Key terms: Definition: Opportunity cost The cost of missing out on the next best alternative. Economic goods Goods that are scarce and therefore have an opportunity cost. Free goods Goods that have no opportunity cost‚ e.g. Air Factor market The market for the factors of production that make other goods and services such as labour or raw materials. Free market economy One in which there is very limited government involvement in providing goods and services. Division of labour
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Five economic problems and five social problems of the philippines? social: 1. lack of individualism. don’t need to abandon social structures totally. 2. colonial mentality. royalty‚ status symbols‚ subservience 3. western influence. don’ love their own 4. parinig system 5. authoritarian economic: 1. leaders are mostly landowners who don’t know how to make a profit 2. consumers are lured by too many commercial establishments like KFC‚ McDo‚ Jollibee‚ Levis‚ etc. even those who cannot really
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Homework #3: Question 1. Problem and Application 4 on page 285. Please work on a‚ b‚ c‚ d‚ and e only. That is‚ ignore f. When you reconstruct the table in your work‚ please lower the space for Marginal Product and Marginal Cost by a half step. In other words‚ the first entries of Marginal Product and Marginal Cost should be aligned with the second entries of other columns. (50 points) Table of Costs: Worker Output Marginal Product Total Cost Average Total Cost Marginal Cost 0 0 --
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PROBLEMS AND PROSPECTS OF THEATRE ENTREPRENEURSHIP IN THE NIGERIAN ECONOMY Afolabi Taiwo Okunola (Department of Theatre & Film Arts‚ University of Jos‚ Nigeria) Abstract The business of theatre management is business of management. It is a culmination of the directive principles‚ canons and protocols governing theatre and management together to form a formidable team which thus makes a theatre entrepreneur. Being a theatre entrepreneur in Nigeria entails many dilemmas‚ challenges and hurdles. Thus
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The economic challenges facing the Caribbean The Caribbean is far from immune from the global economic crisis. Although many Governments initially thought themselves safe from its effects it has become apparent that every nation will see: • Falling remittances from nationals overseas; • A significant decline in tourism/visitor arrivals (forecast by some governments to be down by between 30 and 40 per cent for the year); • volatile exchange rates and in particular the a fall in income
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well aimed for profit can call as a small business. “At the same time venture growth is the essence of entrepreneurship” In political economics‚ entrepreneurship is a process of identifying and starting a business venture‚ sourcing and organizing the required resources and taking both the risks and rewards associated with the venture. (Wikipedia‚ the free encyclopedia) Entrepreneurship is that one’s dream‚ creativity idea or an innovation come reality otherwise there will be a risk to lose
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The Role of Entrepreneurship in Economic Development The entrepreneurs with their ability to scan‚ analyze and identify opportunities in the environment transform them into business proposition through creation of economic entities. Entrepreneurship and economic development are intimately related. So‚ that entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth. Whatever be the form of economic and political set-up of the country‚ entrepreneurship
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1.The Role of entrepreneurship in economic development of a country An entrepreneur can be regarded as a person‚ who has the initiative skill and motivation to set up a business or enterprise of his own and who always looks for high achievements. He is the catalyst for social change and works for the common good. They look for opportunities‚ identify them and seize them mainly for economic gains. An action oriented entrepreneur is a highly calculative individual who is always willing to undertake
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the account is a is properly managed is a great challenge. Therefore‚ the research investigated the challenges of managing corporate bank account in Nigeria. Earlier research report were reviewed and data source were primary and secondary. and SPSS were used to analyze the data(with different statistical tools).Conclusions and recommendations were made on research findings. Table of content 1. Introduction 1. statement of problem………………………………………………………… 2. objectives of the study………………………………………………………
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CHAPTER 4 INDIVIDUAL AND MARKET DEMAND EXERCISES 1. An individual sets aside a certain amount of his income per month to spend on his two hobbies‚ collecting wine and collecting books. Given the information below‚ illustrate both the price-consumption curve associated with changes in the price of wine and the demand curve for wine. |Price |Price |Quantity |Quantity |Budget | |Wine |Book |Wine |Book
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