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For instance, if an individual requires to judge whether a holiday is a better option or buying a DIY set is a better option (based on their economic condition), then the benefits of both need to be weighed and based on this the individual can make a more informed decision. Consumers need to ensure that their money is invested into an area which had a higher return and proves to be more beneficial based on their economic condition and for that period of time. Hence opportunity costs allow consumers to make more informed decisions (McConnell, Brue, & Flynn, 2008).
While understanding the concept of Production Possibility curve, it is essential to learn in detail the possible outcomes and combinations that need to be produced within the economic resources that are available in the period. This can be clearly noted as the PPC tends to provide the maximum outcomes which helps give a clearer idea of the law of diminishing
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For most people, for whom driving is a necessary part in their daily lives, even an increase in the price of petrol or diesel would not stop them from driving. In the case of cabbages, as there are many alternatives available, it is not a necessity for people, an increase in its price would result in an increased fall in the quantity demanded.
When the difference is negative, the country is said to be having a trade deficit and when the difference is positive it is said to have a trade surplus. The term net capital outflow refers to the net flow of funds being invested by a country in other countries within a certain period of time (Lukes, 1959).
However the system encountered certain difficulties. Firstly, needs and wants often did not coincide and thus it became difficult to exchange goods and products. There was a lack of a common measure that could measure the value of the goods for exchange. Thus the entire process of exchange was difficult.
In addition, it can help us ascertain mechanisms which would be most applicable to modern business conditions. Furthermore, we believe that ascertaining the type of recession is also an important factor for a business as the degree of economic deterioration will determine the mechanisms for survival that have to be implemented.
Economic growth is experienced basically when there is seen an increase in the production capacity of goods and services in an economy. (Encyclopædia Britannica, 2008) It is also seen as the increase in the standard of living of the society as a whole.
If the second player rejects the proposal, neither player gets anything. Below is an example of a basic Ultimatum Game Tree involving 100 units:
The subgame-perfect Nash equilibrium for this game would be 1 unit offered to Player Two. This is because Player Two will
However, the determination of the potentiality of a foreign market would be based on the information regarding that market collected (Iacobucci & Churchill, 2010.p.75-86). The best options in collecting such market information would be the conduct of market
The population in UK and Australia is low allowing for them to have a high level of GDP per capita while that of Russia and Indonesia having the constant amount of population that gives the GDP and GDP per capita the same impacts in
This is because of several forms of evidence.
First of all, early Greek and Roman writings that survived to this day alludes a lot of things to Ancient Egypt. There is evidence that the people who lived in Egypt and in the Nile Basin over 2,000 years ago were
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