...Economics Important Terms & Definitions Scarcity - Situation where limited resources available unable to satisfy unlimited human wants Opportunity Cost (OC) - Cost of any activity measured in terms of next best alternative forgone Production Possibility Curve (PPF) - Shows all different maximum attainable combinations of goods & services produced when all available resources are used efficiently at given state of technology Law of Increasing Opportunity Cost - As more of a good is produced, more of another good has to be sacrificed in production Factors of production - Economic resources: land, capital, labor, and entrepreneurial ability. Consumer goods - Products and services that satisfy human wants directly. Capital goods (See capital.) - “Human-made resources (buildings, machinery, and equipment) used to produce goods and services; goods that do not directly satisfy human wants; also called capital goods.” Macroeconomics - The part of economics concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measures of the total economy Microeconomics - The part of economics concerned with such individual units as industries, firms, and households and with individual markets, specific goods and services, and product and resource prices. Economic resources -The land, labor, capital, and entrepreneurial ability that are used in the production of goods and services; productive...
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...Economic Definitions Worksheet 1. Gross Doemstic Product (GDP) GDP is a flow concept that measures final aggregate output per year for a given country. Even though GDP is reported quarterly; it is annualized, meaning it is reported as an estimate for the entire year. Final production includes the value of all goods and services produced by all companies withing that given country. 2. Real GDP Real GDP is the GDP adjusted for price changes caused by inflation or deflation. Because of inflation, GDP increases do not accurately reflect the true growth in a countries economy, Real GDP represents the GDP with the inflation rate taken into account. 3. Nominal GDP Nominal GDP is the market value of all final goods and services produced by a country, based on goods and services produced by a country, at their respective prices, unaccounted for inflation. 4. Unemployment Rate The unemployment rate is a measure of a countries unemployment and is calculated as a percentage by dividing the number of unemployed workers by all workers currently in the labor force. It is important to remember that people outside of the labor force are not included. When an economy reaches recession, usually the unemployment rate rises along with it. 5. Inflation Rate The Inflation rate is the rate that prices of goods and services increase and buying power...
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...DEFINITION OF ECONOMIC DEVELOPMENT After searching through the literature, It was found that the following definition of Economic Development would be best suited for this study due to its compatibility with the scrutiny of a third world country, "The process of enlightening the quality of human life through increasing per capita income, reducing poverty, and enhancing personal economic prospects. It is also sometimes defined to include better education, better-quality health and nutrition, conservation of natural resources, a cleaner environment, and a richer cultural life" (Penn State University 2008). Hackett (2008) emphasized the role of the Government and its influence on Economic Development. THE VARIABLES OF ECONOMIC DEVELOPMENT This...
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...Important Terms & Definitions | H2 Economics IMPORTANT TERMS & DEFINITIONS [ECONOMICS] Microeconomics 1. Introduction to Economics Scarcity Situation where limited resources available unable to satisfy unlimited human wants Opportunity Cost (OC) Cost of any activity measured in terms of next best alternative forgone Production Possibility Curve (PPC) Shows all different maximum attainable combinations of goods & services produced when all available resources are used efficiently at given state of technology Law of Increasing Opportunity Cost As more of a good is produced, more of another good has to be sacrificed in production Comparative Advantage When one can perform an activity at a lower opportunity cost than anyone else Law of Comparative Advantage Trade can benefit countries if they specialize in goods in which they have a comparative advantage 2. Demand & Supply Law of Demand Inverse relationship exists between price of good and quantity demanded of good, ceteris paribus Law of Supply Direct relationship exists between price of good and quantity supplied of good, ceteris paribus Price Elasticity of Demand (PED) Degree of responsiveness of quantity demanded of good to a change in its own price, ceteris paribus Income Elasticity of Demand (YED) Degree of responsiveness of demand to a change in income of consumers, ceteris paribus Cross Elasticity of Demand (XED) Degree of responsiveness...
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...Culture and Poverty I, Introduction As every countries is developing their economics and societies, their people are enjoying the growth of the economics and modern society; however, still most people are left behind depend on what society they are live in. Those left behind are categories as poverty. Developing countries seem to have more poverty populations than those of developed countries. There are many definitions and explanations to define poverty. Many factors such as, income, non-materialist, feminist are examples of the poverty defined factors, with their own unique way of explanation. However, there is much scholar has ever discussed about culture as one factor of poverty. In other word, cultural factor seems to be the last thing people talk about poverty. In this paper, we shall discuss how culture influence to poverty progress. The paper will briefly discuss about some theories of poverty such as absolute poverty, relative poverty, and UN definition of poverty. The analysis will lead to the answer to the following question: 1, Should definition of poverty include culture as one factor? 2, Can culture contribute to the reducing in poverty? 3, How should definition of poverty be best defined? II, Body Absolute poverty is defines that, “a condition characterised by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education and information. It depends not only on income but also on access to...
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...The Luxury Evolution Every generation redefines its definition of luxury. How they relate to it or reject it. From the “more generation”, to the X, we have seen everything from conspicuous consumption to less is more. Each generation also redefines its relationship to luxury. The evolution of social, political and economic factors is just a few of the major defining elements in any generation’s approach to luxury products. How a particular group defines luxury is often influenced by the preceding generation’s relationship to it. Is it a coincidence that the lean, Generation-X “less is more” philosophy of the 1990’s immediately followed the Baby Boomer’s conspicuous consumption ideals of the 1980’s. No business lives or dies more by the definition of luxury, than the Cosmetics Industry. From mass to class distribution to direct sell, luxury is the name, of the game. Revolution or evolution, defining luxury becomes the bete noir as the baton is handed to each new generation The Cosmetics Industry lives on its ability to provide luxury goods (No matter the definition) more than any other. It is imperative that we not Only understand how varying market segments define luxury and thereby consume it, but equally important that we can predict how fresh and upcoming markets will define their unique relationship to it. As an industry we must ask ourselves, are we open to deconstructing traditional definitions of what constitutes luxury? What new requisites will tomorrow’s...
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...of complete physical, mental, and social well-being and not merely the absence of disease or infirmity."[2][3] Although this definition has been subject to controversy, in particular as lacking operational value and because of the problem created by use of the word "complete," it remains the most enduring.[4][5] Other definitions have been proposed, among which a recent definition that correlates health and personal satisfaction.[6][7] Classification systems such as the WHO Family of International Classifications, including the International Classification of Functioning, Disability and Health (ICF) and the International Classification of Diseases (ICD), are commonly used to define and measure the components of health. Systematic activities to prevent or cure health problems and promote good health in humans are undertaken by health care providers. Applications with regard to animal health are covered by the veterinary sciences. The term "healthy" is also widely used in the context of many types of non-living organizations and their impacts for the benefit of humans, such as in the sense of healthy communities, healthy cities or healthy environments. In addition to health care interventions and a person's surroundings, a number of other factors are known to influence the health status of individuals, including their background, lifestyle, and economic and social conditions; these are referred to as "determinants of...
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...Popular Culture Culture is defined as the behaviors and belief characteristics that define a particular social, economical, or ethnical group. While on the other popular culture is considered a working definition in that even though there is technical definition is constantly being redefined and fine tuned. Popular culture encompasses the most immediate and contemporary elements of a social, economical or ethical group. The most common definition of popular culture is a representation of a common ground of cultural activities or commercial products that cut across economic, social and educational barriers. A major trend that many are seeing more and more is the use of social networking sites such as Facebook and Twitter. The sites have allowed people to connect all over the world. Facebook has enabled the people to reconnect with one another after not seeing each other for years or even to find new friends. Twitter has allowed the masses of people to follow their favorite celebrities as they go about their lives. The population not only in America, but around the world is obsessed with celebrities. These social networking sites, especially Twitter, have allowed the people to see their celebrities on a more regular basis rather than just on the news or magazines. The people of the world have also continued their love of reality shows. Whether the shows feature real people or celebrities, the American population is glued to...
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...Faculty : Economics, Administrative and Social Sciences Department : Political Science Instructor : Dr. Istvan Albert ARANYOSI Course : PHIL 243-9 Essay 1 / First Draft 1. Analyze the following fragment from Plato‘s dialogue Euthyphro (11a, page 14): "But if the god-loved and the pious were the same, my dear Euthyphro, then if the pious was being loved because it was pious, the god-loved would also be being loved because it was god-loved; and if the god-loved was god-loved because it was being loved by the gods, then the pious would also pious because it was being loved by the gods. But now you see that they are in opposite cases as being altogether different from each other: the one is such as to be loved because it is being loved, the other is being loved because it is such as to be loved.” There were plenty of gods in time of Socrates and Euthyphro but what is liked or disliked by gods was decided by man.When Socrates and Euthyphro encountered in the court, the first thing they asked was "Why he is here?".Socrates was charged by being impious and Euthyphro was charging his father because his father did something impious.In this case, what Socrates did was not believing what all people believe and this action was considered as impiety but, Euthyphro was sending his father to death because his father killed somebody and what Euthyphro was doing is considered as the right thing, even if his father commited crime.In the dialogue we see how the definition of piety and...
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...Explain and Assess Murdock's Definition of the Family George Peter Murdock was a researcher in the 1940s and 1950s in the USA and defined the family as characterised by six main factors; common residence (living in the same home), economic cooperation (sharing money or helping one another with work or children etc.), reproduction, at least two adults of the opposite sex maintaining a socially approved sexual relationship and one or more biological or adopted children of the cohabiting adults. Murdock advanced the thesis in Social Structure that the family was a universal social institution found in all societies. His claim was based on his study of two hundred and fifty societies of all kinds - from small hunting communities to industrial societies and believed that the children were the 'corner stone' of the family, and was not a family if there were no children. According to Murdock the nuclear family was the smallest. However, many sociologists of today's society disagree with his view and are able to point out limitations. This definition, despite excluding many modern day families and being seemingly a very traditional old fashioned approach to the family, is an extremely useful starting point for defining the family. Due to his vast research he cannot be criticized for being ethnocentric, because his studies were world wide and this allowed him to acquire a thorough understanding of the diversity families at the time. His definition is just wide enough to include some...
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...group of individuals and handling it over to another. It is the means to an end, not an end in itself.’ (Schuler & Hashemi,1994) The dictionary defines empowerment as giving authority or power to others. As a general definition, however, we suggest that empowerment is a multi-dimensional social process that helps people gain control over their own lives. It is a process that fosters power (that is, the capacity to implement) in people, for use in their own lives, their communities, and in their society, by acting on issues that they define as important. We suggest that three components of our definition are basic to any understanding of empowerment. Empowerment is multi-dimensional, social, and a process. It is multi-dimensional in that it occurs within sociological, psychological, economic, and other dimensions. Empowerment also occurs at various levels, such as individual, group, and community. Empowerment, by definition, is a social process, since it occurs in relationship to others. Empowerment is a process that is similar to a path or journey, one that develops as we work through it. Other aspects of empowerment may vary according to the specific context and people involved, but these remain constant. In addition, one important implication of this definition of empowerment is that the individual and community are fundamentally connected. Our focus as leaders is on quality, productivity, and cost effectiveness, so why are we suddenly talking about handing power over to employees...
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...'What are the four definitions of organization? An organization can be define by four main factors including: the group of people, persons, acting together in synergy for a common and specific purpose; the economic actors following economic goals and the economic impact on their environment; the accumulation of knowledge and learning of the different actors composing the organization; and the bundle of the different type of resources available for it. As a collection of people, stakeholders are the ones directly or indirectly connected to the organization. These actors have an interest in all its activities. The internal ones, directly involved in the organization (such as employees for example) are implicated in organizational politics and submitted to a hierarchy usually well define. As an economic actor, organization involve buyers and sellers of products or services. This concept induce the fact that the organization must be profitable and generate revenue producing what it sells, and so at an acceptable price and cost. To be able to do this, its different costs and efficiency must be well controlled to adapt, in its industry, to its market conditions. As an accumulation of knowledge and learnings, the organization is also define as a history of way of doing things, adapting its processes to ameliorate the work which have to be done, by putting in place some routines for example. And what enrich the organization is also all the tacit knowledge coming from the...
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...forces What are the challenges and benefits of globalisation Challenges (competition, distribution, macro-economic, socio-economic, financial, legal, physical, political, socio-cultural, labour, globalisation of Risk) Benefits (cost, timing, learning, arbitrage) What are the ways strategy can be developed? Processual Rational Seems to fit in this situation Evolutionary Systemic Family members on the board could influence cultural values etc. Fuzzy What’s included in a strategy development process and strategic planning? Defining organisational purpose (Where are we going?) External and internal environment analyses (What is the gap between where we are now and where we want to be?) Formulating and implementing strategy(How do we get there? And what are the financial aspects of value creation?) What are the three levels of strategy? Corporate Strategy Framework Business Functional What kinds of leadership style and approaches are there? Situational Transformational Transactional How does ethics and corporate social responsibility influence strategy? The classical view The socio-economic view Module 2: UNDERSTANDING THE EXTERNAL ENVIRONMENT Key questions Concepts/Models/approaches that can be used to answer the key questions: Applicability / Case facts support What is the “industry” of analysis? How can it be defined? How broad or narrow is it? Industry Definition Branded frozen food wholesale / Food and Grocery Manufacturing What’s the typical way products or services...
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...Information Literacy There are sources on the internet that contain various definitions about information literacy. According to Wikipedia, information literacy is defined as “the ability to know when there is a need for information, to be able to identify, locate, evaluate, and effectively use that information for the issue or problem at hand” (Wikipedia, 2014). There are many areas that relate to information literacy including literacy in the media, computer, critical thinking skills, and traditional literacy. In today’s modern world and age, information literacy is becoming an important set of skills required for someone to be able to identify information needed and having the ability to locate, evaluate, and effectively utilize the needed information. Moreover, “information literacy has emerged as a distinct skill set and a necessary key to one’s social and economic well-being in an increasingly complex information society” (Wikipedia, 2014). There are sources such as the Big6 that have helped to standardize the process of information literacy. I came across a periodical database about Big6 by the Month, explaining helpful and effective procedures in refining information needed and identifying that information if it is relevant and credible. The Big6 is a form of literacy standard, divided into 6 information problem-solving steps. Those steps are Task Definition, Information Seeking Strategies, Location & Access, Use of Information, Synthesis, and Evaluation. It is...
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...Defining Diversity Defining Diversity * To me, diversity encompasses a wide range of elements in which to classify a student population. It includes the obvious such as race/ethnicity, culture, gender, disabilities, and socio-economic status. However, diversity goes so much deeper. Diversity also includes the various cognitive levels in students, the different styles in which they learn, and the various levels of motivation in students. Each of these diversity categories can be evidenced in an educational setting. The impact it has on a school can be positive if it is approached and handled appropriately by the school and its’ teachers. If it is not, it can have very negative effects on the school and the student. Having low expectations and showing bias toward one diverse group over another can have a very negative and lasting impact. It is important to acknowledge that ALL students can achieve if given the motivation and encouragement to do so. According to Janine Bempechat, high achievers in all ethnic groups believed that success was die to hard work. She concluded, “Teachers need to help low achievers understand that poor performance does not result from a lack of ability as much as from lack of trying” (Nieto & Bode, 2008). It is for this reason that it is of utmost importance that teachers convey positive messages to their students. Building self-esteem can be the first step in academic achievement. If students do not believe they have the ability...
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