MICROECONOMICS CHAPTER 1 INTRODUCTION TO ECONOMICS ____________________________________________________________________________________________ 1.0 INTRODUCTION – THE SUBJECT MATTER OF ECONOMICS Economics comes from the verb ‘to economise’‚ and this means making ends meet. This is a study of how society makes decisions‚ regarding the allocation of scarce resources. Economics as a subject is divided into two parts; Economics‚ social science concerned with the production‚ distribution
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Economics for business TABLE OF CONTENTS Question 1 ................................................................................................................................ 3 Overview of the Mauritian Economy ........................................................................................ 3 Economic Indicators ............................................................................................................ 4 GDP .............................................
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MANAGERIAL ECONOMICS MEANING OF MANAGERIAL ECONOMICS Managerial economics‚ used synonymously with business economics‚ is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. It acts as the via media between economic theory and pragmatic economics. Managerial economics bridges the gap between ’theoria’ and ’pracis’. The tenets of managerial economics have been derived from quantitative techniques such as regression
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Economics The economics course provides students with a basic foundation in the field of economics. The course has five sections: fundamental concepts‚ microeconomics‚ macroeconomics‚ international economics‚ and personal finance. In each area‚ students are introduced to major concepts and themes concerning that aspect of economics. Fundamental Economic Concepts SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity‚ opportunity
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command economy. In mixed economy both the private and public sector need to co-exist to overcome the weakness of one another. Most countries practice mixed economy for a number of reasons as mentioned below. Where there is free market enterprise economic forces are unfettered. Supply and demand determine the prices of goods and services. Prices in turn tell businesses what to produce‚ if the people want more of a particular good than the economy is producing the price of the good rises. That catches
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Nursing homes are a hard decision to make for a loving family to decide on for their loved ones. Questions arise of the type of care their loved ones need. Is it necessary for the loved one to go into a nursing home? Is the loved one at an age where a do not necessitate rule should be applied? What types of medical conditions does the loved one already have? Will the home supply all that is needed to their loved one? What are the rules and limits that should be placed on a loved one that needs constant
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Home Appliances After years of rationing and shortages‚ the 1950s were a period of economic prosperity‚ high employment and great technological development. Many returned servicemen got married‚ established homes and raised families. During this period‚ Australians enthusiastically adorned their homes with a dazzling range of new domestic appliances. Hire-purchase schemes allowed people to take products home and pay for them in instalments. During the 1950s‚ the role of women was generally considered
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U.S Major Home Appliance Industry in 2002 (Case 15) The household appliance industry is huge! The number of household appliance grows every year‚ but there is one sector of the industry‚ the major appliance sector that remains constant. The appliances that comprise this sector are ranges‚ refrigerators‚ washers‚ dryers‚ and dishwasher. The major appliance industry is both saturated and mature. The five major players are General Electric‚ Maytag‚ Whirlpool‚ Electrolux‚ and Raytheon. All are well
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Purchasing a home is unequivocally one of the hardest decisions someone will make. A home loan is a long term commitment and it is the best interest of the person to make sure this is the home they want. Location‚ size‚ style and price are all factors that should affect your decision whether to purchase a certain home or not. However‚ what factors will determine when the right time is to purchase a home and what indicators are there to tell you that financially this a sound decision? These are a
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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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