Miami university Study guides, Class notes & Summaries

market Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade economic assumptions (3 of them) Answer people are rational people respond to economic incentives optimal decisions are made at the margin economics Answer the study of the choices consumers, business managers, and government officials make to attain their goals, given scarce resources economic models Answer simplified versions of reality used to ana...

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Internet of things Answer A world where interconnected, internet-enabled devices or "things" can collect and share data without human intervention. Value Chain: Primary Vs. Support Answer Views a firm as a series of business processes that each add value. Primary: The firm acquiring raw materials, manufacturing, delivering, marketing and selling. Support: Actual firm infrastructure such as HR, Management, Tech. Dept. Data Answer Raw facts that describe the characteristics of an event or ...

Accounting Equation Answer Assets = Liabilities + Equity Asset Accounts Answer Debits-Increase, Credits-Decrease Liability Accounts Answer Debits-Decrease, Credits-Increase Equity Accounts Answer Debits-Decrease, Credits-Increase Trial balance Answer Used by accountants to prove that the accounting system is in balance, that total debits=total credits Balance Sheet Amounts Answer Total Assets, Total Liabilities, Total Equity, Total Liabilities and Equity General Ledger Answer C...

Internet of things - A world where interconnected, internet-enabled devices or "things" can collect and share data without human intervention. Value Chain: Primary Vs. Support - Views a firm as a series of business processes that each add value. Primary: The firm acquiring raw materials, manufacturing, delivering, marketing and selling. Support: Actual firm infrastructure such as HR, Management, Tech. Dept. Data - Raw facts that describe the characteristics of an event or object Informat...

Tobacco Use in U.S. - -26.5% of those age 12+ used a tobacco product in the past 30 days -20% of those age 18+ are current cigarette smokers -Approx. 480,000 premature deaths/year -Approx. 16 million people experience serious smoking-related illnesses/year -Approx. 41,000 deaths/year due to diseases caused by environmental (secondhand) tobacco smoke -Single most preventable cause of disease, disability, and death (heart disease, lung cancer, chronic obstructive pulmonary disease, stroke, e...

MATHEMATICAL METHODS FOR PHYSICISTS A Comprehensive Guide SEVENTH EDITION George B. Arfken Miami University Oxford, OH Hans J. Weber University of Virginia Charlottesville, VA Frank E. Harris University of Utah, Salt Lake City, UT and University of Florida, Gainesville, FL

microeconomics Answer studies the behavior of individual businesses and consumers and how they interact in markets. Assumptions play a big role in economics bc they allow us to simplify the world 3 assumptions of economics Answer 1) people are rational & use available info to make decisions 2) people respond to incentives 3) people make decisions at the margin (the next or additional unit) marginal cost Answer the cost of the next unit marginal benefit Answer the benefit of the next u...