Discuss Three Reasons Why Specialization Could Lead To A Higher Standard Of Living

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The economy of Brazil is in the top ten largest economies along with the United States. It is the biggest in Latin America. Actually it is the seventh largest in the world. Brazil has used its newly found economic mechanism to syndicate its outcome in South America and show more of a role in the Global Businesses. The Obama Administration’s National Security Strategy recognizes Brazil as a developing center of effect, and greets the management of the country’s joint and global issues. The United States and Brazil associations mostly have been good in the recent years. But Brazil has other strengthening relations with neighboring countries and expanding ties with nontraditional partners in the South that’s developing.

Resource Optimization: resources such as people, time and money should be utilized properly in their appropriate places to maximize their benefits.

5. Incentives matter. Explain why businesses and entrepreneurs are more likely to voluntarily undertake the projects that consumers value highly relative to price and less likely to undertake the government-sponsored projects in which the per-unit cost of production is above the price consumers willingly

Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.

Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:

THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON1202/2291 QUANTITATIVE MEHODS A FINAL EXAMINATION SESSION 2 2008

4. When talking about economics profits in a perfectly competitive market, the difference between the

Answer four (4) questions. Maximum of 400 words for each question. These are questions which require short answers to a series of issues relating to economic principles and concepts.

SABMiller and Diageo are two largest beer producer in Africa. ”SABMiller, if combined with its partnership with France's Castel Group, sells roughly 60% Africa’s beer by volume. Diageo’s also expands its operation successfully that Senator Keg, its supercheap beer, is also now number two most popular beers in Kenya. As these giant brewers monopolized Africa’s beer market, it can be said that the market has an oligopoly market structure, and both pursue identic operations, so the market can be labeled as competitive. The interdependence that is happening between both brewers makes the competition happens. As SABMiller produces Impala that is half price from its previous beer Manica, Diageo produces Senator Keg to balance it. Diageo

Episode 2: Scarcity and Choice https://www.youtube.com/watch?v=yoVc_S_gd_0 At the beginning of the video Dr. Mary McGlasson says that two things are true about every single person regardless of their race, religion, and even income; which are that everyone has unlimited wants, and that everyone has limited resources, and even if individuals were to satisfy some wants, other wants would arise eventually. Furthermore, she defines scarcity as something that happens when there is not enough resources, or services to satisfy everyone’s wants, at a price zero, and thus price tags come around. With this in mind, she said that a drawback of the system of charging for the scarce resources is that the rich are the one’s capable of acquiring more of those resources, leaving the poor in great disadvantage. Dr. Mary states that if something has a price it’s because that product or good is scarce, however water is an examples of a resource that does not have a deliberate monetary price, yet it is scarce in some places.

7. Which of the following must be true if a firm is experiencing economies of scale?

4. What are the various levels of management, and how do they participate in the process of strategic decision making?

1. The reason for specialization. (Why does specialization exist at all?) Specialization exists for various reasons. The first reason is the need for advanced knowledge and skills in particular areas. Secondly, specialization allows for increased accuracy and precision because of the likelihood of repetitive cases. Thirdly, the repetition of cases leads to improved efficiency and increased probabilities of successful outcomes. Specialization promotes quality, which yields trust. The specialist has increased knowledge and skills regarding an area in which he/she has practiced repetitively with many successful outcomes which will result in the trust of the customer.

To live and survive in this world, human beings have a lot of needs from their birth. In the early days when there were a few needs of human beings. So that was the use of the sources too. As the time passed, the needs of people increased as well and so the resources becomes less and less.