...|[pic] |Syllabus | | |School of Business | | |ECO/212 (3 Credits) Version 6 | | |Principles of Economics | | |03/01/2012 - 03/29/2012 | | |PUERTO RICO CAMPUS | Copyright © 2009, 2008, 2006, 2004 by University of Phoenix. All rights reserved. Course Description This course introduces the fundamental theories of microeconomics and macroeconomics. The economic principles studied in this course apply to everyday life as students research an industry, debate issues with trade agreements, discuss the effects of a shift in labor supply and demand, and discuss the strengths and weaknesses of the Consumer Price Index calculation. In particular, students research an industry affected by the economy and perform an economic analysis of the chosen...
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...ECO/212 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. The Student Guide provides a breakdown of the readings that align to the Final Examination questions. Week One: Principles of Economics Objective: Explain how the principles of economics relate to decision-making, interaction, and the workings of the economy as a whole. 1. Economists make use of assumptions, some of which are unrealistic, for the purpose of a. teaching economics to people who have never before studied economics b. advancing their political agendas c. developing models when the scientific method cannot be used d. focusing their thinking Objective: Compare and contrast economic systems. 2. In a market economy, a. supply determines demand and, in turn, demand determines prices b. demand determines supply and, in turn, supply determines prices c. the allocation of scarce resources determines prices and, in turn, prices determine supply and demand d. supply and demand determine prices and, in turn, prices allocate...
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...ECO 212 Final Exam To purchase this Tutorial click below link : http://homeworkgallery.com/index.php/product/eco-212-final-exam/ ECO 212 Final Exam A 1)Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior? 2) By definition, what is economics the study of? 3) What is the term in economics by which a group of buyers and sellers of a product come together to trade? 4) Which of the following statements describes the actions of producers in the circular flow model? 5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so? 6) Which of the following is not a critical function of the government in facilitating the operation of a market economy? 7) If demand is inelastic, the absolute value of the price elasticity of demand is 8) Economists in general 9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand. 10) A decrease in the price of GPS systems will result in 11) At a product’s equilibrium price 12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until 13) Marginal revenue product of labor for a competitive seller is 14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the...
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...Running Head: Economical Choices in Society Economical Choices in Society Your Name ECO/212 Economical Choices in Society In finances there are a few values that people use while making personal choices, including: 1. “People face tradeoffs. Meaning to acquire one thing we like, we usually have to give up another.” (Mankiw, 2008). 2. “The cost of something is what you give up to get it. This principle involves comparing the cost and benefits of alternative courses of action. In many cases, the cost of some action is not as obvious as it might seem.” (Mankiw, 2008). 3. “Rational people think at margin. Rational people systematically and purposefully do the best they can to achieve their objectives, given the opportunities they have. Economists use the word marginal changes to describe small incremental adjustments to an existing plan of action. Margin means edge. Rational people often make decisions by comparing marginal benefits and marginal costs.” (Mankiw, 2008). 4. “People respond to incentives. An incentive is something that induces a person to act. Because rational people make decisions by comparing costs and benefits, they respond to incentives.” (Mankiw, 2008). I recently considered purchasing a cat. I took into consideration the marginal costs and marginal benefits before purchasing this cat. The marginal benefit is the cat would free up about 15 weekly work hours, which equals $330. This time is usually spent entertaining...
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...Federal Reserve Paper ECO/212 This paper is for reference material only Federal Reserve Paper Founded by Congress in 1913 to provide America with a safer, flexible, and stable monetary system, the Federal Reserve System’s role is to conduct monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system, and provide financial services (Board of Governors of the Federal Reserve System, 2009). From the economic decline in 2007, the Federal Reserve Board has enacted economic policies getting the nation back on track. This essay will explore using the website, to define the purpose and function of money, explain how the central bank manages the nation’s monetary system, outline the stated direction of recent monetary policy, list one policy action in place to confirm that direction, and explain the effects of monetary policies on the economies’ production and employment The purpose and function of money is to provide a common scale for valuing goods and services and is an official currency issued by a government. Before the invention of money, parties bartered for goods, although disagreements over perishable items like milk, in exchange for lumber created unequal values. Unlike certain goods, money does not age, die, grow stale, or expire. Money also provides a means to perform a transaction if only one party member wants what the other is offering for sale. Money can be saved, or borrowed for large purchases such as homes...
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...Axia College Material Appendix A Answer the following questions. 1. If the price of a good increases, what happens to the quantity demanded? When Prices increase people tend to buy less. 2. If the price of a good decreases, what happens to the quantity supplied? When prices decrease then so does the supply because they don’t want people to buy at the lower cost. 3. Does a change in price create curve shifts? Explain. Honestly I’m not sure; I would think that if a price goes up then yes it would but if a price went down it wouldn’t. Complete the following matrix. An example is provided. |Event |Market affected by event |Shift in supply, demand, or |Change in equilibrium (P&Q) | | | |both. Explain your answer. | | |Frozen orange crops in California |Orange juice |Supply (left)—Not as many |Price will increase and | | | |available oranges to offer |quantity will decrease. | | | |consumers. | | |Hurricanes in the Gulf Coast |Gulf Coast tourism |Demand (Left), less people will |Price will decrease and | | | |be likely to travel...
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...Eco Terrorism Eco-terrorism is the term used to describe the violence in the interests of environmentalists. There have been cases when environmentalists have inflicted damage to the industrial factories, due to the fact that, they cause pollution and other environmental problems. According to Manning (2012), “Eco-terrorism can be defined as the act of violence or sabotage against person and property commits and support animal right activist.” There are some organizations that participate in it, such as, Earth Liberation Front (ELF) and Animal Liberation Front (ALF). These organizations managed to burn down a ski resort and blow up a laboratory among other things. On the other hand, some groups such as the Sea Shepherd Conservation Society are labeled as eco-terrorists although they do not commit such acts of violence against humans- they do not attempt to injure or kill people, but only provoke people through property. This has led to a debate that touches on whether or not to classify these actions as "terrorist" or not. The FBI has given the environmentalists a definition ‘the use or threatened use of violence of a criminal nature against innocent victims or property by an environmentally-oriented, sub national group for environmental-political reasons, or aimed at an audience beyond the target, often of a symbolic nature.’ John Lewis, a top FBI official says, ‘The number one domestic terrorism threat is the eco-terrorism, animal-rights movement.” Eco-Terrorists...
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...English 122 Nature vs. Man In the world now there are views of what can or should be done with the environment, use what is available to save any animal/plant/bug for the future. Then there are the options that go between those two extremes. Looking at some of the views from our readings as well as other sources, we’ll see what is looked at as right and wrong ways to use and preserve nature. There are many views on how the Earth should be used or preserved, but the how to do it with the world’s increasing population makes the answer so important to those that will come after us. While not about nature, Aldous Huxley’s “Time and the Machine” talks about time and how man has made himself a slave to time. Knowing that we have a limited amount of time in our lives, many want to do as much to fill that time as can be done. Most in the western world view time as something that needs to be taken advantage of, that there’s always a deadline for creating or making something. In some eastern cultures, there isn’t the hurry seen like we have. They aren’t as concerned for man-made time as they have “not been made conscious of the existence of minutes.” (Huxley, 366) He goes on to say that people living in large cities can live “without being aware of the daily march of the sun across the sky; without ever seeing the moon and stars.” (Huxley, 366) This goes to show that people are too into the passing of time and don’t look at taking time to relax and exist with nature. ...
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...Final Project: New House Decision ECO/212 February 20, 2010 The arrival of a new baby is a major lifestyle change. The decision to buy a house takes into account pros and cons of making a major purchase. A studio apartment is a difficult living arrangement with a new baby, because it is small and without a separate space for a baby. The studio apartment is not in proximity to schools or services, which are needed for childcare. A house offers space for baby, a yard, schools, and services. The pros of home ownership offer many benefits not available with a rental property. Trade-offs The studio apartment although close to downtown night life, is not close to schools, churches, or shopping centers. This location worked well for the past few years, because children were not part of the equation. Some trade-offs are required before making a housing purchase. Proximity to night life is enjoyable; however, caring for a new baby will limit a carefree lifestyle. Purchasing a home will require a down-payment and closing costs. In addition to a monthly mortgage payment, utilities, homeowner dues, repairs, maintenance, lawn care, insurance, and taxes are costs of ownership. When renting the renter does not have homeowner dues, lawn car, property taxes, and most repairs and maintenance costs. Homeowners unlike renters can make home modifications, without ramifications. Equity in a home increases the homeowner’s personal wealth. Homeownership also signifies stability. A renter...
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...Internship Report on | | A Study of BRAND REPOSITIONING STRATEGIES AND BRAND PERCEPTION OF CITIZEN ECO DRIVE WATCHES By Vivek Kumar 149010108 (BIM BANGALORE) To Bharathidasan Institute of Management Period (March 2009 –30th May 2009) Declaration I hereby declare that that the dissertation titled “A Study of BRAND REPOSITIONING STRATEGIES AND BRAND PERCEPTION OF CITIZEN ECO DRIVE WATCHES” is done for partial fulfillment of internship which is a part of study “under the guidance of Sharon Andrew and I have invested my earnest effort to accomplish the task and it has not been submitted anywhere for any other award. Where ever I had made any references I have furnished the source of information and they have been acknowledged. Vivek Kumar PGDBM BATCH-06 Bharathidasan Institute of Management ...
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...Mercedes Davis English 091 March 11, 2011 An Open Reader Reading is the foundation of our life. Without reading we would be like lost souls in the world. Everywhere we go and anything we do we have to read; at work, school, driving, etc. People who do not know how to read are limited in life, they cant get a job, and the everyday life would be a struggle. Someone who knows how to read has no restrictions, the sky is the limit for them, they are our lawyers, doctors, and teachers. In Moody’s article “The Joy and Enthusiasm of Reading”, he expressed his love for the unpopular selections, and how he learned how to dissect his readings. Moody also states that nobody will ever be able to tell him how to read, and also believes there is no right or wrong way to read. In Moody’s article “The Joy and Enthusiasm of Ready”, he explains his high school and college reading experiences. He tells us how his, Mr. Buxton, taught him how to analyze Shakespeare’s Macbeth. Mr. Buxton did not give him his own interpretation and made sure Moody noticed how Shakespeare repeated somethings to help Moody come to a conclusion. In eleventh grade Moody’s teacher Mr. Flanders encouraged Moody to develop his own relationship with the Gospels, in his religious studies. Then Moody continued onto college where he read Umberto Eco’s Role of the Reader, where he was introduced to Eco’s “Open Text” philosophy. He also read some of the great European and Latin Americans articles. After his...
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...Measuring Economic Health Memo Christina Roddey ECO/212 June 13, 2011 Luis Torres Introduction When it comes to measuring economic health, there are important things to remember. Gross Domestic Product (GDP) is primary used to measure the economy’s health. Fiscal policies are organized by the government to figure out what caused the unhealthy changes in the economy. The Use of Gross Domestic Product Gross Domestic Product (GDP) is a measure of the gross national output; it’s a cumulative of all the consumption of the all the consumption of the all households in an economy. The consumption or spending by the government into different economic welfare activities such as education, healthcare, welfare and military, private domestic investments in way of new projects and buying capital goods and a net current account balances. The business cycle is the growing and shrinking of the economy. When measuring a business cycle, it changes in real GDP which focus on the changes in output. There are four parts of the business cycle which are – peak, contraction, trough, and expansion. Information has to be collected after a certain time frame is completed, in which, the business cycles are next translated between the changing periods of economic recession or economic expansion. Roles of Government Bodies National fiscal policies are arranged by the President and Congress. They have steps that helps determine the policies. First, the U.S. Government Accountability...
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...Managed Care is the most predominant form of insurance in the United States. Insurances such as PPO, POS, and HMO plans are all... Save Paper Two Weeks With The Queen courage and prejudice expressed in a very realistic way that we can relate to. Two Weeks with the Queen gives the reader a sense of reality. In the beginning... Save Paper Week 5 Qnt/561 show that the production rate at the Scranton Plant has changed from 200 per week. The Two Sample Test of Hypothesis The two- sample hypothesis testing... Save Paper TraInIng In Acc point around which a learning organization may develop. The training program contents in ACC aimed to change employees to make them adopt new ways of thinking and... Save Paper Eco/212 Week 5 Week 5 final paper Eco/212 Rex Hammond Dr. T o Define the purpose and function of money- the purpose of money is to sustain the balance and empower the elite... Save Paper Week Nine Capstone Questions Jackie Carter Eth 125 April 7, 2011 Christy Boyer Week 9 Final...
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...Case Study # 1 FM 212-Section #: Case Studies in Fashion Marketing Spring 2015 Monica Allen 03/16/15 Professor Kohan Case Study: A Step 1: The Growth of Fast fashion has resulted in large amounts of disposable clothing, which is environmentally unsustainable especially with continuation. Step 2: * Fast fashion retailers are a Major part of the current fashion chain. * The world’s supply of women’s clothing is at least 7 times that of men’s. * The price of disposable clothing makes it very tempting to young female consumers as well as easy to dispose of. * Fast fashion makes it easy for the consumer to wear an item once and discard of it to buy a replacement. * The current raise of consumerism in the United States and Europe will result in the exports of used clothing in other countries to increase. * Fast Fashion is being made at a fast speed overseas in large quantities for very cheap. * Disposable clothing is being created quicker than they are being recycled. * The demand of synthetic textiles has doubled, Not only that the process in which the textiles are created is energy-intensive. * Textile waste is filling up landfills in large amounts. * Cotton is the most widely used fabric in the world. Growing cotton requires large amounts of harmful pesticides. * Chemicals used in growing highly demanded natural and synthetic fibers are classified as hazardous by the World Health organization. Step 3: 1.Government has...
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...How People Make Economic Decisions Isaac Rangel ECO/212 November 20, 2010 Dr Pete Mavrocordatos How People Make Economic Decisions People are faced with choices to make every day because we live in a world of scarcity. People must make decisions on almost every aspect of their live. The author uses a few principles to apply to the individual decision making. The first idea behind a decision being made by and individual is that they are rational. The second idea is that people respond to economic incentives and finally the third is that optimal decisions are made at the margin. When the author says rational people, he does not necessarily mean that they know everything or they make the best decision. What he means is that people normally make a decision that benefits them instead of hurts them. For example a person will by a shirt because it is either confortable, cheap, or even fashionable but not because it is more expensive or uncomfortable or perceived as ugly. Economic incentive is normally overlooked because the incentive would seem very obvious. In reality many decisions are made largely in part just because of the economic incentive and not religious beliefs, envy, or compassion. Economists reason that the optimal decision is to continue any activity up to the point where the marginal benefit equals the marginal cost. (Hubbard & O'brien, 2010) Which means in other words, does the benefit of the decision out way the cost of getting that...
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