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Economic and management sciences

Grade 8

The economic cycle

Module 2

Trade and the economic problem

Assessment standard 1.2:

Trade and the economic problem

When you have completed this MODULE, YOU WILL BE ABLE TO INDICATE HOW TRADE (IMPORTS AND EXPORTS) ADDRESSES THE ECONOMIC PROBLEM (OF CHOICE AND OPPORTUNITY COST), AS WELL AS THE ROLE OF BANKS IN ENCOURAGING INVESTMENT IN THE ECONOMY.

THE CENTRAL PROBLEM OF THE ECONOMY:

The most basic feature of human existence is the MULTIPLICITY OF HUMAN NEEDS and the contrasting SHORTAGE OF MEANS to satisfy these needs. In spite of enormous technological and scientific progress over a number of decades, which has led to considerable increases in production, the NEEDS of people remain GREATER than the MEANS to satisfy those needs. As there will always be needs that remain unsatisfied, people will always have to EXERCISE CHOICES with regard to the needs that have to be satisfied and those that will have to remain unsatisfied. Compare your own situation regarding pocket money: your pocket money definitely does not allow you to buy everything that you want. Therefore you continually have to CHOOSE between satisfying your needs or your desires (wants).

In the same way, the businessman, government and every private individual have to exercise a multiplicity of choices every day to ensure that THE GREATEST DEGREE OF SATISFACTION is achieved.

Activity 1

NEEDS

SELF:

Compile a list of things that you experience as a need at present and that you will also experience as such in the future:

Activity 2

CLASSIFICATION OF NEEDS

GROUP:

Compare the lists of needs of the different learners in the group and classify them under the following headings:

Natural

Essential

Luxury

Protection

Cultural

Spiritual

GROUP:

Identify the FOUR/FIVE most basic needs of people from the above – i.e. things without which people would not be able to exist (provide examples of each):

It is evident from the above that people / enterprises are unable to satisfy all their needs. If one need is satisfied, it means that another need might have to remain unsatisfied or be sacrificed. The SACRIFICE THAT IS MADE illustrates the principle of OPPORTUNITY COST. It reflects the sacrifice that you had to make to satisfy your greatest need; the usefulness in comparison with the satisfaction that you would have had if you had chosen to satisfy the other need. In economic terms, the satisfaction of need/usefulness that is derived from a product, is know as the utility that is derived from the particular product that was selected. The utility (or cost) of the satisfaction of your need is therefore equal to the utility (or cost) of the product that you have sacrificed. This is known as OPPORTUNITY COST.

Activity 3

OPPORTUNITY COST

SELF:

Indicate which of the products listed below you as a learner would choose if you were given a single opportunity to select one of them in each instance. (This means that you have to

decide which of the products you would choose and which you would manage without at this particular time in your life with your current needs.)

Questions & Answers

how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
Do somebody tell me a best nano engineering book for beginners?
s. Reply
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
SUYASH Reply
for screen printed electrodes ?
SUYASH
What is lattice structure?
s. Reply
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
China
Cied
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
Porter
many many of nanotubes
Porter
what is the k.e before it land
Yasmin
what is the function of carbon nanotubes?
Cesar
I'm interested in nanotube
Uday
what is nanomaterials​ and their applications of sensors.
Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
AMJAD
preparation of nanomaterial
Victor Reply
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
Himanshu Reply
good afternoon madam
AMJAD
what is system testing
AMJAD
what is the application of nanotechnology?
Stotaw
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
Azam
anybody can imagine what will be happen after 100 years from now in nano tech world
Prasenjit
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
Azam
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
Prasenjit
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
Damian
silver nanoparticles could handle the job?
Damian
not now but maybe in future only AgNP maybe any other nanomaterials
Azam
Hello
Uday
I'm interested in Nanotube
Uday
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
Prasenjit
can nanotechnology change the direction of the face of the world
Prasenjit Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 8. OpenStax CNX. Sep 11, 2009 Download for free at http://cnx.org/content/col11040/1.1
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