make * Margin: current level of activity * Choice at the margin: decision to do a little more or little less of something * Microeconomics: branch of economics that focuses on the choices made by individual decision-making units in the economy and the impacts those choices have on individual markets * Macroeconomics: branch of economics that focuses on the impact of choices on the total or aggregate level of economic activity * Variable: something whose value can change * Constant:
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further efficiency gains are possible, where one person's situation can only be improved by making someone else worse off; we say that the allocation of resources in the economy is Pareto Optimal or Pareto Efficient. The concept is named after Vilfredo Pareto (1848-1923). The production and consumption of the various goods in the economy is Pareto Optimal when the combined rents to producers and consumers are the largest that can be obtained. Since these optimal quantities produced and consumed depend
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------------------------------------------------- The relationship between Modern Conservatism (UK) and Classic Liberalism In the UK Margret thatcher was the true pioneer of modern conservatism. Thatcher had completely shifted the party to the right. This was known as the new right. The party had adopted many ideas off classic liberalism due to this it was fair to assume that Margret thatcher might have been a classic liberalist. Mainly down to the reason because its central theme is an extreme
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e. Norms- f. Rules- 4. Name two countries under Theocratic Laws Ans: Vatican City 5. Name at least two of the three kinds of economies Ans: An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse. There are three maintypes of economies: free market, command, and mixed. 6. Name two characteristics each of Low Context and High Context cultures Ans: High Context Cultures 1. Space is communal; people stand close
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Introduction Iron is mined all over the world and contributes to a major part of the worlds economy. Especially in countries such as Australia, where mining is one of the main parts of the countries economy. For Australia, mining iron ore is key in keeping a strong foot in the worlds growing and changing market and for places like China, manufacturing steel is also a large part in their economy. Here we will show what exactly Iron ore is, how we get it, how much it costs and how it is important
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government’s responsibilities include national defense, interprovincial and international trade and commerce, immigration, banking, monetary system, criminal law and fisheries. The three territories also have legislatures, but not sovereign and have fewer constitutional responsibilities compared to the provinces. Canada has a mixed market economic system. The system is unique since it has a combination of private and government control; or capitalism and socialism policies. In a socialist Canada, the
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study of ratios between various items or groups of items in financial statements. Ratios can be classified according to statements mainly they are profit and loss ratios or income statement ratios, balance sheet ratios or position statement ratios, mixed ratio or inter statement ratios The ratios are calculated with the help of Annual report of IRCTC provided by the company; the data of last five financial years has been used for that. The project begins with the discussion about the scenario of Indian
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a view of collectivism – the idea that society, as a whole, should be treated as one economic unit, and that ‘the economy’ should therefore be in its hands. During the 1980s, Labour was arguably the farthest left that it has ever been. During this period, Labour was of an ideology of Social Democracy. Social democracy is a form of socialism which aims to reform the capitalist system to reduce social inequality and promote social justice. The core values of the social democracy can be seen in the
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of the global economy, the 2nd highest in importer and third highest exporter, so it’s obvious we have the funds for top quality healthcare. People spend more than double Japan’s health care spending per capita and yet have the worst healthcare system of all developed nations. Such an important part of our lives, one that allows for everyone to stay healthy and provide for themselves and/or their possibly their family. This is part of the American dream and allowing the greedy system of for-profit
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Commercial Law- Commercial law is the body of law that governs the broad and sometimes vague areas of business, consumer transaction, and commerce. The application of commercial law has developed a specific set of laws that apply to commercial activities, pursuits, and transactions. This arm of civil law deals with issues both simple and complex that often relate to questions of both public and private sector laws. Commercial law governs sale and distribution of goods, and proper procedure for
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