...To What Extent did Henry VII Fulfill his Aims It is fair to say that at the end of his reign in 1509, Henry VII was successful in all of his aims. His aims included dynastic security for his crown and economic stability for England. However the main aim upon his usurpation to the English throne, was to secure international recognition of being King of England. Due to his usurpation, Henry held an extremely fragile position on the throne of England. This was as a result of Henry killing Richard III at the Battle of Bosworth Field in 1485. Also, the War of the Roses meant that England was crippled economically and also in political stability. There was opposition to Henry domestically and internationally, especially from Margaret of Burgundy (cousin of Richard III). Margaret had infleunce within France, and infleunced Charles VIII of France's support for the Pretender Perkin Warbeck. Due England being economically and politically crippled; as well as the threat from abroad meant that Henry had to pursue an active foreign policy in order to gain international recognition. There is no doubt that Henry's active foreign policy also helped Henry to pursue his aims of economic stability and dynastic security. However, the main aim of Henry VII's foreign policy was to gain international recognition of his right to be King of England. The Medina del Campo alliance of 1489 is major evidence of Henry VII's active foreign policy right at the start of his usurpation. The alliance established...
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...Explain the Concept of Price Elasticity of Demand and Discuss Its Relevance for Business and Government Explain the concept of Price Elasticity of Demand and discuss its relevance for Business and Government Price elasticity of demand According to the law of demand: the lower the price the more product is bought. But consumer response to changes in price can vary significantly from product to product. Economists measure the response (sensitivity) of consumers to changes in product prices, using the concept of price elasticity.The gist of the concept of price elasticity is:• if small changes in price leading to significant changes in the quantity bought products, demand for such products are commonly called elastic;• if a substantial change in price leads to only a small change in the amount of purchases, In these cases the demand is inelastic.The extent price elasticity or inelasticity of demand is measured by economists with Ed coefficient calculated by the following formula: The same formula can be written as: Proceeding from the formula, the demand is elastic, if the percentage change in price leads to a greater percentage change in the amount of products that is asked. For example, if a price reduction of 2% causes an increase in demand of 4%, demand is elastic. When demand is elastic, the elasticity is greater than unity. If the percentage change in price is accompanied by a relatively smaller change in the number of products that is asked, then demand is inelastic...
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...CURRICULUM OF BUSINESS ADMINISTRATION FOR BBA, BBS, MBA & MS HIG HER EDUC ATIO N CO MM ISSION (2012) HIGHER EDUCATION COMMISSION ISLAMABAD 1 CURRICULUM DIVISION, HEC Prof. Dr. Syed Sohail H. Naqvi Mr. Muhammad Javed Khan Malik Arshad Mahmood Dr. M. Tahir Ali Shah Mr. Farrukh Raza Mr. Abdul Fatah Bhatti Executive Director Adviser (Academics) Director (Curri) Deputy Director (Curri) Asstt. Director (Curri) Asstt. Director (Curri) Composed by: Mr. Zulfiqar Ali, HEC, Islamabad 2 CONTENTS 1. Introduction……………………………………...........6 2. BBA Programme....................................................11 a. Structure of BBA Programme..……………....12 b. Layout for BBA Programme..........................13 c. Semester-wise Breakup for BBA…...............14 3. Bachelor of Business Studies (BBS)......................15 4. MBA Programme....................................................16 a. Structure of MBA Programme........................17 b. Semester-wise Breakup for MBA...................19 5. MS in Management Sciences................................20 a. Structure of MS Programme...........................20 b. Eligibility for Non-business Degree Holders...21 6. Roadmap for Business Education…………............24 7. BBA Course outlines...............................................25 a. Compulsory Courses for BBA...…….…..........25 b. Foundation Core Courses...........…....…....... 41 c. Major Core Courses........................................59 d. Major...
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...Competitive markets: demand and supply SL/HL core topics Part (a) questions 2.3 (a) Answers may include: • Definitions of demand and quantity demanded. • Theory of demand: law of demand with reference to changes in demand and factors that can cause changes in demand. • Demand and supply diagram showing initial equilibrium price and quantity, and a leftward shift in the demand curve, resulting in a lower equilibrium price and quantity and showing that there is no contradiction. • Examples of demand curve shifts and movements along a demand curve. Answers may include: • Definitions of supply and quantity supplied. • Theory of supply: the law of supply with reference to changes in supply and factors that can cause changes in supply. • Demand and supply diagram showing initial equilibrium price and quantity, and a rightward shift in the supply curve, resulting in a lower equilibrium price and greater equilibrium quantity. • Examples of supply curve shifts and movements along a supply curve. Answers may include: • Definitions of normal good, excess demand, reallocation of resources. • Theory of demand and supply with reference to excess demand, the factors that can cause shifts in the demand curve and the role of price as a signal and incentive. • Demand and supply diagram showing initial and final equilibrium price and quantity following a rightward shift in the demand curve leading to excess demand. • Examples of demand curve shifts....
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...SYLLABUS Cambridge IGCSE® Economics 0455 For examination in June and November 2016. Also for examination in March 2016 for India only. Cambridge Secondary 2 Changes to syllabus for 2016 This syllabus has been updated. Significant changes to the syllabus are indicated by black vertical lines either side of the text. Cambridge International Examinations retains the copyright on all its publications. Registered Centres are permitted to copy material from this booklet for their own internal use. However, we cannot give permission to Centres to photocopy any material that is acknowledged to a third party even for internal use within a Centre. ® IGCSE is the registered trademark of Cambridge International Examinations © Cambridge International Examinations 2014 Contents 1. Introduction .................................................................................................................... 2 1.1 1.2 1.3 1.4 1.5 Why choose Cambridge? Why choose Cambridge IGCSE? Why choose Cambridge IGCSE Economics? Cambridge ICE (International Certificate of Education) How can I find out more? 2. Teacher support.............................................................................................................. 5 2.1 Support materials 2.2 Resource lists 2.3 Training 3. Syllabus content at a glance ........................................................................................... 6 4. Assessment at a glance .................
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...of China.The government have the sole power to control all activities done by their citizen as whathave been describe in how communism system worked in governing a country. Inother words, the purposes of working in China are to contribute to the nation and alsoto the government as the government control on all activities in the country.ii.Stability of Government. The stability of the China government is quite moderate and stable because theadministration of the government are not publicize to the public either through thepress or on the internet. So, the degree of the citizen involvement in the politics is lowbecause of the heavy restrictions impose by the government. However, the policiesimpose and the law regulations are quite effective in terms of economy where China isone of the leading countries in the world. In the recent years (2001), China has joinedthe World Trade Organization and results rapid growth in industrial and manufacturingsectors because of the cheap labor in China. But still problems such as managingenvironmental degradation, demographic pressure and the extreme immigration fromrural to urban area must be faced by the government.iii.Business FreedomThe business freedom in China is quite tight because of the regulation impose by thegovernment where they restrict businesses from other countries coming in. But recently,China government open their gate to the outside world to set up business in their country.It takes 37 days to start anew business in China compared...
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...of managerial decision making across the functional areas of business? Discuss. Answer. Contribution of theories of the firm to the concept of the business model The advantage of the Chesbrough and Rosenbloom approach to the business model concept is that its functions or components provide a comprehensive structure by which to analyse different sources of value in firms. Compared for instance with Amit and Zott’s (2001) approach its functions or components are generic, rather than specific sources of value for a particular type of business. However the Chesbrough and Rosenbloom business model is still more of a framework than a theory (Teece 2006). By itself is does not enable predictions to be made of the behaviour of firms, although it has attempted to identify the key factors that may make such predictions possible. At the same time there are theoretical underpinnings that could be incorporated into many of the components of the business model to increase its capacity to be used as a predictive model. As with Amit and Zott’s (2001) development of the business model, this analysis suggests that there is no single applicable theoretical framework, but that an integration of the various theoretical frameworks is useful in examining the value creation potential of the firm’s business model. The approach adopted here is to enrich the concept of the business model with the various a series of theoretical concepts based on the theory of the firm. The principal theories are...
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...ECONOMICS (THE COURSE GUIDE) THE NEED Managerial Economics as a course required for effective resource management was put in place due to the following developments in the global business environment: (a) Growing complexity of business decision-making processes. (b) Increasing need for the use of economic logic, concept, theories, and tools of economic analysis in the process of decision-making. (c) Rapid increases in the demand for professionally trained managerial manpower. These developments have made it necessary that every manager aspiring for good leadership and achievement of organizational objectives be equipped with relevant economic principles and applications. Unfortunately, a gap has been observed in this respect among today’s managers. It is therefore the aim of this course to bridge such gap. THE COURSE OBJECTIVES On completion of the requirements of this course, students and managers alike will be expected to: 1. Understand the relative importance of Managerial Economics; 2. Know how the application of the principles of managerial economics can aid in the achievement of business objectives; 3. Understand the modern managerial decision rules and optimization techniques; 4. Be equipped with tools necessary in the analysis of consumer behaviours, as well as in forecasting product demand; 5. Be equipped with the tools for analyzing production and costs; 6. Understand and be able to apply latest pricing strategies; THE COURSE STRUCTURE This course will be presented...
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...left blank Managerial Economics Managerial economics, meaning the application of economic methods in the managerial decision-making process, is a fundamental part of any business or management course. This textbook covers all the main aspects of managerial economics: the theory of the firm; demand theory and estimation; production and cost theory and estimation; market structure and pricing; game theory; investment analysis and government policy. It includes numerous and extensive case studies, as well as review questions and problem-solving sections at the end of each chapter. Nick Wilkinson adopts a user-friendly problem-solving approach which takes the reader in gradual steps from simple problems through increasingly difficult material to complex case studies, providing an understanding of how the relevant principles can be applied to real-life situations involving managerial decision-making. This book will be invaluable to business and economics students at both undergraduate and graduate levels who have a basic training in calculus and quantitative methods. N I C K W I L K I N S O N is Associate Professor in Economics at Richmond, The American International University in London. He has taught business and economics in various international institutions in the UK and USA, as well as working in business management in both countries. Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo Cambridge University Press The Edinburgh...
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...Managerial Economics Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm’s decision-making process. According to MeNair and Meriam, managerial economies consists of the use of economic models of thought to analyze business situations. Some writers consider managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. The underlying idea of all these definitions is that managerial economics means economics applied in decision-making. So we may consider managerial economics as a special branch of economics bridging the gap between abstract theory and managerial practice. It may be pointed out here that effective decision-making at the firms’ level calls for a careful analysis of a choice between alternative courses of action. Economic theory offers a variety of concepts and analytical tools which can be of considerable assistance to the manager in his decision-making process. In fact actual problem-solving may require many skills and tools which are not available in the traditional economist’s. For example, knowledge of accounting and of statistical concepts and methods, which are not taught in economics, can help the analyses to apply more effectively the economic tools in a concrete situation. The problems of industrial management do not neatly fall into one academic discipline or another. Rather they tend to out across...
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...Delhi-110028 for SCHOOL OF DISTANCE EDUCATION Bharathiar University Coimbatore-641046 CONTENTS Page No. UNIT-I Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6 Lesson 7 Managerial Economics: Definition, Nature, Scope Fundamental Concepts of Managerial Economics Demand Analysis Elasticity of Demand UNIT-II Supply Analysis Production Function Theory of Cost...
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...Ethical and Professional Standards The candidate should be able to demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct, familiarity with the Global Investment Performance Standards, and familiarity with corporate governance issues and risks affecting companies. Study Session 1 Ethical and Professional Standards Reading Assignments 1.* “Code of Ethics and Standards of Professional Conduct” Standards of Practice Handbook, 9th edition (CFA Institute, 2005) * 2. “Guidance” for Standards I – VII, Standards of Practice Handbook, 9th edition (CFA Institute, 2005) * 3. Introduction to the Global Investment Performance Standards (GIPS®) Global Investment Performance Standards (GIPS®), pp. i–iii and 1–9, (CFA Institute, 4.* 2005) A. Preface: Background of the GIPS Standards B. I. Introduction C. II.0. Provisions of the Global Investment Performance Standards – Fundamentals of Compliance * 5. The Corporate Governance of Listed Companies: A Manual for Investors (CFA Institute, 2005) Learning Outcomes 1. “Code of Ethics and Standards of Professional Conduct” The Code of Ethics establishes the framework for ethical decision making in the investment profession. The candidate should be able to state the six components of the Code of Ethics. The Standards of Professional Conduct are organized into seven standards: I. Professionalism II. Integrity of Capital Markets III. Duties to Clients and Prospective...
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...parties must benefit * The exchange must meet both parties’ expectations * Value: is defined as a customer’s overall assessment of the utility of an offering based on perceptions of what is received and what is given * Value = quality / price * Value = benefits expected / benefits received * A Market is a group of customers with homogenous (similar) needs/wants * Geographic markets * Product markets * Demographic markets * Players in the market are: * Customers, consumers * Clients * Partners * Society * Ethics: a set of moral principles that guide attitudes and behaviour * Law and Regulatory Bodies: governs the conduct of individuals plus org behaviour, ensuring actions are beneficial/acceptable to society * Corporate Social Responsibility: businesses have an obligation to act in the interest of societies that sustain them * Stakeholders: individuals, organisations and other groups that have a rightful interest in the activities of a business including: * Owners, employees, customers, partners, government The Marketing Mix * A marketing mix describes the elements that marketers need to consider * There are 4; product, price, promotion, place, * Extra 3; people, process and physical evidence * Target market: a group of customers with similar needs/wants Product: * A product is a good,...
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...Co-ordinators Dr. Seema Srivastava Ms. Meenakshi Yadav Contributors Dr. Seema Srivastava Ms. Meenakshi Yadav Mr.Bharat Thakur Technical Support Mr.V.K.Sodhi Ms.Sapna Yadav Ms.Radha Ms.Garima Ms.Ritu Class – XII Teaching -Learning Material for PGT (Economics) Based on “Week- Wise Distribution of Syllabus 2011 -2012” For the Month of July: Unit-IV (18.07.2011 – 25.07.2011) 7 days (25.07.2011-30.07.2011) 6days Abstract Present unit deals with the Concept of Market Structure which comprises of different market conditions under which the firms produce and sell products in the market. The unit also elaborates upon various Forms of Market Structure such as Perfect Market and * Imperfect Market (*Monopoly, Monopolistic Competition and Oligopoly). The conditions and determination of price under various Forms of Market Structure have been discussed. The content based classroom activity has been suggested at the end. It will help in developing Critical Thinking & Analytical ability among students which is the demand of this subject. Questions based on the content to check the progress have been included. Different types of Questions such as Very Short Answer Type, Short...
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...organization or business. It is fundamentally concerned with the art of economizing i.e. making rational choice to yield maximum return of output in minimum resources & efforts by selecting best alternative course of action among various. Question 2. : - Contraction and extension of demand? Answer:-A variation in demand implies “extension” or “contraction” of demand. When with a fall in price more of a commodity is bought there is an extension of demand. Similarly, when a lesser quantity is demanded with a rise in price there is a contraction of demand. In short demand extends when the price falls and it contracts when the price rises. Both of the terms are technically used in stating the law of demand. Question 3. :-Opportunity cost / alternative cost? Answer:-It is measure in terms of the forgone benefits from the next best alternatives use of a given resources in simple words scarifies or loss of alternative use of a given resource is turn as an opportunity cost. The alternative or opportunity cost of one unit of product A is the amount of product B that has been sacrificed by allocating the resources to produce A rather than B. Question 4. :-Low of Demand? Answer:-According to Ceteris Paribus, “The higher the price of the commodity the smaller is the quantity demanded and lover the price larger the quantity demanded other things remain constant.” In other words the demand for a commodity extends (i.e., the demand rises) as the price falls...
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