Foundation Course Economics OUfc008 2 Open University of Mauritius - Foundation Course in Economics - Module 1 FOUNDATION COURSE IN ECONOMICS Module 1 OUfc 008 April 2013 3 Open University of Mauritius - Foundation Course in Economics - Module 1 ACKNOWLEDGEMENTS Course Author : Vinod Seegoolam Course Reviewer : Dr Chong Wang Cheong Ah Tow OPEN UNIVERSITY STAFF Course Supervisor : Perienen Appavoo (Open School Division) Project Coordinator : Premanand Koonjal (Open School
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Definition of ’Macroeconomics’ The term Macro has been taken from the Latin word Macros which means big. The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment‚ national income‚ rate of growth‚ gross domestic product‚ inflation and price levels. Macroeconomics Concerns Production Prices Income Employment National Production/Output Total Industrial Output Gross Domestic Product Growth of Output
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Aristotle and Economics Aristotle is classified among the most vital thinker ever to exist in the economic sector. He advanced and analyzed economic processes within his surroundings to determine the position of the economy (buying and selling) in the society. Aristotle’s writings on economics continue to attract the attention of many contemporary thinkers. He developed many insightful economic thoughts especially the value theory. The most important topics related to economics covered by Aristotle’s
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towards and are in favour of economic integration. Since this is the case economic integration is not a novelty to West African states as the sub-region has witnessed numerous attempts at integrating economies. In fact much more than any other sub-region of Africa‚ West Africa has attempted to apply the instrument of economic cooperation and integration to enhance its economic and political landscape1. CONCEPTUAL AND THEORETICAL ANALYSIS OF ECONOMIC INTEGRATION Economic integration is a very wide
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RELATIONSHIP BETWEEN DIVISIONS OF ECONOMICS AND LABOR ECONOMICS Insert name Insert institution Insert course Insert date Abstract Labor economics comprises the study of the factors affecting workers. Since all divisions of economics involve workers‚ it is prudent to evaluate their influence on labor economics and labor market for that matter. Consumption directly affects the supply of labor. If the workers experience an increase in their desire for consumption in relation
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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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activities‚ social and economic factors and technological developments. Social or Societary environment of business means all factors which affects business socially . Every business works in a society ‚ so societies ’ different factors like family ‚ educational institutions and religion affects business . Economic dimensions of environment Economic environment refers to the aggregate of the nature of economic system of the country‚ the structural anatomy of the economy to economic policies of the
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Term- I Course Title : Managerial Economics Course Credits : 3 Course Faculty : Prof. Animesh Singh Learning Objectives At the end of this course‚ the student should be able to: • develop a basic understanding of economics as an important tool for taking effective managerial decisions; • develop the concept of managerial economics and its applications; and • to apprise how managers need to understand fundamental
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Managerial Economics School of Distance Education Bharathiar University‚ Coimbatore - 641 046 Author: Atmanand Copyright © 2007‚ Bharathiar University All Rights Reserved Produced and Printed by EXCEL BOOKS PRIVATE LIMITED A-45‚ Naraina‚ Phase-I‚ New Delhi-110028 for SCHOOL OF DISTANCE EDUCATION Bharathiar University Coimbatore-641046 CONTENTS Page No. UNIT-I Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6 Lesson 7 Managerial Economics: Definition
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Economic Utility Student BUS 640: Managerial Economics Professor Date Economic Utility People have long made condescending declarations that theories do not have any practical application to real world problems. But‚ the problem with people who make comments such as those is that they have not learned how to properly use theories to aid in breaking down real world processes. Profitable solutions usually require that people understand how the real world functions‚ which is often far too
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