...A good resource is all the documents that of a form or other one spread the proper knowledge of an area. Each of these documents gives birth to the primary sources of information, and these in turn, give place to other documents that the secondary and tertiary sources shape. In the chosen topic "Research and report on how to fund a non-profit community book festival for a major United States city. Consider recent changes in the economy ", we identify a various sources to develop the above mentioned topic. These identified sources offered to us information of how we can plan a book festival by means of sponsors to be able to help this non-profit company. What makes a good resource for every investigation or event planning is the validity of information. The person need to make sure the source is trustworthy. How he or she can verify it? For example: a Phoenix University document from the online library VS a complete informative document from Wikipedia. Wikipedia is an online library but made by every person who post information, they didn’t verify the sources, maybe you can find an extensive and complete document about the information that are you looking for but the sources are not reliable. Another example is when the person looks information about decease, is not the same getting the information over the internet that getting the information from a book that its author is a doctor. The sources utilized to get information about how to make or plan a book festival were...
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...satisfy unlimited wants with limited resources?" The premise of the economic problem model is that wants are constant and infinite due to constantly changing demands (often closely related to changing demographics of the population). However, resources in the world to satisfy human wants are always limited to the amount of natural or human resources available. The economic problem, and methods to curb it, revolve around the idea of choice in prioritizing which wants can be fulfilled and how do we know what to produce for the economy. Opportunity cost and Production Possibility Frontier or Production Possibility Curve. The main theory to decipher what and how to prioritise these wants and needs is to look at the opportunity cost (looks at what good must be prioritised first according to needs and how efficiently that the good can satisfy infinite wants). A good way to look at this is the production possibility frontier (PPF) or PPC, this isolates two goods in an economy produced at any one given time to show the effect of what would happen if one changed according to the other and also the effects of new technology and new resources. For example, say that we have isolated two goods, food and clothing, and we look at what would happen if there was increased production of food (there is an opportunity cost of clothes so clothes would go down as food goes up), this varies according to what effects there are including new technology and new resources. Needs Needs are material items...
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...com/47740996/economics-chapter-1-flash-cards/ 1 What enables society to produce more goods with current resources? Technology 2 A nation's production possibilities curve can shift outward: As a result of specialization and trade. With an increase in the quality and quantity of resources. Through the use of improved production techniques. 3 Factories storage, transportation and distribution facilities, as well as tools and machinery are all examples of physical ________ goods. Capital 4 To economists, land includes all ______, or gifts of nature, used in the production process. Natural Resources 5 The pleasure, satisfaction, or happiness obtained from consuming a good or service is known as (One Word) Utility 6 The need to make choices because economic wants exceed economic means, most likely describes The Economizing Problem 7 _________ is the discipline of economics concerned with individual units such as households, firms and government Macroeconomics 8 The four general categories of economic resources are: Land, Capital, Labor, and Entrepreneurial Ability. 9 A ____ ____ ____ list the different combinations of two products that can be produced with a specific set of resources, assuming full employment Production Possibilities Table. 10 Due to scarce resources, every individual, whether rich or poor, is faced with an _______ cost when choosing to produce or consume more of one good over another Opportunity. 11...
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...theories in the operation of any economy. It asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs. The problem then becomes how to determine what is to be produced and how thefactors of production (such as capital and labor) are to be allocated. Economics revolves around methods and possibilities of solving the economic problem. Economic problem arises mainly due to two reasons- (i) human wants are unlimited (ii) means to satisfy human wants are scarce. Contents [hide] * 1 Overview * 1.1 Opportunity cost and Production Possibility Frontier or Production Possibility Curve. * 1.2 Needs * 1.3 Wants * 1.4 Choice * 2 See also ------------------------------------------------- Overview[edit source | editbeta] The economic problem is most simply explained by the question "how do we satisfy unlimited wants with limited resources?" The premise of the economic problem model is that wants are constant and infinite due to constantly changing demands (often closely related to changing demographics of the population). However, resources in the world to satisfy human wants are always limited to the amount of natural or human resources available. The economic problem, and methods to curb it, revolve around the idea of choice in prioritizing which wants can be fulfilled and how do we know what to produce for the economy. Opportunity cost and...
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...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 realistic for the short run but not for the long run. 1 Dr. Mohammed Alwosabi Econ 140 – Ch.2 EXAMPLE: The following table summarizes hypothetical choices, or production...
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...economy try to cope with economic scarcity. Answer: A market system allows for the private ownership of resources and coordinates economic activity through market prices. Participants act in their own self-interest and seek to maximize satisfaction or profit through their own decisions regarding consumption or production. Goods and services are produced and resources are supplied by whoever is willing to do so. The result is competition and widely dispersed economic power. The command economy is characterized by public ownership of nearly all property resources and economic decisions are made through central planning. The planning board, appointed by the government determines production goals for each enterprise. The division of output between capital and consumer goods is centrally decided based on the board’s long-term priorities 2. How does self-interest help achieve society’s economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers? Answer: The motive of self-interest gives direction and consistency to the economy. The primary, driving force of the market system is self-interest. Entrepreneurs try to maximize their profits; property owners want the highest price for their resources; workers choose the job with the best wages, fringe benefits and working conditions. Consumers apportion their expenditures...
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...explaining the following statements and questions: 1. Explain why things are scarce. 2. What is a free good? Can you give an example? 3. What is a resource? Identify and explain the four major categories of resources. 4. What is economics about? I hope to give in-depth explanations and have thorough research completed for this paper about economics. My methods include reading articles to obtain information to write this paper, and having accurate conclusions that correspond to the research. Thank-you. Witte Running Head: THE FALL OF HUMANITY ASSIGNMENT 3 Explain why things are scarce. Things are scarce because nothing is unlimited. Everything comes to an end whether we want it to or not. The problem is that, although your wants, or desires, are virtually unlimited, the resources available to satisfy these wants are scarce. (1) Fact is, every time you seek to have one of your wants or desires fulfilled, scarce resources are required to do so. Whether that resource be natural resources, knowledge, time - it will always run out. What is a free good? Can you give an example? A free good is a good with zero opportunity cost....
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...ECON130 Principles of Microeconomics What Is the Economy? 1. The Economy is us. 2. It is the grand sum of all our production and consumption activities. 3. For the United States, it is the collective behavior of the 320 million individuals who participate in it. The Core Issues The purpose of an economy is to produce goods and services that satisfy peoples’ wants using the limited resources available. Wants Limited Resources Unlimited What do you want in your life? Scarcity: The Core Problem Scarcity: lack of enough resources to satisfy all desired uses of those resources. Three Core Issues What to produce with our limited resources How to produce the goods and services For whom goods and services are produced Factors or Production 1. 2. 3. Land labor Capital Entrepreneurship Goods produced for use in further production The assembling of resources to produce new or improved products and technologies All natural resources Skills and abilities of all humans at work 4. Land The entire material universe exclusive of people and their products. Capital Capital – goods produced for use in further production. • Future investment • Depreciate • More efficient technology Capital Money Quiz Labor Entrepreneurship Capital Land Economics Defined Economics: the study of how best to allocate scarce resources among competing uses. Trade Off A situation...
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...greater than the capacity of available resources to provide those wants. 3 Parts: 1. People want it 2. There is a limited amount of it 3. It has more than one productive use Scarcity Scarcity vs. Abundance – people see many signs of abundance (e.g. cell phones, iPods) and also see resources wasted daily (e.g. water and food). However, as long as resources are limited and people’s wants are unlimited, scarcity (in the economic sense) will exist. Scarcity In economic reasoning, scarcity is a relative concept, not an absolute one. Scarcity does not mean “not plentiful.” In economics, something is scarce when it has more than one valuable use. = & Opportunity Cost Opportunity cost is what you give up to obtain something else, the second-best alternative. However, what you must give up is not money – it is whatever good or service you would have spent the money on as your next favorite choice. Goods v. Services Good – something that is tangible; it can be seen and felt. It requires scarce resources to produce and it satisfies human wants Goods v. Services Service – something that is intangible; yet it too requires scarce resources to produce and satisfies human wants Is it a good or service? Productive Resources L – land (and stuff from land) L – labor (physical and mental) C – capital (human-made things) E – entrepreneurship Productive Resources Land – land and everything that ...
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...Understanding the Economics Standards for teachers in grades 9–12 Economics studies how people, acting as individuals or in groups, decide to use scarce resources to satisfy wants. This fundamental economic concept of scarcity is at the core of the discipline. There are never enough natural resources, human resources, or capital resources (man-made goods such as tools, equipment, machinery, factories) to produce everything society wants. Therefore, choices must be made on what to produce, how to produce, and for whom to produce. Choices must also be made at a personal level. There never seems to be enough money or time to have or to do everything one wants. Economics is a way of thinking, a science of making choices. Economists examine the decision-making processes of individuals, businesses, markets, governments, and economies as a whole. An understanding of economic principles helps people to: • Consider not only the short-term effects of a decision, but also its long-term effects and possible unintended consequences; • See the connections between personal self-interest and societal goals in order to understand how individual and social choices are made in the context of an economy; • Analyze how social goals, such as freedom, efficiency, and equity, impact public policies. Because of increasing interdependence and globalization, everyone in the United States needs to be aware of the issues in the global economy, their role in that system, and be able...
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...Problem discuss the Methodology in Economics differentiate between Microeconomic Issues and Macroeconomic Issues 1.1 WHAT IS ECONOMICS? Some opinions: “Supply and Demand - that’s all there is to economics. The rest is nonsense.” “Economics is about what everyone knows in a language that nobody understands.” “Economics explains the price of everything and the value of nothing.” “Economists are quite unique in their failure to solve a single one of the problems of their profession.” John Papworth Economist– the one profession where you can gain great eminence without ever being right.” George Meany While these views / opinions of economics / economists contain some element of truth, they hardly give a meaningful insight into the nature of the subject and the work of economists. What is Economics? Many definitions have been offered for Economics. Mostly, they focus on two inter-related approaches to the above question: 1. 2 the problems that Economics deals with; and the methods that economists use in dealing with these problems. An example of the ‘problem’ type of definition is given below: “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” Lord Robbins 1929 Simply put, Economics can be defined as the social science which studies how human beings use what is available to get what is wanted. An example of the ‘methods’ type of definition comes from a famous economist: MDIS 1–1 Introduction to Economics...
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...Scarcity, choice and resource allocation Economic Resources | | Microeconomics is the study of the behaviour and decisions of individuals and businesses in markets across the economy. We start our study of microeconomics by looking at the resources which an economy may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals and society as a whole.In economics we classify goods as “tangible” products, example might include food and drink, cars, digital televisions, flat-screen televisions, energy products and cricket bats! Services are sometimes known as intangibles, education and health-care are two important services and tourism, business consultancy, cleaning and home insurance are all examples of services.Finite resourcesThere are only a finite (or limited) number of workers, machines, acres of land and reserves of oil and other natural resources on the earth. Because most of our resources are finite, we cannot produce an unlimited number of different goods and services and by producing more for an ever-increasing population we are in real danger of destroying the natural resources of the planet. This has important consequences for the long-term sustainability of economies throughout the world and potentially huge implications for our living standards and the quality of life. | Factors of production Factors of production refer to the resources we have available to produce goods and services. We make a distinction...
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...Week 1 Assignment Grantham University Week 1 Assignment Chapter 1 3. a.) What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods, services, and resources to others? * In a market economy the price mechanism is used to ration goods and services. Individuals supply goods, services and resources to others in order to attain money to buy other goods, services and resources. The higher the price an individual can receive for a good or service they supply, the more incentive they will have to do so. b.) How are grades rationed in your economics class? How does this rationing method influence student behavior? Suppose the highest grades were rationed to those whom the teacher liked the best. How would this method of rationing influence student behavior? * In class, grades are rationed (hopefully) based on student performance on tests, homework and papers. Students who wish to achieve good grades must therefore study, do homework and work hard. If the grades were rationed based on who the teacher liked bests, students would have less incentive to study and do the homework (unless the teacher liked the smart students who did their work the best), and more incentive to try to gain the teacher's favor for a good grade 7. A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe...
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...Unit 2: Business resources P1: Within this assignment I will be looking into the recruitment documentation needed in a selected organisation. The organisation I will be assessing is Asda. Human Resource Management (HRM) is the function within Asda that focuses on recruitment, management, and providing direction for the people who work in the organization. Human Resource Management can also be performed by line managers. Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. Human Resource Management is a process of managing manpower through proper selection, training and assigning right tasks to suitable persons in an organization. This is the recruitment documentation used in Asda: Firstly the human resources team decide what job is needed due to lack of staff and they look into what the colleague will have to do. This is called job analysis. Next is the job description and this describes what tasks the colleague will be undertaking. Along with this is the job specification and in this it describes what characteristics and skills are required for the role. After this they have to attract applicants and to do this they have to advertise the job internally and externally, the applicants apply through an application form or a CV. This tends to include this: ...
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...Case Analysis 1. Would Enterprise’s approach to human resource management work in other industries? a. I think that Enterprise’s approach to human resource management would very well work in a lot of industries. One example of an industry that would benefit from this type of human resource management would be fast food industries. It allows people who may not have graduated in the top of their class and who may not have had the best GPA in school to still qualify to enter the company with a degree. They can show off their good work ethic and dedication by starting off at the bottom and working their way to the top. Having said that, job loyalty is greatly promoted in industries that perform in this way. 2. Does Enterprise face any risks from its HR strategy? b. Of course Enterprise faces risks from its HR strategy, as well as any other industry hiring brand new employees. There is always the struggle of teaching new employees the rules and strategies of the industry they are working for. They have to go through a training session to tell them what is expected of them and how they should go about doing their job. One good thing to note about Enterprise’s HR strategy is that they like to hire former athletes and former people who have been in a club of some sort so that they at least know they are hiring someone who has been dedicated to something at some point, and hopefully they can be just as dedicated to their job. 3. Would you want to work for Enterprise...
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