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Aggregate Demand Aggregate Supply
703 wordsExplaining a BOOM using the AD-AS model The Business Cycle or Trade Cycle is characterised by a regular cyclical pattern with four distinctive phases: the expansion, the peak, the contraction, and the trough. The peak, also known as the boom phase of the cycle is characterised by the following conditions: &# 61607; A reduction in the rate of investment spending, resulting from high business costs, falling business confidence and a lower expectation of profit. &# 61607; Relatively high levels of ...
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Acetic Acid H 3
842 wordsIn the simple formalism proposed independently by Bronsted and Lowry in 1923, an acid was defined as a proton donor and a base was defined as a proton acceptor. In the simple acid-base reaction shown below, H 3 O+ is termed a Bronsted Acid, and HO- a Bronsted Base. In writing organic reaction mechanisms, the flow of electrons is often shown using "curved arrows" and in the example shown, the arrows are designed to show that an unshared pair of electrons from hydroxide anion moves to abstract a p...
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Critique Of Marxian Economics
1,228 wordsJon Elster concluded his Making Sense of Marx with the claim that It is not possible today, morally or intellectually, to be a Marxist in the traditional sense (1985, p. 531). Acceptance of this statement depends, of course, on what is meant by traditional Marxism. Elster makes it clear that what he means by traditional Marxism is that intellectually bankrupt and non-scientific economic theory associated with the labor theory of value, the theory of the falling rate of profit, and the most impor...
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Profit Maximization Perfect Competition
1,017 wordsWhen we talk about perfect competition we mean a market structure that leave firms in a unique brand of competition. In fact a firm does not actually compete under perfect competition, it reacts to the market conditions, taking price and other market factors as beyond its control. A market is a perfect competition if it meets four basic criteria. The product of all sellers must be identical. All participants in the market, buyers, sellers, must be small relative to the entire market. As a result...
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Aggregate Supply Curve Price Of Oil
1,673 wordsA long run equilibrium is one in which the aggregate markets - financial, product and resource, are in equilibrium simultaneously This is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve. It is important to establish whether the economy is in a long run equilibrium, in order to maintain a ceteris paribus while assessing the speculative increase in the price of oil. By assuming that ...
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The Critique Of Sectoral Shifts And Cyclical Unemployment
939 wordsThe Critique of Sectoral Shifts and Cyclical Unemployment Some unemployment is Impossible to evade in free market economics. Variations of factors, such as the demand for their products or the cost of inputs to production, require firms continually to adjust the size of their labors force. Even in periods of stable aggregate employment, continuous labor reallocation within the United States results in almost 5 percent of employment leaving old jobs for new ones every month. Because it takes time...
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Keynesian Economics Aggregate Demand
967 wordsIS/LM Model and New Classical Model Recent years have witnessed the development of a New IS-LM model that is increasingly being used to discuss the determination of macroeconomic activity and the design of monetary policy rules. It is sometimes called an optimizing IS-LM model because it can be built up from micro foundations. It is alternatively called an expectational IS-LM model because the traditional models behavioral equations are modified to include expectational terms suggested by these ...
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Technological Progress Species Diversity
1,197 wordsBiogeography Island Biogeography has been of great interest for geographers. The theory is closely connected with the theory of evolution developed by Darwin. Oceanic islands are isolated areas. They are limited in territory to examine the processes which are too complex to implement them in the mainland areas. Island Biogeography attempts to identify the factors which influence the diversity of species of a particular community. Islands are unique in their nature. They are isolated areas. The e...
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Open Market Operations Interest Rate
1,986 wordsMACROECONOMICS CLASS 1. Keynes developed the theory of liquidity preference in order to explain what factors determine the economy's interest rate. According to the theory, the interest rate adjusts to balance the supply and demand for money. There is one interest rate, called the equilibrium interest rate, at which the quantity of money demanded equals the quantity of money supplied. According to liquidity preference theory, the opportunity cost of holding money is the interest rate on bonds. T...
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Economies Of Scale Monopolistic Competition
2,867 wordsBusiness Economics Firms tend to have very tricky behavior in oligopolistic industries. Oligopoly is a market structure dominated by a small number of large firms, selling either identical or differentiated products, and there are significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition. Oligopoly being a general market structure category, dominates the modern economic landscape. ...
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Phillips Curve Money Supply
2,420 wordsClassical Macro-economists And Stabilisation Policies Essay, Research Classical Macro-economists And Stabilisation Policies The policy inefficacy principle is probably one of the most famous and controversial assertions of the New Classical School which is often regarded as a (counter) revolution in macroeconomic theory. We shall see, however, that despite the important insights and innovations of the approach, most of its conclusions including the invariance postulate are based on quite restric...
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Missing Link Isn T
448 wordsCreation vs evolution, was man created be an almighty god, or is he simply a product of modern science. This question has puzzled scholarly minds for many years and yet will for many to come. The one that makes the most sense to me and has the most supporting evidence, is evolution. Not the normal, goop to fish to creature to monkey to man, obviously I skipped some, but one not so greatly known. It is called punctual equilibrium. Punctual equilibrium is a type of evolution stating that the evolu...
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Aggregate Supply Curve Aggregate Demand
1,405 wordsDo Higher Wages Cause Higher Prices, OrDo Higher Wages Cause Higher Prices, Or Do Price Rises Cause Wage Rises? Do higher wages cause higher prices, or do price rises cause wage rises? ? What are the policy implications in either case? Inflation involves changes in both prices and wages, and can be initially caused by either. ? Therefore, in this essay I will look at two cases of inflation, one which is caused by a change in aggregate demand, and one which is caused by a change in aggregate supp...
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Supply And Demand Demand And Supply
1,283 wordsExplain what is meant by the term an economic model and outline a model of price and output determination in a free market. Examine the effect of a change in real disposable income on equilibrium price and output. An economic model or theory is a simplified explanation and analysis of economic behaviour. It allows us to predict, and therefore intervene, if we do not like the outcome of a possible chain of events. Theories and models are mainly derived from past responses to similar stimuli or fr...
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Hydrogen Bomb Nuclear Fusion
2,740 wordsFusion reactions are inhibited by the electrical repulsive force that acts between two positively charged nuclei. For fusion to occur, the two nuclei must approach each other at high speed to overcome the electrical repulsion and attain a sufficiently small separation (less than one-trillionth of a centimeter) that the short-range strong nuclear force dominates. For the production of useful amounts of energy, a large number of nuclei must under go fusion: that is to say, a gas of fusing nuclei m...
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York New York Division Of Labor
2,794 wordsTalcott Parsons Grand Theory is based in the perspective which is commonly referred to as structural functionalism. Parsons himself, however, preferred the term functional analysis after it was suggested by his student, Robert Merton (Cover 1975). For the most part, structural functionalism is the preferred label. Its focus is on the functional requirements, or needs, of a social system that must be met for the system to survive and the corresponding structures that meet those needs. The social ...
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Natural Rate Of Unemployment Frictional Unemployment
1,705 wordsHow Clear Is The Distinction Between Voluntary How Clear Is The Distinction Between Voluntary And Involuntary Unemployment? Voluntary and involuntary unemployment are two concepts in economics that attempt to explain why the economy, even when it is operating at full capacity, still has unemployment. The two concepts are also very useful for trying to explain why, when the economy is not operating at equilibrium, unemployment exists. Before the distinction between the two concepts is assessed, i...
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H M S Hardy Weinberg
8,134 wordsTheories explaining biological Evolution INTRODUCTION Theories explaining biological evolution have been bandied about since the ancient Greeks, but it was not until the Enlightment of the 18 th century that widespread acceptance and development of this theory emerged. In the mid 19 th century english naturalist Charles Darwin who has been called the father of evolution conceived of the most comprehensive findings about organic evolution ever 1. Today many of his principles still entail modern i...
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Share Prices Telephone Calls
3,385 wordsThis report follows Bt Introduction This report follows the financial life of BT and Cable and Wireless over a set period. The start date was 21 st October 1999 and the finish data was 3 rd February 2000. In 1984 BT became a public limited company, 51 % of its shares were sold to the public, this was a total of 3012 million shares. The purchase price was 130 pence; the offer was 3. 2 times over subscribed. To this day BT remains the largest company in the British telecommunications industry. Cab...
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Supply Curve Demand Curve
1,411 wordsThere are four major types of markets. They are: Pure Competition: Large number of buyers and sellers trading a standardized product (corn, wheat); Pure Monopoly: One seller, firm is the industry; Monopolistic Competition: Large number of buyers, large number of sellers each selling a similar but slightly differentiated product (cigarettes); Oligopoly: Very few sellers that acknowledge that decision of one firm affects the others and takes this fact into account when making production or pricing...
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