A First Look at Macroeconomics Economic Growth • Definition: the expansion of the economy’s PPF (outward shift) • Measured by the increase in real domestic product (also called real GDP) Costs Benefits Forgone current consumption Technological progress Slow growth rates = real costs (e.g. compromised health care‚ worse roads‚ less housing etc.) Greener environment (questionable) Fluctuations of Real GDP around Potential GDP: the Business Cycle The Okun Gap Definitions: • Actual GDP:
Premium Inflation Macroeconomics Gross domestic product
I. MICROECONOMIC Micro-environment is preferred as ‘the operating system’ which includes the forces that has significant impacts on and can affect the organization’s ability to operate and serve its customer (Chaffey et al‚ 2009). This is influenced by the need of customers and how services are provided to them through the competitors‚ marketing intermediaries‚ and suppliers within the marketplace (Chaffey et al‚ 2009). 1. Customer Airasia provides to its customers the basic flight carrier
Premium Airline Low-cost carrier
chapter four Elasticity of Demand and Supply CHAPTER OVERVIEW This is the second chapter in Part Two‚ “Price‚ Quantity‚ and Efficiency.” Both the elasticity coefficient and the total revenue test for measuring price elasticity of demand are presented in the chapter. The text attempts to sharpen students’ ability to estimate price elasticity by discussing its major determinants. The chapter reviews a number of applications and presents empirical estimates for a variety of products. Income
Premium Supply and demand Price elasticity of demand Elasticity
Assignment 2 Price Elasticity Of Demand Price Elasticity of Demand is the quantitative measure of consumer behavior whereby there is indication of response of quantity demanded for a product or service to change in price of the good or service ( Mankiw‚2007). The Price Elasticity of Demand is calculated using either the point method or the midpoint method. The Point Method Price Elasticity of Demand = Percentage change of Quantity Demanded Percentage change of Price The Midpoint Method
Premium Supply and demand Price elasticity of demand Elasticity
they spend less time socializing with friends. | | | | | | | | | | | Old age | It affects older people than any other age group. ... This is because older people are much more vulnerable to factors that lead to depression. ... long-term partner; maintaining interests‚ activities and social involvement | Winning the lottery makes you feel happier but also you will
Premium Sociology Developmental psychology Socialization
of Topic: This topic is chosen because it shows how the US Central Bank deal with their recession by using quantitative easing‚ which is closely related to monetary policy and how it affects the aggregate demand and aggregate supply. By using Economic Analysis: Monetary Policy: Objectives and Framework Central bank is a national bank that controls the quantity of money and banking services for its country’s government and commercial banks. Their responsibility is to stabilize currency‚ control
Free Monetary policy Inflation Central bank
________________________________________________ Admin No: ______________ Course: ________________ 1. Particulars of Family Members Living In the Same House Relationship No. Name Age Occupation to applicant Marital Status (Single/Married) Gross monthly Salary (S$) 2a) I hereby declare that all information provided is true and I am not in receipt of any bursaries/scholarships. If I were to receive more than one bursary/scholarship this academic year‚ I agree to refund one of them. 2b) I
Premium Income Per capita income Household income in the United States
Health Care Spending HCS 440 Health Care Spending Health care spending in the United States is a key contributor to the country’s economy. The health care industry provides employment as well as providing services that bring healthier lifestyles‚ better productivity‚ and a longer life. Health care also brings the development of new drugs and new medical technology that also helps keep the economy employed. However‚ although the health care and health care spending does tend to help the economy
Premium Health economics Health care Medicine
Elasticity Dr. Sushma Shukla Adjunct Assistant Professor Economics North Virginia Community College 1 Elasticity • In economics‚ elasticity is the measurement of how changing one economic variable affects others. For example: i. "If I lower the price of my product‚ how much more will I sell?“ ii. "If I raise the price of one good‚ how will that affect sales of this other good?“ iii. "If we learn that a resource is becoming scarce‚ will people scramble to acquire it?" 2 Price
Premium Supply and demand Price elasticity of demand Elasticity
CROSS ELASTICITY In economics‚ the cross elasticity of demand or cross-price elasticity of demand measures the responsiveness of the demand for a good to a change in the price of another good. It is measured as the percentage change in demand for the first good that occurs in response to a percentage change in price of the second good. cross elasticity for substitute products The change in the demand for a product due to the change in the price of the substitute product gives a positive value
Premium Supply and demand Price point Consumer theory