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August 19, 2019, 07:44:05 am

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Water

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Re: Economics Questions Thread
« Reply #30 on: February 05, 2011, 11:14:58 am »
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Think about this way,

When you think about Material Living Standards
- You Think about, materialistic things, things that are superficial.:  your wealth, your house, your dog, your toys, computer etc? . Anything that is materialistic right?


However, when you think about Non-Material Living Standards. You think about things that aren't superficial. Like for instance. To get that 1 million dollar house, what do we have to sacrifice? Long Hours or our health?

Is there Peace in our country?

Pollution Rates?

Environmental Damage?


Unrest? Unhappiness amongst the public?
For the non-material living standards, you look at the non superficial side and our "OVERALL QUALITY OF LIFE"



In terms of relationships; Think of this well. IF you work 16 hours a day to get enormous wealth? What is the trade off? What do you attain for working that long? What do you lose for working that long?

That should answer your question :)
« Last Edit: February 05, 2011, 11:16:45 am by Water »
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Hodgeyhodgey

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Re: Economics Questions Thread
« Reply #31 on: February 05, 2011, 11:44:42 am »
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So say the situation is an increase in wealth.

A positive of this is obviously an increase in wealth, general happiness, financial security, availability of goods/services to the person(s), etc and a negative of this may be an increase in family issues, as it may limit time together due to a probable increase in work hours.

Am I on the right track? :S or am I wrong to just be listing the pros/cons of a situation..
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Water

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Re: Economics Questions Thread
« Reply #32 on: February 05, 2011, 11:56:14 am »
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Yeah, because the question asked to offer two examples, didn't it? A situation is the scenario. But the positives and negatives are the examples of the outcome in the relationship. This is just to show, that you have a clear understanding of the concept. Thats how our SACs worked in our school. We would have to give a scenario, then explain etc..etc..






General Happiness is subjective though, you can just say, more purchasing power ;x.
« Last Edit: February 05, 2011, 11:59:19 am by Water »
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Hodgeyhodgey

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Re: Economics Questions Thread
« Reply #33 on: February 05, 2011, 12:07:52 pm »
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The question asked to give "2 examples of a positive relationship and 2 examples of a negative relationship".

Seeing as I have a *basic* understanding of what's going on, how would I go about answering the question? Preferably, how would you go about answering the question?

Provide 2 scenarios and a positive/negative of each scenario? Thanks :)
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Water

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Re: Economics Questions Thread
« Reply #34 on: February 05, 2011, 12:31:06 pm »
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the relationship between material and non-material living standards (quite basic, I know). :/
I need to know two examples each of a positive and negative relationship


lol, I think I gave the wrong answer on how to approach it. Anywayz. Heres how I would do it

Negative Relationship:
Bob is working 17 hours a day as a mechanic in hope to buying a ferrari car in 3 months time. However, this has severely impacted on his relationship with his girlfriend and their coming newborne child. It has also meant that the family has had less time to spent together.


As you can see here : Material Living Standard Goes up (AKA The Ferrari Car) However Non Material Living Standard goes down (The Family Happiness)


Positive relationship:

Jane works a comfortable 10 hours a day. She is a competant worker, and uses her time wisely. After work, she enjoys her hobbies, meet up with friends, and saves money where possible. She also knows after 1 year of working, she'll recieve a promotion.


HEre We See that it is a positive relatiionship. Because the material living standard is relative to the non material living standard. (She has a secure job, and a balanced lifestyle after work).

Hopefully, this is what ur teacher is looking for!








You could also talk about, national picture, like cyclone yasi, where material living and non material living standards has plummeted!
About Philosophy

When I see a youth thus engaged,—the study appears to me to be in character, and becoming a man of liberal education, and him who neglects philosophy I regard as an inferior man, who will never aspire to anything great or noble. But if I see him continuing the study in later life, and not leaving off, I should like to beat him - Callicle

Hodgeyhodgey

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Re: Economics Questions Thread
« Reply #35 on: February 05, 2011, 01:00:44 pm »
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I hope that's what they're looking for too! Haha it's my distance ed subject so god knows what the expectations are..

Thanks for the help! And trust me, I'll be coming back for more help verrryyyy soon :)
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Hutchoo

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Re: Economics Questions Thread
« Reply #36 on: February 05, 2011, 07:51:34 pm »
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I just realised I spent 5 minutes typing up Hodgeyhodgey's question... on page 2 TT_TT
I didn't see Water's answer LOL.
Anyway, Water is right :D
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Re: Economics Questions Thread
« Reply #37 on: February 05, 2011, 08:15:31 pm »
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Who am I to doubt the answers provided on VN.. :P

Either way, I've emailed my distance teacher, mainly to introduce myself, but I also asked for her opinion on how to answer it just to be safe :)
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chrisjb

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Re: Economics Questions Thread
« Reply #38 on: February 05, 2011, 10:31:39 pm »
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Okay, this is a strange one, but I just can't get my head around it.

Why is an increase in inflation undesirabe?

The way I see it, if the price of all goods and services goes up by say, 10 percent then producers will simply be getting 10 percent more for their product, consumers will be paying 10 percent more for their products. So... where does it all go wrong?

The only problem I could think of was that people would be able to buy 10 percent less than they could before BUT that wouldn't happen because the labour market is a market just like everything else and so inflation should be mirrored in people's wages.

Since everything is relative, a uniform increase across the board of 10 percent would cancel itself out and be the same as an increase of 0 percent wouldn't it?
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Water

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Re: Economics Questions Thread
« Reply #39 on: February 05, 2011, 10:45:03 pm »
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. Take for instance, there is a surge demand for food, such as ham, chicken ,beef , lamb etc...That would mean there is a shortage of the food, hence there would be an increase of price to meet a new equilibrium point.


  But ultimately, it is the the super market who will be getting the most profit. The producers of the products are the price takers, thats because there are many of them who are willing to take the job. However, the supermarket will be reaping the benefits, they monopolize the necessity consumer industry after all. And don't go about, that workers will be getting extra pay. There pay is according to a  work contract, and even so, it is only miniscule, 5% or 3% increase per year.


You add that to the inflation of eletricity, water, petrol etc....That makes your 5% or 3% increase wage per year, almost nothing. To the consumers point of view, this is undesirable.




10 percent then producers will simply be getting 10 percent more for their product, consumers will be paying 10 percent more for their products. So... where does it all go wrong?


Flawed Idea, we live in a capitalist market. We want to be the richest. We are selfish, ambitious and want to make the most money. So we'll do at all cost to maximize our profits. Therefore, producers, most times, won't be getting a 10 percent more for their product.

Example: How much does to take to make an ipod? How much does an ipod sell for?
« Last Edit: February 05, 2011, 10:50:53 pm by Water »
About Philosophy

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schmalex

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Re: Economics Questions Thread
« Reply #40 on: February 05, 2011, 11:14:42 pm »
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Okay, this is a strange one, but I just can't get my head around it.

Why is an increase in inflation undesirabe?

The way I see it, if the price of all goods and services goes up by say, 10 percent then producers will simply be getting 10 percent more for their product, consumers will be paying 10 percent more for their products. So... where does it all go wrong?

The only problem I could think of was that people would be able to buy 10 percent less than they could before BUT that wouldn't happen because the labour market is a market just like everything else and so inflation should be mirrored in people's wages.

Since everything is relative, a uniform increase across the board of 10 percent would cancel itself out and be the same as an increase of 0 percent wouldn't it?

In terms of what to write on a SAC\exam

- reduces the purchasing power of those on fixed incomes (like people on contracts) or low-skilled workers, who often have little bargaining power, and therefore may not get pay rises equivalent to the inflation. For example if inflation is 10%, employers may only give low-skilled workers a 5% pay increase, or no pay increase, because if the workers quit they can be replaced.

-distorts market signals. If the price of something goes up, suppliers can't tell if it's because of higher demand, or because of inflation, and may struggle to use price signals to determine where to allocate resources.
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Hutchoo

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Re: Economics Questions Thread
« Reply #41 on: February 05, 2011, 11:17:44 pm »
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Concerning pure market capitalist economies, which statement is generally incorrect?
A) The value of incomes paid to individuals is dependent upon the quantity and quality of productive resources supplied.

B) The market or price system will value the economic contribution made by each individual and use this to determine relative income levels.

C) Price of all goods and services will be negotiated by the forces of demand and supply.

D) Equity in income distribution would be assured by government transfer, payments and progressive taxes.

The answer to the question is D.
Can someone please go through each possible answer and tell me why it is incorrect.


If you don't understand what I'm asking, here is an example:
Quote

C) Price of all goods and services will be negotiated by the forces of demand and supply.
This is incorrect because ______.

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schmalex

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Re: Economics Questions Thread
« Reply #42 on: February 05, 2011, 11:19:36 pm »
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D is incorrect, but the rest are correct. You've misread the question. Be very careful, because there will be a lot of questions like this in the exam, and on SACs.
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Hutchoo

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Re: Economics Questions Thread
« Reply #43 on: February 05, 2011, 11:44:56 pm »
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Wow... Uhm, that was a bad error.

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schmalex

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Re: Economics Questions Thread
« Reply #44 on: February 06, 2011, 12:19:21 am »
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Haha, well it's better to feel stupid about it now than to make that mistake in the exam ;)
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