Macro Class Notes Chapter 1 Scarcity- when wants exceed our means (productive capacity) Marginal- Extra or additional Marginal Analysis- Additional cost vs. Additional benefit. Capital- (not money) Equipment, Machinery, Factories Economics- the study of how we deal with scarcity Utility- pleasure or satisfaction you get from something Inverse- variables move oppositely Direct- variables move together 4 Resource Categories Land (natural resources) Labor Capital Entrepreneurial
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Assignment 1 1) From previous studies we know that a monetary expension leads to higher level of real GDP and higher price level.In this case, the endogenous veriable Y increases its value, from Y to Y1. The price level also goes up from P to P1, as shown in the AS-AD model under, in which the aggregate demand (rapresented by the AD curve) reaches a higher level. In the LM-IS model a monetary expansion policy makes the LM curve move rightward, from LM to LM1, which means a lowering in the interest
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China's economy during the past 30 years has changed from a centrally planned system that was largely closed to international trade to a more market-oriented economy that has a rapidly growing private sector and is a major player in the global economy. Reforms started in the late 1970s with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, the foundation of a diversified banking
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British journalist Nicholas Wapshott’s new book, Keynes Hayek: The Clash That Defined Modern Economics is about a heated debate, eight decades past, between two of the most influential economists in modern history. That debate, which took place in the midst of the Great Depression, concerned the causes and cures of business cycle downturns. The book comes out at a propitious time. The ongoing economic crisis raises many of the same questions that fueled the intellectual duel between the British-born
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Principles of Econometrics Tips for a Term Paper Topic Your work MUST BE ORIGINAL, but the issue/model/methodology need not! Money/Macro/International Economics Common Approaches 1. Apply a model or law (e.g., Phillips curve, Okun’s law, etc.) to more recent data. 2. Extend what is known for the U.S. to other countries (emerging, developing or Eastern European). Examples: 1. Outsourcing: Do firms that outsource tend to do better? Or why they outsource? 2. Trade deficit: What causes
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The terms ‘imperialism’, defines the dynamics of a long-term process of social change and transformation, together with associated class struggles and also to establish hegemony over the world system.1 The old imperialism rise in the late 19th century as direct consequences of industrial capitalism and engaged Europe, the US and Japan in a competitive struggle for markets and territorial control. 2 Actually, structures of exploitation mean exploit a country by using certain level of strategies. In
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The terms ‘imperialism’, defines the dynamics of a long-term process of social change and transformation, together with associated class struggles and also to establish hegemony over the world system.[1] The old imperialism rise in the late 19th century as direct consequences of industrial capitalism and engaged Europe, the US and Japan in a competitive struggle for markets and territorial control. [2] Actually, structures of exploitation mean exploit a country by using certain level of strategies
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Economic Downturn Brian Ribbans Econ 220-F1FF Professor Jodi Miller 7/21/12 Economic Downturn 4-1 Economic downturns are an inevitable part of a healthy economy. The severity of a downturn is in large part determined by the country’s economic policies implemented by its government. The governments that keep taxation and regulation low have economies that tend to be more resilient to economic downturns. Those that have high taxes and more government programs tend to have stagnated economies
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final goods and services produced within the borders of a country during a specific period of time, typically a year, while the real GDP is the GDP that has been deflated or inflated to reflect changes in the price level (McConnell, C. (2011). Macroeconomics [VitalSouce bookshelf version]. Retrieved from http://online.vitalsource.com/books/1259174522/epubcfi/6/52). According to BEA, the growth of real GDP decreased one percent in the first quarter of 2014, in the fourth quarter of 2013, the growth
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Economic Advisement Paper Team C ECO/372 September 9, 2013 Robert Freita Jr. Economic Advisement Paper The total value of the services and goods that are produced in a country, also the value of goods imported that decrease value of exports is Aggregate supply. Aggregate demand is the sum of all demand in an economy, and will be calculated investment, services and not exports. In this paper team C will discuss the economic recovery from the prospective of Unemployment, Consumer
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