This document discusses the concept of specialization in production and the law of comparative advantage. It provides examples showing that through specialization and exchange, both parties can benefit even if one party is better at both activities due to lower costs and increased output. The document emphasizes that focusing on areas of comparative advantage allows countries and individuals to gain from international trade.
Understanding progress to date in Ireland's reform of its budgetary architect...OECD Governance
Presentation by Fiachra Kennedy, Ireland, at the 11th annual meeting of the OECD Senior Budget Officials Performance and Results network, OECD, 26-27 November 2015.
1) Credit unions need to carefully measure the return on investment (ROI) of promotional campaigns, as they have little margin for error due to the costs involved. A promotional campaign that costs $5,000 but only generates $750,000 in new loans results in a loss unless it returns at least 67 basis points.
2) Credit unions on average spend a higher percentage of their assets on marketing than banks and savings institutions, around 10 basis points compared to 7 and 6 respectively. This is because credit unions rely more heavily on direct mail marketing.
3) To determine the ROI of a promotional campaign, the marketing director of a credit union uses a formula that calculates net interest income, total income, net income,
Andrew Masterman, Policy Lead, Violence Strategy, NHS Protect
Andrew leads on national initiatives to help maintain a safe and secure environment for NHS staff, patients and visitors. Andrew works collaboratively with key stakeholders to prevent violence, and has advised the All Party Parliamentary Group on Preventing Work-related Violence. Andrew chairs a clinically led Expert Group for the Prevention of Clinically Related Challenging Behaviour and was responsible for overseeing the successful launch of the work programme: Meeting needs and reducing distress: the prevention and management of clinically related challenging behaviour in NHS settings
Presentation Topic: 'The prevention and management of clinically related challenging behaviour in NHS settings.
Measuring performance: UK experience -- Simon Madden & Johannes Wolff, Unite...OECD Governance
Presentation by Simon Madden and Johannes Wolff, United Kingdom, at the 11th annual meeting of the OECD Senior Budget Officials Performance and Results network, Paris, 26-27 November 2015.
The government sector establishes and enforces rules regarding commerce and property rights. It regulates competition and the environment. The government also redistributes income, provides public goods that are non-excludable and non-rival in consumption, and manages the macro economy through monetary and fiscal policy.
Este documento proporciona instrucciones sobre las teclas de acceso rápido para moverse por un documento de texto y realizar acciones como mover el cursor una palabra o línea a la izquierda o derecha, moverse al principio o final de una línea o párrafo, o desplazarse entre páginas. También incluye las palabras "cerrar", "silla" y "levantar" repetidas varias veces al final.
The document discusses how regulatory and technological changes are increasing pressures on financial institutions to improve security. The new regulations eliminate specific security requirements and place greater responsibility on institutions to develop their own security programs tailored to their needs. This represents a shift away from prescriptive rules towards giving institutions more flexibility but also more responsibility. Security roles are becoming more complex and important given new technologies, growing liability risks, and stricter regulatory scrutiny of security compliance.
Understanding progress to date in Ireland's reform of its budgetary architect...OECD Governance
Presentation by Fiachra Kennedy, Ireland, at the 11th annual meeting of the OECD Senior Budget Officials Performance and Results network, OECD, 26-27 November 2015.
1) Credit unions need to carefully measure the return on investment (ROI) of promotional campaigns, as they have little margin for error due to the costs involved. A promotional campaign that costs $5,000 but only generates $750,000 in new loans results in a loss unless it returns at least 67 basis points.
2) Credit unions on average spend a higher percentage of their assets on marketing than banks and savings institutions, around 10 basis points compared to 7 and 6 respectively. This is because credit unions rely more heavily on direct mail marketing.
3) To determine the ROI of a promotional campaign, the marketing director of a credit union uses a formula that calculates net interest income, total income, net income,
Andrew Masterman, Policy Lead, Violence Strategy, NHS Protect
Andrew leads on national initiatives to help maintain a safe and secure environment for NHS staff, patients and visitors. Andrew works collaboratively with key stakeholders to prevent violence, and has advised the All Party Parliamentary Group on Preventing Work-related Violence. Andrew chairs a clinically led Expert Group for the Prevention of Clinically Related Challenging Behaviour and was responsible for overseeing the successful launch of the work programme: Meeting needs and reducing distress: the prevention and management of clinically related challenging behaviour in NHS settings
Presentation Topic: 'The prevention and management of clinically related challenging behaviour in NHS settings.
Measuring performance: UK experience -- Simon Madden & Johannes Wolff, Unite...OECD Governance
Presentation by Simon Madden and Johannes Wolff, United Kingdom, at the 11th annual meeting of the OECD Senior Budget Officials Performance and Results network, Paris, 26-27 November 2015.
The government sector establishes and enforces rules regarding commerce and property rights. It regulates competition and the environment. The government also redistributes income, provides public goods that are non-excludable and non-rival in consumption, and manages the macro economy through monetary and fiscal policy.
Este documento proporciona instrucciones sobre las teclas de acceso rápido para moverse por un documento de texto y realizar acciones como mover el cursor una palabra o línea a la izquierda o derecha, moverse al principio o final de una línea o párrafo, o desplazarse entre páginas. También incluye las palabras "cerrar", "silla" y "levantar" repetidas varias veces al final.
The document discusses how regulatory and technological changes are increasing pressures on financial institutions to improve security. The new regulations eliminate specific security requirements and place greater responsibility on institutions to develop their own security programs tailored to their needs. This represents a shift away from prescriptive rules towards giving institutions more flexibility but also more responsibility. Security roles are becoming more complex and important given new technologies, growing liability risks, and stricter regulatory scrutiny of security compliance.
Thomas Bokemuller has over 20 years of experience in strategic marketing and brand development. He received a Masters in Business Administration from the University of Trier in Germany. He has held senior marketing roles with various companies in Namibia and now owns his own strategic brand and marketing consultancy called Mindbox.
This document discusses duty of water and delta in irrigation engineering. It defines duty of water as the area irrigated using 1 cumec of continuous water supply. Delta is defined as the total depth of water required by a crop in its base period. Duty is calculated using the formula D=8.64/B(days) * Δ(meters). Several factors that affect duty are discussed such as crop type, irrigation method, soil type, climate etc. Methods to improve duty include proper land preparation, lining canals to reduce seepage, using efficient irrigation methods, and training farmers in optimal water usage.
The West Bengal Apartment Ownership Act, 1972
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the guidelines and best practices of State Bye-Laws are inbuilt in the product.
Anton Zorin has over 6 years of experience developing enterprise applications and over 10 years developing C++ applications. He has a Master's degree in Informatics and Control Systems from Novosibirsk State Technical University. His technical skills include Java, C++, databases, algorithms, and development methodologies. He has worked at IBM Zurich Research Laboratory developing solutions for sales and prospecting using analytics.
Renata Limited is a leading pharmaceutical company in Bangladesh that manufactures medicines and exports products to multiple countries. It has over 3,485 employees. The document summarizes Renata's HR practices, including its recruitment and selection processes, training programs, and compensation package. Renata aims to attract and retain talented employees through competitive compensation and opportunities for career growth. While Renata has strong HR practices, the document notes that the company could improve by developing an internal training institute and enhancing its selection process with additional screening steps.
This deals with the application of the concepts, principles, theories and methods of developing nursing leaders and managers in the hospital and community-based settings.
The document summarizes a study on non-performing assets of top five private sector banks in India. It discusses the objectives of the study, which are to understand NPAs of these banks, study trends over five years, evaluate gross and net NPAs, determine factors affecting NPAs, analyze banks' financial performance at different NPA levels, and examine problems caused by NPAs. It also outlines the methodology, sources of primary and secondary data, and profiles of the five banks studied - HDFC, ICICI, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank.
Apartment Management: The Andhra Pradesh Societies Registration Act, 2001ADDA
The Andhra Pradesh Societies Registration Act, 2001
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the best practices of State Bye-Laws are inbuilt in the product.
Los engranajes se utilizan para transmitir movimiento giratorio u otro tipo de movimiento entre partes de una máquina. Existen diferentes tipos de engranajes como los rectos, helicoidales, interiores o anulares y cónicos, que se usan para transmitir movimiento entre ejes paralelos o no paralelos. Los engranajes datan de épocas muy antiguas y han sido fundamentales para solucionar problemas de transporte y movimiento a lo largo de la historia.
Globalization involves increasing economic integration between countries through mechanisms like free trade, financial flows, and technology sharing. While globalization has increased world wealth, questions remain about how evenly benefits and costs are distributed. Supporters argue it can reduce poverty through growth, but others worry about issues like working conditions and environmental protection when prioritizing open markets over other concerns. Formalizing property rights is presented as key to allowing all people to leverage assets for economic opportunity.
1) Monetary policy aims to facilitate economic growth through managing the money supply. The Federal Reserve uses tools like adjusting interest rates and reserve requirements to influence whether money growth increases or decreases.
2) Inflation helps borrowers but hurts lenders. When inflation occurs, the dollars repaid on loans have less purchasing power than when they were borrowed.
3) Hard money advocates like bankers preferred the gold standard as it prevented inflation, while farmers and workers tended to support soft money based on silver or paper, as it benefited debtors.
The document discusses the functions of money and monetary policy. It defines money as a medium of exchange, unit of account, store of value, and standard for deferred payment. It also outlines the four functions of money, different items historically used as money, how the price level is determined, requirements for an effective currency, components of the money supply, and the quantity theory of money. It introduces the Federal Reserve as the central bank that implements monetary policy in the US to maintain price stability and full employment through tools like open market operations and setting the federal funds rate.
The document discusses fiscal policy and the expenditure multiplier. It explains that fiscal policy uses changes in government spending and taxation to influence the level of economic activity. It also discusses how the expenditure multiplier effect causes an initial change in spending to be multiplied through subsequent rounds of spending. Government spending is more directly impactful on the economy than taxation due to how consumers respond to tax changes. The document also covers crowding out, which occurs when government borrowing to finance spending bids up interest rates and reduces private investment.
1) This document provides a primer on basic economic principles and terms used in analyzing economic data and conditions. It defines key macroeconomic indicators such as GDP, inflation measures, employment data, and factors that influence economic growth.
2) Specific economic metrics are explained, including how to calculate GDP components, the consumer price index, producer price index, real versus nominal values, and employment surveys.
3) Various charts are presented to illustrate real GDP, oil prices, wages, and other economic time series data over time to demonstrate how to read and interpret macroeconomic trends.
1) Macroeconomics investigates relationships between different economic sectors and the effects of changes in variables like consumption, investment, government spending, and net exports. Its goals are full employment, price stability, and economic growth.
2) Inflation is defined as a sustained rise in the general price level. It redistributes purchasing power arbitrarily and distorts price signals. The real interest rate is the nominal rate minus the inflation rate.
3) Economic growth is measured by the annual percentage change in real GDP. Strong growth generates employment while avoiding inflation.
The document discusses how markets fail to work efficiently when any of the necessary components - competition, information, incentives, and property rights - are missing. It provides examples of how markets perform less efficiently under conditions of monopoly, asymmetric information, externalities, poverty, and discrimination. The key points are that markets will allocate resources less efficiently and prices will be higher if any of the necessary components are absent.
The document discusses how incentives and disincentives can be used to influence behavior in predictable ways. It provides examples of using incentives to reduce trash production and increase recycling by changing costs. Similarly, water usage can be influenced by charging market prices for farmers and implementing usage fees for households. Incentives may also work to increase organ donation but could have unintended consequences. Overall, incentives work best when they establish clear property rights, costs, and benefits in order to encourage beneficial behaviors.
The document discusses how an individual's income is determined by the supply and demand for their particular human capital or skills. It emphasizes that to earn a high income, one should develop skills in areas with high demand but low supply to make themselves scarce in the labor market. Additionally, it outlines how the modern labor market values skills like problem solving, technology use, and lifelong learning due to factors like rapid technological change and global competition.
The document discusses key economic concepts related to supply and demand, including:
1) Relative scarcity is determined by the relationship between supply and demand and is accurately measured by price.
2) The laws of supply and demand explain how quantity and price move in relation to each other.
3) An equilibrium price exists where quantity supplied equals quantity demanded, representing efficient allocation of resources. Price controls can create shortages or surpluses and distort market incentives.
The document discusses how changes in supply and demand impact equilibrium price and quantity exchanged in a market. It explains that an increase in supply or demand results in an increase in quantity exchanged, while a decrease in supply or demand decreases quantity exchanged. It also notes that an increase in supply or decrease in demand puts downward pressure on price, while a decrease in supply or increase in demand puts upward pressure on price. The document provides a table summarizing these impacts and gives examples of how to analyze changes in markets.
Thomas Bokemuller has over 20 years of experience in strategic marketing and brand development. He received a Masters in Business Administration from the University of Trier in Germany. He has held senior marketing roles with various companies in Namibia and now owns his own strategic brand and marketing consultancy called Mindbox.
This document discusses duty of water and delta in irrigation engineering. It defines duty of water as the area irrigated using 1 cumec of continuous water supply. Delta is defined as the total depth of water required by a crop in its base period. Duty is calculated using the formula D=8.64/B(days) * Δ(meters). Several factors that affect duty are discussed such as crop type, irrigation method, soil type, climate etc. Methods to improve duty include proper land preparation, lining canals to reduce seepage, using efficient irrigation methods, and training farmers in optimal water usage.
The West Bengal Apartment Ownership Act, 1972
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the guidelines and best practices of State Bye-Laws are inbuilt in the product.
Anton Zorin has over 6 years of experience developing enterprise applications and over 10 years developing C++ applications. He has a Master's degree in Informatics and Control Systems from Novosibirsk State Technical University. His technical skills include Java, C++, databases, algorithms, and development methodologies. He has worked at IBM Zurich Research Laboratory developing solutions for sales and prospecting using analytics.
Renata Limited is a leading pharmaceutical company in Bangladesh that manufactures medicines and exports products to multiple countries. It has over 3,485 employees. The document summarizes Renata's HR practices, including its recruitment and selection processes, training programs, and compensation package. Renata aims to attract and retain talented employees through competitive compensation and opportunities for career growth. While Renata has strong HR practices, the document notes that the company could improve by developing an internal training institute and enhancing its selection process with additional screening steps.
This deals with the application of the concepts, principles, theories and methods of developing nursing leaders and managers in the hospital and community-based settings.
The document summarizes a study on non-performing assets of top five private sector banks in India. It discusses the objectives of the study, which are to understand NPAs of these banks, study trends over five years, evaluate gross and net NPAs, determine factors affecting NPAs, analyze banks' financial performance at different NPA levels, and examine problems caused by NPAs. It also outlines the methodology, sources of primary and secondary data, and profiles of the five banks studied - HDFC, ICICI, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank.
Apartment Management: The Andhra Pradesh Societies Registration Act, 2001ADDA
The Andhra Pradesh Societies Registration Act, 2001
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the best practices of State Bye-Laws are inbuilt in the product.
Los engranajes se utilizan para transmitir movimiento giratorio u otro tipo de movimiento entre partes de una máquina. Existen diferentes tipos de engranajes como los rectos, helicoidales, interiores o anulares y cónicos, que se usan para transmitir movimiento entre ejes paralelos o no paralelos. Los engranajes datan de épocas muy antiguas y han sido fundamentales para solucionar problemas de transporte y movimiento a lo largo de la historia.
Globalization involves increasing economic integration between countries through mechanisms like free trade, financial flows, and technology sharing. While globalization has increased world wealth, questions remain about how evenly benefits and costs are distributed. Supporters argue it can reduce poverty through growth, but others worry about issues like working conditions and environmental protection when prioritizing open markets over other concerns. Formalizing property rights is presented as key to allowing all people to leverage assets for economic opportunity.
1) Monetary policy aims to facilitate economic growth through managing the money supply. The Federal Reserve uses tools like adjusting interest rates and reserve requirements to influence whether money growth increases or decreases.
2) Inflation helps borrowers but hurts lenders. When inflation occurs, the dollars repaid on loans have less purchasing power than when they were borrowed.
3) Hard money advocates like bankers preferred the gold standard as it prevented inflation, while farmers and workers tended to support soft money based on silver or paper, as it benefited debtors.
The document discusses the functions of money and monetary policy. It defines money as a medium of exchange, unit of account, store of value, and standard for deferred payment. It also outlines the four functions of money, different items historically used as money, how the price level is determined, requirements for an effective currency, components of the money supply, and the quantity theory of money. It introduces the Federal Reserve as the central bank that implements monetary policy in the US to maintain price stability and full employment through tools like open market operations and setting the federal funds rate.
The document discusses fiscal policy and the expenditure multiplier. It explains that fiscal policy uses changes in government spending and taxation to influence the level of economic activity. It also discusses how the expenditure multiplier effect causes an initial change in spending to be multiplied through subsequent rounds of spending. Government spending is more directly impactful on the economy than taxation due to how consumers respond to tax changes. The document also covers crowding out, which occurs when government borrowing to finance spending bids up interest rates and reduces private investment.
1) This document provides a primer on basic economic principles and terms used in analyzing economic data and conditions. It defines key macroeconomic indicators such as GDP, inflation measures, employment data, and factors that influence economic growth.
2) Specific economic metrics are explained, including how to calculate GDP components, the consumer price index, producer price index, real versus nominal values, and employment surveys.
3) Various charts are presented to illustrate real GDP, oil prices, wages, and other economic time series data over time to demonstrate how to read and interpret macroeconomic trends.
1) Macroeconomics investigates relationships between different economic sectors and the effects of changes in variables like consumption, investment, government spending, and net exports. Its goals are full employment, price stability, and economic growth.
2) Inflation is defined as a sustained rise in the general price level. It redistributes purchasing power arbitrarily and distorts price signals. The real interest rate is the nominal rate minus the inflation rate.
3) Economic growth is measured by the annual percentage change in real GDP. Strong growth generates employment while avoiding inflation.
The document discusses how markets fail to work efficiently when any of the necessary components - competition, information, incentives, and property rights - are missing. It provides examples of how markets perform less efficiently under conditions of monopoly, asymmetric information, externalities, poverty, and discrimination. The key points are that markets will allocate resources less efficiently and prices will be higher if any of the necessary components are absent.
The document discusses how incentives and disincentives can be used to influence behavior in predictable ways. It provides examples of using incentives to reduce trash production and increase recycling by changing costs. Similarly, water usage can be influenced by charging market prices for farmers and implementing usage fees for households. Incentives may also work to increase organ donation but could have unintended consequences. Overall, incentives work best when they establish clear property rights, costs, and benefits in order to encourage beneficial behaviors.
The document discusses how an individual's income is determined by the supply and demand for their particular human capital or skills. It emphasizes that to earn a high income, one should develop skills in areas with high demand but low supply to make themselves scarce in the labor market. Additionally, it outlines how the modern labor market values skills like problem solving, technology use, and lifelong learning due to factors like rapid technological change and global competition.
The document discusses key economic concepts related to supply and demand, including:
1) Relative scarcity is determined by the relationship between supply and demand and is accurately measured by price.
2) The laws of supply and demand explain how quantity and price move in relation to each other.
3) An equilibrium price exists where quantity supplied equals quantity demanded, representing efficient allocation of resources. Price controls can create shortages or surpluses and distort market incentives.
The document discusses how changes in supply and demand impact equilibrium price and quantity exchanged in a market. It explains that an increase in supply or demand results in an increase in quantity exchanged, while a decrease in supply or demand decreases quantity exchanged. It also notes that an increase in supply or decrease in demand puts downward pressure on price, while a decrease in supply or increase in demand puts upward pressure on price. The document provides a table summarizing these impacts and gives examples of how to analyze changes in markets.
The document discusses supply and demand determinants of price. It explains that buyers want the lowest price while sellers want the highest price, and that competition regulates prices by constraining both groups. Equilibrium price is reached where supply meets demand, with no shortages or surpluses. Price serves as a measure of relative scarcity between goods.
The document discusses the evolution of market systems from traditional feudalism. It explains that market systems rely on key components like competition, information, incentives, and property rights that allow for more efficient production and exchange compared to traditional systems. A well-functioning market developed as institutions like private property and legal structures emerged. Adam Smith's theory described how self-interest and competition, through the "invisible hand", could efficiently allocate resources according to societal demands.
The document discusses the concept of voluntary exchange and how it creates wealth. It explains that [1] when two parties voluntarily agree to exchange goods where each values what they receive more than what they give up, both parties can benefit and wealth is created. [2] It also discusses how the use of money as a medium of exchange reduces transaction costs and makes exchanges more efficient compared to barter. [3] Asymmetric information and lack of information can reduce the benefit of exchanges by preventing both parties from knowing they will be better off.
The document discusses the concept of marginal analysis and marginal benefit versus marginal opportunity cost. It provides examples of using marginal analysis to determine the optimal amount of an activity by comparing the marginal benefit to the marginal cost at different levels. The document also discusses applying marginal analysis to determine the most efficient allocation of society's resources.
The document discusses benefit-cost analysis and provides examples of its applications. It introduces benefit-cost analysis as a process that involves identifying goals and alternatives, evaluating costs and benefits of each alternative, and selecting the best option. Several examples are given that demonstrate how to apply benefit-cost analysis to decisions like selecting a college, career, or how to allocate a scarce resource like an organ for transplant. The document emphasizes that rational decision making involves systematically considering alternative options and their costs and benefits.
The document discusses the concept of opportunity cost and how every economic decision involves a cost. It provides examples of difficult decisions between preserving environmental resources like desert tortoises and economic activities. It also discusses how decisions are made by narrowing alternatives down to two options - a choice and an opportunity cost which is the best alternative forgone. The document emphasizes that resources are limited and choices must be made to allocate those resources.
The document discusses the concept of scarcity. It defines scarcity as the inability of limited resources to fulfill society's unlimited wants. Resources are defined as human capital, physical capital, land, and entrepreneurship. The goal of economics is to maximize individual and societal welfare given scarce resources. Scarcity requires that choices be made about how to allocate resources.
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
Communicating effectively and consistently with students can help them feel at ease during their learning experience and provide the instructor with a communication trail to track the course's progress. This workshop will take you through constructing an engaging course container to facilitate effective communication.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
Mpp#006+production.considerations.(36)
1. Specialization in
Production
doing what we do
“most best” or “least worst”
03/14/13 Unit 6 Specialization in Production 1
2. 03/14/13 Unit 6 Specialization in Production 2
Economic Independence. Is it worth it?
EASILY @ GREATER COULD NOT
OR LOWER
COST
EDUCATION
CHICKENS
BANANAS
STEREOS
LEVIS
CARS
COMPUTERS
HOUSES
TELEVISIONS
COFFEE
3. If voluntary exchange
benefits both traders
domestically, is the
same thing true
internationally?
03/14/13 Unit 6 Specialization in Production 3
4. Who should produce what?
The Law of Comparative Advantage
• The softball (athletic) team example
• Through specialization and
exchange, both parties can gain
from lower costs and greater output
03/14/13 Unit 6 Specialization in Production 4
5. Two Comparative Advantages
Hours to Make Hours to Mow and
Cabinet Rake Yard
Cabinet Maker 3 2
Teenager 20 3
Cabinet Maker 3/20 = .15 2/3 = .67
advantage over
teenager
Teenager disadvantage 20/3 = 8.67 3/2 = 1.5
03/14/13 Unit 6 Specialization in Production 5
6. Who Gains What?
Cabinet Maker Teenager
Time to make cabinet 20 hours
Hourly pay $10
Cost to make cabinet
Cost to buy cabinet
Saving by buying cabinet
Time to do yard work 2 hours
Hourly pay $50
Cost to do yard work
Cost to hire yard work
Saving by hiring yard work
03/14/13 Unit 6 Specialization in Production 6
7. Who Gains What?
Cabinet Maker Teenager
Time to make cabinet 20 hours
Hourly pay $10
Cost to make cabinet $200
Cost to buy cabinet $150
Saving by buying cabinet $50
Time to do yard work 2 hours
Hourly pay $50
Cost to do yard work
Cost to hire yard work
Saving by hiring yard work
03/14/13 Unit 6 Specialization in Production 7
8. Who Gains What?
Cabinet Maker Teenager
Time to make cabinet 20 hours
Hourly pay $10
Cost to make cabinet $200
Cost to buy cabinet $150
Saving by buying cabinet $50
Time to do yard work 2 hours
Hourly pay $50
Cost to do yard work $100
Cost to hire yard work $30
Saving by hiring yard work $70
03/14/13 Unit 6 Specialization in Production 8
9. Both Parties Gain from Specialization in
Production and Exchange
the cabinet maker The teenager
specializes in cabinets specializes in yard work
cabinet maker Teenager
gains $70 gains $50
03/14/13 Unit 6 Specialization in Production 9
10. The Law of
Comparative Advantage
In exchange between two parties, even
if one party is better at both activities,
both parties can benefit from
specialization in production and
exchange.
Both domestically and internationally
03/14/13 Unit 6 Specialization in Production 10
11. The Law of
Comparative Advantage
The kid mowing my lawn does a lousy job. I believe I
could do much better job in less time. (studying
economic lessons versus providing lawn care)
The guy cleaning our house does a great job. I
believe I could do a better job in less time. (studying
economics lessons versus providing house care)
My wife is a much better parent than I am. Should she
should stay home with the kids? (Conditions
precedent?)
03/14/13 Unit 6 Specialization in Production 11
12. What should we (as Rational Economic Actors) focus on achieving?
03/14/13 Unit 6 Specialization in Production 12
13. Should we focus on achieving?
Buy Californian
03/14/13 Unit 6 Specialization in Production 13
14. Should we focus on achieving?
Buy Los Angeles!
03/14/13 Unit 6 Specialization in Production 14
15. Remember
Self sufficiency is expensive!
03/14/13 Unit 6 Specialization in Production 15
17. Free Trade
(for the Consumers)
wider range of alternatives
lower price
higher quality
all benefits of domestic competition
fewer goods available for domestic use
Founders of Nation recognized this
Europe now recognizes this
03/14/13 Unit 6 Specialization in Production 17
18. Free Trade (for the Workers)
Helps some workers (producers),
hurts others
therefore NAFTA and other trade
agreements will
• help highly skilled and/or information
intensive workers and industries
• hurt low skilled workers and/or labor
intensive industries
03/14/13 Unit 6 Specialization in Production 18
19. The Question
How do we gain trade’s
advantages while dealing with
trade’s disadvantages?
03/14/13 Unit 6 Specialization in Production 19
20. The U.S. will export
capital intensive and
knowledge intensive
products while importing
labor intensive products
03/14/13 Unit 6 Specialization in Production 20
21. Q. How Will You Make
Yourself Scarce in the
Global Economy of the
21 Century?
st
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22. The Cheap Labor Fallacy
Where to Locate Your Factory?
Country A Country B Country C
1.Hourly Wage $10 $12 $5
2.Workday 8 HOURS 8 HOURS 8 HOURS
3.Daily wage $ $ $
4.Daily production 240 260 120
5.Average rejects 40 40 60
6.Usable units
7.Cost per usable unit
03/14/13
$
Unit 6 Specialization in Production
$ $ 22
23. The Cheap Labor Fallacy
Where to Locate Your Factory?
Country A Country B Country C
1.Hourly Wage $10 $12 $5
2.Workday 8 HOURS 8 HOURS 8 HOURS
3.Daily wage $80 $96 $40
4.Daily production 240 260 120
5.Average rejects 40 40 60
6.Usable units 200 220 60
7.Cost per usable unit
03/14/13
$0.40 $0.44
Unit 6 Specialization in Production
$0.67 23
24. Main Points
People can get more from scarce resources if they
specialize in those activities in which they have a
comparative advantage
In an exchange between two parties, even if one
party is better at both activities, both parties can
gain from specialization and exchange. This is the
law of comparative advantage
Comparative advantage applies to both domestic
and international production and exchange.
03/14/13 Unit 6 Specialization in Production 24
25. Main Points
International trade probably creates
more jobs than it destroys but at
the same time international trade
has serious distributive effects.
Low wage is not the same as low
labor cost. It is the wage in relation
to productivity that is relevant.
03/14/13 Unit 6 Specialization in Production 25
26. Which is the strong dollar?
A. $1.00 = 100Y per $1.00
B. $1.00 = 200Y per $1.00
03/14/13 Unit 6 Specialization in Production 26
27. WHY DO WE CARE? re: IMPORTS
JAPANESE PRODUCT COSTS 100Y
CALCULATING THE PRICE IN U.S.
A. 50 Y = $1.00; Price of Product in $#.##?
B. B. 100 Y = $1.00; Price of Product in $#.##?
03/14/13 Unit 6 Specialization in Production 27
28. WHY DO WE CARE? IMPORTS
JAPANESE PRODUCT COSTS 100Y
PRICE IN U.S. IS:
A. @ 50Y = $1.00; Price of Product in $ 2.00
B. @ 100Y = $1.00; Price of Product in $ 1.00
03/14/13 Unit 6 Specialization in Production 28
29. WHY DO WE CARE? Re: EXPORTS
if a U.S. PRODUCT COSTS $50
the PRICE IN JAPAN would be
A. @ 50Y = $1.00; Price of Product in Y =
B. @100Y = $1.00; Price of Product in Y =
03/14/13 Unit 6 Specialization in Production 29
30. WHY DO WE CARE? EXPORTS
if the U.S. PRODUCT COSTS $50
the PRICE IN JAPAN would be
A. @ 50Y = $1; Price of product is Y2500
B. @ 100Y = $1; Price of product is Y5000
03/14/13 Unit 6 Specialization in Production 30
31. The Big Ideas
Self-sufficiency is expensive
For the U. S. engaging in free trade
• improves the world’s economic efficiency
• is unambiguously good for consumers
• helps high-skill workers and high-skill
industries while hurting low-skill workers and
low-skill industries
• has environmental effects
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32. The Big Ideas
It is not the wage but the relation of the wage to
labor productivity affecting the plant’s location
You will compete in a global economy.
A STRONG dollar:
• makes U.S. imports less expensive
• makes U. S. exports more expensive to
foreigners
• helps U.S. importers
• harms U. S. exporters
03/14/13 Unit 6 Specialization in Production 32
33. note (a): CURRENCY FLUCTUATIONS
A currency has value, or worth, in relation
to other currencies, and those values
change constantly.
For example: part one, if demand for a
particular currency is high because
investors want to invest in the country’s
stock market or buy exports, the price of
its currency will increase.
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34. note (b): CURRENCY FLUCTUATIONS
For example: part two, just the opposite
will happen if the country suffers an
economic slowdown or investors lose
confidence in its markets.
While some currencies fluctuate freely
against each other, others are pegged or
linked to a currency or a basket of
currencies.
03/14/13 Unit 6 Specialization in Production 34
35. CURENCY FLUCTUATIONS: example(a)
@START: the “same” widget costs $1 in
the USA and Y100 in Japan.
$1.00 = Y100
THEN: the dollar strengthens (the same
dollar now allows you to buy more yen)
to the point where
$1.00 = Y125
03/14/13 Unit 6 Specialization in Production 35
36. CURENCY FLUCTUATIONS: example(b)
Now the widget still costs Y100 in Japan
but an American needs to spend $0.80 to
buy the Japanese widget.
SO: Imports of comparable goods are
less expensive ~ so demand for
“imported” goods would be expected to
increase and importers would be helped.
(Q. To what extent and then what?)
03/14/13 Unit 6 Specialization in Production 36