The UK’s macroeconomic performance can be measured in terms of economic growth, inflation, unemployment and the balance of payments on the current account. One importance of higher labour productivity in the UK is that it means that each member of staff produces more output in the same given time period which will improve the economies position on the PPF by moving closer towards the curve. This is because the economy will be producing more output with the same amount of resources available which
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Name Institution Instructor Title Describe the terminology of macroeconomics including GDP, GNP, national income business cycles, monetary policy, fiscal policy, inflation and unemployment Macroeconomics is a broad sub-field of economics that establishes the behavior, outlook and structure, collective and established decision making system of an economy at large and usually involves national economies, regional and global economies with little or no involvement of the individual markets
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Class-1 Ten Principles of Economics Economy. . . . . . The word economy comes from a Greek word-Oekonomous- for “one who manages a household.” Any similarity between household and economics? Copyright © 2004 South-Western/Thomson Learning TEN PRINCIPLES OF ECONOMICS • A household and an economy face many decisions: • Who will work? • What goods and how many of them should be produced? • What resources should be used in production? • At what price should the goods be sold? Copyright
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an “invisible hand” to promote the well-being of the entire community (Baumol & Blinder, 2014). Invisible hand has an important role in making decisions, as in a competitive market in which consumers have a choice to pick their product. Circular Flow Model components * Household: Households get income from factor market by selling their land, labor, and capital entrepreneurship. They pay a portion of their income to the government in the form of federal and state tax and use the rest of
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[pic] UNIVERSITI SAINS MALAYSIA School of Management BACHELOR OF MANAGEMENT Semester II, Academic Session 2012/2013 COURSE OUTLINE ATW108 – MACROECONOMICS ZAINON B HARUN Tel: ext. 2532 Room no. 122 h/p 019-577-2882 e-mail: zainon@usm.my DR TAJUL ARIFFIN MASRON Tel: ext 5158 Room no. 110 e-mail: taj.arif@yahoo.com OVERVIEW The ideas of economist
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Recession in America…Again I. Summary On June 13, 2014, The New York Times published an article entitled, “The Economic Damage of Recession.” This article explains the damages a recession could pose on the economy of America. Gross Domestic Product or GDP, for short, can be used to measure the efficiency of a country’s economy. GDP is broken in to two categories, nominal and real. Nominal GDP is not adjusted for inflation and real GDP is adjusted for inflation. The real GDP declined by
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Fundamentals of Macroeconomics Economics is an important role in the business world. There are different terms used in the business world that pertain to everyday life in daily activities and households. There are actions that occur that can affect each other. These events are assembled and will demonstrate the relations between certain things such as government, households, and businesses. Purchasing of groceries Purchasing of groceries affects the households, government, and businesses. The
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The level of real national output that producers are prepared to supply at different average price levels. | Availability of credit | Funds available for households and firms to borrow. | Balance of payments (BOP) | A record of all the currency flows into and out of a country in a particular time period. | Balance of trade | The difference between the money value of a country’s imports and its exports. Balance of trade is the largest component of a country’s balance of payments on current account
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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
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of the economy and how they operate. In macroeconomics, on the other hand, we look at the functioning of the economy as a whole,the study of the major economic 3. Factors of production and their prices. Factors of production are those elements that a nations has at its disposal to deal with the issue of scarcity. How efficiently these are used determines the measure of success a nation has. They are land, capital, labor and entrepreneurs Macroeconomics Concepts 4. Growth Models Economic growth
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