The document introduces basic economic concepts including:
1) Economics is the study of how societies allocate scarce resources to satisfy unlimited wants.
2) Microeconomics examines individual decision-making while macroeconomics looks at whole economies.
3) Ceteris paribus means all other things remain equal while specific variables change.
What's Behavior of an Organization
Who will take the Decisions
How decision will be taken
Type of organizations
Why different theories in Organizational Behavior were developed
In the long-run a firm can amend its size and organization to violate demand conditions. In other words, in the long-run the firm can adjust its scale of operations or size of plant to produce any required output in the most efficient way. Thus, in the long run fixed factors can be altered. Management can be restructured to run a firm of a different size. Capital can also be used differently. In short, all factors are variable in the long run and therefore the scale of operations can be altered
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A firm is a Business unit which owns,controls and manages a plant.Such a Business unit may be a sole Proprietor,a partnership,a company or a cooperative enterprise.The Firm is the owner of the plant and it controls the operation of plants.
What's Behavior of an Organization
Who will take the Decisions
How decision will be taken
Type of organizations
Why different theories in Organizational Behavior were developed
In the long-run a firm can amend its size and organization to violate demand conditions. In other words, in the long-run the firm can adjust its scale of operations or size of plant to produce any required output in the most efficient way. Thus, in the long run fixed factors can be altered. Management can be restructured to run a firm of a different size. Capital can also be used differently. In short, all factors are variable in the long run and therefore the scale of operations can be altered
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
A firm is a Business unit which owns,controls and manages a plant.Such a Business unit may be a sole Proprietor,a partnership,a company or a cooperative enterprise.The Firm is the owner of the plant and it controls the operation of plants.
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
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Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Acetabularia Information For Class 9 .docxvaibhavrinwa19
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How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
2. Definition of Economics
The study of how society
chooses to allocate its scarce
resources to the production
of goods and services in
order to satisfy unlimited
wants
2
3. Microeconomics vs. Macroeconomics
• Microeconomics • Macroeconomics
The branch of The branch of
economics that economics that
studies decision- studies decision-
making by a single making for the
individual, economy as a
household, firm, whole
industry, or level
of government
3
4. What is
Ceteris Paribus?
A Latin phrase that means
that while certain variables
can change, “all other things
remain unchanged”
4
5. BASIC CONCEPTS:
• Scarcity - the fundamental
economic problem that human wants
exceed the availability of time,
goods, and resources.
• Choice – Because individuals
and society can never have everything
they desire, they therefore are forced
to make choices
• Opportunity cost – the second best
alternative foregone for a chosen
option. 5
6. Factors of Production
1. Land Resource - any natural resource
provided by nature
2. Labour - The mental and physical capacity of
workers to produce goods and services
3. Capital - The physical plants, machinery, and
equipment used to produce other goods
(Financial capital - The money used to
purchase capital)
4. Entrepreneurs - The creative ability of
individuals to seek profits by combining
resources to produce innovative products
6
7. Labor
Land Capital
Entrepreneurship organizes
resources to produce goods
and services
7
8. Graph
Graphs provide a means to clearly
show economic relationships in two-
dimensional space. Economic analysis
is often concerned with two variables
confined to the upper right-hand
(northeast) quadrant of the coordinate
number system.
8
9. A shift in a curve occurs only
when the ceteris paribus
assumption is relaxed and a third
variable not on either axis of the
graph is allowed to change
9
10. Marginal Analysis
- An examination of the
effects of additions to or
subtractions from a
current situation
10
11. Production Possibilities Curve:
- A curve that shows the
maximum combinations of
two outputs that an
economy can produce, given
its available resources and
technology
11
14. Production Possibilities Curve
• A production possibilities curve
illustrates an economy’s capacity to
produce goods, subject to the constraint
of scarcity.
• The production possibilities curve is a
graph of the maximum possible
combinations of two outputs that can
be produced in a given period of time,
subject to three conditions:
14
15. (1) All resources are fully
employed
(2) The resource base is not
allowed to vary during the time
period.
(3) Technology, which is the
body of knowledge applied to the
production of goods, remains
constant.
15
16. Points “inside”, “along” and
“outside” the PPC
• Inefficient production occurs at any
point inside the production possibilities
curve.
• All points along the curve are efficient
points because each point represents a
maximum output possibility.
• All points outside the curve are
unattainable due to scarcity of resources.
16
17. The shape of PPC
• PPC is usually concave to the origin
because of the law of increasing opportunity
costs that states that the opportunity cost
increases as the production of an output
expands.
•The explanation for the law of increasing
opportunity costs is that the suitability of
resources declines sharply as greater
amounts are transferred from producing one
output to producing another output.
17
18. Economic Growth
• The ability of an economy to produce
greater levels of output, represented
by an outward shift of its production
possibilities curve as a result of an
increase in resources or an advance in
technology
18
23. Basic Economic Problems
- The fundamental economic questions facing any
economy are What, How, and For Whom to
produce goods.
- The WHAT question asks exactly which goods
are to be produced and in what quantities.
- The HOW question requires society to decide the
resource mix used to produce goods.
-The FOR WHOM problem concerns the division
of output among society’s citizens.
23