Study guides, Class notes & Summaries

scarce resources resources that are limited or finite opportunity cost the value of the next best alternative forgone economic problem resources are scarce but wants are unlimited production possibility frontier a diagram that shows all the combinations of two goods that can be produced when all factors of production are being used normative statement an economic statement based on a value judgement and therefore cannot be tested positive statement an eco...

Backwards vertical integration a joining together into one firm of two or more firms where the purchaser merges with/takes over one or more of its suppliers Conglomerate integration a joining together into one firm of two or more firms producing unrelated products Demerger when a firm splits into two or more independent businesses Divorce of ownership from control when managers and directors of a business are different from the owners of a business (the shareholders) ...

Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, f...

Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, f...

Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) The total amount of goods and services that c...

Model A theoretical concept that looks at how differant variables interact. Ceteris Paribus All other factors remain the same. Positive Statement Objective, factually based comments that can be tested. Normative Statement Subjective, questionable comments based on valued judgements that are difficult to test. Scarcity When there are unlimited human wants but limited number of resources to meet these wants. Economic Problem Making choices on how to allocat...

All torch operators, an oxigen-fuel torch using any amount of oxigen and flamable gas and fire guards must have a current Certificate of Fitness The Certificate of Fitness holder must regulate the pressure and flow of oxygen and natural gas to each torch. if the torch operator for jewelry manufacture involves any oxygen with any fuel gas containers, the operator must be a C of F holder. A Certificate of Fitness Holder must keep his or her certificate on their person or o...

1.- All persons conducting hot work operations or performing fire watch shall? Be trained in the use of portable fire extinguishers, and shall be capable of extinguishing fires when they are limited in size and spread such that they can readily be extinguished using a portable fire extinguisher. 4.-In the event of a fire extinguisher has been discharged, what to do next? A fully charged replacement is required before work can resume. The C of F holder is recommended to be trained f...

G-60 Use of oxygen and flammable gasses, or LPG or CNG for any hot work COF exception Torch operations for jewelry FDNY permit Storing using or handling oxygen and flammable gas in excess of 400scf (LPG, CNG or scetylene) oxidizing gass in excess of 504scf Portable LPG must not be stored when the capacity of the container is greater than? 16.4 oz Portable CNG containers must not be stored then the capacity is greater than? 8.7 SCF Single standard ...

CNG Compressed natural gas Fire guard A person holding a Certificate of fitness for such purposes, who is trained in and responsible for maintaining a fire watch and performing such fire safety duties as may be prescribed Fire watch A temporary measure intended to ensure continuous and systematic surveillance of a building or portion thereof by one or more qualified individuals for the purposes of identifying and. I trolling fire hazards, detecting early signs of fire, raising a...