Question 1) The presented situation best represents consumer-consumer rivalry. An auction is a consumer-consumer rivalry in which each consumer places bids to obtain what they are bidding for. Although Levi Strauss & Co. is the producer of the 110-year-old pair of Levi’s jeans‚ the company is in the position of consumer in an auction where the company is competing with other consumers. Question 2) The present value of $150‚000 to be received at the end of five years is: PV = (150000/(1.09^1))
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entertaining children’s movie about the city of Monstropolis which is centered around Monsters‚ Inc.‚ the city’s power company. Monsters‚ Inc. The story is about the lovable‚ blue giant monster named James P. Sullivan (Sulley) and his Cyclops wisecracking best friend short‚ green monster Mike Wazowski and what happens when the real world interacts with theirs in the form of a 2-year-old baby girl dubbed "Boo‚" who accidentally sneaks into the monster world with Sulley one night. And now it’s up to Sulley
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RECAP - MODULE OUTCOMES Introduction to macroeconomics Measuring performance of the economy The Monetary Sector The Public Sector Macroeconomic Theories Inflation Unemployment Economic growth and development The foreign sector THE PUBLIC SECTOR: STUDY UNIT 4 What are Your Views on Fiscal Policy and How Fiscal Policy Affects You? Roles of Government in a mixed economy 1. Establishing and enforcing rules of exchange such as Property rights‚ Contract law
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1 2 2 4 An introduction to the economic assessment of drinking-water improvements 5 Chris Edwards 6 7 8 2.1 THE NEED FOR PUBLIC SECTOR INTERVENTIONS‚ AND WHY AN ECONOMIC ASSESSMENT IS REQUIRED 3 9 10 11 12 13 14 15 16 17 18 19 The previous chapter set out the background to‚ and objectives of this publication. It pointed out that even if access to clean water is a constitutional human right as it is in many countries‚ it is likely that such improvements
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and foremost‚ both of these terms mentioned are sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop the strategy for the overall growth of an organization. They are the two most important fields in economics‚ and are necessary for the rise in the economy. Microeconomics focuses
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GM545 Final Exam Study Guide 1. Demand and Supply (TCO A) Know what the law of supply and demand is all about and be able to predict the impact on equilibrium price and/or quantity when supply and/or demand factors change. The interpretation of some basic graphs will be required. 2. Elasticity and Marginal Revenue (TCO B) The label on this question suggests what you need to know. You need to be able to calculate price elasticity of demand and/or supply and be able to interpret it
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The Nature of Economics Economic Problem The economic problem is about the need to make choices due to unlimited wants on the economy’s limited supply of goods and services due to scarce availability of resources. Due to scarce resources‚ individuals‚ businesses and governments must prioritise between wants leaving some wants unsatisfied in order to solve the economic problem. Types of Wants Basic- Recurring Substitute- Can be used instead of another Luxury Complementary- Works
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country as a case study outline and analyze inflation‚ unemployment and growth trends. Identify what range of the aggregate supply curve your country is operating in. (15 marks) (c) For your case study explain inflation‚ unemployment and GDP using AD-AS (5 marks) a) Inflation is the sustained overall or average increase in the price of goods and services over a period of time. With every rise in the price then each unit of currency buys fewer goods and services‚ which can also defined as “inflation
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BRAIN DRAIN Brain drain is also known as “The human capital flight”. It can be simply defined as the mass emigration of technically skilled people from one country to another country. Brain-drain can have many reasons‚ for example-political instability of a nation‚ lack of opportunities‚ health risks‚ personal conflicts etc. Brain-drain can also be named as “human capital flight” because it resembles the case of capital flight‚ in which mass migration of financial capital is involved. Causes of
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Macroeconomics Basic economics concepts Basic economics problems Production possibilities curve INTRODUCTION Economics is one of the oldest disciplines among the humanities and is categorized as a social science. Economics examines and analyses the economic activity of people in order to satisfy their needs and desires. Human wants are the starting point of economic activity and provide the basis for economics. Generally‚ economics deals with the economic problems of individuals
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