Microeconomics 8/27/14 Economics is a social science that studies how people allocate their limited resources to satisfy their unlimited wants Microeconomics consist of consumers, firms, individual markets Examples: a sales tax on the cigarette industry, agricultural price support programs on the cotton industry Macroeconomics consist of economy as a whole (economic growth, inflation, unemployment), how economies interact Examples: an increasing inflation rate on national living standards, an
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MRC 1513 ECONOMIC ANALYSIS WORKSHOP 1A Question 1: Although managerial economics is based primarily on microeconomics, explain why it is also important for managers to understand macroeconomics. Answer: Felda Technoplant Sdn Bhd is a subsidiary of Felda Holdings Berhad and was established on 22 June 2005 as a management agency for FELDA settler plantations. Among its main activities is replanting estates, managing immature and mature plantations as well as providing oil palm planting materials
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KASOZI.EMMANUEL UB18416BBU26251 INTRODUCTION TO MICROECONOMICS A Final Thesis Presented to AIU The Academic Department Of the School of Business and Economics In Partial Fulfillment of the Requirements For the Bachelors Degree in Business Administration Atlantic International University (AIU) @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ @@ INTRODUCTION TO MICROECONOMICS @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ @
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entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics: the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments. Macroeconomics: the study of the performance of the national and global economies. Microeconomics: individual; Macroeconomics: aggregate/average. Example: Economics is best defined as __________. A. how people make money and profits
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CHARACTERISTICS OF PURE CAPITALISM Although there are as many economic systems as there are countries, we will discuss the basic elements of pure capitalism. Purely capitalist economies are characterized by exclusive private ownership of productive resources and the use of markets to allocate goods and services. Pure capitalism stands in stark contrast to socialism, which is characterized by partial or total public ownership of productive resources and centralized decision making to allocate
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Introduction 1. The Current Economic Conditions Microeconomics is a social science that deals with the behaviors of individual consumers, firms and industries. It is an analysis of certain firms, individuals and households’ decision making processes as well as behaviors that affect how resources are allocated (EconGuru Economics Guide, 2006). Where macroeconomics deals with the economy as a whole, microeconomics deals with individual firms and how consumers make decisions as well
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Supply Demand Simulation Macro and Microeconomic Principles From the simulation, the two major microeconomic principles are supply and demand. The simulation majorly focuses on the supply and demand of rental properties in Atlantis. In addition, the influences on supply and demand form the major topic discussed in the simulation. The macroeconomic factors clearly stated in the simulation are changes in the population trend, choosing to rent or buy apartments and factors that directly influence
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Supply and Demand Simulation ECO/365 November 11, 2013 Supply and Demand Simulation Microeconomic and Macro Principles As per the simulation, the two major principles of microeconomics are demand and supply. The simulation focused majorly on the demand and supply of rental properties. The simulation clearly states that the macroeconomic factors are changes in the population trend. One of the factors that would directly influence these changes is choosing either to buy or rent apartments
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Finance The study of money and how it is used. Finance considers the relationship of money to time and risk. One of the main subsets of finance is the study of credit and banking, as this involves money, time, and risk all together. Finance may deal with personal or corporate issues, such as how will an individual or company acquires the money needed to perform a certain act. Debt. A debt is an obligation to repay an amount you owe. Debt securities, such as bonds or commercial paper, are forms of
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questions : 1×4 (i) Define marginal opportunity cost. (ii) Why is a production possibility curve concave ? (iii) State two characteristics of resources which give rise to an economic problem. (iv) Give two examples of microeconomic studies 2. Give meaning of (i) demand, (ii) normal good and (iii) inferior good. 3 3. Explain the effect of ‘input price changes’ on the supply of a good.
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