Economics Key Concepts: Opportunity Cost, Needs, and Production
Topic 1: Core Economic Concepts
1. Opportunity Cost
The benefit of the next best alternative foregone.
2. Need
Something essential or very important, rather than just a desire.
3. Types of Needs
- Basic: Essential for survival.
- Secondary: Desires or wants.
- Present: Felt immediately.
- Future: Needed for later use.
- Recurrent: Needed frequently (e.g., daily).
- Occasional: Needed sometimes.
4. Good
A physical or tangible item that satisfies a human want or need.
5. Types of Goods
- Tangible: Can be touched and seen.
- Intangible:
Colonial Empires: Expansion, Administration, and Consequences
Colonial Empires: France & UK Dominance
The largest colonial empires were those of France and the United Kingdom, who competed with each other for control of territories in Africa and Asia.
Colonial Empires in 1914
- United Kingdom: Held maritime hegemony, with its most important possessions being India and Australia.
- France: Possessions were not as extensive as the UK, but included Madagascar.
- USA: Focused on Latin America, Hawaii, and the Philippines.
- Japan: Controlled Korea and Manchuria, following
Research Project: Social Relevance, Definitions, and Background
Assessing Social Relevance in Research
To assess the potential social relevance of your research, consider these questions:
- Why is this investigation important, and what do we hope to discover?
- What is the demand for this research?
- Why is this problem significant, and what is your specific interest in it?
- Which social agents are involved in the problem, and who benefits directly or indirectly from this research?
- What negative consequences might arise from a lack of empirical knowledge about this problem?
Hurdling and Relay Race Techniques: Essential Tips
Hurdling Techniques
Approach to the First Hurdle
Technique:
- Check Out: Generally, run the distance to the first hurdle in eight strides. The starting position is similar to a sprinter’s, with the heel of the attacking leg placed behind.
- Attack on the Hurdle: Initiate the attack from a sufficient distance to clear the obstacle, allowing one leg to land quickly for continuation. The distance is usually from 2 to 2.20 meters before the hurdle, dropping to 1.10 or 1.20 meters after the hurdle. Do not exceed
Understanding the Key Features and Levels of Living Things
Key Features of Living Things
- Complex Organization: Molecules interact in complex internal and external functions.
- Cellular Structure: Can be unicellular or multicellular.
- Feeding and Metabolism: Capture and use energy and matter for growth, development, and maintenance.
- Responsiveness: Detect external stimuli and respond appropriately.
- Reproduction: Ability to create new individuals, similar or different from themselves.
Levels of Biological Organization
Subatomic Level
Composed of neutral protons and
Read MoreEthical Principles in Human Research: Belmont & Helsinki
Belmont Report Principles
April 18, 1979, Belmont, USA
Basic Ethical Principles
- Respect for Persons: Acknowledging autonomy and protecting those with diminished autonomy.
- Beneficence: Do no harm; maximize possible benefits and minimize possible harms.
- Justice: Fair distribution of the burdens and benefits of research.
Informed Consent Elements
Information
Subjects must be informed about the research procedure, its purposes, risks and anticipated benefits, alternative procedures (if therapy is involved),
Understanding Mutual, Loan, and Deposit Contracts
Mutual (Mutuum)
Also known as a consumer loan, mutuum was a convention where one person (mutuante or lender) gave property to another (borrower), a certain amount of fungible goods, with the obligation to repay the same amount of the same kind and quality within a specific period. To enforce repayment, the lender could use the Condictio, either as Condictio certae pecuniae for money or Condictio triticaria for other goods. It was a condition of the loan contract because it lacked a specific action.
Read MoreNeuromarketing: Body, Brain Measures & Consumer Behavior
Body Measures & Somatic Responses
Facial Expressions
Measure emotional responses to stimuli like ads or products.
When to Measure: Evaluating responses to packaging designs or product features.
Tools Used: Facial Action Coding System (FACS), Facial Electromyography (EMG) sensors.
Example: Tracking audience reactions to a new TV commercial using EMG sensors.
Facial Muscle Movements
Understand emotional responses to ads.
When to Measure: Assessing emotional impact during exposure to advertisements.
Tools
Read MoreKey Economic Principles: GDP, Inflation, and Policy Tools
Fundamental Economic Concepts
Defining Economics
Economics is a social science studying the allocation of scarce resources.
Positive vs. Normative Economics
- Positive Economics: Deals with facts and objective analysis (what is).
- Normative Economics: Involves value judgments and opinions (what ought to be).
Core Principles
- Scarcity: Resources are limited, implying that nothing is truly free.
- Purposeful Behavior: Individuals and institutions make rational decisions based on self-interest to maximize utility
Understanding Justice, Human Rights, and Political Ideologies
Justice, Human Rights, and Political Ideologies
Justice: Acting in a way that considers what each person deserves contributes to social justice. This is a new way of understanding human and labor relations.
These are human rights claimed by socialist movements. The first human rights proclamations emerged from enlightened and liberal environments in the last third of the 18th century. The most important are: Bill of Rights, Declaration of Independence from the U.S., Declaration of Human Rights and
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