Economics Definitions Technical Efficiency / Engineering Efficiency: Goods are produced using the minimum possible resources. Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services. Traditional Economy: Resource allocation determined by social custom and habits established over time. Command Economy: Resource allocation determined by central planning. Market Economy: Resource allocation determined by a competitive market. Opportunity Cost: The best alternative
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decreasing to 0 at senior manager level and higher. The Indian IT industry is a perfect example of an industry where salaries vary by leaps and bounds. On one hand we have large corporations which can hire talent on an industrial scale but pay meagerly (Monopsony) while there are few firms that lookout for very niche skills and pay exorbitant salaries to its people. There is yet
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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements is correct? A) By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces. B) Managerial decisions are affected primarily by macroeconomic forces. C) Managerial decisions are affected by both microeconomic and macroeconomic forces. D) Managerial decisions are affected primarily by microeconomic forces
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Economics Definitions Technical Efficiency / Engineering Efficiency: Goods are produced using the minimum possible resources. Economic Efficiency: A condition where the ratio MU/MC is equal for all goods and services. Traditional Economy: Resource allocation determined by social custom and habits established over time. Command Economy: Resource allocation determined by central planning. Market Economy: Resource allocation determined by a competitive market. Opportunity Cost: The best alternative
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BUSINESS ENVIRONMENT UNIT:1 Introduction Business may be understood as the organized efforts of enterprises to supply consumers with goods and services for a profit. The following essay contains some details about the business environment such as types of organisations, EU rules and regulations policies of the market control. 1.1 Identify the purposes of different types of organisation. 1. Sole traders The sole trader is a common form of business ownership and is found in a wide range
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is a type of market failure, which occurs when there is an inefficient allocation of resources in a free market. There are number of problems of inequality, that will eventually harm our health such as inequality arising from monopoly power, inequality arising from monopsony power and diminishing marginal utility of income (Pettinger, 2011). • Canada’s objective should be to improve population health for all groups from different race, ethic class, gender, sexuality and other backgrounds. Enhancing
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competitive markets are not satisfied. The imperfect market will have characteristics that are opposite of the perfect competition market. The types of imperfect competition are the monopoly (single seller), monopolistic competition (many sellers manufacturing highly differentiated goods), oligopoly (few sellers), duopoly, monopsony (single buyer) and oligopoly (few buyers). Imperfect might also be caused by other characteristics other than the firm’s behavior. An example is imperfect competition due to
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Assignment on Business Environment Introduction: Business environment is composed of two words ‘Business’ and ‘Environment’. In economic sense ‘Business’ means human activities like production, purchase or extraction or sales of products or services that are performed to earn money. Meanwhile ‘Environment’ means the aspect of surroundings. Business environment is the set of conditions institutional, political, economical, legal or social that is uncontrollable and affects the functions of the
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Economics: What is it? If someone asks you to define economics, what are you going to tell them? Without running to your book, let’s look at the word eco-nomics itself. The prefix ‘eco’ from the Latin word ‘oeco’ refers to household and ‘omics’ is a general term for a broad discipline of science which analyses certain variables. So the word economics can be defined as: ‘...A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources
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ASSIGNMENT COVER SHEET Name: | | Address: | | Post code / Zip: | | Telephone No: | | Email Address: | | Date: | | Course Name: | | Tutor Name: | | Assignment Name: | | PLEASE NOTE: YOU SHOULD INCLUDE THIS INFORMATION with EVERY ASSIGNMENT. Introduction In this assignment I will be researching the Business Environment and the Business Organisations, I will learn why Businesses operate in different ways and how strategies are developed to meet an ever changing market both national
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