ANALYSIS SIMPLIFIED FOR YOU) COURSE DURATION: 20 HOURS PER SEMESTER COURSE CREDITS: 02 1. ESSENCE OF ECONOMICS Problems of an economy; Solutions of these problems; Alternative system to tackle the problems; Economics‚ micro – economics & macro – economics; Basis building blocks of microeconomics – rationality‚ marginalism‚ opportunity cost‚ general & partial equilibrium. 2. FALLACIES AND PITFALLS Economics is about decision making‚ fallacies in decision making‚ fallacy of assumption
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Micro vs. Macro Economics Micro-indiidual consumers/firms Macro-economic aggregates-GDP‚ inflations‚ unemployment Markets-opportunity for exchange 1) Opportunity Costs-value of the next best for gone alternative when a decision is made -all decisions involve an opportunity cost (assuming the firm operates efficiently) 2) Marginal Analysis-analyze situations involving incremental change -marginal: something is changing by a small amount (incremental/one-unit change) 3) Laws of supply and
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EXECUTIVE SUMMARY The macro-environment consists of larger societal forces that affect entire micro-environment. The six forces making up the company’s macro-environment include demographic‚ economic‚ natural‚ technological‚ political/legal‚ and social-cultural forces. Companies must constantly watch and adapt to the marketing environment in order to seek opportunities and ward off threats. "The marketing environment comprises all the actors and forces influencing the company’s ability to transact
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Problem Set 1 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following topics is NOT a primary concern of macroeconomists? A) relative wages of skilled and unskilled workers B) unemployment C) differences in standards of living across countries D) fluctuations in the level of economic activity 1) 2) Primarily‚ macroeconomists use microeconomic principles to study A) business cycles and trends in the stock market
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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SAU LECTURE NOTE ON ECO 213 INTRODUCTION TO MACROECONOMICS I COURSE OUTLINE 1. Nature and scope of macroeconomics • Macroeconomics defined • Why study macroeconomic • Macroeconomic theories • Relationship and interdependency of microeconomics and macroeconomics • Drawbacks of macroeconomics 2. National income accounting • Definitions • Concepts associated with national income •
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MICRO AND MACRO MARKETING ENVIRONMENT Introduction Micro marketing Refers to the internal controllable factors or forces which affects the ability of a company to serve its customers. e.g. the organization‚ the market‚ the suppliers‚ market intermediaries and the marketing mix. The micro marketing environment that surrounds organisations can be complex by nature‚ however the company has an element of control over how it operates within this environment. Macro marketing Refers to the external
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If you were having a conversation with a Keynesian and a Classical economist‚ and the conversation turned to why the economy is experiencing high unemployment and what the government should do about it‚ how would each economist explain unemployment and what policies would each advocate? If I were having a conversation about why the economy is experiencing high unemployment and what the government should do about it‚ with a Keynesian and a Classical economist I think that the economists would explain
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1. Suppose that changes in bank regulations expand the availability of credit cards so that people need to hold less cash. If the central bank does not respond to this event‚ what will happen to the price level? Use a diagram to assist in answering this question. 2. Use the loanable funds model to explain what happens to interest rates and investment if a government moves from a balanced budget position to a budget surplus. 3. Suppose that the T-account for The Open Campus National
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