Introduction to Economics: Economic growth | Increase in quantity of goods and services | Opportunity cost“Real cost” | Alternative use of resources. Represents the cost of satisfying one want over an alternative want. aka. Economics cost. | Resources “Factors of Production” | Used in the production of goods and servicesLand, Labour, Capital, Enterprise | Production possibility frontier | Describes the inputs that are used in the production of goods or services in the attempt to make an economic profit. Input decides the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called as "Production Function". | Productivity | How much output they can produce per factor of production per unit of time | Consumer G/S | Items produced for immediate satisfaction of individual and community needs and wants. | Capital G/S | Produced not for immediate consumption but for the production of other goods. | Revenue | The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. | Gross Domestic Product | Total market value of all final G/S produced in an economy for a period of time. | Business cycle | Fluctuations in the level of economics growth due to domestic of international labours. | Recession | Stage of the business cycle where there is decreasing economic activityDefined as 2 consecutive quarters (6 months) of negative economic growth (i.e. fall in GDP) | Leakages | Items that remove money from the circular flow of income, decreasing aggregate income and the general level of economic activity.Savings (S) taxation (T) and imports (M) | Injections | Flows of money that increase aggregate income and the general level of economic activity. Investment (I) government spending (G) exports (X) | Equilibrium | When the total sum of leakages equal the total sum of injections | Price mechanism | Process by which the forces of supply and demand interact to determine the market price at which the G/S are sold, and the quantity produced. | Factor market | Market for any input into the production process including land, labour, capital and enterprise. | Competition | Pressure in business firms in a market economy to lower prices or improve the quality of output to increase their sales of G/S to consumers. | Mixed economy | Economic system where the decisions concerning production and distribution are made by a combination of market forces and government decisions. | Merit goods | G/S that are not produced in sufficient quantity by the private sector because individuals do not place sufficient value on them. | Human development index | Measure of economic development by the Unites Nations of Development Program. It takes in to account life expectancy at bitch, levels of educational attainment and material living standard (as measured by the GDP per capita) |
Nature of Economics:
✘The economic problem: UNLIMITED WANTS, LIMITED RECOURCES.
The economic problem emerges because our desire to consume goods and services is greater than our ability to produce.
Wants/demands:
The demand for goods and services arises from human wants. * Biological wants are for the goods and services needed to sustain human life. These are food, shelter, and clothing. These goods are often called "necessities". * Cultural wants for are for goods and services beyond necessities in order to maintain the socially accepted standard of living. The idea of a standard of living will vary with time and place. These goods and services are called "conveniences". * Demonstration wants are for goods and services beyond conveniences. Thanks to modern telecommunications, we all know about the
filled. 1) Refer to the information above. What is the optimal EOQ? A) 200 bags B) 5000 bags C) 2500 bags D) 100 bags E) 50 bags Answer: E Page Ref: 12-7 Topic: Economic Order Quantity: Determining How Much to Order Difficulty:…
ECON 7200 Economic Principles (M) DUFE 1. General Course Information 1.1 COURSE DETAILS Course: ECON 7200 Economic Principles (M) Coordinating Unit: School of Economics, Faculty of the Professions Teaching Period: Semester 2 Year: 2013 Mode: Internal Level: Postgraduate Coursework Location/s: DUFE Units: 3 Contact: 4 hours per week Prerequisites: Not applicable Co-requisites: Not applicable Incompatible: Not applicable Assumed Knowledge: Not applicable Restrictions: Available to M Commerce…
经济学院2012-2013学年度外国留学生研究生课程第二学期课表 Class schedule for foreign graduate students in School of Economic The Second Term of year 2012-2013 |周次Week |1 | |课程学时 |中国概况 Introduction of China 40/2.5 杨荣琪 YangRongqi 15972958122, | |Courses and |计量经济学(中级)Econometrics (Intermediate)(60/3)陈菲ChenFei,…
throughout this course. You will research a topic, compose a thread discussing the topic, and reply to at least 2 classmates' threads. Research outside the textbook is required for each forum. Acceptable research sources include your textbook, periodicals, journals, newspapers, magazines, and the Bible. Your thread must have a minimum of 3 cited references, and there must be 1 cited reference for each reply. The research required for each Discussion Board topic can be accomplished at our Liberty University…
one of the following topics: * Topic 1: Australians spend more than half a billion dollars on bottled water each year according to the University of Wollongong. Do we need to drink bottled water in Australia or overseas? What are the environmental and economic effects of drinking bottled water in Australia? * We only need to drink bottled water in countries that need it After choosing your essay topic outline: The position after choosing your essay topic outline: 1. The position you…
Exam topics for 2014 (James O'Conner) Topic 1 Be aware of Corporate social responsibility. Be able to define why company should be socially responsible. (also be aware of what CSR involves, it's also important) To deal with stakeholders and be aware of the various stakeholders study impacted on CSR. Topic 2 Be aware of everything associated with the 7Ps of marketing. 4ps(product+price +place+promotion) + 3ps(people+physical evidence+process) (4ps——by McCarthy; 3ps——by Booms and Bitner) Topic…
1.Topic Overview:Complete the following using information from your textbook, Internet or a combination of resources: Give a brief overview or summary of the issue / topic. Refer to your text and answer the w5’s in a paragraph. (5) On September 1st, 1935 in Regina, Saskatchewan a riot broke out because of the limited amount of work due to the depression. The people of Canada came in thousands and were demanding that the federal government created new job opportunities for them.…
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Summary The overall main objective of the book is to teach a novice the basic principles of economics. The author gracefully laces the words into the book in such a manner that someone with very little knowledge in the subject can easily decipher it. The author’s main purpose is to brush an all-encompassing stroke across a canvas showing the reader the basic philosophies that apply to economics. Most authors build into their main points and display the one main idea at the end of the text…