Microeconomics Study chapter 1 The nature and method of economics: * Economics is concerned with the efficient use of limited productive resources for the purpose of attaining the maximum satisfaction of our material wants. The study of economics is important because; * Constitutes the basis of much government economic policy or shapes the design and impact of this policy. * Informs those involved with the design of economic policy and the analysis of its impact. * Improves
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1. Q: In what ways have our historic roots affected the manner in which criminal investigations are conducted in the United States today? A: The organizational structure of the Pinkerton National Detective Agency‚ found in 1850 by Allan Pinkerton and the first of its kind in the US‚ was later adopted by the FBI. As with the Pinkerton Agency‚ the FBI began to take on cases that local law enforcement were too limited in resources to handle on their own. In addition‚ Pinkerton created what was
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Chapter 1 Study Guide 1. What numbering system is used in most electronic devices? (4) Computers record the ideas they work with electronically‚ as bits‚ and these bits represent either a 1 or a 0 2. Define the following: a. Bit – The smallest unit of data stored in a computing device‚ representing a single binary digit of value 1 or 0 b. Byte – A unit of data in a computer‚ it is made up of 8 bits c. Word – Two bytes of computer memory‚ or 16 bits d. Double Word – Two words of computer memory
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List of questions for exam 1 (Chapter 1) 1. Discuss the relationship between "efficiency" and "effectiveness" and identify real organizations you think are‚ or are not‚ efficient and/or effective. Organizations are Efficient when managers minimize the amount of resources or time needed to produce a given output of goods or services. Organizations are effective when managers choose appropriate goals and then achieve them. When a company is both efficient and effective‚ they can produce a product
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Chapter 1 Study Guide: The Nature of Strategic Management True/False Questions 1) Strategic management focuses on integrating management‚ marketing‚ finance/accounting‚ production/operations‚ research and development‚ and information systems to achieve organizational success. TRUE 2) Optimizing for tomorrow the trends of today is the purpose of strategic management. FALSE 3) Even though useful‚ strategic planning has been cast aside by corporate America since the early 1990s. FALSE
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1. Why do Americans tend to hold negative views of politics and politicians? I think that a large majority of Americans hold some degree of distrust for authority. I also think that as a people we hold much aversion to bureaucracy because of the corruption that we consistently witness. The questionable explanations for actions or the lack of explanations at all lead to a lack of legitimacy in the reasons for the politics to even exist or at least some of the political reasoning to be rewritten
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Zinn Chapter 12 1. Why might Teddy Roosevelt have thought that the United States needed a war in 1897? a. The United States was struggling politically and economically. It was believed that opening up markets overseas would relieve a lot of the problems that the United States was having in its depression. 2. In what sense was expansion overseas “not a new idea”? If it was not new‚ then why did it not begin until 1898? a. The Monroe Doctrine moved the US down south into the Caribbean even before the
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One historian has remarked that Bacon’s Rebellion was “a rebellion with abundant causes but without a cause.” Do you agree? What were the causes of Bacon’s Rebellion? Did Nathaniel Bacon have a cause? Did William Berkeley? In 1676‚ Nathaniel Bacon marched into Jamestown‚ Virginia alongside 600 men ready to fight‚ demanding a military commission. After threatening William Berkeley‚ the Governor of Virginia and Nathaniel’s own cousin‚ Bacon was given a military commission. “In the following months
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1. An information system is an arrangement of people‚ data‚ processes‚ and information technology that interact to collect‚ process‚ store‚ and provide as output the information needed to support the organization. Answer: True 2. An information system must have computer hardware and software to be valid. Answer: False 3. A management information system can use data provided by a transaction processing system. Answer: True 4. Decision support systems are tailored to
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Chapter 1 The Art and Science of Economic Analysis INTRODUCTION THIS CHAPTER HAS TWO PURPOSES: TO INTRODUCE STUDENTS TO SOME OF THE BASIC LANGUAGE OF ECONOMICS AND TO STIMULATE STUDENT INTEREST IN THE SUBJECT. IT CONVEYS TO STUDENTS THAT ECONOMICS IS NOT ONLY FOUND IN THE FINANCIAL SECTION OF THE NEWSPAPER‚ BUT ALSO IS VERY MUCH A PART OF THEIR EVERYDAY LIVES. BEGINNING WITH THE ECONOMIC PROBLEM OF SCARCE RESOURCES BUT UNLIMITED WANTS‚ THIS CHAPTER PROVIDES AN OVERVIEW OF THE FIELD AND THE
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