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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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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BSB 113 Economics Semester 2 2011 Assessment 2: Research Summary Submission date: Friday 23rd September Name: Michael Andrew Smith Lecturer: Louisa Coglan Tutor Name: Wasantha Athukorala Student Number: N7408625 Word Count: 1086 Introduction The purpose of this research report is to provide an overview of China’s economic growth in relation to the long term economic growth drivers. Critical assessment will be made on the growth drivers to determine whether they lead to long
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References: KENNETH J. (1961): "The Economic Implications of Learning by Doing‚" Review of Economic Studies‚ 29‚ 155-173. BACKUS‚ DAVID K.‚ PATRICK J. KEHOE‚ AND TIMOTHY J. KEHOE (1991): "In Search of Scale Effects in Trade and Growth‚" Federal Reserve Bank of Minneapolis Working Paper. (1992): "Convergence‚" AND and Welfare‚" American EcoBAUMOL‚ WILLIAM J. (1986): "Productivity Growth‚ Convergence‚ nomic Review‚ 76‚ 1072-1085. Welfare: Reply‚" American Economic Review‚ 78‚ 1155-1159. (1990): "Capital
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Unit-1 Q1. Define micro and macro economics‚ Distinguish between them‚ and explain the scope‚ importance and its limitations Ans. modern economy analysis has been divided into two major branches that is micro and macro economics. Micro economics means the economics system which deals individual economics unit on the other hand macro economics means the economics unit which deals aggregate as a whole that is national income‚ general employment‚ and total out –put‚ general price level etc. These two
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Mainstream Economics Our Alternative Stance What Many Mainstream Economists Believe Economics from an Alternative Perspective As a discipline‚ economics is defined in terms of a set of specific core assumptions and analytical techniques. As the general "science of choice" economics is applied to any living organism‚ and it is not restricted to human‚ market‚ monetary or business phenomena. Economics is defined in terms of the scientific study of a real object – the economy. The economy is that
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Health Economics Nowadays‚ economics have taken their high places in the countries‚ and they are necessary in the business field because they analyze the production‚ distribution‚ and consumption of goods and services. One of these economics is the health economics. Health delivery. The application of health economics reflects a universal desire to obtain maximum value for money by ensuring not just the clinical effectiveness‚ but also the cost-effectiveness of healthcare provision. Human
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Relationship between Education and Economic Growth in Pakistan: A time series analysis. Zaheer Khan Kakar‚ M.Phil Fellow‚ Department of Economics‚ National University of Modern Languages(NUML)‚ Islamabad. Dr Bashir Ahmad Khilji‚ Head Department of Economics‚ National University of Modern Languages (NUML)‚ Islamabad. Muhammad Jawad Khan‚ Lecturer‚ Department of Economics‚ Balochistan University of Information Technology‚ Engineering & Management Sciences (BUITEMS)‚ Quetta. Abstract
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& SCIENCE UNIVERSITY INTRODUCTION TO ECONOMICS (DEC 0053) ASSIGNMENT 1 (INDIVIDUAL) Due Date : 4th January 2013 (Friday) Format : Typeface: Arial‚ Font: 11‚ Spacing: Double‚ Cover Page: White colour Assessment : 50 marks Question a) Reference to the notes‚ article‚ internet and any text book on the Economic System‚ make a comparison between the socialist‚ capitalist and the mixed economy. Take one nation/country to explain that each economic system used by the nation/country. Your
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Economic Growth Economic growth is the percentage increase in real national output in a given time period or the increase in the productive potential of the economy. Countries grwo at different rates‚ this is partly due to the fact that they are at different stages of their economic cycle. The economic growth for the UK is at 0.2%. The main measure of output is gross domestic product (GDP). GDP is the total value of goods and services produced in an economy during one year. Economic growth
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