1. How does the study of economics depend upon the phenomenon of scarcity
Economics is the study of how scarce resources are divided by individuals or societies. There would be no need if we could legally and without harm get the goods or services (food, clothing, housing etc.) we need or want without having to exchange work for money.
2. Define Opportunity cost Opportunity cost is what you have to give up getting what you want in terms of other goods and services.
What is the opportunity cost of attending college? The opportunity cost of attending college is the money you would have made if you worked instead You lose four years of salary in hopes to earn more due to the education you are receiving to make up for the lost wages
What is the opportunity cost of you coming to class today? Me giving up sleep to learn something that will be beneficial in my future career.
3. Identify each of the following topics as being part of microeconomic or macroeconomics.
a. The impact of a change in consumer income on the purchase of luxury automobiles.
Microeconomics
b. The effect of a change in the price of Coke on the purchase of Pepsi
Microeconomics
c. The impact of war in the Middle East on the rate of inflation in the United States
Macroeconomics
d. Factors influencing the rate of economic growth.
Macroeconomics
e. Factors influencing the demands for tractors
Microeconomics
f. The impact of tax policy on national savings 4. Which of the
It goes both ways on whether the state should be minimised or not as there are risks that if the state was to be minimised rights could be infringed upon however if the state is not minimised then such core priciples such as individualism and liberty may be encroached upon. Modern Liberals are completely different to classical liberals in the sense that they believed in positive freedom, and the more the state did they could ‘enable and empower’ the individual…
Home Buying Analysis Group 1 Author Note This report is prepared for MBA 648, Managerial Finance, taught by Professor Jake Feldman Contents Abstract This project is to provide information about whether to buy or rent an apartment in New York and Shanghai. In this project, our teamwill analyses point system and the relationship between mortgage points and mortgage rate. For borrowing money, we also need to decide borrowing with an adjustable rate…
Priciples of Marketing by Philip Kotler and Gary Armstrong Chapter 5 Managing Marketing Information to Gain Customer Insights PEARSON Objective Outline Model of Consumer Behavior 1 Define the consumer market and construct a simple model of consumer buyer behavior. Characteristics Affecting Consumer Behavior 2 Name the four major factors that influence consumer buyer behavior. Objective Outline 3 Types of Buying Decision Behavior The Buyer Decision Process List and define the major types…