branches that is micro and macroeconomics MICROECONOMICS: Micro means ‘Small’ so it indicates study of small economic units. The word micro is derived from a Greek word Mikroos. Microeconomics is the study of the economic system from the perspective of households and business firms; it focuses on the nature of individual consumption and production units within a particular market or economic system. Also Microeconomics is the study of decisions that people and organizations make
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ECON (2155) DOCUMENT DATA EXERCISE #1 Consists of four parts Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following exercise Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP)‚ then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables‚ click “Begin using the data”‚ and use Section 1 - Tables 1.1.5 and 1.1.6 to
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ECO1010F Essay1 2013 Student Number: CHXTAW001 Name: Robert Chao Introduction In South Africa‚ there are many socio economic issues. The four main issues that the country is dealing with are unemployment‚ poverty‚ crime and HIV/AIDS. “South Africa’s unemployment rate rose to 25.2% in the first quarter of 2012 compared to 23.9% in the fourth quarter of 2011‚ says Statistics South Africa (Stats SA‚ 2013)” As a result‚ the poor have limited access to economic opportunities and basic services.
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©2005 Pearson Education‚ Inc. & ©Y.E.Riyanto Lecture 1 1 Themes of Microeconomics Microeconomics deals with limits that economic agents (consumers‚ workers‚ firms‚ etc) face: Limited budgets Limited time Limited ability to produce How do we make the most of limits? How do we allocate scarce resources? ©2005 Pearson Education‚ Inc. & ©Y.E.Riyanto Lecture 1 2 Themes of Microeconomics Limited resources (constraints) Choices must be made Unlimited
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Microeconomics Introduction : What microeconomics is all about ? Macroeconomics focus on the economy as a whole. In macro‚ you outline relationships between variables ( growth‚ employment rate‚ investment…). Micro : focus on economic agents‚ players‚ and companies. Focus on how consumers and companies are behaving. In micro you look at the economy as being structured‚ divided in several individual markets. It is an important difference in focus : from the overall standpoint to the
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HERMES OUTSTRIPES DEMAND AND SUPPLY Based on Bloomberg article by Andrew Roberts‚ November 4 2011 Hermes wanted to build two more factory because they reach their full target until 4 November and since they know they quantity demand will always increase‚ their goal in 2012 to raise the quantity demand until 14 percent. They think Europe debt crisis would not effect their selling on 2011. They are thinking about increasing the price of their product due to the increase price for raw materials
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impulsive and unpredictable. 3. A person should consume more of something when its marginal: a) benefit exceeds its marginal cost.** b) cost exceeds its marginal benefit. c) cost equals its marginal benefit. d) benefit is still positive. 4. Microeconomics is concerned with: a) the aggregate or total levels of income‚ employment‚ and output. b) a detailed examination of specific economic units that make up the economic system.** c) positive economics‚ but not normative economics. d) the establishing
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1) Which of the following transactions would be included in GDP? a) The purchase of a Monet painting b) The purchase of paper clips c) The purchase of Telstra shares d) The purchase of a used car 2) Economics is the study of a) the choices everybody makes to attain their goals‚ given their scarce resources. b) supply and demand. c) how to make money in a market economy. d) how to make money in the stock market. 3) The economy is considered to be at full employment when
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MicroEconomics 102 Problem Set #1: Chapters 1-4 Due Date: September 20th Name: _______________ 1. Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was? Explain. Luckily for me my Education is being paid for the by United States Government. I have had many unforeseen costs‚ such as rent‚ bills‚ food‚ gas‚ and many other things. 2. A friend pays for your lunch. Is this an example of a “free lunch”
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Microeconomics 12e‚ Ragan - Ch 1 Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A modern economy like Canada’s is largely organized by 1) A) governments at all levels coordinating the activities of firms and citizens. B) benevolent individuals pursuing the public interest. C) the directions of international economic consortiums. D) individuals forming cooperative enterprises and labour unions. E)
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