assessment for the Business Economics module is a group portfolio (individual for re-sitting students) consisting of two parts to be submitted mid way through the autumn and spring terms. The portfolio will provide an analysis of the microeconomic and macroeconomic environments that impact on an organisation or sector of the group’s choice. The first part of this portfolio will consist of a group report to be submitted by the end of week 3 of the spring term which identifies the key micro economic
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Chapter 01 Limits, Alternatives, and Choices Multiple Choice Questions 1. Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. 2. The
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Microeconomics and the Laws of Supply and Demand Vanessa Rodriguez Week 2 ECO/ 365 Professor Johnson What is economics? Some might say that economic is the stock market meanwhile others say it’s “my way of living”. Our Economics textbook defines economics as the study of how human beings manage their wants and needs. For an instant, I want a pair of new leather boots, but I need to pay my rent. My decision of paying my rent instead if of purchasing a new pair of leather boots illustrations
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notion of ceteris paribus to focus on the relationship between two variables, (c) think in marginal terms, and (d) assume that rational people respond to incentives. • We use macroeconomics to understand why economies grow, to understand economic fluctuations, and to make informed business decisions. • We use microeconomics to understand how markets work, to make personal and managerial decisions, and to evaluate the merits of public policies. Learning Objectives 1. 2. 3. 4. 5. List the three
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Supply and Demand Simulation Summary In the city of Atlantis, there are several issues dealing with macroeconomics and microeconomic principles that affect the supply and demand equilibrium. The simulation attempts to teach the student about demand and supply shifts or curves that in real life fluctuate with the needs and availability of what people desire and suppliers offer. The apartment rental company, GoodLife, employs the student as a manager who is responsible for making key decisions that
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Ebrahim saleh murshad 20154050 Microeconomics Dr. Marwan Youssef Supply and demand One of the most basic concepts of economics is Supply and Demand. These are really two separate things, but they are almost always talked about together. Supply is how much of something is available. For example, if you have 9 baseball cards, then your supply of baseball cards is 9. If you have 6 apples, then your supply of apples is 6. Demand is how much of something people want. It sounds a little bit harder
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Investopedia calls The Great Moderation “the name given to the period of decreased macroeconomic volatility experienced in the United States since the 1980s.” (Investopedia, 2012) During this time of stability, the standard deviation of the real GDP quarter by quarter fell by half and the standard deviation of inflation fell by more than two thirds. 2. What are the key macroeconomic facts of the GM? From a Macroeconomic standpoint this time frame demonstrates a downward trend in aggregate economic
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decision-making mechanisms, social customs, and political realities of the society.” (Colander) Economics is the complex study of maintaining financial stability. It is divided into two main categories, macroeconomics and microeconomics. Macroeconomics is the action of moving finances between individuals. Microeconomics views the bigger picture by analyzing the international marketplace. Scarcity: “The goods available are too few to satisfy individuals’ desires.” (Colander) Scarcity occurs when demand is
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month-to-month basis and a good example of microeconomics. Another example of microeconomics is when the new company came into town and increased the population along with jobs. The population and job increase suggest they increase rental rates in response to the increase in demand. An example of macroeconomics is the survey showing that individuals working in Atlantis are living in neighboring cities due to the rent being less. Another example of macroeconomics is when the government steps in and puts
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is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy
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