ (Dictionary.com‚ July 2012). It is something that no one wants and ’ought to be out of the way and out of sight
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INNOVATION Innovation presents a dilemma for managers. On the one hand‚ innovation is proffered as an elixir for growth‚ profitability‚ and competitive advantage. On the other hand‚ there are no guarantees that innovators will be rewarded for their efforts. The challenge is not just creating value from innovation‚ but capturing that value as well. Therefore‚ the profitability of an innovation to the innovator depends on the value created by the innovation and the share of that value that the innovator
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good. 2. Externalities Explain the difference between a positive and negative externality. In your analysis‚ make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples? Guided Response : Review the discussion board posts of your classmates. What are some of the key differences between positive and negative externality? Respond to at
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costs of bargaining and information gathering‚ legal rules are justified to the extent of their ability to allocate rights to the most efficient right-bearer. Shows how bargaining and assignment of property rights can alleviate the problem of externalities without the need for government intervention in the form of taxes or subsidies. Coase’s explanation is that there are "transaction costs" associated with going to a market for everything a business needs- clearly‚ it would be inefficient to have
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Are People Rational (in the economist ’s sense) and Reasonable (in the lawyer ’s sense)? Both concepts of rationality and reasonableness indicate a process of reasoning by anticipating and analysing the consequences of their potential actions and establishing a list of preferences‚ depending on the anticipated consequences. A rational person‚ having established their list of preferences‚ will choose the action which will maximise their utility. There are many different variations of rationality
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relates to efficient outcomes in a market economy: Adverse selection‚ “perverse incentives”‚ principal agent problem‚ and the prisoner’s dilemma. Chapter 3: Government and the Economy In your own words‚ explain what an externality is. Besides addressing externalities‚ what other important and beneficial roles does government play in our market economy? Chapter 4: Government and the Economy II What are the main reasons why government should only take a limited role in a market economy
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ECONOMICS HIGHER 1 (Syllabus 8819) CONTENTS Page AIMS 1 ASSESSMENT OBJECTIVES 1 SYLLABUS CONTENT 2 ASSESSMENT FORMAT 7 NOTES OF GUIDANCE 8 RECOMMENDED READING 20 8819 H1 ECONOMICS (2014) ECONOMICS HIGHER 1 (Syllabus 8819) FIRST YEAR OF EXAMINATION 2009 AIMS The syllabus is intended to provide the basis for a broad understanding of economics. Specifically‚ the syllabus aims to develop in candidates: 1. an understanding of fundamental economic
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Answers 1. a 6. a 11. c 16. b 2. a 7. b 12. d 17 a 3. b 8. b 13. c 18 c 4. b 9. b 14. c 19 b 5. a 10. d 15. b 20 d 1. As a result of the rapid pace of innovation‚ the time between a product’s introduction and its withdrawal from the market a. has become shorter. 2. The relationship between speed of innovation and product obsolescence is a. direct (as innovation
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5 EFS Project 2 Research essay Outline/Plan Name: __Liu Jiajun (Brent)________________ Term 9/2012 – Term 1/ 2013 Use this template to create your essay outline in NOTE form. Submit this completed outline on Friday WK 3 together with a copy of your articles (minimum of 4) Remember you MUST highlight the sections on the articles that you are going to use as support in your essay and you MUST write next to these sections‚ what paragraph in your essay
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