[pic] Scarcity‚ Choice and Opportunity Cost 1. What are resources? Describe two different types of resources. Resources are anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants. Capital resources include machinery‚ equipment‚ and structures used to produce other goods and services. Human resources include labor‚ skills‚ and knowledge. Products of nature can also be used as resources. Difficulty: E
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Course Description This course applies economic concepts to make management decisions. Students employ the concepts of scarce resources and opportunity costs to perform economic analysis. Other topics include supply and demand‚ profit maximization‚ market structure‚ macroeconomic measurement‚ money‚ trade‚ and foreign exchange. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: •
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8/17/2013 Re: Five Human Resources Concerns Region-wide Hello Ms. Pat‚ please accept this memo in response to your email regarding some recent human resources issues that have occurred within the Atlanta Region Cost Club stores. Confidential Message I: Discharges at the Anderson Cost Club Store The store in Anderson‚ being located in a right-to-work state‚ does not have to provide a rationale for the firing of the two employees. Stating that the firing was a downsizing‚ the General Manager needs
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such as a private vehicle. This directly relates to an economic principle referred to as Opportunity Cost‚ which explains what must be given up as the result of a choice. It is more economic for some to forego ownership of a private vehicle than to go without food‚ paying mortgage or paying bills. Another economic principle that can be considered is the demand equation which is also linked to opportunity cost. The demand equation reflects that demand can be influenced by an individual’s income and
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Part A 1) The & 4 million offer is “ Relevant ” financial information Because of : important cost will be cost will happen just if the strategy is attempted‚ it can be kept away from by systems for breaking down cost information for basic leadership purposes ( Opportunity Cost ); it is just money costs that is pertinent ‚ opportunity costs along these lines speak to the cost of chances inescapable because of making one course of move ‚ there are as significant as some other expenses
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Opportunity cost is a decision between two conceivable choices where you judge the advantages of one decision over the other. Opportunity cost is an immediate implication of scarcity. Individuals need to pick between various options when choosing how to invest their time and money. Choosing to go to college as opposed to entering the workforce‚ you forego whatever you may have earned working a regular job. Many people when considering the budgetary ramifications of heading off to college just consider
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Work Sheet - IB – I Year Name: Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country’s
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OPPORTUNITY COST & THE FREE MARKET Scarcity is one of the most basic and crucial points to understand in microeconomics.1Scarcity means that we cannot have all the needs and wants to satisfy our desires. Scarcity can be applied to almost anything. Due to the scarcity of products we must make a choice of what we want. We must choose whether to do one thing or another by what we value to be most important to us. This‚ therefore‚ leads to us opportunity cost. Usually when one has to make a decision
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Guillermo Furniture Store Recommendation Guillermo Furniture Store Scenario The Guillermo Furniture Store Scenario has many alternatives that impact business planning and decisions. To effectively choose the best alternative‚ Guillermo must carefully examine the quantitative and qualitative information. The chart displays three alternatives that will allow Guillermo to make the best business decision for the furniture store. Alternative | Pros | Cons | Needed information | Keep company
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