Economic Concepts

Why is it better for the economy to produce more capital goods than consumer goods?

JCP has different types of fixed costs with their company. The most important expenses would be the rent for their buildings. Most of their companies are based inside of malls. The company pays a yearly rent to these malls in order to stay in business. Also other fixed costs would be insurance, any payment on loans JCP has out, management salaries and their advertising, Variable costs will change due to the company’s activity volume or level. Some of the Variable costs included materials, hourly production wages, sales commissions, packaging supplies, shipping cost and inventory. There are different factors that could affect these costs. One of those factors being how much JCP sales volume changes. Some costs will not

Economics is the social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems. All economists agree on one thing, the economy is large and it is unpredictable. However, throughout the years economists have developed some simple but widely applicable principles that are useful when trying to understand decisions that are made by everyday people to the workings of highly complex markets. There are Seven Core Principles of Economics. These principles are: Scarcity Principle, Cost-Benefit Principle, Principle of Unequal Costs, Principle of Comparative Advantage, Principle of Increasing Opportunity Cost, Equilibrium Principle, and

A corporate business enterprise is established under a specific legal framework where laws governing the operations and functioning of the enterprise are outlined. The activities of the enterprise are monitored and therefore such an enterprise is recognized by law. This is important due to the fact that legal suits can be filed by the enterprise within the provisions of the law.

1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)

Despite the city’s positive response to the coffee shop’s renovation, other businesses in the area have not followed suit in renovating the many decrepit buildings and abandoned lots. How might the presence of an externality be in part the cause of this?

1. (10 pts.) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

If I chose to get a job after high school I would have more money than if I went to

3 Answer A A tax can be used to ensure that those who generate harmful effects pay for them rather than third parties. 4 Answer B Public goods cannot be left to market forces as they are non-rival and non-excludable. A and C refer to merit goods and D to demerit goods. 5 Answer B More training, if in appropriate areas, should enable workers to move more easily from declining to expanding industries. A would help to reduce geographical immobility. C and D would be likely to increase demand and employment. 6 Answer B The socially optimum output is where MSB equals MSC, at point W. To achieve this output costs need to rise to incorporate external cost. The marginal external cost at W is represented by the gap between MSC and MPC.

Watson enjoys playing golf at the country club. An 18-hole round generally takes him out of his office for about 4 hours of relaxation and exercise. He works hard during most of the week but likes to play on Wednesday afternoon to avoid the 3 patient visits per hour (at $30 per visit) he otherwise would have received. Since he is already a member of the club, he makes only a small out-of-pocket expenditure of $10 to the club each time he plays. [NB. all parts of this question combined count the same as one of the other questions.]

Federal Reserve has two other tools that it can use to change the money supply.

d. A fall in income causes the demand for an inferior good (hamburgers) to increase.

I was selected from among sixty thousand people who had applied that year. I was given rigorous training at Infosys. The course included subjects like Computer Software and Hardware Concepts, Relational Database Management Systems, C language, Web Technologies, System Development Methodology, Unix and Quality Systems which cemented my knowledge of computer fundamentals. I was selected to major in IBM Mainframes after the computer fundamentals course where I excelled in courses like COBOL, JCL (job control language), CICS(customer information control system), DB2 (IBM database2), MVS (multiple virtual systems) and JAVA which helped me score a CGPA of 4.6 on a scale of 5. The training at Infosys Technologies Limited has been accorded a status equivalent to a B.S degree in the United States of

This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.

In business it is essential for owners to consider important factors when mapping out their business objectives. Economics used as a tool to solve coordination problems. They include what and how much product to produce, how to produce their product, and for whom they are producing. In order to effectively answer these questions, economics is used. Colander (2006) describes economics as “the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society” (p. 4). The foundation of economics is based on several factors that assist in understanding an economy.