Microeconomics Define Any 10 Terms - 2481 Words

I.) Definitions: define any 10 terms. Give examples where pertinent. 1) Macro Economics: Macroeconomics is a branch of economics, which deals with general economic factors including the national productivity and interest rates. It entails the study of behavior and aggregate economy and examines the wider phenomena of the economy. Examples of these changes include variations in the national income, inflation, unemployment rates, gross domestic rates, and price levels. 2) Model/ Theory: A business model/theory refers to a plan with which to attain successful operations through the identification of the appropriate sources of revenue, finding the intended clientele, and engaging in appropriate systems of product development as well as detailed financing. Essentially, a model is a plan that is implemented by a business entity with intentions to generate revenue and make the required profits from its operations. Among the mostly used business models are the franchise model, the low-cost model, the direct sales model, the auction model, the add-on model, and the advertising model. 3) Real capital: Real capital is a type of business capital that is in form of assets such as equipment and machinery. With the financial capital that appearing in form of shareholder’s equity or liabilities, the real capital does appear on the side of the balance sheet, which contains the assets of the company or business, and is used in the production of products. Some of the major examples ofShow MoreRelatedEconomic Model Of Supply And Demand788 Words   |  4 PagesECNM 612 MACRO ECONOMICS MIDTERM I. DEFINITIONS. Define any 10 terms. Give examples where pertinent. Macro Economics Opportunity cost Model / Theory Micro Economics Real capital Fiscal Deficit GDP Debt Net exports Consumer Price Index Producer Price Index Consumption spending Investment Inflation Production Possibility Curve II. ESSAY QUESTIONS. Answer any TWO questions. Answer all parts of each question that you choose. 1. Read MoreThe Issue Of Public Goods1082 Words   |  5 PagesPublic goods: Public good which are been consumed by an individual does not reduce the amounts available for another person to consume. For example flood control system, national defines services and water suppliers. That is something non rival and non-excludable. Non-rival means if one person consume the good it can be still available for other person to consumer for instance radio station if Mr. Shah is listening to radio station at same time other person can also listen to it. 1) Judicial systemRead MoreHow A Cartel Is A Competitive Market1719 Words   |  7 Pagespower, a cartel acts as a counter-veil to an imperfectly competitive market where fewer sellers have the ability to base their products on decision making and supply and demand. Since a cartel acts as an imperfectly competitive market, it is best to define it as having a direct relationship with an oligopoly industry. In Oligopoly markets, few numbers of sellers are joined together to form a market or an industry. Usually consisting of 2 or 20 firms, their main goal is to sell and produce differentiatedRead MoreSupply and Demand and Study Guide20292 Words   |  82 PagesECO11 (ver8) MICROECONOMICS 1 STUDY GUIDE ECO11 MICROECONOMICS 1 STUDY GUIDE  © University of South Australia 2009 This work was printed from camera-ready copy submitted by the Unit Coordinator. The Flexible Learning Centre of the University of South Australia was not involved in its production. CONTENTS Contents 3 Introduction 5 An introduction to the economic perspective 13 Demand and supply 17 ElasticityRead MoreThe Principles Of Macroeconomics : Greek Depression Essay1320 Words   |  6 PagesMacroeconomics: Greek Depression Unlike microeconomics, macroeconomics concerns the economy as a whole. It evaluates those key issues like: inflation, GDP and employment rates. It deals with the structure and behaviour of the economy as a whole. Rather than considering the markets as individuals, people in the macroeconomic field develops models to analyse the correlation between consumption, output, inflation, and other international related indicators. In terms to apply macroeconomic theories to theRead MoreMicroeconomics/Macroeconomics Chapter 1 Questions and Answers5717 Words   |  23 Pagesor process, the skill needed to organize production, and the willingness to take the risk of profit or loss. Payments for resources: Labor–wage; capital–interest; natural resources–rent; entrepreneurial ability–profit. Use PowerPoint slides 10-12 for the following section Goods and Services: Resources are combined to produce goods and services. †¢ A good is something we can see, feel, and touch (i.e., corn). It requires scarce resources to produce and is used to satisfy human wants. †¢Read MoreMicroeconomic Analysis Questionnaire2929 Words   |  12 Pagesï » ¿BEO2264 MICROECONOMIC ANALYSIS TUTORIAL QUESTIONS TOPIC 1 Question 1 (a) Discuss how microeconomic theory can help to explain the effects of lowering the minimum wage for teenage employees in the retail industry (b) How is the usefulness of a theory evaluated (c) â€Å"Observation without theory and theory without observation are equally useless in explaining the complexities of the real world†. Discuss. Question 2 (a) Distinguish between positive analysis and normative analysisRead MoreEco365 Week1 Essay2640 Words   |  11 Pages| Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics | Copyright  © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies FacultyRead MoreIntroduction to Macroeconomics4023 Words   |  17 Pagesbranches of economics. The best way to understand what macroeconomics is about is perhaps to contrast it with microeconomics, another main branch of economics. Microeconomics studies parts of the economy. Macroeconomics looks at the whole. In other words, macroeconomics tries to understand what happens in the economy in general, it takes an overview of the economy, whereas microeconomics explains what happens in different parts of the economy separately, taking one at a time. By â€Å"parts of theRead MoreFactors Affecting The Construction Industry Essay1711 Words   |  7 Pagesare limited (Gregory-Mankiw, 2008), however, wants and desires within the industry are infinite (Myers, 2013). Kishtainy notes that this creates two problems; at any given time, there will be a fixed number of resource, against numerous wants. Sloman 2003 adds that in an effort to rectify this, he argues that we must make choices, in terms of choices within the construction industry Myers suggested that firms need to considered their investments made, how they construct and for whom they construct