Business Economics 201 Chapter 23: Measuring a Nation’s Income Macroeconomics: a study of the nation’s economy as a whole with a goal of explaining the changes that affect many households‚ firms‚ and markets simultaneously GDP: measures the total income of everyone in the economy and the total expenditure on the economy’s output of goods and services income must equal expenditure every transaction has a buyer and seller Can be computed by adding up expenditure by households or total income
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A macro environment comprises the external factors that can influence a business. These factors are often out of the control or management ability of a company. Factors typically include economic‚ demographic‚ political‚ and technological forces in business. Business owners and managers often spend copious amount of time and effort to assess the overall economic environment in order to determine the number and strength of each factor. Strategies and performance reviews can help owners and managers
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SOLUTIONS TO TEXT PROBLEMS: Quick Quizzes: 1. Gross domestic product measures two things at once: (1) the total income of everyone in the economy and (2) the total expenditure on the economy’s output of final goods and services. It can measure both of these things at once because all expenditure in the economy ends up as someone’s income. 2. The production of a pound of caviar contributes more to GDP than the production of a pound of hamburger because the contribution to GDP
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An In-Depth View of Melissa Hershey Melissa is a 7-year-old girl‚ the middle child of two siblings. She appears as a very active and independent child‚ with interests that lie outside of schoolwork. Her parents have been separated for two years‚ and had a tumultuous relationship prior to the separation. Melissa’s mother‚ Amy‚ appears to be distant with low involvement in her daughter’s life‚ while her father has had no contact with the family since leaving. Amy used marijuana while pregnant‚ and
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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Pillsbury Flour Company The Flour industry was very important to Minnesota’s economy. One of the largest flour company was Pillsbury Flour Company. Charles Pillsbury was not a wealthy man when he invested in a failing flour company. He just strummed up enough money to get the flour company up and running again. He even had to ask his father for money too. But his investment was a success the flour company started growing larger and larger until it was one of the largest flour companies in the world
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labor‚ land‚ etc.‚ would need to equally increase and decrease based on the economy. Taking a look at wages specifically‚ we know that our society is on top of it when it comes to raising wages‚ but very cautious when it comes to lowering. Looking at Say ’s Law‚ ‘supply creates its own demand’. “The Say ’s law suggests that the aggregate production of an economy must generate an income enough to purchase all of the economy ’s output" (Kates). Essentially‚ generating supply would cause its own demand;
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Macro environment factors are uncontrollable external forces that affect how a business operates. They are largely out of the control of the business‚ and often require changes in operating‚ management‚ production‚ and marketing. Analysts often categorize them using the acronyms PEST or PESTEL. Broken down‚ PEST stands for political‚ economic‚ social‚ and technological concerns. PESTEL also includes environmental and legal factors. Political Political macro environment factors include things like
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Unit 2 Macro-Trend Analysis BUS 620 Larry Fiegle Tina Haller May‚ 3‚ 2012 Hybrid Vehicle Macro-Trend Analysis Introduction As gas prices continue to rise‚ people have started to trend toward more energy efficient means of transportation. Hybrid vehicles have an electric motor along with rechargeable batteries and have an increased efficiency of up to 50 percent. There is an onboard computer that switches between gas and electric power. The hybrid car runs on the energy of the battery when
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paragraphs at .25 inch. Create a comment for the introductory paragraph. Change bullet point styles. Create a table of contents using the Table of Contents feature. Part II Read the following scenarios: You are working at a support desk for a company providing onsite and telephone support to customers with Microsoft® Word® questions. On this particular day‚ you are presented with the following three situations: Situation 1: A student‚ planning to attend a local college in the fall‚ has been
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