Economic Essay

  • Economic Systems

    Introduction Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectations

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  • Economics Report

    vaccination rates in Australia, it is crucial to Australian governments to increase the national immunisation rates. This report will focus on this issue through Australian immunisation rates, assessment on any possible government failure, supporting by economic theory. FIigure1: any delayed immunisation rates, 2004 and 2009 Figure 2: more than 6 months delayed immunisation rates, 2004 and 2009 In Australia, the timely receipt of 2nd dose of MMR vaccination decreased rapidly (Department of Health, 2013)

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  • Economics Essay

    Some countries, like Brazil, reacted by imposing capital controls. Mainstream economics is increasingly sympathetic. In late 2012 the International Monetary Fund updated its institutional view on capital controls, noting that more financially open economies did worse in the crisis of 2007-09. The IMF suggested that limited, co-ordinated policies to temper flows could be warranted, especially in economies with relatively underdeveloped financial systems. In a 2012 lecture Maurice Obstfeld, an economist

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  • Economics Essay

     and without these rules many serious social and economic  problems would not be fixed. Capitalism relies on stable banks and financial businesses in order  to function properly, when people wish to take out all their money at once the banks become  susceptible to disaster and the reason some of the banks have not failed is because of the  government. The government provides the banks the money they need when they do not have it  themselves. The government also puts in place a stable supply of money and without it the  economic syst

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  • Managerial Economics

    Managerial Economics: A Problem-Solving Approach 2nd Edition End-of-Chapter Questions and Answers Table of Contents Chapters 1 and 2 - Introduction and The One Lesson of Business 5 Multiple Choice Questions 5 Multiple Choice Key 5 Short Answer Questions 6 Short Answer Key 6 Chapter 3 - Benefits, Costs, and Decisions 8 Multiple Choice Questions 8 Multiple Choice Key 8 Short Answer Questions 9 Short Answer Key 10 Chapter 4 - Extent (How Much) Decisions

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  • Essay on Economics

    up some things for other things. The Economic Problem LIMITED RESOURCES UNLIMITED WANTS SCARCITY An insufficiency of means in relation to wants CHOICE OPPORTUNITY COSTS The ‘methods’ definition focuses on how economists deal with problems rather than the problems themselves. (i.e. the Scientific method) They see Economics as supplying a ‘tool kit’ to explain the economic dimensions of human behaviour. Combining both views of Economics we can define Economics as the study of how individuals and

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  • Economic Problem

    threat of water shortage in the future. This problem has created an economic problem and urged the Australian government to find the solutions for this problem. This essay will explain the economic problem and answer the question how do markets attempt to solve the problem of water scarcity in Australia, focusing on the economic problem, water scarcity in Australia, the role of markets and water market in Australia. The economic problem can be known as the competition between unlimited wants and

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  • Essay Economics

    able to buy the product. 4. John Gardner is the city planner in a medium-sized southeastern city. The city is considering a proposal to award an exclusive contract to Clear Vision, Inc., a cable television carrier. Mr. Gardner has discovered that an economic planner hired a year before has generated the demand, marginal revenue, total cost and marginal cost functions given below: P = 28 - 0.0008Q MR = 28 - 0.0016Q TC = 120,000 + 0.00062 MC = 0.0012Q, where Q = the number of cable subscribers and P =

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  • Economics Essay

    Revenues. Importance to consumers Firms and government. ‘Market efficiency’ PowerPoints and activities 3 Week Content Concepts Assessment Context: Firms and production 9&10 Business firms and markets Role of the firm. Economic cost and economic profit. Costs and revenue. Derived demand. Product differentiation. Barriers to entry. Price taking and price making firms. Marketing and advertising. Specialisation. Characteristics of market structures (perfect competition, monopolistic

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  • Economics Essay

    generally seen in the economy. Section three discusses types of unemployment seen through the years. It shows the different “forms” they take and how it has evolved until today. Section four will discuss some of the different ideas learned through economic thought over time, how it relates to unemployment seen during its time period as well as in the present day. Section five will conclude the paper by briefly reviewing some of the important points that were discussed. 2. The Major types on unemployment

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  • Basics of Economics

    Naked Economics: Undressing the Dismal Science ( AP economics summer assignment ) Sora Kim 265543801 Mr. Kotzky 1a. “Individuals seek to maximize their own utility.” Explain this basic economic principle. b. Discuss several of the conflicts / choices, as discussed by Wheelan, that individuals may face in trying to maximize their utility. Economists would basically do whatever it takes to gain privileges or derive utility. For example, they would pay taxes or get a doctor’s shot. Doing

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  • Economics Essay

    rapid money growth or else it can prove to be bad for the economy. Thus as a result of this, monetary policy plays an important role in helping the government stabilize the economy. Monetary Policy Tools The Central Bank attempts to achieve economic stability by varying the quantity of money in circulation, the cost and availability of credit, and the composition of a country's national debt. The Central Bank has three tools available to it in order to implement monetary policy: 1. Open

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  • Naked Economics

    Wheelan writes, "Life is about trade-offs, and so is economics." Indeed, so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book, the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.

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  • Economics Essay

    most of the baby boom cohort still in its prime saving years, is heav ily tilted toward saving.) The run-up in prices 1 Background data on the housing bubble can be found in Baker, D., 2005, “The Housing Bubble Fact Sheet,” Center for Economic and Policy

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  • Managerial Economics

     MBA MANAGERIAL ECONOMICS Arcadia IMBA Module 2 University Wide Individual Assignment (UWIA) 12th July 2013 PROBLEM SET #1 1. Complete the following table and answer the accompanying questions. a. At what level of the control variable are net benefits maximized? Net Benefit is also profit. The formula for this is MB = MC. As seen in the table completed above, after applying the formula then net benefit is maximized where Q = 106.

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  • Managerial Economics

    INTERNAL RESEARCH ASSIGNMENT Name of the candidate: ASIF EKBAL Enrolment no. : 08715903912 Course: MBA 1ST Yr. Batch: 2012 Subject: MANAGERIAL ECONOMICS Subject code: MS105 Topic of assignment: UNIT 1 Subject Teacher’s name: MS MAMTA RANI Research Assignment Q.1) “Inferior goods are not those goods in case of which the law of demand fails, inferior goods are those goods

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  • Economic Concepts Essay

    changes in the economic and business environment make it ever more difficult to accurately evaluate the outcome of a business decision. In such a changing environment, sound economic analysis becomes all the more important as a basis of decision making. Managerial economics is a discipline that is designed to provide a solid foundation of economic understanding in order for business managers to make well-informed and well-analyzed managerial decisions. THE NATURE OF MANAGERIAL  ECONOMICS There are

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  • Essay Peron's Economic Goals

    The following economic and political instability, along with the outbreak of World War II in 1939, encouraged support for a policy that called for economic self-sufficiency in Argentina. This was why, one day after taking power, Perón’s new government issued a proclamation of its main objectives, which emphasized the importance of industrial development, which could be considered a “prerequisite for attaining economic independence”. Other economic goals were an increase in employment, and industrial

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  • Economic Crime in Russia Essay

    Large-scale theft of socialist property and massive fraud involving hard currency could be, and were, punished by death. (William A. Clark analyzed trials of Soviet government officials and enterprise managers charged with economic crimes, as reported by the Soviet press between 1965 and 1990. Of the 849 officials tried, about 500 received jail sentences, with an average of eleven years jail for embezzling public property and eight for bribery.Thirty-two persons were sentenced to be executed.)

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  • Essay on Economic Problems

    cost of college tuition and books, the equilibrium earnings in occupation A and occupation B will be equal. 14. Suppose that the demand for economic consulting increases; explain the effect of this event on: a. The equilibrium wage rate from economic consultants. b. The equilibrium wage rate for economics professors. c. The number of economics majors. 15. In 1962 the Aid to Dependent Children (ADC) program, which provided income to widows so that they could afford to raise their children

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  • Economic Outlook of Lithuania

    Master of Science in International Business MANAGERIAL ECONOMICS LITHUANIA ECONOMIC OUTLOOK abu dhabi, 2010 | | | | CONTENT INTRODUCTION

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  • Becker's Economic Approach Essays

    As discussed in lecture (Benson Economics and Human Nature Lecture), people use heuristics, assumptions about their preferences and beliefs, to allow themselves to make quick decisions and short-cut cost-benefit analysis. People consider heuristics to be their preferences, even though if they actually went through a detailed analysis they may reject them. Becker’s “economic approach to human behavior” explains what many other economists might consider to be irrational decisions by allowing for

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  • Essay Meso Economics

    It is the coordination of meso units (economic order) and change in meso systems in consequence of meso trajectories (economic evolution). [pic] [pic] Three-Phase Meso Trajectory Phase 1: Origination of a novel generic rule. The origination phase is that where the rule enters into existence (changing the dimensionality of the system) by entrepreneurial imagination or consumer experimentation. Phase 2: Adoption and adaptation of the rule in a population of carriers

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  • Economic Recession Essay

    produced are less compared to the previous period; if it occurs, the direct effects to the common individuals is reflected by, unemployment, decline in wholesale-retail sales, and reduced industrial production. According to the National Bureau of Economic Research, there have been ten recession since the great depression in 1930s till 2007, the average recession taking 10 months while expansion taking 57 months. The two longest recessions during this period lasted for 16 months each, one from November

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  • Economic Exam Questions Essay

    A perfectly competitive firm will continue producing in the short run as long as it can cover its: variable cost If some firms in a perfectly competitive industry are earning positive economic profits, then in the long run, the: industry supply curve will shift to the right In a long-run equilibrium, economic profits in a perfectly competitive industry are: 0 In perfectly competitive long-run equilibrium: all firms produce at the minimum point of their average total cost curves.  If a Florida

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  • Walmart Economic Forces

    expectations, and you hate it when a store inconveniences you, gives you a hard time, or pretends you're invisible."(Wal-Mart, 2012). This is exactly what Wal-Mart has proved to live, expand, and abide by. Economic Forces: Wal-Mart is successfully surviving in the changes of economic distress that is affecting the United States as well as other countries around the world. They have been focusing on expansion in Canada and have chosen to progress in Argentina. With Argentina, it is working

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  • Managerial Economic Essay

    rise to a pressing need for sound economic analysis prior to making decisions. Managerial economics is a discipline that is designed to facilitate a solid foundation of economic understanding for business managers and enable them to make informed and analysed managerial decisions, which are in keeping with the transient and complex business environment. 1.2 Concept of Managerial Economics The discipline of managerial economics deals with aspects of economics and tools of analysis, which are employed

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  • The Concentration of Economic Power in the Public Sector Undermines the Foundations of Economic Growth

    initiative. Since investments and capital generation through entrepreneurship and enterprise is restricted with the concentration of economic power in the public sector, then the only other major source of investments to fuel economic growth is foreign direct investment. While this source of investment could singly sustain economic growth, the prospects of a public sector dominated economy may not be appealing. The labour force available for Multi-National Companies

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  • Keynesian Economics Essay

    encourage spending. Some economics say that the Hoover Dam was a huge success, because even though it cost 175 million dollars, it created billions in economic growth which is just what the United States wanted during the early 1930s due to the Great Depression. Keynesian Economics died down a bit during the approach to the 21st century, but in 2008, when the huge financial crisis hit the world, Keynesian Economics faced a growing resurgence. The reason why Keynesian Economics wasn't at the fore front

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  • Malaysian Economic Miracle Essay

    Features of Economic Development of the Country In Malaysia agriculture is 7,3 % of gross domestic product, the industry - 33,5 %, and sphere of services - 59,1 % of gross domestic product. The population of the country is occupied with following spheres: the industry - 27 %, agriculture + wood + a fishing industry - 16 %, tourism and local trade - 17 %, services - 15 %, the government (authority) - 10 %, construction - 9 %.

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  • Ecuador and Economic Concerns Essay

    $292 a month. However with bonuses and other incentives a worker can receive $300 or more. This is known as a Dignified Wage. With the cost of living not at all high compared to other countries a dignified wage could reach up to $572.35. One Economic Concerns that really is twofold is the Unemployment Rate and the Education System of Ecuador. With the employment age beginning at 15, the average person growing up in Ecuador only completes school up to this age. The public education system is

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  • Economic Poverty Essay

    challenge of reducing levels of global poverty has rocketed up in the priorities of politicians, development organizations and the media, so that it now commands a dominant position among humanitarian aims for the new millennium. There is also an economic case for reducing child poverty. When children grow up in poverty, they are somewhat more likely than non-poor children to have low earnings as adults, which in turn reflect lower workforce productivity. They are also somewhat more

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  • Essay on Economics Unit 3

    recession. 'The second case is not likely to occur; it is asking remaining employees to increase production by 250% (10/4, then times 100). I believe that this would be asking too much. This means that break-even is not possible. References: Economics, 2nd Edition, Krugman & Well Worth, Retrieved on February 18, 2011 from Chapters 6, 7,9,11 and

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  • Personnel Economics Application Paper

    Personnel Economics Application Paper Tournament is a kind of reward system where fixed rewards are used for a fixed group of people and the “distribution of rewards is based on the order of the participants’ performance” (Lazear & Oyer, 2009, p. 9). In this particular situation, four agents in one of Mitch & Murray’s offices are given a strong incentive to succeed in a sales tournament. Mitch & Murray uses a set of prizes that diminish in value as a person’s relative performance gets

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  • Cuba : economic issues Essay

    of instability is reflected in the growth of guerrilla armies , paramilitaries and privatized security forces. The confluence of this factor has exacerbated even deeper problem in Colombian society. including loss of central government authority, economic deterioration and maybe creating the condition of a failed state which is characterized by a sever political crisis in which the institution of central government are so weakened that the can no longer maintain authority or political order beyond

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  • Essay on Economics Of The NBA

    but the fact of social activity helps watching an NBA game make it such an enjoyable experience. The target group for an NBA team, are supporters with time, money, transportation, the media access who live in a densely populated urban area (The Economics of The National Basketball Association). As a result, 25 out of 29 NBA teams are located in the top 50 U.S. major cities. The only franchises not located in Top 50 Cities in the U.S. by Population and Rank are the Golden State Warriors, the Orlando

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  • Adam Smith "Father of Economics"

    Final Paper | Dr. Kang: History of Economic Thought | | | | Brian Witt | | | Brian Witt Dr. Kang MBE 330.01 Final Paper Adam Smith: “The Father of Economics” Adam Smith was a Scottish moral philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment and modern economics, Smith is an author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nation, now known to be called The Wealth

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  • Managerial Economics: Assignment

    In this paper we shall focus first on the key characteristics of TCE (transactions cost economics) giving a theoretical introduction of its concepts. We will then analyze the vertical boundaries of Ross & C, the company I currently work for, and we will see how they evolved during the years. The discussion will concern the “to buy or to make” dilemma applied to the real case of the sales force. We will in fact show the transition from the sale force as outside agents (to buy) to the sale force

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  • 10 Principles of Economics

    10 Principles of Economics Supply and Demand * Supply and demand are inversely proportional: When supply rises, demand falls. For instance, when the housing market in a certain region is flooded with homes for sale, sellers drop the price to attract a buyer. However, single homes for sale in exclusive neighborhoods might have more potential buyers than sellers. In these instances, the price of the home rises. Inflation and Unemployment * Gregory Mankiw, Harvard Economics professor and author

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  • Common Sense Economics Essays

    Of the second section in the book: Seven major sources of economic progress, I find point number 4 the most interesting. An efficient capital market, this is something that I had not thought of when considering things that need to happen for the economy to grow, it is something that happens behind the scenes and you don’t hear much about it, but it seems like one of the more important driving forces. If there is no-one investing capital into wealth creating projects then the economy will continue

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  • Economics Research Paper

    stimulate it with durable, near-zero interest rates and the possibility of a third round of quantitative easing. Overall, the economy should be poised for positive but weak GDP growth of around 2% in 2012 and 2013. Inflation continued to decrease relative to earlier in the year. Indeed, the PCE price index edged down in October. Consumer prices for energy decreased, and survey data indicated that gasoline prices declined further in

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  • Essay on The Key Concepts in Economics

    Micro economics is the fine detail. This information is used to study customer trends. While Macroeconomics is the data as a whole. This information presented to investors. 2. Law of Supply & Demand: This is the founding block of economics. As stated in the article, “Whenever supply of something increases, price decrease and whenever demand increases, price increase” This concept is pretty simple. Williams (2014) further explained the aggregate of supply and demand. a. Aggregate Demand

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  • Basics of Economic Geography Essays

    Geography thus may be: "the study of the way in which society organizes itself in space".Economic geography is the study of the location, distribution and spatial organization of economic activities across the world. It represents a traditional subfield of the discipline of geography. However, in recent decades, many economists have also approached the field in ways more typical of the discipline of economics. Economic geography has taken a variety of approaches to many different subject matters, including

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  • Barriers to Economic Development in Ghana

    Economic development has to occur after a period of sustained economic growth. It is therefore the growth in total economic output accompanied by changes in the structure of the economy. There are many barriers to economic development in Ghana. Eight of them are discussed below: First and foremost, Ghana like most developing countries is enriched with natural resources or deposits but the human capital is not able to transform them to achieve rapid economic growth and development. For economic

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  • Economic Growth and Development

    developed country? Surveys are made and reports being churned out that state the economic growth of a nation. Does the rate of this economic growth a true indicator in this regard? If that is true why is it then that even in the 21st century decades after the industrialization and years after globalization the proportion of developed countries to under-developed countries is still wide enough? The answer lies in the economic development of these countries. If the gross domestic product or national income

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  • Economic Costs Essay

    Richard Cyert, James March, John Muth, Allan Meltzer, and William Cooper, the first three being subsequently awarded Nobel Laureates in Economics. The graduate program was in three parts: economics, organization theory, and operations research. All of the graduate students took core courses in all three and subsequently specialized in one. My major was in economics, 1 but I drew continuously on my training in organization theory (and selectively on operations research). The research atmosphere

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  • Economic Factors Essay

    important macroeconomic factors that can affect a business include economic growth. This growth is related to the economic activities of the business. This refers to buying and selling activities for a particular amount of time. These activities can change continuously, and occur because of such things as changes in income level, change in prices of materials, natural disasters, political activities that are happening, etc. Economic growth can be tied to the level of gross domestic product or GDP

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  • International Economics Paper

    inflation, unemployment, recessions, depressions, and the economic dislocations associated with the so-called “boom and bust” cycle, or the business cycle (Timberlake, 2008). The Motivations of Policy-Makers in Stimulating and Contracting the Economy Policy-makers will likely have multiple goals with regards to the stimulation and contraction of the economy. The primary purpose of economic policy in this regard is the maintenance of economic stability. Many such policies, or at least the institutional

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  • Keynesian Economics Essay

    laissez faire and supply creating its own demand was echoed again in 1970s by Chicago School of ‘supply side’ economics. Least government interference, free market economy, deregulation, reduced taxes propelled economics of US President Reagan and British Prime Minister Margaret Thatcher. Collapse of communism in USSR and East European countries gave additional strength to supply side economics. World was to go on two decades of ‘growth binge’ creating ‘bubbles’ whose bursting has, since 2007, put the

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  • Economic Growth Essay

    Modern economic growth theory was developed more than a century later during the mid-20th century. Based on Harrod and Domar model (1946), Solow and Swan (1956) introduced a model that included the term productivity growth. Assuming technological progress exogenous the neo-classical growth model shows that in case of no technological progress, economic growth will at some point ceases due to the effect of diminishing returns. Solow’s model also includes a parameter that measures productivity, which

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