What is Economics? Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction‚ studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions
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John Hicks "An economy consists of nothing else but an enormous cooperation of workers or manufacturer to make things and do things which clients want." The Vital Functions of an Economy:- Production‚ consumption and growth are vital factors of economics. Economies might differ in the organization but all perform these three functions which are discussed below. 1. Productions:- The First vital process of an economy is manufacture which must go on incessantly. "Production comprises any action‚ and
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Definitions; Basic economic problem – Capital capital goods‚ or real capital are those already-produced durable goods that are used in production of goods or services. Command economy – economy where supply and price are regulated by the government rather than market forces Division of labour - Division of labour is the specialization of cooperative labour in specific‚ circumscribed tasks and like roles Enterprise- simply another name for a business. Free market economy - is an economy in
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science and technology‚ the growth of productive forces and people’s life getting better. More and more people need to use internet. Because of that ALIBABA will gets more potential consumers. Online trade will be more and more popular. 2. Economic environment: there are numbers of minor enterprises were grew up after Chinese government start to set up market economy. They need to build new markets. But they can’t get enough information about their competitors or products. Information asymmetry
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MACRO-ENVIRONMENT POLITICAL-LEGAL FACTOR IMPLICATION EFFECT ON PRODUCT Sin tax bill signed into law More Filipinos will liberate from the vices of smoking and drinking and will help them start a healthy lifestyle. Possible increase in sales revenue. Universally Accessible Cheaper and Quality Medicines Act of 2008 Protect public health and ensure access to affordable quality drugs and medicines for all. Decrease in sales because there may be a shift. From sports drink to medicines
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Political Identity can be referred to the collective aspect of the set of characteristics by which a political party of your choice is recognizable or known. Politics exists all around the world whether it involves the government‚ religion‚ debates‚ events‚ or individuals in general. It can be quite difficult to determine one’s Political Identity as this consists of various concepts. I am a follower of the Liberal Party of Ontario which is aligned with the Canadian Liberal Party. The following essay
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Assignment 3 Outcomes Task 1 & 2 Pass - Describe the influence of two contrasting economic environments on business activities within a selected organisation Task 3 Merit - Analyse the impact of changes in demand and supply on a selected business Distinction - Evaluate to what extent a selected business is likely to be affected by changes in the economic environment The managing director of Spangles Ltd was looking at some UK economic forecasts which had been given to him. His company organises
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Economics is production‚ distribution‚ and consumption of goods and services‚ or the material welfare of humankind. A couple things ive learned in economics class is the free market system and how goods and services can determine a free interprice system. It also helps us to know what is relationship between demand and supply. Another thing i learned about was how to plan a business and what is needed to make this business become successful by doing the business plan project which made me understand
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Is the Realist argument that a hegemon is necessary to maintain stability in the international system correct? Almost in every period of the world history‚ a strong political actor has appeared that shaped the entire international system‚ power balance and moral principles according to their own values and principles. After the Second World War US became the most powerful state in the world and established its hegemony on the big part of the world. After the Cold War‚ United States was maintaining
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17th century Department of Sociology and Political Science Spring 2015 Introduction While approaching the writings of major philosophical figures in the 16th century and the 17th century there emerges several weaknesses in addition to their political thought in their time. In his work‚ The Foundations of Modern Political Thought‚ Quentin Skinner’s emphasises the ‘textualist’ approach by the ones writing within the genre of political theory and further claim that they “rarely supplies us
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