StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Micro Short Answer - Personal Statement Example

Comments (0) Cite this document
Summary
Author Tutor Course Date Personal Statement, Macro & Micro economics 1.0. Power of choice and money The power of choice influences the economy significantly. Normally, the economic choice is not solely determined by money. Making of a particular choice depends on incentives, desire to economize and the expected utility…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
Micro Short Answer
Read TextPreview

Extract of sample "Micro Short Answer"

Download file to see previous pages This in itself cannot determine the power of choice. Other factors are critical when making any economic decision. These include opportunity costs, credit market, prices and desires. The fulfillment of the fundamental needs depends on the desire with the market prices playing a critical role. The purchase behavior depends on opportunity costs or tradeoffs. The credit market determines the ability to borrow and purchase items. For instance, people contract their spending whenever the high borrowing cost raises the consumption prices (Jiang 407). 2.0. Four resource categories A resource category refers to the source that provides benefits to people. A resource category can be in the form of money, staff, service or asset. The four primary categories of resources include government, education, health and family, and business. i. Education acts as an investment in an economy. An informed economy highly depends on skilled, knowledgeable and educated workforce. Goods education is an indication of increased economic performance. ii. Government is critical in creating jobs within the private sector and plays a significant role in finding projects. Whenever a particular government level funds a project, other levels of the government may be prompted to fund the same projects through private foundations and private capital funding. Government plays a significant role in fiscal stimulus package, monetary policy action, and other government interventions. iii. The family acts as a source of resource like labor, production and decision making. The population growth is a critical concept of economics as it determines demand and supply. On the other hand, health determines productivity of the population/family. iv. Business provides services to people. These include supply of goods and services, harnessing of resource and other capital, provision of employment and preserves the natural resources among others (Jiang 410). 3.0. Scarce factors of production The major factors of production are land, labor and capital. Limited factors of production imply shortage of such resources. This indicates insufficiency of productive resources in an economy towards the fulfillment of human needs and attainment of goals. Scarcity and its notion in economics. Scarcity refers to seemingly having unlimited wants in an environment of limited resources. In economics, scarcity indicates a fundamental economic problem where the productive resources are insufficient in an economy. Economics relates to purposeful human action, and without scarcity, economics cannot suffice. Scarcity creates the need for people to consume. Abundance never creates the need for people to make tradeoffs. Scarcity enhances rationing and encourages competitive behavior where people compete for the scarce goods (Jiang 412). 4.0. Production possibilities curve and relationship to the law of increasing costs Production possibility curve refers to the graph showing the combination of various amounts of commodities producible using fixed amount of each factor of production. This graphically bounds production set for a group of fixed input quantities. The curve indicates the maximum possible production level that defines the production efficiency. The increase in production of one good requires one to sacrifice a greater amount of another good. This is because of inequality in efficiency of resources. For instance, opportunity cost for producing j in terms of k ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Micro Short Answer Personal Statement Example | Topics and Well Written Essays - 750 words”, n.d.)
Micro Short Answer Personal Statement Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/macro-microeconomics/1486339-micro-short-answer
(Micro Short Answer Personal Statement Example | Topics and Well Written Essays - 750 Words)
Micro Short Answer Personal Statement Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/macro-microeconomics/1486339-micro-short-answer.
“Micro Short Answer Personal Statement Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/macro-microeconomics/1486339-micro-short-answer.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Micro Short Answer

Short answer

...? Use an example in your answer. The looking-glass concept of self holds that an individual develops his or her sense of self from interaction with others and from the way others perceive him or her. We use people’s judgments to develop our sense of self. The mental ability of individual derives from their interaction with others. Children come to learn that crying can help them get other people’s attention and can make their caretakers provide them with what they need (Rosenberg and Ralph 151). An example of the application of looking-glass concept is in the creation of animations. Through modern technology, people have created animations that look like human beings that people can closely identify their race and other traits. Q3) Families...
5 Pages(1250 words)Essay

Short answer

... A Passage from “My Papa’s Waltz” by Theodore Roethke: An Analysis The passage describes the manifested actions of the narrator’s father while supposedly depicting a waltz. The figurative languages of the passage are as follows: ‘The hand that held my wrist’ obviously relates to the boy’s father’s hand that was clasping on his wrist during the supposed waltz. The narrator was focusing on the hand which was described to be ‘battered on one knuckle”. By this phrase, the readers could envision the battered knuckle and vivid imagination could emerge from things and suggestions as what caused the battering of this one knuckle. The next phrases: ‘every step you missed’ means that in the supposed dance between father and son where... A Passage from...
1 Pages(250 words)Essay

Short answer

...Running Head: Concepts in Anthropology of Module #, Assignment # The definitionof culture encompasses the social and cognitive elements surrounding a human being. Culture is interpreted as a collection of “practices and beliefs that are fundamental to the functioning of different societies”, (Throsby, 1999). Culture embodies the attitudes, values and customs a person has either formed or learned over his lifetime (Throsby, 1999.). Since culture passes on from generation to generation, it represents a heritage that has passed on for generations and in the study of anthropology the origin of man is explored, it is very important to study cultural variations in the prevalent pressures of globalization and how the changing dynamics... Head:...
2 Pages(500 words)Assignment

Short answer

...Social Imagination” - C. Wright Mills “Social Imagination” - C. Wright Mills C. Wright Mills definedsocial imagination as “the vivid awareness of the relationship between experience and the wider society.” That is, social imagination is the ability of viewing a thing or incident from different social perspectives. It is based on the idea that any action/thing is affected by the various social factors surrounding it. Therefore, social imagination is the ability to see different perspectives of a social outcome. For example, two people can react to a same situation differently. The reason for this is that their decisions are based on various factors such as situation itself, their belief system, other actors in the situation, etc... Imagination”...
1 Pages(250 words)Essay

Short answer

...Sur Short answers March 20 Q: How did advertising opportunities change along with the changes of radio? Advertisement opportunities have evolved from merely enticing people to buy products to manipulating their feelings. This is especially evident with some adverts inevitably misusing language while advertising, though their intention is to relay the intended message to certain demography, for instance, the youths. March 25 Q: how do you understand public interest? This is attention to general public’s welfare whereby the entire society has a stake in terms of recognition, promotion and security. Mainly, the state’s regime via its varied agencies or authorities usually claims this responsibility with the intention of guaranteeing people...
2 Pages(500 words)Essay

Short answer

... Microeconomics short answers 1 True 2 In the deleveraging model prices or interest rates fall when binding ondebtors get tighter because borrowing gets harder and therefore interest rates have to go down sharply to attract more buyers. 1.3 Falling prices tend to increase the real value of debt. It increases the real value of what debts owe. 1.4 To fix an exchange rate, a country can choose to give floating currency. A country can decide to give floating currency in order to amend external shocks brought about by the exchange rate. Those countries which have fixed countries encounter pressure on their wages and prices thus the need to fix their exchange rate. Section 2: Model Analysis 1. Consumers and Investors begin to worry about...
2 Pages(500 words)Admission/Application Essay

Short answer

... Question During the last phase of demographic transition, the birth rate is low with possibility of falling below replacement levels. Death rate at this stage of demographic changes is at a low level or changes in consistently in small margins. Population growth is low since there is a decrease in the number of childbearing population. The population however is constant as both death and birth rates are low. Question 2 An expansionary monetary policy will cause an increase in output in the medium run, which in turn reduces the rates of unemployment in the economy. In an open economy, change in government spending does not cause a significant change in real interest rate. Due to perfect capital mobility, the real interest rate... Question...
2 Pages(500 words)Admission/Application Essay

Short Answer

...Topic: Assignment, Education: Short answer for each question: 9, 10, 11 of the University Topic: Assignment, Education: Short answer for each question: 9, 10, 11 9. PBS (positive behavior support) is a behavior management system employed to comprehend what retains an individual’s stimulating behavior and the program includes a primary, secondary and tertiary level interventions. Reinforcement can work, if the lacuna in a particular student is identified properly. Interventions are explicitly established for all these with the objective of decreasing the possibility of educational or societal letdown. Such intercessions can be communicative and or educational...
1 Pages(250 words)Assignment

Short answer

...Lüscher Color Test by Uiversity Lüscher color test is a psychological test relating to projective techniques and invented by the Swiss psychologist Max Lüscher. According to the author of the test, perception of colors is objective and universal while color preferences are subjective. Thus, the test can assess subjective psychological state objectively. Since the choice of color is based on unconscious processes of human psyche, it reveals person`s true state. While polling methods turn on conscious mechanisms in a person and as the result we see the person which he/she wants to seem (Lüscher, 1989). Testing procedure consists in arranging the colors according to their subjective agreeability. Testing is held under natural... Color Test by...
1 Pages(250 words)Assignment

Short answer

Part One: Significance of the Declaration of Independence (DOI) The DOI is the official of the declaration that announced today’s United States of America as independent sovereign states. It was adopted by the by the Continental Congress on July 4, 1776, announcing the United States’ intention to oppose the British rule (Cole 779). The Declaration contained three major parts; mainly the Preamble, a list of charges against the England government and a conclusion. Each of the three passed a particular message to the British government as well as the entire world. For instance, the Permeable pointed out the natural rights of every human being which the Americans felt were being violated. The second part listed a number of indictments...
2 Pages(500 words)Term Paper

A Short History of Japanese Film Industry

The response generated from other regions is good enough yet questionable. What do these Asian productions have that attracted the international scene? What does the Korean wave really mean? Furthermore, were their productions in the recent years created in the nature that the other regions would appreciate, diverting from the contemporary film style they used to execute locally so that it would sell in the global market?

The transition from traditional to contemporary entertainment in Japan came a few years before the advent of the 20th century with the production of the first Japanese films, Bake Jizo1 and Shinin No Sosei2, both said produced in 1898. The next year, a short production entitled Geisha no Teodora was cr...
9 Pages(2250 words)Case Study

Short Answers for Plant Diversity Botany Class

...Q1. Describe the plant cell wall, including its location, composition, origin, function and other important aspects. (http micro.magnet.fsu.edu/cells/plants/images/plantcell.jpg) Answer: Cell wall is the most important characteristic feature of the plant cell. It is important for maintaining the appropriate shape of the plant cell and hence of the plant. It is present outside the plasma membrane of the plant cell. It provides rigidity to the plant cell. It enables the plant to stand tall and also allows the leaves to get sunlight. These are the two essential features of the plant and cell wall plays the important role to carry out these functions. It prevents the plasma membrane from rupturing when the cell is placed in the hypotonic...
9 Pages(2250 words)Assignment

Is Genetic Engineering an Answer to Ending Global Hunger

...Is Genetic Engineering an Answer to Ending Global Hunger? Outline Is genetic engineering an answer to ending global hunger? I. Genetic engineering and global hunger A. Poor human activities lead to reduced crop yield in developing countries B. Genetic engineering produces sustainable crops C. Produces crops in different controlled conditions a. counters drought and adverse weather conditions b. crops are fast growing c. enables double planting seasons D. Produces seeds a. less prone to pesticides and environmental changes b. have increased nutritional value E. Leads to sustained beef production a. increases protein supply II. Genetic engineering and food supply A. Does not always address global hunger needs a. food...
11 Pages(2750 words)Term Paper

Short Stories: Fear of Biking, Swimming, and The Tale of Beauty and the Beast

... no friends, no relatives, no nothing in the new school. It felt like I was an invisible person. People in groups avoided looking at me, as if they were embarrassed for my loneliness and newness. I was embarrassed too. Classes were better. Inside, I could fit into the classes that erased individual and group boundaries. I could write notes and answer exams without feeling lonely. After classes, the breaks and other times, I was alone, so strongly alone, I almost felt like crying. Crying would definitely make me a loser in school, so I tried to make friends. But it was hard to break into cliques or groups. I was a bit silent and shy too. One try and one rejection- they were enough for me to enter my shell and stay hidden inside it. Still...
20 Pages(5000 words)Essay

Analysis of Short Stories: The Summer of the Beautiful White Horse, Truth, and Lies, My Name is Aram, The Orphaned Swimming Pool

... Lecturer Short stories The summer of the Beautiful White Horse Aram was surprised that his cousin invited him to go horseback riding because; firstly, horses were one of his earliest memories and he longed to ride. This is clear when Aram asks Mourad whether he will allow him to ride alone and at the outset, he had told him he was not dreaming. Secondly, they were very poor and therefore, could not afford owning a horse; indeed, nobody could understand how they got food to keep their stomach full. As such, he wondered why his cousin got the horse; and stealing would be the appropriate answer. It reminds me of a story a read of a boy who shared cookies with his friends who were surprised as they knew he had money to buy. 2. Maruod...
9 Pages(2250 words)Assignment

Short-term and Long-term Effects of Media Violence on Children

... April 26, Short-term and Long-term Effects of Media Violence on Children Children who grew up in violent homes and neighbourhoods may not always be violent, but growing up consuming and playing violent media may increase violent thoughts and actions in real life. Such an argument will most likely meet strong opposition from parties who sincerely believe that violent media have nothing to do with violent kids nowadays, but empirical and anecdotal evidences are increasing against the media-violence-not-bad-for-kids supporters. Scholars are divided on the direct and indirect effects of violent media consumption on children and adults, but a number already confirmed that, in many cases, children do become more aggressive because...
13 Pages(3250 words)Term Paper

Unifying Themes in Short Stories

... number: Identify Unifying Theme in Short Stories Introduction The theme of any story is the idea or the point the author wishes to deliver. A unifying theme in short stories, therefore, is a similar idea that is reflected by different authors but different stories. The stories have many unifying themes but one of the most outstanding themes in all the three stories is the love. Though the three stories have different ending, the three stories share this theme. Different emotions are evident in the three stories. The characters have different view about love and friendship and their views have created different reactions as well as the endings. This paper will try to identify a unifying theme in three short stories. The first one...
8 Pages(2000 words)Coursework

Analysis of Two Short Stories

...Part I In Amy Tan’s short story, Two Kinds, The character, Jing-mei depicts the emotional turmoil one experiences when constantly expected to liveup to her mother’s dreams. Her frustration of having to endure the impractical expectations of her mother transformed into her cruel outburst “I wish I wasn’t your daughter. I wish you weren’t my mother.” and finally “I wish I’d never been born! . . . I wish I were dead!”. As a reader, I find this outburst of Jing-mei most powerful and interesting considering the fact that till this moment she has always tenaciously strived to meet the expectations of her mother. The Chinese-American mother has always imposed her own dreams and ambitions on her daughter Jing-Mei. Jing-Mei’s constant failures...
6 Pages(1500 words)Essay

Racial Relations in Two Short Stories

...Introduction The two short stories discussed in this essay are Charles Waddell Chestnut’s “Po’ Sandy” from the short story collection The Conjure Woman and “The Wife of His Youth” from his collection titled The Wife of His Youth, and Other Stories of the Color Line. “Po’ Sandy” has two layers of narrative in which Uncle Julius, a freed slave, narrates the story of a hardworking slave named Sandy to a white Northener John and his wife Anne. When John tries to bring down a building on his grounds to build a kitchen for his wife Anne, Uncle Julius intervenes and tries to stop them from doing it by telling them how Sandy was turned into a tree by Tenie, his wife with conjuring powers, and how the tree was cut into pieces and used to build...
6 Pages(1500 words)Literature review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Personal Statement on topic Micro Short Answer for FREE!

Contact Us