...chapter 1 Marketing’s Role in the Global Economy When You Finish This Chapter, You Should 1. Know what marketing is and why you should learn about it. 2. Understand the difference between micro-marketing and macro-marketing. 3. Know why and how macromarketing systems develop. 4. Understand why marketing is crucial to economic development and our global economy. 5. Know why marketing special— ists—including middlemen and — facilitators—develop. 6. Know the marketing functions and who performs them. 7. Understand the important new terms (shown in red). www.mhhe. When it’s time to roll out of bed in the morning, does your General Electric alarm wake you with a buzzer—or by playing your favorite radio station? Is the station playing rock, classical, or country music—or perhaps a Red Cross ad asking you to contribute blood? Will you slip into your Levi’s jeans, your shirt from L. L. Bean, and your Reeboks, or does the day call for your Brooks Brothers interviewing suit? Will breakfast be Lender’s Bagels with cream cheese or Kellogg’s Frosted Flakes—made with grain from America’s heartland—or some extra large eggs and Oscar Mayer bacon cooked in a Panasonic microwave oven imported from Japan? Will you drink decaffeinated Maxwell House coffee—grown in Colombia—or some Tang instant juice? Will you eat at home or is this a day to meet a friend at the Marriott-run cafeteria—where you’ll pay someone else to serve your breakfast? After breakfast, will you head off to school...
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...Master in health information management Healthcare information leadership Millennia Atlantic University Mariana Viloria 1. Differences between micro and macro perspective of healthcare. MACRO-PERSPECTIVE: Macro perspective is a form of analysis which focuses on the structure of society and provides a way of seeing society as a unified whole. In this macro perspective minimal attention is given to the individual or the subjectivity of actors - the structures of society are thought to be primary and responsible for shaping the individual. MICRO- PERSPECTIVE: A micro perspective focuses on the individual level, while a macro perspective focuses more broadly on society. Ethics is a major concern in the health care field. Health care professionals must ensure that they are benefitting patients and meeting ethical and moral guidelines in the provision of care. There are two types of ethical issues facing the health care community: micro issues and macro issues. Micro issues cover issues that arise on a daily basis, and they involve such factors as technological change and dealing with a diverse population. Macro issues concern the allocation, use, and management of health care resources. Macro issues are of major importance as the amount of resources being consumed by health care continues to rise. At the macro level there is a political issue, allegedly somewhere between 25 and 50 million persons who are "uninsured," by which the proponents of the current administration's...
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...COURSE TITLE : ADVANCED MACRO ECONOMICS COURSE CODE : ECN 703 REG NO: 15491119 NAME: GODWIN OMAGU QUESTION: Given the 'Rational Expectations Theory' a short run tradeoff between the price level and unemployment can only exist if the economy agent can distinguish arbitrary from real shock. Discuss Rational Expectations Theory What is the 'Rational Expectations Theory' The rational expectations theory is an economic idea that the people in the economy make choices based on their rational outlook, available information and past experiences. The theory suggests that the current expectations in the economy are equivalent to what the future state of the economy will be. This contrasts the idea that government policy influences the decisions of people in the economy. BREAKING DOWN 'Rational Expectations Theory' The idea is that rational expectations of the players in an economy will partially affect what happens to the economy in the future. If a company believes that the price for its product will be higher in the future, it will stop or slow production until the price rises. Because the company weakens supply while demand stays the same, price will increase. In sum, the producer believes that the price will rise in the future, makes a rational decision to slow production and this decision partially affects what happens in the future. "Inflation-Unemployment Trade-off under Adaptive Expectation and under Rational Expectation"? When agents in economy have adaptive expectations...
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...Journal of Business Economics and Management ISSN: 1611-1699 (Print) 2029-4433 (Online) Journal homepage: http://www.tandfonline.com/loi/tbem20 Evaluation of some business macro environment forecasting methods Vulfs Kozlinskis & Kristine Guseva To cite this article: Vulfs Kozlinskis & Kristine Guseva (2006) Evaluation of some business macro environment forecasting methods, Journal of Business Economics and Management, 7:3, 111-117 To link to this article: http://dx.doi.org/10.1080/16111699.2006.9636131 Published online: 14 Oct 2010. Submit your article to this journal Article views: 1769 View related articles Citing articles: 1 View citing articles Full Terms & Conditions of access and use can be found at http://www.tandfonline.com/action/journalInformation?journalCode=tbem20 Download by: [86.20.58.206] Date: 10 November 2015, At: 14:42 Journal of Business Economics and Management 2006, Vol VII, No 3, 111117 ISSN 1611-1699 EVALUATION OF SOME BUSINESS MACRO ENVIRONMENT FORECASTING METHODS Vulfs Kozlinskis1, Kristine Guseva2 Riga International School of Economics and Business Administration (RISEBA), Meza iela 1, k. 2, LV-1048 Riga, Latvia E-mail: 1Vulfs@rsebaa.lv, 2 kris@rsebaa.lv Downloaded by [86.20.58.206] at 14:42 10 November 2015 Received 06 03 2006; accepted 28 04 2006 Abstract. Latest studies in the field of business macro environment (BME) assessment and forecasting have been undertaken and successfully implemented...
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...Assignment no: 509 Answer Managerial economics refers to the application of economic theory and the tools of analysis of decision science to examine how an organization can achieve it aims or objectives most efficiently. Importance of managerial economics Managerial Decision Problems Economic theory Microeconomics Macroeconomics Decision Sciences Mathematical Economics Econometrics MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems OPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMS Managerial Decision Problems Economic theory Microeconomics Macroeconomics Decision Sciences Mathematical Economics Econometrics MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems OPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMS Managerial enables the use of economic logic and principles to aid management decision-making. Managers are decision-makers and economics should be relevant to give practical guidance in arriving at right decisions. Every manager has to take important decisions about using his limited resources like land, capital, labour, finance etc. to get the maximum returns, therefore, managerial economics, concentrates on those practical aspects of micro-economics which help in decision-making. Managerial economics focuses on the most profitable use of scarce resources rather than on the achievement of equilibrium prices...
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...F.Y.B.A. Paper – I Economic Theory (Micro Economics-I) SECTION – I Module 1 : Introduction Meaning, nature, scope, significance and limitations of micro economics. Ceteris Paribus – use and significance. Concept and types of equilibrium : stable, unstable, static and dynamic equilibrium – partial equilibrium and general equilibrium, positive economics and normative economics, managerial economics. Basic concepts – wealth, welfare and scarcity. Basic tools of economics analysis (equations and functions, graphs and diagrams, slope and intercepts) Module 2 : Consumers Behaviour and Demand Marishallian Approach : Equi-marginal utility, Law of demand – Determinants of demand. Elasticity of demand and its measurement. Price – Income – Cross and Promotional elasticity of demand. Consumer’s Surplus. Hicksian Approach : Indifference curves – properties of Indifference Curve, Consumer’s Equilibrium, Price effect, Income effect and substitution effect – Derivation of demand from Price Consumption Curve (PCC) – Giffen’s paradox. Samuelson Approach : Revealed Preference Theory. Module 3 : Production and Cost Analysis Concept of production function : short run and long run – Cobb – Douglass production function. isoquants – iso-cost line – producer’s equilibrium. Law of variable proportion and Law of returns to scale – Economies of scale – Economies of scope. Concepts of costs : Money and real cost, Opportunity cost, Social cost, Private cost – Derivation of short run and long run cost curves–...
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...Microeconomics Paper: Economic systems Yang Cong Professor Memmos Aug 1st, 2012 Table of Contents 1, Introduction of economic systems 2, the analysis of capitalism 3, Example of capitalism: the U.S. 4, the analysis of socialism 5, Example of socialism: China 6, the analysis of communism 7, Example of communism: North Korea 8, my favorite one is socialism 9, Conclusion There are three main economic systems in the world which are capitalism, socialism and communism. Nowadays, most developed countries are capitalism and they have certified that capitalism is better; the greatest developing country which owns the second high GDP in the world, China, is socialism, it seems that socialism is not bad; only a few countries are still communism like North Korea which has a low economic increment speed. Different systems have their own advantages and disadvantages, so it is necessary for the government to figure out which one is suitable for their countries. “Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance are also considered capitalistic (Wikipedia).” Capitalism can greatly promote economic development, this is the main feature of capitalism. The necessary material of human is produced by human labor, the purpose of economic activity is to save labor time which is also the greatest...
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...Bangladesh nasrul1964@yahoo.com Volume 2, Issue 3 / September 2010 Management Research and Practice 1 Abstract Bond market acts as buffer of equity market. This market in Bangladesh has been found very inefficient with respect to number of issues, volume of trade, number of participant, long-term yield curve, interest rate policy etc. In view of this, the present study has been undertaken aiming at identifying the problems that impedes the growth and development of Bond Market in Bangladesh. Researchers have collected both prima ry and secondary data and analysed the same by employing descriptive measure as well as multivariate technique-Varimax Rotated Factor Analysis. The study has found that the size of debt market of Bangladesh is very low as compared to other SAARC Countries; has huge growth potentiality; and identified important impediments to the growth and development of Bond Market in Bangladesh such as risk and return factor, liquidity and government policy factor, issue management factor, investment policy factor, macro economic and regulatory factor, and market & issue related factor. The study has suggested some important policy measures such as regulatory change, establishment of long-term yield curve, offering fiscal benefits, encouraging companies raising funds through corporate bond issues, keeping treasury rate low etc. for the development of Bond...
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...The Nature and Scope of Macroeconomics by Smriti Chand Macro Economics The Nature and Scope of Macroeconomics! Introduction: The term ‘macro’ was first used in economics by Ragner Frisch in 1933. But as a methodological approach to economic problems, it originated with the Mercantilists in the 16th and 17th centuries. They were concerned with the economic system as a whole. In the 18th century, the Physiocrats adopted it in their Table Economies to show the ‘circulation of wealth’ (i.e., the net product) among the three classes represented by farmers, landowners and the sterile class. Malthus, Sismondi and Marx in the 19th century dealt with macroeconomic problems. Walras, Wicksell and Fisher were the modern contributors to the development of macroeconomic analysis before Keynes. Certain economists, like Cassel, Marshall, Pigou, Robertson, Hayek and Hawtrey, developed a theory of money and general prices in the decade following the First World War. But credit goes to Keynes who finally developed a general theory of income, output and employment in the wake of the Great Depression. Contents: Nature of Macroeconomics Difference between Microeconomics and Macroeconomics Dependence of Microeconomic Theory on Macroeconomics Dependence of Macroeconomics on Microeconomic Theory Macro Statics, Macro Dynamics and Comparative Statics Transition from Microeconomics to Macroeconomics Stock and Flow Concepts 1. Nature of Macroeconomics:________________________________________ ...
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...Impact of Macro-Economic Variables on the Stock Market Impact of Macro-Economic Variables on the Stock Market Arunabha Dhar (Roll No. 008) Gaurav Bhatt (Roll No. 017) Amartya Ray (Roll No. 067) Bodhisatva Basu (Roll No. 075) Rahul Jain (Roll No. 094) Arunabha Dhar (Roll No. 008) Gaurav Bhatt (Roll No. 017) Amartya Ray (Roll No. 067) Bodhisatva Basu (Roll No. 075) Rahul Jain (Roll No. 094) Contents UNDERSTANDING ON RESEARCH PROBLEM IDENTIFICATION & DEFINITION 3 ABSTRACT 3 INTRODUCTION 3 LITERATURE REVIEW 6 GAP in Research 8 MOTIVATION 8 DATA COLLECTION/SAMPLE SELECTION 9 HYPOTHESIS 10 Research Methodology 10 FINDINGS 11 CONTRIBUTION TO LITERATURE 23 CONCLUSIONS 23 References 25 UNDERSTANDING ON RESEARCH PROBLEM IDENTIFICATION & DEFINITION Relationship between macroeconomic variables and broad market index: A causal relationship between Nifty CNX and macroeconomic variables in India ABSTRACT The relationship between macroeconomic variables and broad market index by now are well documented in the literature. However a void in the literature relates to examining the causal relationship between Nifty CNX and macroeconomic variables such as FDI, FPI, weighted average lending rate (WALR), GDP and oil import in India and correlation among the macro variables. INTRODUCTION Globalization of Indian economy post liberalization has been spurred by capital and stock investment in terms of FDI & FPI. Indian stock market both securities...
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...material on p. 499. Summary Overview This chapter concludes Essentials of Marketing by covering three broad concepts: 1) Evaluating marketing As indicated in Chapter 1, there are two levels of marketing: • the micro (managerial) level—concerns the marketing activities of an individual firm; and • the macro level—concerns how the whole marketing system works. 2) The key components of an innovative marketing plan. 3) Challenges facing marketers. Multimedia Lecture Support Package to Accompany Essentials of Marketing Lecture Script 20-2 This slide relates to material on p. 498. Summary Overview This chapter suggests that satisfaction and costs serve as criteria for evaluating the impact of marketing. Key Issues • A nation’s objectives affect the evaluation of marketing. • The social and economic objectives of a nation may differ depending on that nation’s socio-political structure. • Consumer satisfaction is the objective in the United States. • This objective is derived from a market-based economic system, and it implies that political freedom and economic freedom go hand in hand. • In the U. S., people have the right to live as they choose and to satisfy their economic and social needs as they choose. Discussion Question: How is the marketing concept related to the marketing objectives and realities that characterize the United States? Multimedia Lecture Support Package to Accompany Essentials of Marketing Lecture Script 20-3 This slide refers to material on...
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...Practice Volume 2, Issue 3 / September 2010 March eISSN 2067- 2462 mrp.ase.ro DEVELOPMENT OF BOND MARKET IN BANGLADESH: ISSUES, STATUS AND POLICIES Mohammad Saleh JAHUR 1 , S.M. Nasrul QUADIR 2 1 Department of Finance and Banking, University of Chittagong, Chittagong, Bangladesh sjahur2000@yahoo.com 2 Department of Finance and Banking, University of Chittagong, Chittagong, Bangladesh nasrul1964@yahoo.com Abstract Bond market acts as buffer of equity market. This market in Bangladesh has been found very inefficient with respect to number of issues, volume of trade, number of participant, long-term yield curve, interest rate policy etc. In view of this, the present study has been undertaken aiming at identifying the problems that impedes the growth and development of Bond Market in Bangladesh. Researchers have collected both primary and secondary data and analysed the same by employing descriptive measure as well as multivariate technique-Varimax Rotated Factor Analysis. The study has found that the size of debt market of Bangladesh is very low as compared to other SAARC Countries; has huge growth potentiality; and identified important impediments to the growth and development of Bond Market in Bangladesh such as risk and return factor, liquidity and government policy factor, issue management factor, investment policy factor, macroeconomic and regulatory factor, and market & issue related factor. The study has suggested some important policy measures...
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...BANK OF SAN FRANCISCO WORKING PAPER SERIES Macro-Finance Models of Interest Rates and the Economy Glenn D. Rudebusch Federal Reserve Bank of San Francisco January 2010 Working Paper 2010-01 http://www.frbsf.org/publications/economics/papers/2010/wp10-01bk.pdf The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Macro-Finance Models of Interest Rates and the Economy Glenn D. Rudebusch∗ Federal Reserve Bank of San Francisco Abstract During the past decade, much new research has combined elements of finance, monetary economics, and macroeconomics in order to study the relationship between the term structure of interest rates and the economy. In this survey, I describe three different strands of such interdisciplinary macro-finance term structure research. The first adds macroeconomic variables and structure to a canonical arbitrage-free finance representation of the yield curve. The second examines bond pricing and bond risk premiums in a canonical macroeconomic dynamic stochastic general equilibrium model. The third develops a new class of arbitrage-free term structure models that are empirically tractable and well suited to macro-finance investigations. This article is based on a keynote lecture to the 41st annual conference of the Money, Macro, and Finance Research Group on September 8,...
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...Wal-Mart and the U.S. Economy Dr. Robert Jantzen Professor of Economics Iona College Dr. Donn Pescatrice Professor of Economics Iona College Dr. Andrew Braunstein Professor of Business Economics Hagan School of Business Iona College Corresponding Author: Dr. Donn Pescatrice Iona College Department of Economics 715 North Avenue New Rochelle, NY 10801 (914)-637-2729 (dpescatrice@iona.edu) March, 2008 Wal-Mart and the U.S. Economy ABSTRACT The Wal-Mart company, the world’s largest retailer and second-largest corporation, is a dominant U.S. business. This study investigates whether there are significant long-run relationships between the business of Wal-Mart and the overall U.S. economy as measured by an array of traditional macro-level variables. Cointegration analysis reveals that Wal-Mart sales generally move counter to overall economic conditions, dampened in more prosperous economic periods and buoyed in more sluggish economic environments. Consequently, trends in Wal-Mart sales may serve as a rather non-traditional contrarian economic bellwether. Keywords Wal-Mart . macroeconomy . cointegration . bellwether JEL Classifications E32 . L81 . M21 WAL-MART AND THE U.S. ECONOMY Introduction The Wal-Mart corporation has come under media scrutiny for a myriad of reasons in recent years. It continues to be the focus...
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...Managerial Economics Unit1 - 2 Mark Quiz Questions 1.Decision-making implies a. Giving judgement on a particular isuue b. Taking a final decision on a particular issue c. Selecting the best out of several alternative course of actions d. Selecting alternative solutions. 2.Forward Planning implies a. A plan to execute current programs b. A Plan prepared in advace for future c. A plan prepared in the background of certainties d. A Plan prepared for past and present 3.Managerial Economics deals with a. Provide alternative solutions to the problems b. Providing solutions to various business and management problems c. Providing tools and techniques to find answers for business and management problems d. Analyzing various business and managerial problems of a firm. 4.Managerial Economics helps a. To optimise abundant resources to maximise profits b. To find answers only for present problems in the background of past events c. To analyse present problems in the background of past d. To find solutions for present and future problems on the basis of past and present environment Unit2 - 2 Mark Quiz Questions 1.A product can be considered as inferior in economics if increase in disposable income of the consumer causes a. Increase in demand b. No change in demand c. Less than proportionate change in demand. d. Decrease in demand 2.Demand Schedule of a firm shows quantities of a commodity a. Purchased at varying prices at different periods of time. b. That can be purchased at varying...
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