School of Business ------------------------------------------------- Syllabus ECO/372 Version 4 Principles of Macroeconomics Whenever there is any question including about what assignments are due, please remember this syllabus is considered the ruling document. Group Number: GA11BSB08 Course Start Date: 07/17/2012 Course End Date: 08/14/20112 Course Schedule: Workshop 1 – July 17, 2012 Workshop 2 – July 24, 2012 Workshop 3 – July 31, 2012 Workshop
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User SONPR:Job EFF01417:6264_ch01:Pg 0:23907#/eps at 100% *23907* Fri, Nov 9, 2001 11:52 AM part I Introduction User SONPR:Job EFF01417:6264_ch01:Pg 1:21266#/eps at 100% *21266* Fri, Nov 9, 2001 11:52 AM C H A P T E R The Science of Macroeconomics The whole of science is nothing more than the refinement of everyday thinking. — Albert Einstein 1 O N E 1-1 What Macroeconomists Study Why have some countries experienced rapid growth in incomes over the past century
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Relative GDP Performance Source: Euro State, 2007 From Graph 1, it can be seen that the UK has the most stable growth over the last 10 years, while Germany had the highest variation in its GDP performance. All of the countries saw a sharp decline in their GDP growth after the 9th September 2001, with the USA worst affected. However, such a sharp decline has also allowed the US to reshape its GDP the most by 2004. In comparison, Germany’s sharp decline in 2001 has led to a further GDP decline
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such as the theory of consumption, the theory of production and market structures Course Learning Objectives After the course, students should be able to: Explain the concepts of demand, supply, elasticity, efficiency, GDP, inflation and unemployment Apply economic models to analyze impact on market and economy when shock occurs Calculate revenue, cost and output for firms Compare and contrast different market structures Analyze the effect of government policies on market and
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people do and get paid for, all that amounts to the economic growth.” (Sandford and Bradbury, 1970). When people earn more money and then buy more products and services the economy grows. Politicians also want to see the economy grow, that’s why they work towards achieving greater employment, state prices and a balance between imported and exported goods. More growth means more money. The economic growth should be achieved in a way that it must reach to the point where the economy has finally matured
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The Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment Rakesh Mohan* I deem it a real privilege to visit the Institute of Economic Growth to deliver the keynote address at this prestigious conference on growth and macroeconomic issues and challenges in India. I am particularly happy that this Conference is being organised by the Institute as a part of its Golden Jubilee celebrations. The Institute has established a long and creditable track record of contributing
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Indian economy is characterized by a huge workforce operating in many new sectors of opportunity. The Indian economy is one of the fastest growing economies and is the 12th largest in terms of the market exchange rate at $1,430.02 billion (2010 India GDP). In terms of purchasing power parity, the Indian economy ranks the fourth largest in the world. However, poverty still remains a major concern besides disparity in income. The Indian economy has been propelled by the liberalization policies that have
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IV. THE LOST DECADE 5 V. FISCAL POLICY 8 VI. MONETARY POLICY 9 VII. COMPARISON BETWEEN JAPAN AND THE U.S. 12 VIII. EXHIBITS 15 A. CHART 1 – GENERAL GOVERNMENT GROSS DEBT AS % OF GDP - COMPARISON 15 B. CHART 2 – NOMINAL GDP OF JAPAN - TREND 16 C. CHART 3 – REAL GDP OF JAPAN - TREND 17 D. CHART 4 – PER CAPITA GDP OF JAPAN - TREND 18 F. CHART 5 – INFLATION RATE OF JAPAN 19 G. CHART 6 – DISCOUNT AND LOAN RATES FROM BANK OF JAPAN 20 H. CHART 7 – UNEMPLOYMENT RATE – JAPAN 21 I. CHART 8 – NIKKEI
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Economic Growth- GDP Economic Growth… …An increase in an economy’s ability to produce goods and services Gross Domestic Product- represents the value of a country’s national income in one year. An increase in real GDP means that the standard of living within a country is increasing. It is therefore used as a way of measuring a country’s economic growth. The Business Cycle- there are discernable patterns in these levels over time, there will be periods of time when economic activity is rising
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Organization for Economic Cooperation and Development (OECD). Some of the data points considered in a country analysis are: Economic Indicators: Indicators such as gross domestic product (GDP), consumer price index (CPI), inflation rate and producer price index (PPI) help in gauging a country’s economic health. High GDP growth, low inflation and high CPI are favorable for companies and investors. These indicators also reflect job availability and standard of living in the country. Government Policy:
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