almost 50 years. From 1971 to 1990‚ the government strived to eradicate poverty by New Economy Policy (NEP) and outline perspective plan 1(OPP1). The NEP policy was replaced with another program known as National Development Program (NDP) from 1991 to 2000 which the NDP` target was development of a united and just society. From 2001 to 2010‚ National Vision Policy (NVP) based on its target which was sustainable development performed. In order to achieve long-term plan`s targets should medium term plans
Free Mixed economy Planned economy Economic system
employees (net receipts on compensation). The NFIA is added to the Gross Domestic Product (GDP) to come up with the Gross National Product (GNP). In the Philippines‚ NFIA plays a major role in boosting the national economy. From 1987 to 2002‚ NFIA at constant 1985 prices totaled Php406.2 billion or 3.0% of the total GNP for the period covered. On the average‚ it accounts for 0.7 percentage point of GNP growth. Historically‚ NFIA at constant prices showed negative numbers prior to 1991 due to higher
Premium Economic growth Gross domestic product Economics
extent the world. The Recent strikes in this industry have caused negative effects on the economy. My essay will look at these effects in terms of output‚ prices and employment. I will also look at the macroeconomic variables that have caused the real GDP trend in South Africa between 2007-2013. South Africa has been experiencing platinum mine strikes. The Association of Mineworkers and Construction Union (AMCU)‚ which is the majority union in the platinum belt‚ has been demanding R12 500 salary for
Premium Macroeconomics Inflation Monetary policy
Varrian Ilao Take Home Quiz TM09306 Basic Macroeconomics 1. Suppose that society decided to reduce consumption and increase investment. a. How would this change affect economic growth? * Doing so will definitely affect the cash flow within the community making it hard for companies to gain profit. Prices will surely be lowered down‚ and stocks might be put to waste since there are so much available. b. What groups in society would benefit from
Premium Macroeconomics
second table‚ below Huntington’s‚ provides the literacy rates‚ GDPs‚ and life expectancies of five imaginary countries. Of these five countries‚ D and E are the most likely to democratize and they are also the most likely to consolidate democracy because they possess the three main characteristics of democratic countries. Huntington provides a chart‚ on page 62 of his work‚ in which countries are classified according to their GNPs in 1976 in relation to the type of government they possessed in
Premium Democracy Democratization
Rostow ’s Theory Rostow identifies five stages of economic development. The traditional society is characterized by the dominance of agriculture‚ which is largely at the subsistence level‚ and the non-realization of potential resources. In the second stage‚ economic growth begins to speed up. There is an expansion of trade‚ perhaps an increase in external influences‚ and an introduction of modern methods of production‚ which are used along the more traditional techniques. The take off stage occurs
Premium Economics Economic growth Economic development
South Korea has achieved great economic growth within the last half century despite having been devastated by the korean war and having a GDP per capita in 1960 comparable to the current Republic of Congo[1]. Todays South Korea has a total GDP similar to that of Italy and Canada[1] but how did it get there? The following essay will examine how South Korea achieved this growth and will focus on how foreign aid‚ education‚ import substitution‚ exports and the chaebol helped South Korea’s economic development
Premium Economics Economic growth United States
family‐based. Over time‚ the economy has diversified beyond agriculture and primary commodities‚ such that manufactured goods show account for a larger share of GDP and total exports. Since 1970‚ Malaysia has based its economic development strategy on three long‐term policies: the New Economic Policy (NEP)‚ 1970–90‚ the National Development Policy (NDP)‚ 1990–2000‚ and the National Vision Policy (NVP)‚2001‐2010. Although the emphasis in these long‐term development policies has always been on economic growth
Premium Economic growth Economy Investment
Chapter 2: Date of Macroeconomics 1. What components of GDP (if any) would each of the following transactions affect? What will happen to GDP? Explain. a. A family buys a new refrigerator. Answer: Consumption increases because a refrigerator is a good purchased by a household. GDP increases. b. Aunt Jane buys a new house. Answer: Investment increases because a house is an investment good. GDP increases. c. Ford sells a Mustang from its inventory. Answer: Consumption
Premium Gross domestic product
and the Black sea from the south‚ west and north. This spectacular location has benefitted Turkey from the aspect of tourism‚ as it is one of the top touristic destinations. The total land area of turkey is approximately 769‚630sqm‚ while the total GDP per capita as stated by the World Bank is about
Premium Economics United States Globalization