ECON 103 Lecture Notes - Lecture 9: Planned Economy, Barter, Pearson Education

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redleopard583

12 Feb 2015

School

University of Victoria

Department

Economics

Course

ECON 103

Professor

ahmadi

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Document Summary

A:er studying this chapter, you will be able to. 1. explain the importance of scarcity, choice, and. 1. 2 the complexity of. 3. explain how specializacon gives rise to the need for trade, and that trade is greatly facilitated by money. 1. 3 is there an alterna

Related Questions

In The News: Pizza, sub sandwiches, furniture, shoes, and many other products are considered to be in the monopolistic competitive market structure. 1.Use the keyword ECONOMIC NEWS in an Internet search engine (Google, Bing, etc.) to locate online news sources such as CNN News, the NYTimes, Chicago Tribune, Forbes, US News, and World Report, or any of the various other nationally recognized news providers. NOTE: Make sure the story you select reflects the material covered in the chapter. This is best accomplished by using the ADVANCED SEARCH option and also choosing appropriate categories such as "Business" or "Economics" when the option exists. Also choose sort by "RELEVANCE" to further refine the search process.

2.Select a news provider and use their search feature to locate a news story on one of the following suggested concepts, or on a topic of interest to you that is appropriate to this chapter. Possible search terms: Product differentiation Sales strategies Advertising (Purpose of) Brand names (or search for the news on a specific brand name you purchase) Trademarks Direct marketing

3.Write a 1-2 page summary of the information and also explain how it relates to what you have just learned.

(1b, 2a) Chapter 25 Monopolistic Competition

(1b, 2a) Chapter 26 - Oligopoly and Strategic

Economics Today 17th Edition Roger LeRoy Miller

goldcockroach488

I would like to have a Human Resources Consulting Business. Ibelieve that it is a process that involves identifying recruitmentsource â determining where qualified candidates can be located anddeveloping recruitment methods â choosing specific means ofattracting potential employees to the organization. I would like tofocus on training. I believe that becoming a productiveparticipating member of any company and job performance of theindividual is the first ingredient of a successful business. Thetraining of the trainer is vital to having a profitable and lastingcompany. The identification of a consulting firm and theprescriptions for success in an economic downturn sheds light uponthe possibility of such a change is necessary to keep businessesprofitable. I think that learning effectively requires planning,imaginative thinking and creative problem solving skills.Motivation and encouraging is the heart and soul of finding theright fit for people and companies. According, to Abraham Maslowâstheory âhierarchy of human needs âthe notion that needs occur inpriority order, with the biological needs as the most basic.(Psychology: Core Concepts eBook for Education ManagementCorporation, 6th Edition. Pearson Learning Solutions p. G-8).People need to be motivated and learn when their basic needs aremet.
The quality of life and work are intertwined with how we aretrained and taught to interact with customers both external andinternal. The major obstacles to launching this type of business isfinding what the employers want by appraising, recommending thecustomizing individuals with the core values of the employers andthe capitol to take the risk. Research the products and thespecific market by organizing the categories to the job to beaccomplished. I could develop a strategic plan to include, costeffective time management, product knowledge and hands on tools. Icould use additional information by utilizing proven motivationalspeakers, props for the hands on learn by doing by providing toolsnecessary to succeed. The emphasis I would like to develop is thenecessity to have encouragement based rewards and put trust backinto the equation of fostering pride in your work. The humanelement gets lost in the productivity when behavioral instinct andthe demands of the technology hinder human contact negotiations. Ican get additional information from the SBA, Better BusinessBureau, Marketing publications and networking through the communitythat will be impacted the most.

The phenomenal success of Stephen Covey is a great resource inmotivational and devising a consulting business to business. I tookthe course many years ago. Also Paul Meyer, âCreating S.M.A.R.T.Goals,â 2004, Top Achievement, www.topachievement.com/smart.html(accessed July 8, 2009).(Student Success Academic Transitions forEducation Management Corporation. Pearson Learning Solutions p.111). <vbk:9780558876371#outline(10.8)>

orangehound825

Can you solve them and tell me if youre sure 100% 100% 100%

Question 1 (1 point)

If two variables move together but are otherwise unrelated, we have

Question 1 options:

a fallacy of composition.

an econometric model.

a spurious correlation.

an efficiency problem.

evidence of a weak correlation but strong causation.

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Question 2 (1 point)

The Latin expression "ceteris paribus": is essential in ______.

Question 2 options:

collecting data.

identifying sunk costs.

evaluating theories.

recognizing scarcity.

developing spurious relationships.

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Question 3 (1 point)

Opportunity cost is best defined as

Question 3 options:

marginal cost minus marginal benefit.

the time spent on an economic activity.

the value of the best forgone alternative.

the monetary cost of an economic decision.

marginal cost plus marginal benefit.

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Question 4 (1 point)

A cost that cannot be recovered at the time a decision is being made is termed a(n)

Question 4 options:

marginal cost.

scarcity cost.

sunk cost.

average cost.

opportunity cost.

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Question 5 (1 point)

If the marginal costs of 1, 2, and 3 hours of talking on the phone are $50, $75, and $105, then the total costs are

Question 5 options:

$50, $150, and $315.

$50, $41.67, and $115.

$50, 125, and $230.

$50, $175, and $405.

impossible to calculate with information given.

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Question 6 (1 point)

In general, individuals should specialize in producing those goods for which they

Question 6 options:

can produce more quickly than others.

can produce less quickly than others.

have the lowest opportunity cost compared to others.

have the highest opportunity cost compared to others.

have an average opportunity cost.

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Question 7 (1 point)

The extra benefit that comes from an extra unit of activity is called the _________ of the activity.

Question 7 options:

benefit

marginal benefit

marginal cost

average benefit

reservation benefit

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Question 8 (1 point)

The marginal benefit of an activity is the

Question 8 options:

same as the total benefits of the activity.

total benefit divided by the level of the activity.

change in the activity divided by the change in benefits.

extra benefit associated with an extra unit of the activity.

total benefit divided by the change in the level of the activity.

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Question 9 (1 point)

The fundamental problem that is studied in economics is that

Question 9 options:

consumers have limited wants in the face of unlimited resources.

markets should function without government interference.

Canada is too wealthy.

consumers have unlimited wants in the face of limited resources.

there are unlimited resources.

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Question 10 (1 point)

The range of topics, or issues, that fit within the definition of economics is

Question 10 options:

limited to market activities, e.g., buying soap.

limited to individuals and firms.

extremely wide, requiring only the ideas of choice and scarcity.

limited to governments and nations.

very limited.

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Question 11 (1 point)

When economists make predictions using the framework of a given economic model, it is usually based on

Question 11 options:

personal experiences.

important relationships between particular variables.

mathematical abstractions.

political implications.

the profit-maximizing objective.

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Question 12 (1 point)

The cost of spending an evening partying instead of studying economics is

Question 12 options:

the resulting decrease in the test score in Economics.

the time spent at the party.

the score of the test.

the cost of the textbook.

university tuition.

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Question 13 (1 point)

As one progresses from a one-person economy to a large, multi-person economy, the shape of production possibilities curve changes from

Question 13 options:

downward sloping to upwards sloping.

linear to convex (bowed into the origin).

concave (bowed out from the origin) to linear.

convex (bowed into the origin) to concave (bowed out from the origin).

linear to concave (bowed out from the origin).

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Question 14 (1 point)

Which is NOT a sunk cost?

Question 14 options:

Monthly rent of $1,000 contractually specified in a one-year lease.

An insurance premium of $50 per year, paid last month.

An attorney's retainer of $50,000 per year.

A worker's wage of $15 per hour.

A non-refundable deposit for a tender.

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Question 15 (1 point)

"We should support government intervention because the market produces undesirable outcomes" is an example of

Question 15 options:

positive economics.

normative economics.

comparative economics.

negative economics.

formative economics.

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ECON 103 Lecture Notes - Lecture 9: Planned Economy, Barter, Pearson Education

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