Unit 1 a) Is economics a science? Yes ! The word “Economics” is derived from the Greeks word “Oikonomos” which means to manage the house. So it means the management of a household especially in those matters‚ which are relating to the income and expenses of the family. After sometime‚ the term economy was adopted. Economics is regarded as a Social SCIENCE and not a PURE science like Physics or Chemistry because it uses scientific methods to build theories that can help explain the behaviour
Premium Economics Social sciences Scientific method
elasticity of demand Inelastic demand curve will be less than 1 Inelastic demand curve will be less than 1 Elastic demand curve will be greater than 1 Elastic demand curve or Kinked demand curve will be greater than 1 Is there a presence of economic profits? No Yes Yes Yes Introduction: Printing is one of the most highly competitive industries in America today there are literally thousands of printers in the United States‚ they range from a small mom and pop operation to multinational
Premium Monopoly Perfect competition Competition
A. Introduction 1. What is economics? Economics is the study of how societies choose to use scarce productive resources that have alternative uses‚ to produce commodities of various kinds‚ and to distribute them among different groups. We study economics to understand not only the world we live in but also the many potential worlds that reformers are constantly proposing to us. 2. Goods are scarce because people desire much more than the economy can produce. Economic goods are scarce‚ not free‚
Premium Economics
is at max point Managers take production right up to the point where TC=TR; if they can [2] Oligopolies can benefit most from going past the profit maximising output because it gives them a market share advantage over their competition. The economic climate can affect managers’ ability to deploy this tactic. If a recession is on the cards then shareholders will be anxious and keeping them and profits high will be a priority to which managers must abide to keep their position. The Downsides:
Premium Microeconomics Profit Marketing
where they live; and consumers typically have a very limited set of goods to choose from. As a result‚ many of the tools and concepts of microeconomics are of limited relevance in those countries. •macroeconomics Branch of economics that deals with aggregate economic variables‚ such as the level and growth rate of national output‚ inter· est rates‚ unemployment‚ and inflation. Trade-Offs In modern market economies‚ consumers‚ workers‚ and firms have much more flexibilityand choicewhen
Premium Economics
- Financial flows Deregulation of financial markets (less rules and regulations in currency markets and foreign investment) led to a rapid increase in FDI and portfolio investment. Investment makes economies more integrated as economic changes in one country influence others (CONTAGION e.g. negative effects such as the GFC and the EDC or positive effects such as new technology and booming economies). The main benefits are that it enables countries to finance their domestic economy even if domestic
Premium Investment Economics
Article 92 Good order and Military discipline: The Disciplinary Regulations of the United States Army define military discipline as "a strict and honorable compliance by all servicemen with the order and rules prescribed by laws‚ military regulations and orders of commanders (superiors)." Military discipline is a special form of military relations. Its specifics lie in coordinating the conduct and actions of military personnel and in serving to establish such relations as are required for
Premium Armed forces Military Army
Tutorial 2 (Topic 2: Thinking like an Economist) 1. i) What is meant by positive analysis and normative analysis? ii) Classify each of the following statements as positive or normative. Explain. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Bank Negara Malaysia (BNM – Central Bank) should reduce the rate of money growth.
Premium Inflation Economics Bank Negara Malaysia
illuminate the faults in Weisenburger’s theory of satire dichotomy‚ as well as illuminate the nature of the satirical qualities of Slaughterhouse-Five itself. Function: This is the thesis of Gil Henkin’s essay “Steven Weisenburger and the Big Scary Normative Value: An Exercise in Postmodern Posturing.” Its function is to provide the main idea which the author will argue thorough the essay. ¶2 Topic Sentence: Weisenburger rejects the concept of the dichotomy between a “good” and a “bad” example‚ yet
Premium Literature Kurt Vonnegut Billy Pilgrim
Which of the following is the best definition of economics? the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided Opportunity cost is that which we forgo‚ or give up‚ when we make a choice or a decision. The reason that opportunity costs arise is that resources are scarce. If your tuition is $5‚000 this semester‚ your books cost $600‚ you can only work 20 rather than 40 hours per week during the 15
Premium Economics