analysis • Obstacles to national income measurement • Circular flow of income (two sector economy) 3. Macroeconomic theories • Classical economics: ideologies • Keynesian economics: ideologies • Monetarism: ideologies • New Classical economics: ideologies 4. Unemployment • Types of unemployment • Unemployment in Nigeria • Policy measures towards reducing unemployment 5. Inflation
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ECONOMIC LAWS Concept of Law: Law means “rule or conduct”. A law expresses the causal relationship between two sets of phenomenon. Like other sciences‚ economics also collects facts and undertakes their systematic study. The facts are analysed and conclusion drawn. These conclusions establish causal relationship between the concerned facts. These are called laws or generalisations. Collection of facts ⇨ Systematic Study of facts ⇨ Establishment of facts ⇨ Analysis of facts ⇨ Conclusion has
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w w w e tr .X m eP e ap UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level .c rs om 2281/12 May/June 2012 1 hour ECONOMICS Paper 1 Multiple Choice Additional Materials: Multiple Choice Answer Sheet Soft clean eraser Soft pencil (type B or HB is recommended) *3954581408* READ THESE INSTRUCTIONS FIRST Write in soft pencil. Do not use staples‚ paper clips‚ highlighters‚ glue or correction fluid. Write your name‚ Centre number and candidate
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Managerial Economics : Definition‚ Nature‚ Scope Managerial economics is a discipline which deals with the application of economic theory to business management. It deals with the use of economic concepts and principles of business decision making. Formerly it was known as “Business Economics” but the term has now been discarded in favour of Managerial Economics. Managerial Economics may be defined as the study of economic theories‚ logic and methodology which are generally applied to seek solution
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the gross value of output produced in the manufacturing sector and the generation of employment by the small-scale sector is more than five times to that of the large-scale sector. This clearly shows the importance of small-scale industries in the economic development of the country. The small-scale industry have been playing an important role in the growth process of Indian economy since independence in spite of stiff competition from the large sector and not very encouraging support from the government
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Management Unit Title: Economics for Business Submitted by: B. M. Akhtaruzzaman London Guildhall College ATHE Level 6 Diploma in Management Unit Title: Economics for Business Submitted by: B. M. Akhtaruzzaman Table of Contents Introduction 2 Task 1 - Understanding of the Micro-Economic Business Environment 3 1.1: The Importance of the Micro-Economic Environment to Business Organisations 3 1.2: An Analysis of Business Objectives and Business Behaviour in the Economic Context 4 1
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between Economics and Managerial Economics. Managerial Economics is micro in character while Economics is both micro and macro in character. Economics is both positive and normative science but the Managerial Economics is essentially normative in nature. Under Economics we study only the economic aspect of the problems but under Managerial Economics we have to study both the economic and non-economic aspects of the problems. Those are just a few distinct differences amongst many others. Economics is defined
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Managerial economics as defined by Edwin Mansfield is "concerned with application of economic concepts and economic analysis to the problems of formulating rational managerial decision."[1] It is sometimes referred to as business economics and is a branch of economics that applies microeconomicanalysis to decision methods of businesses or other management units. As such‚ it bridges economic theory and economics in practice.[2] It draws heavily from quantitative techniques such as regression analysis and correlation
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‘‘ECONOMICS is a science which studies human behaviour as a relationship between ends and scarce means that have alternative uses.’’- By Lionel Robbins‚ an economist in an attempt to define Economics. Lionel considered the study of economics to be a social science that concerns itself with the investigation of how man maximizes his satisfaction from the limited resources at his disposal and not forgetting the fact that these available limited resources can be channelled into the production of other
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the country witnessed rapid economic growth‚ low unemployment‚ immigration and fiscal stability. However‚ it is not unjust to state that current Ireland represents a shadow of its former self. National outrage at government policies has the country in a state of disarray. Therefore‚ one must pose the question‚ where did globalised Ireland go wrong? The purpose of this paper is to discuss‚ in relation to Irish society‚ the benefits and/or problems associated with economic globalisation. Firstly‚ it
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