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Review for Economics

            
             Wants - Economists term for everything people desire beyond basic goods and services that meet their needs.
             Needs - Necessary to live.
             Scarcity - State in which people do not and cannot have enough income, time, or other resources to satisfy their every desire.
             Trade Off - Exchanging one thing for the use of another.
             Opportunity Cost - Value of the next best alternative given.
             Land - Refers to natural resources and surface land.
             Labor - Work people do.
             Capital - All property used in the production of other goods.
             Entrepreneurship - Ability to start a new business.
             What To Produce - Decision made by the government.
             How Much To Produce - The government decides.
             Who Should Share In What Is Produced - The government/congress decides.
             Free Enterprise - Capitalism.
             Traditional Economy System - All decisions are based on customs or beliefs.
             Command/Controlled Economy - System in which the government controls all factors of production.
             Market/Capitalistic Economy - The government doesn't influence in this type of economy.
             Mixed Economy - System combining characteristics of more than one type of economy.
             Circular Flow Chart - Model that shows income flowing between businesses and consumers.
             Free Choice - Buyers make the decisions about what should be produced.
             Private Property - What is owned by individuals.
             Profit Incentive - Desire to make profit.
             Competition - Rivalry among producers.
             Adam Smith - Believed that individuals, seeking profit, direct their resources more efficiently than governments.
             Invisible Hand Theory - Individuals not bothered by the government would work for their own self-interests.
             Microeconomics:.
             Law Of Demand - How people react to changing prices in terms of the quantities of a good or service that they produce.
             Law Of Supply - As the prices rise, so does the quantity supplied.
             Shortage - The quantity demanded is greater than what is supplied.
             Surplus - Extra product.
             Sole Proprietorship - A business owned by one person.


Essays Related to Review for Economics

1. State Alliances and International Stature

These pacts often revolve around economics, a shared cultural identity, or a strategic advantage. In the Neach Literature Review, we see how alliances work between hegemonic powers and smaller states. ... For the next part of the review, we will look at two examples of paternal alliances: China and Korea, and Russia and Syria. ... In the review we've read, the author writes about the realist view of alliances. ... These ideas are often based on economics, but can extend to state-building and democratization. ...

  • Word Count: 636
  • Approx Pages: 3
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2. NAFTA

Bibliography http://naftalab.vus.utexas.edu http://the-tech.mit.edu/Bulletins/Nafta http://www.tehtsys.com/nafta.impact/nafta.html http://www.nafta.net http://www.tpusa.com/menus/nafta1.html http://lawlib.wuacc.edu/forint/nafta/tariff.1 www.newsletters/nafta/monitor Aguilar, Linda M. (1993) "NAFTA: A Review of the Issues." ... Mings, Turley and Marlin, Matthew (2000) "The Study of Economics." ... Bibliography Bibliography http://naftalab.vus.utexas.edu http://the-tech.mit.edu/Bulletins/Nafta http://www.tehtsys.com/nafta.impact/nafta.html http://www.nafta.net http://www.tpusa.com/menus/nafta1.h...

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3. Article Review #2 - Oil Prices

The article I chose to review is Oil Prices: What's Behind the Drop? Simple Economics written by Clifford Krauss from The New York Times. ... Simple Economics" is discussing how the oil industry, with its history of booms and busts, is in a new downturn. ...

  • Word Count: 602
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4. Economics of Islam

Economics is universally regarded as a science and has been progressively built up by various nations during the past centuries Aryans, Jews, Greeks and Romans have also contributed to the world history with their economic expressions. If economics is also to remain in the sphere of religion, it is because the intention thereby is to build the economy of a country and regulate its economics affairs on an ethical basis, which would prevent the occurrence of injustice and perpetuate a state of affairs where there will be equal opportunities and rewards for all, workers as well as employers. ... ...

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5. School brekfat Programs

The Benefits of a School Breakfast Program Proper eating habits have been positively linked to many different areas of success in a child's learning abilities. One of the biggest controversies in education for the past few decades, more specifically, has been the effect of breakfast on a child's ...

  • Word Count: 994
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6. The FED

Economics is defined as the wealth-producing segment of society. ... Economics exists because all human beings have needs and desires. ... The Board of Governors sets minimum reserve limits (how much capital is on hand) for all member banks, sets the discount rate for the 12 Federal Reserve Banks, and reviews the budgets of the 12 Federal Reserve Banks. ... He received a B.S. in economics (summa cum laude) in 1948, an M.A. in economics in 1950, and a Ph.D. in economics in 1977, all from New York University. ...

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7. Investigative Literacy Portfolio

Additionally, through peer review sessions, I was able to gain valuable insight from the audiences which helped develop my writing skill. ... Although, many corporates and analysts supported CSR, there were others who were against it; the impact on corporate reputation for wrongfully acted CSRs, lack of corporate's strategic planning and interference it has on achieving economics goals. ... The peer review sessions enabled me to improve my writing based on audiences' perspectives. ...

  • Word Count: 498
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8. Is the actual world multipolar

The recent challenge from EU economics have largely threatened U.S benefit, this latter is responding by the proposal of North America monetary unification. ... U.S Military Power: Offensive neo-realists believe that a state's security relies on its military and economics power. ... U.S Economics Power In late 80's, the United States faced powerful, competitive economies in Japan and Germany. ...

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9. Ernest Gellner

He enlisted in the Czech army at the end of the war before returning to England to complete his education at Oxford, where he took a "First" professorship in PPE (Philosophy, Politics and Economics). In 1949 he joined the sociology department at the London School of Economics, becoming Professor of Philosophy with Special Reference to Sociology and finally Professor or Philosophy. ... (Mattick The New York Times) In commenting on Gellner and his writings, the Santa Fe Institute Notebooks web site said: "Most of Gellner's writing consists of essays and reviews, in which a fairly limite...

  • Word Count: 811
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10. The ReOrient Review

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