Question 1 a. What is the distinction between a money price and a relative price? The value of the goods and services in terms of money is called money price and the value of goods and services in terms of other goods and services is called relative price. b. Explain why relative price is an opportunity cost? Relative price is the price of goods and services in comparison to another and opportunity cost is the best alternative you give up when you do something. Thus both rrelative price
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value for money’ is the purpose that firms seeking for long-term sustainable development. Thus it can be seen that more and more entities experienced the importance of manage suppliers. Moreover, the savings from transaction progress could contribute to a significant amount and also lead company products more competitive as well as provide funds for innovation. Therefore, it seems like procurers play an important role within firms. But how the firms could achieve best value for money in procurement
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Managerial Economics Unit1 - 2 Mark Quiz Questions 1.Decision-making implies a. Giving judgement on a particular isuue b. Taking a final decision on a particular issue c. Selecting the best out of several alternative course of actions d. Selecting alternative solutions. 2.Forward Planning implies a. A plan to execute current programs b. A Plan prepared in advace for future c. A plan prepared in the background of certainties d. A Plan prepared for past and present 3.Managerial Economics deals with
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Monetary Policy in Nigeria The Impact of Monetary policy on Nigeria’s Economic Growth. Monetary Policy in Nigeria - Developing countries growth policies are better delivered as full packages since fiscal and monetary policies are inextricable, except in terms of the instruments and implementing authorities. However, monetary policy appears more potent in correcting short term macroeconomic maladjustments because of the frequency in applying and altering the policy tools, relative ease of
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1. Discuss the concepts of centralized vs. decentralized purchasing authority, identify their relative advantages and disadvantages, and provide examples of when each may be appropriate. | | Centralized authority occurs when the supply management decision-making authority is the responsibility of a single person who is held accountable by top management for the proper performance of all purchasing activities. In a single-site operation, centralization of the purchasing function is necessary
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Learning Team Reflection: Supply Chain and Demand Model ECO/372 Learning Team Reflection: Supply Chain and Demand Model The topic that we are discussing is supply chain and demand model. We have learned many valuable tools over the past four weeks that has lead us to this topic. We learned about historical economic data, economic forecast data, aggregate demand and supply models. Each of these topics has aided us in learning the fundamentals of Macroeconomics. This week
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Woodbridge High School U.S. History Homework Assignment Read Chapter 2, Section 1 (pages 40-49) and answer the following questions: 1. How did the French and Indian War harm the relationship between the North American British colonists and Britain? The French and Indian war harmed the relationship between the North American British colonists and Britain for many reasons. The British believed that the colonists did not provide enough support for the long and expensive war that Britain had
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considers the price-demand relation, other things (factors) remaining the same. In other words the demand curve or the relationship between price and demand can be illustrated in the form of a table called demand schedule and the data from the table may be given a diagrammatic representation in the form of a curve. A demand schedule is typically used in conjunction with a supply schedule showing the quantity of a good that would be supplied to the market at given price levels. Then, graphing both
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What Is the Quantity Theory of Money? By Reem HeakalAAA | The concept of the quantity theory of money (QTM) began in the 16th century. As gold and silver inflows from the Americas into Europe were being minted into coins, there was a resulting rise in inflation. This led economist Henry Thornton in 1802 to assume that more money equals more inflation and that an increase in money supply does not necessarily mean an increase in economic output. Here we look at the assumptions and calculations underlying
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Abstract The relationship between inflation and growth has remained a controversial one in both theory and empirical findings. Over the past couple of years, a lot of economists have claimed that an increase in economic growth leads to an increase in inflation and that decreased growth reduces inflation. There are several theories to explain the nature and existence of the inflation-economic growth with the theories suggesting that variety of possible conclusions. These include: Classical, Keynesian
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