...Essentials of Economics Study Questions Chapter One 1. The central problem of economics is the: A. Distribution of goods and services to those in need. B. Scarcity of resources relative to human wants. C. Inefficiency of government operations. D. Unemployment of certain factors of production. 2. Which of the following explains why economic choices must be made? A. The factors of production are scarce. B. The factors of production are expensive. C. The factors of production are used inefficiently. D. The factors of production are of inferior quality. 3. Opportunity cost may be defined as the: A. The value of goods or services that are forgone in order to obtain something else. B. Dollar price paid for a final good or service. C. Dollar cost of producing a particular product. D. Dollar cost of the next best alternative resources for producing a good. 4. The concept of opportunity cost would become irrelevant if: A. The market mechanism functioned to allocate resources. B. The government allocated resources. C. The production possibilities curve bowed outward. D. Resources were no longer scarce. 5. Societies must address the question of WHAT to produce because: A. We can't produce all the goods and services we want. B. The amount of money in an economy is limited. C. We are wasteful and use resources inefficiently. D. Our economy experiences market failures. 6. Which of the following is the...
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...Dr. Mohammed Alwosabi Econ 140 – Ch. 11 Notes on Ch. 11 PERFECT COMPETITION This chapter examines the basic elements of perfect competition and the competitive firm. It examines how businesses with a given market price make production decisions that help maximizing profit. Characteristics of Perfect Competition 1. Many firms, each is selling an identical product. Each firm’s output is a perfect substitute for the output of the other firms, so the demand for each firm’s output is perfectly elastic. 2. Large number of buyers who are indifferent from whom to buy 3. No barriers (restrictions) to entry or exit; it is relatively easy to get into the business 4. Each firm produces a very small share of the total output so that no individual firm has the market power to influence the market price of the good it produces. A perfectly competitive firm is a price taker; it takes the market price as given. 5. Firms already in the industry have no advantage over new entrants 6. Complete information is available to buyers and sellers are about price, demand, and supply in the market 7. Perfectly competitive firms earn zero economic profit in the long run (only normal profit) 1 Dr. Mohammed Alwosabi Econ 140 – Ch. 11 Market demand curve vs. firm demand curve It is important to distinguish between the market demand curve and the demand curve facing a particular firm. The equilibrium market price is determined by the interaction of market demand and...
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...University of California, Santa Cruz Economics 135: Corporate Finance Instructor: Prerequisites: Lecture Times: Location: Section Times: Professor Nirvikar Singh Econ 10A, Econ 100A or 100M, Econ 113 MWF 3:30-4:40 pm Kresge 321 Tu 8:30-9:40AM Th 6:00-7:10PM Th 7:30-8:40PM F 11:00AM-12:10PM Winter Quarter, 2014 Baskin 165 Baskin 165 Baskin 165 Baskin 372 Wentao Su Jeffrey Hancuff Jeffrey Hancuff Wentao Su Office Hours: Location: Email: M 11-12, Th 1-2, or by appointment Engineering 2 Bldg, Room 421 boxjenk@ucsc.edu Teaching Assistants: Jeffrey Hancuff and Wentao Su Office Hours: TBD Locations: TBD Midterm Exam 1: Midterm Exam 2: Final Project Due: Monday, February 3 (in class) Monday, March 17 (in class) Thursday, March 20, 12 noon, delivered to TA mailbox Course Description and Objectives This course is an introduction to the financial management of a business. Topics include techniques for the valuation of future cash flows and of financial assets such as stocks and bonds; rules for managing cash and allocating capital in the short run and long run while taking account of costs, returns and risks; and the role of financial markets in guiding or facilitating these decisions. After taking this class, you will – I hope – be able to better understand and discuss financial news, know about the central financial aspects of running your own business, be able to work in the finance department of a firm, and be prepared for more advanced studies in finance. Required...
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...Dr. Mohammed Alwosabi Econ 140 – Ch.2 Notes on Chapter 2 PRODUCTION POSSIBILITIES FRONTIER This chapter reinforces the central themes of Chapter one by laying out the core economic model, the PPF, and using it to illustrate the concepts of scarcity, tradeoff and opportunity cost. It explains, with a model, the concepts of marginal cost and marginal benefit, introduces efficiency, and explains how we can expand production by accumulating capital and improving technology. The economic problem of allocating resources (making choices) in a situation of scarcity can be illustrated by explaining the concept of the production possibilities frontier (PPF). Production Possibilities Frontier (PPF) refers to the maximum combinations of goods and services an economy can produce efficiently using its available resources and technology within a given period of time. It is the boundary between the goods and services that can be produced from those that cannot. The PPF model is a graphical illustration with the following assumptions 1. The society has a fixed amount of available common resources. i.e., the same limited resources can be used to produce either of the goods. 2. The society has a fixed amount of technology 3. Full employment of resources 4. The choice is between producing two goods: Machines and Food. All other goods and services are assumed being the same (ceteris paribus). This assumption is to allow the use of simple graphical analysis. Note that these assumptions are...
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...Econ 100 Ch 1 & 2 Quiz marks = 35 STUDENT #________________________ Do not write name – ONLY Student # Multiple Choice Questions 1. Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favourite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. The opportunity cost of Tammie's trip to the concert is: A) $300. B) $450. C) $500. D) $600. 2. When a provincial government chooses to build more roads, the required resources are no longer available for spending on public education. This dilemma illustrates the concept of: A) marginal analysis. B) full employment. C) full production. D) opportunity cost. 3. When economists describe "a market," they mean: A) a place where stocks and bonds are traded. B) information networks that allow individuals to keep in touch with each other. C) a hypothetical place where the production of goods and services takes place. D) a mechanism which coordinates actions of consumers and producers to establish equilibrium prices and quantities. 4. The study of economics is primarily concerned with: A) keeping private businesses from losing money. B) demonstrating that capitalistic economies are superior to socialistic economies. C) choices which are made in seeking to use scarce resources efficiently. D) determining the most equitable distribution of society's output. 5. Economics may best...
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...University Dr. Julia L. Hansen Fall 2013 Office: PH 339, Office Phone: 6503204 Office hours: TR 1-2 p.m. and 4-4:30 p.m. (or by appointment) Additional office hours will be scheduled prior to exams. E-mail address: julie.hansen@wwu.edu Canvas address*: http://canvas.wwu.edu *Please visit the course page on Canvas for access to course documents, additional readings and links to relevant information on the web. COURSE READINGS: Gruber, Public Finance and Public Policy, 4th edition Additional readings as listed on the course outline COURSE PREREQUISITES: Econ 206 and Econ 207 COURSE DESCRIPTION: Public Finance deals with the taxing and spending activities of government. It is alternatively called Public Sector Economics or Public Economics. The focus of the course is on the microeconomic functions of government, and in particular the way that government affects the allocation of resources and the distribution of income. The analysis of the spending activities of government will include a discussion of public goods, externalities, education, welfare programs, Social Security and health care. On the tax side, we will build a framework for tax analysis, and then apply this framework to the personal income tax, the corporation income tax, and other U.S. taxes. COURSE OBJECTIVES: 1. To understand the economic rationale for government involvement in a market economy. 2. To learn about the major...
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...social science that studies how society allocates its scarce resources to those with unlimited wants * Scarcity—limited amount * Resource Types: * Land * Labor- job availability * Capital-manufactured aid to production( i.e., manufactured goods…desk..markers…) * Entrepreneurship- person who starts a business; combines land, labor, and capital to produce a business * LIMITED RESOURCES = LIMITED PRODUCTION OF GOODS AND SERVICES * ALLOCATION: * Market system * Command system TEN PRINCIPLES: GROUPS A. How households (people) make decisions B. How households (people) interact C. How the economy as a whole works A. How households make decisions: 1. People face trade-offs: a. Personal—doing more of one activity and doing little to none of another activity b. Production—producing more of one good and producing less of another good Most money spent towards: * Defense * Social security * medicare c. Efficiency/Equity—society chooses b/w being efficient or equity; more efficiency= less equity ~ more equity= less efficiency * Efficiency—exists when the society gets the most from its resources * Equity—exists when societies output is distributed fairly among its members * Redistribution: among members of society, i.e, social security (OASDI), unemployment, welfare (TANF= food stamps, housing), compensation 2. Opportunity cost: : What...
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...P118-123 1. What was the relationship like between Stalin and Mao? * Feb 1950 Treaty of Friendship that seemed to confirm US perceptions that China was ready to do Stalin’s bidding in struggle against forces of capitalism and imperialism * Reality was to show much more complex relationship between 2 com powers * Treaty heavily favorable to USSR, reflection of relationship between 2 countries at time * USSR treated China as a junior partner in com alliance * 1 way China could improve standing in relationship was by proving loyalty to cause of world com. In this context it was to take active role in attempting to advance world com * Not easy relationship between S/M * S always cautious in providing help to CCP during civil war. To him Guomindang seemed to offer better bulwark against Jap expansion in China that occurred during 30s and WW2. As a result gave them aid * Only after CCP had taken over in Oct 49 that Stalin was prepared to place relations with M on firmer footing * Alliance with USSR was to be cornerstone of M fp. believed it was only though assistance of USSR that com CH could receive protection it needed against attack from USA and anti-com forces in CH. Also wanted help of Sov experts to ensure socialist society was developed within CH. * USSR agreed to help and Liu Shaoqi (2nd in command) visited Moscow summer 49 to start negotiations * Report to S, sov com party “main headquarters” of com movement. CH is just a “battle-front...
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...ECON 3023: Long-Run Economic Growth Solution of Homework 5 Instructor: Satis Devkota ------------------------------------------------- Due: Wednesday, December 10 at 11:00PM ------------------------------------------------- Ch # 7: Q. No. 2. The equation for output at year t: And the ratio of output between years t and t 100 Rearranging the equation, using the given information and taking 1/3, we get Thus, productivity increased by a factor of 4. Ch # 7: Q. No. 3. a. In order to calculate the relative levels of productivity in Freedonia and Sylvania, we must first find the levels of factor accumulation for each country. Denoting a subscript F for Freedonia, a subscript S for Sylvania, and substituting in the appropriate values, we get: The level of factors of production for Freedonia and Sylvania are 80 and 50, respectively. The ratio of factors of production is given by: That is, level of factors of production is 1.6 times greater in Freedonia than in Sylvania. Next, we find the ratio of output per worker by, The level of output per worker in Freedonia is twice as large as that in Sylvania. This allows us to use the following equation: Solving for the above equation, we get Therefore, the productivity level in Freedonia is 1.25 times the productivity level in Sylvania. b. If all differences in output were due to differences in productivity, then, Thus, the differences in output would be exactly the difference...
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...yorku.ca Room Office hours: Mondays & Wednesdays, 11:30 a.m. to 12:30 p.m., or by appointment. Brief Description: Students learn about investment and financing in this core course. The investment decision allocates scarce resources to projects in the organization, and involves asset valuation, capital budgeting, risk management, working capital management and performance assessment. The financing decision chooses sources of cash to finance the investment decisions and involves capital structure, financial instruments, the risk-return trade-off, financial planning and the cost of capital. Ethical considerations and management in the global context are integrated into these topics. Course Credit Exclusion: AP/ECON 3.00 (AS/ECON 4400 3.00 or AK/ECON 4082 3.00) Prerequisite: none Course objectives: The course objectives are to introduce students to the theory of financial management and its application to the business world. It analyzes how financial managers make decisions within a framework which emphasizes the time value of money (TVM) and the relationship between expected return and risk. In addition, we examine the techniques that financial managers use to evaluate feasibility of undertaking new projects (i.e., capital budgeting). This course is very fast paced, technical in nature, and it requires each student to do considerable out-of-class work. Problem solving throughout the course is required. Organization of the Course: Class format is lecture-style...
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...------------------------------------------------- Course Syllabus Facilitator Name: Robert C. Paramo, MBA Course Name: Principles of Macroeconomics Course Number: ECO/372 Version 4 Group Number: SB12BSB02 Course Start Date: 01/24/2013 Course End Date: 02/21/2013 COURSE SCHEDULE: Workshop 1 – Jan. 24, 2013 Workshop 2 – Jan. 31, 2013 Workshop 3 – Feb. 07, 2013 Workshop 4 – Feb. 14, 2013 Workshop 5 – Feb. 21, 2013 COURSE LOCATION, DAY AND TIME: San Bernardino Learning Center, Thursdays, 6:00 p.m. to 10:00 p.m. REQUIRED READING: Students are required to read all materials available at the Course Materials site for this course on https://ecampus.phoenix.edu/portal/portal/public/login.aspx Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Copyright Copyright ©2009 by University of Phoenix. All rights reserved. University of Phoenix© is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Policies Students/learners will...
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...Revised January 2016 Subject to Change Advanced Placement Examination Credit In order to receive credit for your AP exam scores, please request an official score report to be sent electronically from the College Board. You can request a score report to be sent by contacting the College Board at 1.888.308.0013 or by visiting www.collegeboard.com. AP score reports are sent to OHIO throughout the year. For a complete list of course names and descriptions, please visit Ohio University’s online catalog and search under courses. The catalog can be found at: www.catalogs.ohio.edu AP SUBJECT SCORE OHIO UNIVERSITY EQUIVALENCY SEMESTER HOURS AP SUBJECT SCORE OHIO UNIVERSITY EQUIVALENCY SEMESTER HOURS Art History (13) (ARH) 3 AH 2110 4 Comp Government & Politics (58) (GPC) 3 POLS 2300 3 4 AH 2110, AH 2120 8 4 POLS 2300 3 5 AH 2110, AH 2120 8 5 POLS 2300 3 Art Studio: 2-D Design (15) (ASG)* 3 ART 1XXL 3 Computer Science A (31) (CSA) 3 CS 2400 4 4 ART 1XXL 3 4 CS 2400 4 5 ART 1XXL 3 5 CS 2400 4 Art Studio: 3-D Design (16) (ART3D)* 3 ART 1XXL 3 Computer Science AB (33) (CSAB) 3 CS 2400 4 4 ART 1XXL 3 4 CS 2400 4 5 ART 1XXL 3 5 CS 2400 4 Art Studio: Drawing (14) (ASD)* 3 ART 1XXL...
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...GENERATION Yves Pigneur Patrick Van Der Pijl Alexander Osterwalder Alan Smith Tim Clark www.businessmodelgeneration.com, EUR 27,60 THE CORE TEAM a core team did the heavy lifting in authorship, design and production of this collaborative effort involving over 400 strategy practitioners from around the world. Lead authors Alexander Osterwalder, Ph.D, and Professor Yves Pigneur, Ph.D., Creative Director & Designer Alan Smith from The Movement, Producer Patrick Van der Pijl of Business Models Inc. and Editor Tim Clark of Hitotsubashi University Graduate School of International Corporate Strategy. www.businessmodelgeneration.com 2 AGENDA 1. 2. 3. 4. 5. 6. 7. 8. 9. BUSINESS MODEL BUSINESS MODEL EXAMPLES MORE... BUSINESS MODEL REVENUE MODEL BUSINESS MODEL BUSINESS MODEL MISC. FRAMEWORK ENVIRONMENT MEASUREMENTS INNOVATION 3 1. BUSINESS MODEL 4 BUSINESS MODEL 5 BUSINESS MODEL A Business Model Of A Company Is A Simplified Representation Of Its Business Logic. 5 BUSINESS MODEL 5 BUSINESS MODEL BUSINESS MODEL “describes what a company offers its customers, how it reaches them and relates to them, through which resources, activities and partners it achieves this and finally, how it earns money.” Dr. Alexander Osterwalder 6 KP KA VP CR CS 2. C$ by Alexander Osterwalder & Yves Pigneur (taken from the book „Business Model Generation“) BUSINESS MODELCH FRAMEWORK KR R$ 7 2. BUSINESS MODEL FRAMEWORK by...
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...Please turn in hardcopy at start of class in order to not lose any points for being late. Ex e r c is e s 1 . Pres id en t Coon e is b a ffled a b ou t h ow d igita l in form a tion from a com p u ter ca n b e s en t over a n etwork con n ection . Prep a re a b rief p os ition p a p er for m a n a gem en t exp la in in g th e wa y in form a tion is tra n s ferred from on e com p u ter to a n oth er over d igita l lin es . Keep it s im p le. Be s u re to d es crib e th e typ es of d evices u s ed in d a ta tra n s m is s ion . In clu d e com m en ts on th e role of d a ta com p res s ion in in crea s in g tra n s m is s ion ra tes . J u s tify th e ob s erva tion th a t a s a gen era l ru le, it is b es t to p u rch a s e th e fa s tes t d evices you r com m u n ica tion s lin es ca n s u p p ort. 2 . As you b egin th in k in g a b ou t th e red es ign of th e n etwork , you rea lize th a t th ere a re va riou s typ es of m ed ia to ch oos e from . Wh ich m ed ia will you u s e in th e n etwork a n d wh ere will you u tilize th es e typ es ? 3 . Us in g th e n etwork th a t is b ein g red es ign ed will certa in ly s p eed d a ta tra n s fers con s id era b ly. Pres id en t Coon e is a m a zed to s ee th a t a n em a il m es s a ge with a la rge a tta ch m en t ca n b e s en t in a m a tter of s econ d s...
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...SOCIALIST MARKET ECONOMY Page 1 AB S TRACT Aft er t h e en d o f t h e C ul tu ral R evo l u t io n i n 1 97 0 ’s, Ch in a t ran s fo rms it s elf fro m a cen t rall y p l ann ed econ o my t o an eco no my wi t h “C hi n es e ch aract eri s ti cs ” o r wh at is k n o wn as t h e s o ci al is t mark et eco n o my i n t h e 1 9 80 ’s . As a res ul t, s mal l an d med i u m -s i zed en t erp ris es fl ou ri sh ed an d ent rep ren eu rs hi p fro m p ri vat e s ect o r co nt ri bu tes s ub st an ti all y t o t h e econ o my e ver s i n ce. Th is p ap er is to ex ami n e th e ch aract eri s ti cs and t h e d is ti n ct i ve at t rib ut es o f p ri vat e en t rep ren eu rs i n t h e P eo pl e’s R ep ub li c o f C hi n a i n th e s ett in g o f a t ran si ti o n al eco no my u n d er t h e co mmu n i s t -co nt rol l ed p ol it i cal en vi ro n me n t . KE Y WOR DS : en t rep ren eu r, C hi n a, man age men t , Co n fu ci an is m, ch aract eri s ti cs , at t rib ut es , gu anx i , fen g s hu i 1 . INTRO DUCTIO N C hi n a exp eri en ced t remen d o u s eco n o mi c gro wt h si n ce th e ti me wh en t h e co u n t ry ad o p t ed a mark et -o ri ent ed p ol i cy t o ward s t h e d evel o p men t o f a mo re “o p en ed ” an d “cap i t ali st ” econ o my i n t h e 1 9 80 ’s . B efo re t h e 1 98 0 ’s, p ri vat e s ect o r p arti ci p at i on i n t h e eco no my was l i mi t ed du ri n g t h e C ul t u ral R evo l u t io n i n t h e 1 9 70 ’s . In t h e l ast t wen t...
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