Economic problem -: scarcity
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Scarcity exists because resources are limited while human wants are unlimited. Scarcity means not all goals can be pursued at the same time, requiring trade-offs. Scarcity is determined by production costs rather than importance - air is more important than diamonds but diamonds are scarcer since they have higher production costs to find and process them. Evidence of scarcity includes the record high copper prices from increased demand and constrained supply, leading some to steal copper due to its growing scarcity.
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The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
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This document provides an overview of market economics concepts including demand, supply, and equilibrium. It defines key terms like demand, individual demand, market demand, and how factors like price, income, and tastes affect demand. Supply is also defined as the quantity willing to be sold at given prices. The law of demand and supply are explained, which state that quantity demanded is negatively related to price and quantity supplied is positively related to price. Changes in demand and supply are distinguished from changes in quantity. Market equilibrium and impacts of shifts are also summarized as topics to be covered.
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2. Scarcity means that resources are limited but wants are unlimited, so choices must be made. Opportunity cost is the next best alternative forgone in making a choice.
3. Demand is a consumer's willingness and ability to purchase a good at a given price, depicted by a downward sloping demand curve. The law of demand states that price and quantity demanded move in opposite directions.
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- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
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This document discusses the economic problems that arise from scarcity of resources. It defines scarcity as the fundamental problem that human wants are unlimited but resources are limited, so not all goals can be pursued at once. Scarcity means resources have alternative uses so economics is the study of allocating scarce resources. The document outlines the four factors of production - land, labor, capital and enterprise - and explains that economizing resources means using them in the most efficient way possible to maximize production and satisfy wants.
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Income Effect and Substitution Effect primer.
1) A decrease in the price of a good leads to an increase in the quantity demanded along the demand curve due to the income effect. Consumers can now buy more of the good with their unchanged income since it has greater purchasing power at the lower price.
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3) When the price of a substitute good changes relative to another, it leads to a change in the quantity demanded of the other good along its demand curve due to the substitution effect
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1) The document discusses the concepts of income effect, substitution effect, and price effect. The income effect refers to how additional income allows consumers to purchase more expensive goods. The substitution effect occurs when price changes induce consumers to buy relatively cheaper goods.
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2. It provides numerical examples to illustrate concepts like total utility, marginal utility, and deriving demand curves.
3. Key topics covered include the law of diminishing marginal utility, equimarginal principle, consumer surplus, changes to budget lines from changes in income and prices, properties of indifference curves, and the slope of indifference curves representing the marginal rate of substitution.
Utility analysis ppt
The document discusses cardinal and ordinal utility analysis, the law of diminishing marginal utility, consumer surplus, and the Engel curve. It explains that cardinal utility can be measured while ordinal utility focuses on preference ranking. The law of diminishing marginal utility states that the satisfaction from additional units of a good declines as consumption increases. Consumer surplus is the difference between the most one would pay and the actual price paid, representing surplus satisfaction. The Engel curve shows how spending patterns change with different income levels.
law of diminishing Marginal utility
1. Utility theory includes the law of diminishing marginal utility and the law of equi-marginal utility. The law of diminishing marginal utility states that the marginal utility of consuming successive units of a good decreases as consumption increases.
2. Marginal utility refers to the satisfaction gained from consuming an additional unit of a good. It decreases with increasing consumption as wants are satisfied. The total utility initially increases with consumption but eventually reaches a point where marginal utility is zero and additional units provide no added satisfaction.
3. An example of diminishing marginal utility is drinking water when thirsty. The first glass provides the most satisfaction while additional glasses provide less satisfaction until the point where more water would provide disutility rather than
Microeconomics: Income and Substitution Effects
Consumer Behavior: Income and Substitution Effects
The Consumer’s Reaction to a Change in Income
Engel Curve or Engel’s Law
The Consumer’s Reaction to a Change in Price
The Consumer’s Demand Function
Cobb-Douglas Utility Function
The Slutsky Substitution Effect
The Hicks substitution effect
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Here are the key steps to solve this word problem about finding the arc length of a circle:
1. Draw a diagram showing the earth and the satellite's circular orbit. Label the radius of the earth and the satellite's constant altitude.
2. Set up the formula for arc length: s = rθ. The radius r is the sum of the earth's radius and the satellite's altitude. θ is given as 70% of a full circle, which is 0.7×2π = 1.4π radians.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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Financial Assets: Debit vs Equity Securities.pptx
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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留信网认证的作用:
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2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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Economic problem -: scarcity
- 1. SCARCITY What is scarcity? Meaning of scarcity The existence of scarcity The economic problem Evidence of the existence of scarcity
- 2. WHAT IS SCARCITY? • Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. A common misconception on scarcity is that an item has to be important for it to be scarce. However, this is not true, for something to be scarce, it has to be hard to obtain, hard to create, or both. Simply put, the production cost of something determines if it is scarce or not. For example, although air is more important to us than diamonds, it is cheaper simply because the production cost of air is zero. Diamonds on the other hand have a high production cost. They have to be found and processed, both which require a lot of money. Additionally, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."
- 3. THE EXISTENCE OF SCARCITY • Scarcity exists because mankind hasn't yet figured out how to use his mind to tap into the quantum field and duplicate matter the way Jesus did. It can be done. We just have to figure out how to do it. I think we're pretty close to it, myself. You've already likely had audible manifestations from the quantum field when listening to a CD you've heard a hundred times before, then one day your mind wanders and suddenly the CD sounds fantastic... like it's got a whole new section of music you've never heard before. Well, that's not on the CD. That is actually created by your own mind when you're not aware of it. Your own mind interacts with the quantum field and creates electrical impulses in your brain that mesh with the ones created by the actual sound waves hitting your eardrums in the car. So you actually do "hear" the music, but you hear it directly inside your brain via electrical impulses.
- 4. THE ECONOMIC PROBLEM • Making a choice made normally involves a trade-off – this means that choosing more of one thing can only be achieved by giving up something else in exchange. • Housing: Choices about whether to rent or buy a home – there are costs and benefits to renting a property or in choosing to buy a home with a mortgage. Both decisions involve risk. People have to weigh up the costs and benefits of the decision.Working: Do you work full-time or part-time? Is it worth your while studying for a degree? How have these choices been affected by the introduction of university tuition fees?Transport and travel: The choice between using Euro-Tunnel, a low-cost ferry or an airline when travelling to Western Europe.
- 5. EVIDENCE OF EXISTENCE OF SCARCITY • COPPER [CU] Currently copper prices are at record highs. the sudden jump in prices have prompted dozens of people to rob buildings of copper. That stopped after two people robbed a building that the SWAT just happened to be in. But in other cities it continues on. Copper's prices has jumped up because there is more demand and less supply. If supply equaled demand, then the price would stay the same, if there were more supply than demand, then copper would be really cheap. Copper is now scarce in the US, prompting prices to go up.