MACRO ECONOMICS Classical Dichotomy The classical dichotomy is rooted in the understanding that in the long run‚ real output is determined by “real” inputs such as labour‚ capital‚ natural resources and TFP‚ but not money. This means that changes in the money supply determine changes in the price level over time‚ but not real output. However‚ it is important to remember that the classical dichotomy applies only in the long run. Almost all economists would agree that money and price can have very
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1. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Real GDP is the production of goods and services valued at constant prices. Nominal GDP is the production of goods and services valued at current prices. Real GDP rather than nominal GDP to gauge economic well-being because real GDP is not affected by changes in prices‚ so it reflects only changes in the amounts being produced. If nominal GDP rises‚ you do not know if that is because of increased production or
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16712 The Relationship Between Unemployment and Economic Growth in Jordan and Some Arab Countries Mahmoud A. Al-Habees and Mohammed Abu Rumman Faculty of Planning and Management‚ AL-Balqa Applied University‚ Jordan Abstract: Unemployment is a negative phenomenon in any human society as it adversely affect in different dimensions and directions. In addition‚ it refers to an economic defect affecting the community structure. Thus‚ the economic and social dimensions of unemployment increase complexity
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GROUP 3 ECONOMICS Standard and Higher Level INTRODUCTION The study of economics from an individual‚ a firm‚ a business‚ governmental and international perspectives are being increasingly important today. In the world of continuing globalization and technological developments‚ decisions made today by an individual or society can have a multiplier effects on other businesses and countries. Therefore‚ there is a need for an understanding of human experience and behaviour made in the economic environment
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companies to provide support services. 2. Define m-commerce & discuss at least six drivers of m-commerce Mobile commerce or M-commerce that’s also known as m-business is defined as ‘any e-commerce done in a wireless environment‚ especially through the internet’. It is a natural extension to the e-business and it gives mobile devices an opportunity to create and deliver new services to existing customers plus attracting new ones. The six drivers of m-commerce are the widespread of
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ECONOMIC LIBERALIZATION 1. Introduction: From the end of World War II into 1960s‚ the formative period of what we now call “Development Economics” intense debate centered on why some countries grew rich while others languished. Because scars from the great depression were still fresh‚ the traditional nineteenth-century liberal approach based on free trade in domestic and foreign markets was somewhat discredited. Instead‚ influential economists tended to emphasize problems of market failure and
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ECONOMICS FINAL EXAM ➢ TEST 1 1. Which of the following topics typifies microeconomics as opposed to macroeconomics? An individual’s decision about which goods to buy with his or her income. 2. If the number of workers unemployed in an economy decreases‚ then the economy moves from a point inside its PPF to a point closer to its PPF. 3. An economy is said to be efficient if it is not possible to produce more of one good without producing less of another. 4. Technological
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Introduction The current state of the world economy is quite uncertain. Economic statistics that governments and other financial institutions use to project the economy imply that the world economy is shrinking. Since 2008‚ the state of the American economy has not been attractive. For instance‚ the United States economy has not registered any significant growth for the last three years. The 2011 second quarter results indicated that gross domestic product improved by 1%. At the same time‚ there
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SS8H12e Evaluate the importance of new immigrant communities to the growth and economy of Georgia ----------------------- WHAT IS PROFIT? Profit is the amount of money earned after subtracting all of your expenses. The economic system of capitalism involves the production and consumption of goods and services. Making a profit is the ultimate incentive (or reason)
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AQA GCSE Science: P1a 1.1 How can science help us see in the dark? AQA Specification Link • Thermal (infra-red) radiation is the transfer of energy by electromagnetic waves. • All bodies emit and absorb thermal radiation. • The hotter a body is the more energy it radiates. Learning Objectives Students should learn: • The nature of thermal radiation. • That the amount of thermal radiation emitted increases with the temperature of the object. Teaching / Learning activities (including How
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