Premium Essay

Economic Concepts Unit 1 Ip

In: Business and Management

Submitted By ldolbyusmc
Words 944
Pages 4
Unit 1 Individual Project
Economic Concepts
Lamar Dolby
ECON220-1204B-04
Faime Moussavi
October 7, 2012

Abstract
Michelle and James are two people faced with opportunity cost decisions. They both can produce chickens and potatoes or one or the other. They both live in isolated regions but share the same resources. When faced with opportunity costs one has to decide what they have to give up in order to gain something they want. In the scenario Michelle can grow 200 potatoes per year or raise 50 chickens per year. James can grow 80 potatoes per year or raise 40 chickens per year. They both can gain and lose from doing both or choosing one and devoting all their time to that particular area.

Opportunity Cost
Introduction
In today’s society we are faced with many different choices and decisions to make. Should I buy a new car today? Can I afford to purchase a new home? I am sick but I am going to work anyway. These questions and the choices made are all opportunity costs. Opportunity cost does not always have to deal with money or a number (2007). Opportunity cost is the choice you make or the alternative the choice you made. Simply put, “What you would have done if you had not made the decision you did”. We must understand that an opportunity only considers the next best alternative to an action (2007).
Scenario; Michelle Michelle’s opportunity cost for producing only potatoes is, she would have to give up producing chickens. She could produce 200lbs. of potatoes per year if she devoted all of her time to it. Seeing that she lives alone in an isolated region she is the only one who will be taking care of the crop, cultivating and fertilizing the land, and harvesting it when it is ready to be sold. Michelle’s opportunity cost for producing chickens is almost the same but with a few differences. If she were to devote all of her time to raising…...

Similar Documents

Premium Essay

Nt2640

...ITT Technical Institute NT2640 IP Networking Onsite Course SYLLABUS Credit hours: 4.5 Contact/Instructional hours: 56 (34 Theory Hours, 22 Lab Hours) Prerequisite(s) and/or Corequisite(s): Prerequisites: NT1210 Introduction to Networking or equivalent Course Description: This course explores network design and implementation by applying the TCP/IP protocols to provide connectivity and associated services. Planning and deployment of network addressing structures, as well as router and switch configurations, are also examined. IP Networking Syllabus Where Does This Course Belong? This course is required in the associate degree program in Network Systems Administration and associate degree in Mobile Communications Technology. The following diagrams indicate how this course relates to other courses in respective programs: Network Systems Administration NT2799 NSA Capstone Project NT2580 Introduction to Information Security NT2670 Email and Web Services NT2640 IP Networking PT2520 Database Concepts NT1330 Client-Server Networking II NT1230 Client-Server Networking I NT1430 Linux Networking PT1420 Introduction to Programming NT1110 Computer Structure and Logic NT1201 Introduction to Networking NT1310 Physical Networking CO2520 Communications SP2750 Group Theories EN1420 Composition II EN1320 Composition I GS1140 Problem Solving Theory GS1145 Strategies for the Technical Professional MA1210 College......

Words: 2573 - Pages: 11

Premium Essay

Nt 1210

...Contact/Instructional hours: 56 (34 Theory Hours, 22 Lab Hours) Prerequisite(s) and/or Corequisite(s): Prerequisites: NT1110 Computer Structure and Logic or equivalent Course Description: This course serves as a foundation for the study of computer networking technologies. Concepts in data communications, such as signaling, coding and decoding, multiplexing, circuit switching and packet switching, OSI and TCP/IP models, LAN/WAN protocols, network devices and their functions, topologies and capabilities are discussed. Industry standards and the development of networking technologies are surveyed in conjunction with a basic awareness of software and hardware components used in typical networking and internetworking environments Introduction to Networking Syllabus Where Does This Course Belong? This course is required for the associate program in Network System Administration and the associate program in Electrical Engineering Technology. The following diagrams demonstrate how this course fits in each program. Associate Program in Network Systems Administration NT2799 NSA Capstone Project NT2580 Introduction to Information Security NT2670 Email and Web Services NT2640 IP Networking PT2520 Database Concepts NT1330 Client-Server Networking II NT1230 Client-Server Networking I NT1430 Linux Networking PT1420 Introduction to Programming NT1110 Computer Structure and Logic NT1210 Introduction to Networking NT1310 Physical......

Words: 4400 - Pages: 18

Free Essay

Case Study

...2007-08 with MQP Page 1 of 16 Annexure No. SCAA Dated BHARATHIAR UNIVERSITY, COIMBATORE – 641 046 M. Sc COMPUTER SCIENCE For School of Distance Education (Effective from the academic Year 2007-2008) Scheme of Examinations 31 J 29.02.2008 Year Subject and Paper I Paper I Paper II Paper III Paper IV Practical I Paper V Paper VI Paper VII Practical II Project Advanced Computer Architecture Computer Graphics & Multimedia Software Engineering Computer Networks Computer Graphics and Multimedia Lab Advanced Operating System Internet programming and Web Design Data Mining and Warehousing Internet programming and Web Design Lab Project Work and Viva Voce Total University Examinations Durations Max in Hrs Marks 3 100 3 100 3 100 3 100 3 100 3 3 3 3 100 100 100 100 100 1000 II For project work and viva voce (External) Breakup: Project Evaluation : 75 Viva Voce : 25 1 Anx.31 J - M Sc CS (SDE) 2007-08 with MQP Page 2 of 16 YEAR – I PAPER I: ADVANCED COMPUTER ARCHITECTURE Subject Description: This paper presents the concept of parallel processing, solving problem in parallel processing, Parallel algorithms and different types of processors. Goal: To enable the students to learn the Architecture of the Computer. Objectives: On successful completion of the course the students should have: Understand the concept of Parallel Processing. Learnt the different types of Processors. Learnt the Parallel algorithms. Content: Unit I Introduction to......

Words: 3613 - Pages: 15

Premium Essay

Nt1210 Introduction to Networking Onsite Course

...Contact/Instructional hours: 56 (34 Theory Hours, 22 Lab Hours) Prerequisite(s) and/or Corequisite(s): Prerequisites: NT1110 Computer Structure and Logic or equivalent Course Description: This course serves as a foundation for the study of computer networking technologies. Concepts in data communications, such as signaling, coding and decoding, multiplexing, circuit switching and packet switching, OSI and TCP/IP models, LAN/WAN protocols, network devices and their functions, topologies and capabilities are discussed. Industry standards and the development of networking technologies are surveyed in conjunction with a basic awareness of software and hardware components used in typical networking and internetworking environments Introduction to Networking Syllabus Where Does This Course Belong? This course is required for the associate program in Network System Administration and the associate program in Electrical Engineering Technology. The following diagrams demonstrate how this course fits in each program. Associate Program in Network Systems Administration NT2799 NSA Capstone Project NT2580 Introduction to Information Security NT2670 Email and Web Services NT2640 IP Networking PT2520 Database Concepts NT1330 Client-Server Networking II NT1230 Client-Server Networking I NT1430 Linux Networking PT1420 Introduction to Programming NT1110 Computer Structure and Logic NT1210 Introduction to Networking NT1310 Physical......

Words: 4400 - Pages: 18

Premium Essay

It- 3rd Year

...E-COMMERCE (TIT-501) UNIT I Introduction What is E-Commerce, Forces behind E-Commerce Industry Framework, Brief history of ECommerce, Inter Organizational E-Commerce Intra Organizational E-Commerce, and Consumer to Business Electronic Commerce, Architectural framework Network Infrastructure for E-Commerce Network Infrastructure for E-Commerce, Market forces behind I Way, Component of I way Access Equipment, Global Information Distribution Network, Broad band Telecommunication. UNIT-II Mobile Commerce Introduction to Mobile Commerce, Mobile Computing Application, Wireless Application Protocols, WAP Technology, Mobile Information Devices, Web Security Introduction to Web security, Firewalls & Transaction Security, Client Server Network, Emerging Client Server Security Threats, firewalls & Network Security. UNIT-III Encryption World Wide Web & Security, Encryption, Transaction security, Secret Key Encryption, Public Key Encryption, Virtual Private Network (VPM), Implementation Management Issues. UNIT - IV Electronic Payments Overview of Electronics payments, Digital Token based Electronics payment System, Smart Cards, Credit Card I Debit Card based EPS, Emerging financial Instruments, Home Banking, Online Banking. UNIT-V Net Commerce EDA, EDI Application in Business, Legal requirement in E -Commerce, Introduction to supply Chain Management, CRM, issues in Customer Relationship Management. References: 1. Greenstein and Feinman, “E-Commerce”, TMH 2. Ravi Kalakota, Andrew......

Words: 2913 - Pages: 12

Premium Essay

Global R&D

...accelerates the trend giving hope for a greater market access and a more predictable commercial environment. In 1984, 3M established its China branch and was the first foreign-invested enterprise established outside the Shenzhen special economic zone. Then, the US multinational 3M Company developed its business and worked on developing a research and development (R&D) center in Shanghai like many other MNCS (158th set up in Shanghai by multinationals). Recently, 3M even doubled its China's R&D center size and staffing, giving birth to an important R&D hub for 3M's global business enabling the company to better supply products needed in the industries of electronics, telecommunications, automobiles, shipping, aviation, medical care, housing and leisure," company officials said. Today, 3M has 11 companies and 19 offices across the country, employing more than 5,000, showing a long-term commitment for the Chinese market. Through those trends, we can notice how R&D is now important in the globalization process. Li-Hua and Khalil (2006) argue that the international business environment is affected by globalization and this emphasizes the importance of studying synergies and differences between Western and Eastern management concepts. The present essay will analyze the reasons, benefits and drawbacks of this significant increasing level of foreign invested R&D conducted in the Chinese environment. It could then contribute to the decision for a company to......

Words: 3444 - Pages: 14

Free Essay

Meadwestvaco

...hair and skin care products. Products produced in the home and garden market include trigger sprayers for surface cleaners and fabric care, aerosol actuators for air fresheners, hose-end sprayers for lawn and garden maintenance. In the healthcare segment, they produce secondary packaging to enhance patient adherence for prescription drugs. Also, this group produces paperboard packaging and closures for over-the-counter and prescription drugs. This division’s manufacturing occurs in plants located across North America, South America, Europe, and Asia. The next segment belongs to the Industrial division which designs and produces corrugated packaging for produce, meat, consumer products, and bulk goods primarily in Brazil. This business unit contains forestlands, paperboard mills, and corrugated box plants. Also there is a portion located in India that manufacturers corrugated packaging for fresh produce growers. There are five corrugated box facilities located in Brazil and one in India as well. The other facility in India manufactures containerboard. The Specialty Chemicals division manufactures, markets, and distributes specialty chemicals created from sawdust and other byproducts of the papermaking process in North America, Europe, South America and Asia. Some of the products include chemicals derived from pine chemicals used in printing inks, asphalt paving, and adhesives in addition to the agricultural, paper, and petroleum industries. Also, this group includes......

Words: 1600 - Pages: 7

Premium Essay

Business Law.Types of Companies

...highlights key areas of organizational and competitive performance. Information System Resources: An information system consists of five major resources: people, hardware, software, data and networks. • People Resources: People are an essential ingredient for the successful operation of all information system. The people resources include end users and IS specialists. • Hardware Resources: The concept of hardware resources include all physical devices and materials used in information processing. Specifically, it includes not only machines, such as computers and other equipment, but also all data media, from sheets of paper to magnetic or optical disks. • Software Resources: The concept of software resources includes all sets of information processing instructions. This generic concept of software includes not only the set of operating instructions called programs, which direct and control computer hardware, but also the sets of information processing instructions called procedures that people need. • Data Resources: Data are more than raw materials of information system. The concept of data resources has been broadened by managers of information systems professionals. They realize that data constitute valuable organizational resources. Thus data is viewed as an important resource that must be managed effectively to benefit the end users in an organization. • Network Resources: Telecommunications technologies and networks like the internet, intranet and extranet are......

Words: 13881 - Pages: 56

Premium Essay

Marketing

...------------------------------------------------- CHAPITRE 1: INTRODUCTION AU MARKETING Science très récente: 19ème siècle aux Etats-Unis, après la deuxième guerre mondial en France. « Marketing is the task of creating, promoting and delivering goods and services, to customers and businesses”. _Philip Kotler “Marketing is to satisfy needs at profit”. _Philip Kotler “Marketing contributes to achieving objectives of organizations whilst creating, reveling and promoting value for customers”. _Levy Lindon “Marketing is the process by which companies create value for costumers and build strong customers relationships is order to capture value from customers in return”. _Kutler * The VMOST theory Vision (valide au moins 5 ans) Mission (valide de 3 à 5 ans: “qu’est-ce que je suis en train de faire mnt pour que dans 5 ans…”) Objective (court-terme : 1 an ; long-terme : 3 à 5 ans) Strategy (comment je vais réaliser mes objectifs) Tactics (action plan (très court terme)) * Les objectifs doivent être SMART : Specific Measurable Achievable Realistic Time * After company’s VMOST: Marketing’s role & activities Questions: -Which customer will be served? (Segmentation and targeting) -How will we create value for them? (Differentiation and positioning) - Why do you do what; how and what exactly do we do? Marketing approach takes 3 phases: -1. Market research (SWOT…) -2. Strategic marketing (How) -3. Operational marketing......

Words: 3247 - Pages: 13

Free Essay

Internship Report at Ministry of Local Government, Uganda

...CHAPTER ONE BACKGROUND OF MINISTRY OF LOCAL GOVERNMENT The system of Local Government (LG) in Uganda is established under the 1995 constitution and enacted through the Local Government Act (LGA) cap 243 Laws of Uganda 2000. Local Government Financial and Accounting Regulations, issued under the LGA, prescribe the accountability measures for compliance by LGs. The goal of the decentralization policy is to facilitate economic growth and development by devolving powers, functions, responsibilities and resources to Local Governments (LGs) in order to promote high quality and reliable basic public services on a sustainable basis. The decentralization policy aims to: • Transfer power, functions, responsibilities and resources to LGs to ease the work load of the officers at the center • Bring political and administrative decision making and control over resources allocation and service provision to the point of delivery to enhance effectiveness, promote a sense of ownership and improve accountability; • Enable Local Government officers develop the prerequisite capacity to develop organizational structures tailored to local circumstance; • Enhance financial accountability by establishing a clear linkage between the provision of services; and • Improve the LG’s capacity to plan, finance and deliver public services to its residents.  To guide LG’s in fulfilling the mandate , Government has enacted laws and developed regulations, operations, operational......

Words: 3387 - Pages: 14

Free Essay

Software

...Credits (6 Theory + 1 Lab.) 22 JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD MASTER OF TECHNOLOGY (REAL TIME SYSTEMS) I SEMESTER ADVANCED COMPUTER ARCHITECTURE UNIT I Concept of instruction format and instruction set of a computer, types of operands and operations; addressing modes; processor organization, register organization and stack organization; instruction cycle; basic details of Pentium processor and power PC processor, RISC and CISC instruction set. UNIT II Memory devices; Semiconductor and ferrite core memory, main memory, cache memory, associative memory organization; concept of virtual memory; memory organization and mapping; partitioning, demand paging, segmentation; magnetic disk organization, introduction to magnetic tape and CDROM. UNIT III IO Devices, Programmed IO, interrupt driver IO, DMA IO modules, IO addressing; IO channel, IO Processor, DOT matrix printer, ink jet printer, laser printer. Advanced concepts; Horizontal and vertical instruction format, microprogramming, microinstruction sequencing and control; instruction pipeline; parallel processing; problems in parallel processing; data hazard, control hazard. UNIT IV ILP software approach-complier techniques-static branch protection-VLIW approach-H.W support for more ILP at compile time-H.W verses S.W solutions Multiprocessors and thread level parallelism-symmetric shared memory architectures-distributed shared memory-Synchronization-multi threading. UNIT V Storage......

Words: 3183 - Pages: 13

Free Essay

Operating Reserve Reliability Evaluation

...Saskatoon, Sask.  This paper appears in: Generation, Transmission and Distribution, IEE Proceedings C Issue Date: Mar 1990 Volume: 137 Issue:2 On page(s): 159 - 167 ISSN: 0143-7046 INSPEC Accession Number: 3606872 Date of Current Version: 06 八月 2002 Abstract The authors present a technique which includes interruptible loads in the probabilistic assessment of the operating reserve in isolated and interconnected generating systems. This technique is then used to evaluate the magnitude and corresponding maximum allowable time delay of load interruption required to reduce the unit commitment risk in the absence of other capacity adjustments. They also present a probabilistic technique which can be used to evaluate the inherent interruptible load carrying capability of an isolated and interconnected generating system which exists without having to commit any extra units other than those required to carry the firm load. The study provides an insight into load interruption and its effect on the system risk. The techniques developed are illustrated by numerical examples. These techniques can be used in short and medium term operational planning Electric Power Systems Research Volume 18, Issue 2, March 1990, Pages 99–103 Microprocessor based on-line assessment of the operational reliability of a longitudinal power supply system * A. Chakrabarti, * A.K. Mukhopadhyay * Electrical Machines and Power System, Department of Applied Physics,......

Words: 4873 - Pages: 20

Premium Essay

Econ

...LO1: Identify the key assumption of the basic Keynesian model and explain how this affects the production decisions made by firms. LO2: Discuss the determinants of planned investment and aggregate consumption spending and how these concepts are used to develop a model of planned aggregate expenditure. LO3: Analyze, using graphs and numbers, how an economy LO A l i h d b h reaches short-run equilibrium in the basic Keynesian model. LO4: Show how a change in planned aggregate expenditure can cause a change in short-run equilibrium output and how this is related to the income-expenditure multiplier. LO5: Explain why the basic Keynesian model suggests that fiscal policy is useful as a stabilization policy, and discuss the qualifications that arise in applying fiscal policy in real-world Learning Objectives Ch6-2     © 2012 McGraw-Hill Ryerson Limited Chapter Outline  8.1 The Keynesian Model’s Crucial Assumption: Firm’s Meet Demand at Preset Prices 8.2 Planned Aggregate Expenditure 8.3 Stabilizing Planned Spending: The Role of Fiscal Policy 8.4 Fiscal Policy as a Stabilization Tool: Three Qualifications 8.5 More on Imports, Taxes, and the Multiplier     © 2012 McGraw-Hill Ryerson Limited Chapter Outline Ch6-3 1 2/7/2013 8.1 The Keynesian Model’s Crucial Assumption: Firm’s Meet Demand at Preset Prices Key Keynesian Assumptions  In the short-run, firms meet the demand for their products at preset prices  Firms typically......

Words: 3425 - Pages: 14

Premium Essay

Herper

...Board (MASB) and the Financial Reporting Foundation (FRF) were established under the Financial Reporting Act 1997. The objectives of the MASB are: (a) to develop, in the public interest, high quality, understandable and enforceable accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the Malaysian capital market and other users make economic decisions; (b) to promote the use and rigorous application of those standards; (c) in fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the special needs of private entities (defined and explained in Section 1 Private Entities); and (d) to pursue a policy of convergence of Malaysian Financial Reporting Standards (MFRSs) with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). MFRSs Comparison of MPERS and MFRSs 1) Component of financial statement MPERS | MFRs | 1. Components of financial statements: (i) Two statements each for financial position, comprehensive income, changes in equity, cash flows and notes. (ii) No requirement for the 3rd statement of financial position. 2. Choice of one continuous statement or two separate statements for presentation of comprehensive income. No requirement to segregate items of OCI into those that may or may not be reclassified to profit or loss. Attribution to owners......

Words: 2525 - Pages: 11

Premium Essay

Test

...NSANetworking Capstone Project IS4550 NT2640 Security Policies and Implementation IP NT2640 Networking IP Networking PT2520 IS3445 PT2520 Database Concepts Security for Web Applications and Social Database Concepts Networking IS3340 NT1430 Windows Security Linux Networking NT1430 Linux Networking PT1420 Introduction to Programming IS3440 PT1420 Introduction to Linux Security Programming IS3220 NT1310 IT Infrastructure Security Physical Networking PM3110 Introduction to Project Management NT1310 NT1430 Physical Networking Linux Networking NT2640 IP Networking Infrastructure CO2520 Communications EC2555 Survey of Economics MA3110 Statistics SS3150 Research Methods EN3220 Written Analysis CO2520 Communications SP3450 Social Psychology EC2555 Survey of Economics GS1140 Problem Solving Theory HU4640 Ethics SC4730 Environmental Science EN1420 Composition II EN1320 Composition I EN1320 Composition I GS1145 Strategies for the Technical Professional MA1210 College Math I MA1210 College Mathematics I MA1310 College Math II EN1420 Composition II EN1420 Composition II EN1320 Composition I GS1145 Strategies for the Technical Information Systems Security Courses Professional GS1140 Problem Solving Theory Prerequisites from lower-division MA1210 College Math I General Education / General Studies MA1310 College Math II 1 Date: 5/25/2011 Windows Security Syllabus Course Summary Course......

Words: 2305 - Pages: 10