...rituals that incorporate economics; their practice of economics is camouflaged in a social institution morally sought out by their personal beliefs. At the simplest level, economics is the distribution and production of goods. When an economic institution is embedded in a noneconomic institution, people do not think about the production and distribution of goods but about their daily routine and expectations within a community. A person can perform daily tasks completed by a thought process that they are doing this task for religion, family, legal reasons, etc. but they do not do it for economic purposes. Noneconomic institutions in an embedded economy are the core of society and shape a person’s mindset. A disembedded economy can be characterized as separating all institutions into their own categories. While every social institution does intertwine. Economics is the underlying factor in these institutions, economics demands it’s own institution because of the advancement of modern society. The disembedded economic process revolves around individual affluence and focusing on what goods are produced and distributed in order to reach self-accomplishment. Disembedded economies allow individuals to be selfish and reach your ideal welfare state. It’s important to note that a disembedded mindset ultimately evolved so that individually, we can reach affluence and differentiate ourselves, rather than worrying about the community before ourselves. The economic structure of modern...
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...service perspective, e-commerce is a tool to cut service costs while improving the quality of goods and increasing the speed of service delivery. From an online perspective, e-commerce provides the capability of buying and selling products and information on the Internet and other online services. This project considers electronic commerce as the process of buying, selling, or exchanging of products, service, and information by various agents via computer networks including Internet. As such one can study the structure and mechanism of electronic commerce from an economic perspective. In electronic commerce setting, a new market order has been realizing. However, one can recognize many similarities in the structure of this new market with those of pure competitive market described in microeconomics. Consequently, this market setting may foster a perfect competition and thus market equilibrium in a classical economic sense. This section examines the components of electronic commerce market setting and the characteristics of...
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...| | Economics is more than just the study of charts, graphs, and detailed tables consisting of statistics and numbers, it explains an individual’s rational behavior in fulfilling their needs and wants. Economic exist as a means to understand how individuals and countries respond to limited resources whilst having unlimited wants. Adam Smith, also known as the “father of economics” focused on the study of why some nations prosper and other nations suffer in poverty. The allocation of resources is a determinant that contributes to a country’s wealth various classes in a society. Simply put, economics is not only a social science that studies man’s behaviors based on their interest, but it also involves the study of wealth. In describing the relationship between the number of inputs and the law of diminishing marginal productivity Economist and business owners consider variable inputs, labor, and the overall product produced. These factors are based on the law of diminishing returns which happens when the return on production decreases after a specific level of labor is reached. The law of diminishing marginal productivity and diminishing returns are factors used by employers when making a decision on which activities to produce (marginal product), production schedules, and how many workers are required to complete the final product. The Long Run and Short Run decisions also factor into what the firm chooses as a least expensive method of producing from all available methods...
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...Unit-I Economic Geography Economics: Economics is the social science which studies optimum utilization of scarce resources. It basically studies economic activities, markets, allocation, money, capital, competition, resources, development, growth, welfare, well-being, poverty, deliberate, purposeful, rational, optimal, efficient, and many more. We can also define the economics as "Economics is the study of purposeful human activities in pursuit of satisfying individual or collective wants" "Economics is the study of principles governing the allocation of scarce means among competing ends" Geography: When we think of Geography, we often use the following words or concepts: location, site, place, access, spatial, regional, distance, separation, proximity, speed, mobility, transportation, resources, communication, agglomeration etc. Economic Geography: What are the major factors that explain the recent growth of the Chinese economy and the relative decline of the United States economy? What explains persistent poverty in pockets of global cities such as New York, London and Tokyo, and what prompted the emergence of vast urban slums in Calcutta? What are the impacts of globalization on people’s jobs and livelihoods in different parts of the world? Explaining the causes and consequences of uneven development within and between regions is a central concern for economic geographers. The discipline’s goal has long been to offer multi-faceted explanations for economic processes...
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...As a student that is living in the time of an important election economic prosperity for our nation would be a really important. Hearing about the Great Depression and witnessing the Great Recession it would be horrible to see our nation fall back into what it once did. After reading Thomas Sowell Basic Economics: A Citizen’s Guide to the Economy he talked about to major factors that deal with the economy jobs and the effect of their wages. One of the first things that Sowell talks about in the beginning of this chapter is how the staving jobs would could have a negative effect on some industries. Sowell use the example of the steel industry “…saving jobs in the steel industry by restricting imports of steel from other counties does not mean that the economy as a whole will have more job” (Sowell 261). What he meaning by...
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...SECTION A 1. A change in demand refers to a decrease or increase in demand due to change in non-price factors affecting demand. Therefore, it is referred to as a shift in demand (Forstater and Mathew 57). For instance, tea and coffee are close substitutes, if there is a decline in the price of a substitute (coffee); demand for the other good (tea) will decline as indicated in the graph below. D0 indicate the initial demand curve for tea, however, after a decline in the price of coffee, the demand curve shift to D1. D0 P D1 Quantity Conversely, a change in quantity demanded occurs as a response by consumers to a change in a commodity price. It is referred to as a movement along a demand curve (Frank, Ben and Louis 76). In the graph below, the initial price is P0 and the corresponding quantity demanded is Q0, however, when the price changes to P1, quantity demanded also changes to Q1. This represents a change in quantity demanded from Q0 to Q1. P D0 P1 B P0 A D0 Q1 Q0 Quantity A change in quantity supplied is caused by a change in the price of...
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...1. When a firm hires an additional unit of labor, the increase in a firm's total revenues is known as the marginal: A) utility product. B) revenue product. C) product. D) cost. 2. Assume Ajax Company employs 100 workers and total revenue is $400,000. When Ajax Company employs 101 workers, total revenue is $405,000. The marginal revenue product of the 101st workers is: A) $5 thousand. B) None of the answers. C) $40 thousand. D) $405 thousand. 3. Assume consumer demand for CD-ROMs increases. The result is a (an): A) increase in the marginal revenue product of firms in the CD-ROM industry. B) rightward shift in the market demand for labor curve in the CD-ROM industry. C) all of the answers. D) None of the answers. E) increase in derived demand for workers in the CD-ROM industry. 4. Which of the following statements concerning the supply of labor is true? A) None of the answers. B) The supply of labor is determined by the prevailing wage rate. C) The wage rate has no effect on the supply of labor. D) The labor supply curve is downward sloping. 5. One reason the supply of carpenters is greater than the supply of physicians is because: A) physicians do not belong to a union. B) carpenters demand less income. C) None of the answers. D) carpenters belong to unions. 6. Suppose a change in technology increases the marginal product of labor. The result is a (an): A) None of the answers. B) downward movement...
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...Linear programming of basic economic parameters used at reengineering in small and medium enterprises 1. INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 – 6510(Online), Volume 4, Issue 2, March- April (2013)ISSN 0976-6502 (Print)ISSN 0976-6510 (Online)Volume 4, Issue 2, March- April (2013), pp. 31-43 IJM© IAEME: www.iaeme.com/ijm.asp ©IAEMEJournal Impact Factor (2013): 6.9071 (Calculated by GISI)www.jifactor.com LINEAR PROGRAMMING OF BASIC ECONOMIC PARAMETERS USED AT REENGINEERING IN SMALL AND MEDIUM ENTERPRISES Prof. Dr Slobodan Stefanović High School of Applied Professional Studies, Vranje, Serbia Prof. Dr Radoje Cvejić Faculty for strategic and operational management Belgrade, Serbia ABSTRACT In economic terms, linear programming is a mathematical technique used for selecting one among more possible economic decisions that will have the greatest efficiency. Most production issues have been solved by a linear programming method, also performed here, and a model of linear programming of economic parameters in re- engineering of small and medium enterprises, for their greater efficiency, is presented. Key words: linear programming, re-engineering, economic parameters, model. 1.0. INTRODUCTION Linear programming is a mathematical method for selecting an optimal solution among larger number of possible solutions. In mathematical terms, linear programming is a mathematical analysis of optimum problem. These...
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...(a) The three questions that all economies are faced by are what to produce, how to produce and for whom to produce for given a limited amount of resources. The basic economic problem faced by all economies is scarcity of resources. McConnell, Brue simply defines scarcity as the shortage of resources within an economy. In a Planned economy the government answers all the three questions what to produce, how to produce and for whom to produce. what to produce is the first question to b addressed. The government conducts surveys and questioners to find what the consumers want before producing them. The decision on whether to start producing capital or consumer goods rests with the government. The government mass produces because they want to cater for almost everyone and they want the products to be fairly cheap they choose a production method that is least most costly. The last question is for whom to produce. The government desires that everyone gets an equal amount of the products besides social class or any form of discretion. In a Free market economy the questions what to produce, how to produce and for whom to produce maybe answered by individuals who own the land and capital. The market forces, also referred to as the way that the behavior of buyers and sellers affects the levels of prices and wages, without any influence from the government, determine what to produce. the producers a commodity that the consumers are willing to buy the most. In this economy we can...
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...* Part A Introduction This section will analyse an example of an event which led to an emergence of a black market on sales of tickets due to decisions made on how tickets were to be distributed. Events such as major sporting events, concerts by popular artists, etc are particularly prone to this issue. Huge profits can be gained by selling these tickets on the black market and subsequently cause massive losses in revenue for the organisers of the event. Recommendations as to how to regulate such a market are also explained. This section will use President Elect Barack Obama’s recent inauguration to the Presidency of the United States as its example. These points can be explained through the analysis of the following topics: * The price mechanism and equilibrium price. * Changes in demand, supply and equilibrium price. * Price and the allocation of resources. The Event Barack Obama made history on January 20, 2009 as he was inaugurated as the first African American to be inaugurated to the Presidency of the United States. For people to attend such a massive event, 240,000 tickets were made available for reserved seating and standing areas around Capitol Hill. It was decided that these tickets were to be made available free of charge and distributed through the members and representatives of Congress when requested by members of the public. The price mechanism and the equilibrium price The price mechanism describes the way in which the prices charged...
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...Explain how a free market economy solves the 3 basic economic problems Free market economy is a system where every individual can function and operate free as a consumer or producer. The free market economy can be used to solve the 3 basic economic problems which is what to produce?, how to produce?, and for whom to produce. What to produce depends on three factors which is profit motive, price system and consumer sovereignty. Competition among producers will force the producer to come up with newer and more innovative ideas. Price mechanism will help to relocate resources efficiently whereby goods and services will be produce to satisfy unlimited human wants. Price | Demand(D) | Supply(S) | 1 | 10 | 2 | 2 | 8 | 4 | 3 | 6 | 6 | 4 | 4 | 8 | 5 | 2 | 10 | Equilibrium point Equilibrium point Price Mechanism diagram How to produce refers to the method of production which is using a cheaper method, using a new method of production by using high technology and labour intensive or capital intensive. Competition between producers improves efficiency and producer will try to cut down cost to get higher profit. For whom to produce is the third economic decision as towho will be receiving goods and services in the free market economy system is answered through the price system is answered through the price system. Goods and services are obtained by anyone who can afford them. Goods and services are distributed among the residents of the...
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...GE117 Composition I | A 4 credit hour Composition course This course covers phases of the writing process, with special emphasis on the structure of writing and techniques for writing clearly, precisely and persuasively. Prerequisite or Corequisite: TB133 Strategies for the Technical Professional or equivalent GE127 College Mathematics I | A 4 credit hour Mathematics course This course will include, but is not limited to, the following concepts: quadratic, polynomial and radical equations, linear functions and their graphs, systems of linear equations, functions and their properties and triangles and trigonometric functions. Activities will include solving problems and using appropriate technological tools. Prerequisite: GE184 Problem Solving or TB184 Problem Solving or GE150 Survey of the Sciences or equivalent; Prerequisite or Corequisite: TB133 Strategies for the Technical Professional or equivalent GE184 Problem Solving | A 4 credit hour Science course This course introduces students to problem solving techniques and helps them apply the tools of critical reading, analytical thinking and mathematics to help solve problems in practical applications. GE192 College Mathematics II | A 4 credit hour Mathematics course This course will include, but is not limited to, the following concepts: exponential and logarithmic equations and functions, graphs of trigonometric functions, trigonometric equations, polar coordinates, oblique triangles, vectors and sequences. Prerequisite:...
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...SYNOPSIS TITLE OF THE PROJECT HOSTEL MANAGEMENT SYSTEM PROBLEM STATEMENT This project needs to create the Hostel Management System (HMS) to organize the rooms, mess, student’s record and the other information about the students. All hostels without HMS are managed manually by the hostel office. And hence there is a lot of strain on the person who are running the hostel. This particular project deals with the problems on managing a hostel and avoids the problem which occur when carried manually. INTRODUCTION In hostels without a HMS all the things have to be done manually. The Registration form verification to the different data processing are done manually. Thus there are a lot of repetitions which can be easily avoided. Identification of the drawbacks of the existing system leads to the designing of computerized system that will be compatible to the existing system with the system which is more user friendly and more GUI oriented. We can improve the efficiency of the system, thus overcome the drawbacks of the existing system. Hostel management gives on idea about how the students details, room allocation, mess expenditure are maintained in the particular concern. The hostel management system also includes some special features like How many students can live in a room, and the students of the hostel can be recognized from their ID number. The administration has the unique identity for each members as well as students details. The stock management...
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...nonstop work. Startups are a counterexample to the rule that haste makes waste. (Too much money seems to be as bad for startups as too much time, so we don't give them much money either.) A week before Demo Day, we have a dress rehearsal called Rehearsal Day. At other Y Combinator events we allow outside guests, but not at Rehearsal Day. No one except the other founders gets to see the rehearsals. The presentations on Rehearsal Day are often pretty rough. But this is to be expected. We try to pick founders who are good at building things, not ones who are slick presenters. Some of the founders are just out of college, or even still in it, and have never spoken to a group of people they didn't already know. So we concentrate on the basics. On Demo Day each startup will only get ten minutes, so we encourage them to focus on just two goals: (a) explain what you're doing, and (b) explain why users will want it. That might sound easy, but it's not when the speakers have no experience presenting, and they're explaining technical matters to an audience that's mostly...
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...(L) SUK H207 AHCC1113 (P) V207 AHCC1113 (P) M102 (L) FAI DKB AELE0343 (P) SUK CC205 JS AHCC1163 (P) FAI M003 AELE0343 (T) SUK H207 JS AHCC1163 AHCC1153 (L) WYL DKB AHCC1153 (P) WYL LAB 2 AHCC1163 (P) FAI V207 AHCC1153 (P) WYL LAB 3 AELE0343 READING AND WRITING AHCC1153 BASIC SOFTWARE APPLICATION I AEPD1013 STUDY SKILLS AHCC1163 DRAWING BASIC AHCC1103 ART APPRECIATION AHCC1113 GRAPHIC DESIGN BASICS School of Social Science and Humanities Certificate in Graphic Design - Year 1 1st semester 2013/2014 8 9 10 AHCC1103 (T) HAR V102 11 AHCC1113 (L) JS DK 6 Tutorial Group: M1CGD2 12 1 2 3 4 AEPD1013 (L) PRA H209 5 6 7 8 9 Mon Tue Wed Thu Fri Sat AHCC1103 (L) HAR DK AB1 AELE0343 (L) SUK H207 AEPD1013 (T) PRA H207 AHCC1163 (L) FAI DKB AELE0343 (P) SUK CC205 AHCC1153 (L) WYL DKB AHCC1113 (P) V304 AHCC1113 (P) V207 AELE0343 (T) SUK H207 JS JS AHCC1163 (P) FAI V208 AHCC1153 (P) WYL LAB 2 AHCC1153 (P) WYL LAB 2 AHCC1163 (P) FAI V202 AELE0343 READING AND WRITING AHCC1153 BASIC SOFTWARE APPLICATION I AEPD1013 STUDY SKILLS AHCC1163 DRAWING BASIC AHCC1103 ART APPRECIATION AHCC1113 GRAPHIC DESIGN BASICS School of Social Science and Humanities Certificate in Graphic Design - Year 1 1st semester 2013/2014 8 9 AEPD1013 (L) PRA H209 10 11 AHCC1113 (L) JS DK 6 Tutorial Group: M1CGD3 12 1 2 3 AHCC1103 (T) HAR V104 AELE0343 (L) SUK H207 4 5 6 7 8 9 Mon Tue Wed AHCC1103 (L) HAR DK AB1 AHCC1163...
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