environmental forces - To state the strategic role of the environment on business performance Section 1: An Overview of Business Economics 1.1. Introduction Business economics is concerned with a total approach to organisational existence and activities. According to G.J de Cronje‚ in his popular book‚ “Introduction to Business Management” Business Economics also known as Business Management is the science which studies the functioning of the business organisation. It seeks to promote -
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Business and Economics of Sports 3304HSL Semester 1‚ 2013 While sports leagues appear to be necessary for the delivery of competitive matches and seasons‚ they often actually function to maximise profits for team owners. What should governments do to ensure that the interests of all stakeholders are protected without jeopardizing the competitive environment established by leagues? Johan Jurland
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TOPIC 1: INTRODUCTION TO ECONOMICS Chapter 1: What is Economics about? 1.1 • Economic Problem: how a society can satisfy the unlimited wants with the limited resources available. • Opportunity Cost: represents the cost of satisfying one want over an alternative want. Also known as economic cost/real cost. • Wants: are the material desires of individuals or the community. They provide utility/satisfaction/pleasure when consumed. ○ Needs: are wants‚ but are basic necessities
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example‚ following the Phoenicians‚ the Greek and Romans established trade routes goings as far out as Britain in the West‚ and China in the East. The Greeks spread their culture and ideas through this trade‚ and the Romans spread their organization and laws. It was a truism back then as it is today‚ that free trade tends to make the traders quite wealthy‚ and thus it formed the basis for Athenian‚ and later Roman power. There are several main advantages of the free trade. First‚ increased world-wide
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LABOUR ECONOMICS Q2.Define “Labour Economics”. Explain the nature and scopeof Labour Economics. Explain the characteristics of Labour? Ans: -Labour Economics:- “Labour Economics may be defined as a study of theorganization‚ institutions and behavior of the labour market in anindustrising or industrial economy”. According to Dole Yoder:- “Labour economics or manpower economics is primarilyconcerned with efficient utilization and conservation of manpower and resources. It studies and seeks to understand
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Division of labour is the basic principle underlying the assembly line in mass production systems. Trade framework can be developed that illustrates the impact of transportation costs and the precise nature of the derived demand for transport. The Law of One Price (LOOP) holds that all prices are connected geographically by differences in logistics costs. The principle logistical cost in export trade is transportation. Trade thus creates a derived demand for transportation. The interregional trade
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KENYATTA UNIVERSITY SCHOOL OF ECONOMICS DEPARTMENT OF APPLIED ECONOMICS EAE 307: INTERNATIONAL ECONOMICS I INSTRUCTOR: P. M. KUUYA SCHOOL OF ECONOMICS DEPARTMENT OF APPLIED ECONOMICS EAE 307: INTERNATIONAL ECONOMICS I LECTURER: P. M. KUUYA TABLE OF CONTENTS 1 LECTURE ONE 6 1.0 INTRODUCTORY LECTURE 6 1.1 Why
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NAME: Firdausi Ali COURSE: NCUK/IFY MODULE: Economics (coursework 2) DATE GIVEN: 10th February‚ 2013 DATE TO BE SUBMITTED: 02nd March‚ 2013 TUTOR: Mr. Lawal G. and Mr. Adedeji QUESTION Keynesian solution to unemployment was higher public spending which through the multiplier process would generate income and more jobs. Explain how this solution works and are there other solutions to the problem of unemployment? INTRODUCTION The world is facing a serious problem of
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Scarcity-The basic economic problem that arises because people have unlimited wants but resources are limited. Americans in recent years had to cut back on lavish goods because of the scarcity of money. Economics- The science that deals with the production‚ distribution‚ and consumption of goods and services‚ or the material welfare of humankind. Economics involves many issues in the economy of the country and world‚ from politics to money. Efficiency-A broad term that implies an economic state in
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Economic Sustainability The business of staying in business Deborah Doane & Alex MacGillivray New Economics Foundation March 2001 Executive Summary Although sustainability is now generally understood to be a combination of environmental‚ social and economic performance‚ this report finds that economic sustainability is the most elusive component of the “triple bottom line” approach. There is not even universal consensus that businesses should be economically sustainable‚
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