and macroeconomics? Economics covers a large area of economic concerns and is divided into two parts: Microeconomics and Macroeconomics. Microeconomics studies the actions of the individual actors within the economy‚ such as buyers‚ sellers‚ and businesses. Additionally‚ microeconomics allows the actors to differentiate the values from one decision to another. While macroeconomics examines a larger picture of the economy by studying the employment‚ incomes‚ inflations‚ gross domestic product‚ input
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1: The Science of Macroeconomics Macroeconomics is the study of the economy as a whole. It addresses many topical issues which includes growth in incomes‚ changes in the overall level of prices‚ and the unemployment rate. Macroeconomists attempt to explain the economy and to devise policies to improve its performance. Economists use different models to examine different issues. Macroeconomic events and performance arise from many microeconomic transactions‚ so macroeconomics uses many of the
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Introduction Foundations Basics Language of economics Fundamental problem facing mankind “Our resources are limited (scarce)‚ but our wants (aspirations to good life ‚ ambitions ‚ needs‚ dreams) are unlimited.” SCARCITY = Budget Constraint Proof Resources Limited * Time: 24 hours day * Time is money * 20 hours in bed (leisure) * Safe drinkable water = Less than 1% of total water * $2000 apt/studio‚ cook own food * $2000000 a month * Mansion
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Macroeconomic study of deal not with individual but aggregate of these quantities not with individual incomes but nation incomes not with individual output but with the nation output Macroeconomic as two policies which are; Financial or monetary macroeconomic policies: The government can make the balance of how money can be supply. The money can be supply in three term which are: OMO- Open Market Operation Reserve requirement Interest Rate OMO can supply money into the bank through
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9 – Elasticity and Demand Demand and Elasticity Elasticity is a way to measure the responsiveness of a dependent variable to changes in an independent variable. Elasticity is defined as a ratio of the percentage change in a dependent variable to a percentage change in an independent variable. Elasticity ≡ percentage change of dependent variable Percentage change of independent variable When: Y = f(X) %ΔY E ≡ %ΔX Fal l ’05 © Reynolds 2005 Microeconomics Slide 1 Chapter 9 – Elasticity and Demand
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whether each of the following statements applies to microeconomics or macroeconomics‚ and why: 12 Marks Total a. The unemployment rate in Canada was 7.0 percent in January 2010 Answer: This is the macroeconomic statement because it describes the unemployment rate of the whole country. b. A Canadian software firm discharged 15 workers last month and transferred the work to India. Answer: This is the microeconomic statement because it focuses in an individual Canadian
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The Changing Price Elasticity of Demand for Domestic Airline Travel Consumers make economic decisions as to what they buy based largely on price. More specifically‚ the change in the amount of a good purchased is often highly dependent on its change in price. That measure of responsiveness is defined as the price elasticity of demand. Mathematically‚ it is often expressed as: Ed = - percent change in quantity demanded / percent change in price‚ or -(dQ/Q)/(dP/P). The minus sign is often
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Expenditures. Do increased expenditures = increased health? - Distinguish diff b/n medical services and health - Medical Services: Treatment of disease and Preventative measure‚ Diagnostics‚ Pain Management‚ Counseling - Health: General Well-being. - Narrowing objective - Affects how you will allocate medical resources. - To produce health‚ there are more factors than just medical services **Provide a medical treatment efficiently ≠ produce health efficiently SLIDE 4 Skewed spending
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Japan’s Economic Recovery Zhenhao Piao Section AQ3--10 A.M TA: Roberta Afonso Article: New Threat to Japan’s Growth. Wall Street Journal‚ November 11‚ 2013. 1. Introduction The article points out that Japan’s economy‚ after three-month consecutive growth‚ is likely to slow to less than half the pace recorded in the half of the year (Takashi‚ 2013‚ para.1). However‚ the author claims that the slowing pace doesn’t indicate that Prime Minister Shinzo Abe’s economic recovery
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the heart of the Health‚ Medical Care‚ and Economic Crisis we are currently experiencing. The worldwide economic quandary has had an extraordinary impact on national economies and household finances worldwide. What is the force of such large distress on individuals and their behavior‚ especially on their willingness to seek routine medical care? With the great impact numerous Americans decreased their use of usual medical care‚ which is in direct association with the economic distress brought on
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