MBS686 Question and Answer on Economics and Business Strategy
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- Course Code: MBS686
- Course Title: Economics and Business Strategy
- Referencing Styles: Chicago
- Words: 1000
- University: Murdoch University
- Country: SG
Write a summary defining and explaining the importance of each of the concept with an example.
- Supply and demand curves (with diagram)
- Determinants of Supply
- Determinants of Demand
- Movement along and shifts in supply Curve
- Movement along and shifts in Demand Curve
- The Market Mechanism/ Change in Equilibrium Macroeconomic concepts (No calculation is required)
- GNP vs GDP
- Real vs Nominal GDP
- What different CPI vs GDP deflator
- The expenditure components of GDP
- Measurement problem using GDP for the standard of living Application of labour and wage rates (with diagram)
- Discuss why the labour supply curve is backward bending using a work leisure trade-off model.
- Substitution and income effect of a change in the wage rate
- Deriving the back-bending labour supply curve.