Introduction to Macroeconomics Chapter 1 Introduction to Macroeconomics 1.1 INTRODUCTION • • • • • • • Economics is divided into two main branches: microeconomics and macroeconomics. Macro means large‚ and micro means small. Microeconomics takes a close-up view of the economy by concentrating on the choices made by individual participants in the economy such as consumers‚ workers‚ business managers and investors. Microeconomics stresses on the role of prices in business and personal decisions
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SUPPLY AND DEMAND MADE SIMPLE DEMAND 1 The demand curve is downward-sloping because as the price of a good rises‚ consumers will buy less of it. 2 If the price of a good changes‚ move along the existing demand curve. Do not shift the demand curve. This is called a “change in quantity demanded.” 3 If anything other than the price of the good changes‚ shift the demand curve for the good. This is called a “change in demand.” Shift the demand curve to the right (left) to show an increase
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which may be formed either rationally or adaptively on economic fundamentals‚ as well as by many subjective factors which are unpredictable and also non quantifiable. It is assumed that domestic economic fundamentals play determining role in the performance of stock market. However‚ in the globally integrated economy‚ domestic economic variables are also subject to change due to the policies adopted and expected to be adopted by other countries or some global events. The common external factors influencing
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Name: __________________________ Date: _____________ 1. The law of demand implies that: A) consumers are not responsive to price changes. B) consumers will buy more at lower prices. C) sellers will offer more on the market at higher prices. D) sellers will offer less on the market at lower prices. 2. Which of the following factors would cause a movement along the demand curve for a particular good? A) a change in the prices of related goods B) a change in the price of that good C) a change in the
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She does have a professional code of ethics. It applies to her job in its entirety. In the code there is an obligation to the public‚ the organization for which she works‚ and the profession. Her professional code and personal code do not differ; rather‚ the ethics of her workplace and her personal ethics support each other. Sometimes the culture bothers her and needs some work. In her professional life‚ she tends to use the utilitarianism philosophy. In her work‚ she looks at the greatest good for
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elasticity of demand is the percentage change in price divided by the percentage change in quantity demanded. F 2. Demand is said to be inelastic when a reduction in price results in a decrease in total revenue. T / F 3. When the price of coffee increases 8%‚ quantity demanded decreases 5%. The elasticity of coffee must be inelastic. (PERCENTAGE OF PRICE IS GREATER THAN THE PERCENTAGE OF QUANTITY BY 1/1/2) T 4. The more substitutes there are for the product the more price elastic the demand for the
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Do you ever have fun when you are just plain bored? Well a person who believes in having fun when you are bored is James Veitch. Mr. Veitch believed that you shouldn’t let the problems in life prevent you from having fun in bored situation‚ stressful situations or if you’re just frustrated with yourself. I personally agree with Mr. Veitch analysis because I too try to have fun when I’m bored for example I walk funny in front of my parents just so I can make them look at me and laugh. I always do
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Two Halves Of The Same Song One of the crucial components of Amy Tan’s "Two Kinds" is her choice of narrator. This narrative voice develops the story by adding to the characters. By using this narrator‚ Amy Tan allows the story to come alive through the eyes of a child. Jing-Mei‚ who is the daughter of a Chinese immigrant‚ paints the picture of her relationship between herself and her overbearing mother. Being the protagonist of the story‚ Jing-Mei is able to portray what she is going through
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what your country can do for you -- ask what can you do for your country." This was followed up by‚ "My fellow citizens of the world‚ ask not what America will do for you‚ but what together we can do for the freedom of man." Exactly 44 years after Kennedy’s Inaugural address‚ it might be worthwhile to revisit the implications of this statement. Can it be said that it is quite the liberal glorification that we are often led to believe that it is? Perhaps not. How might one‚ for example‚ define
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CSEC Economics SBA Title of Project A comparative study of the demand for KFC and Japs at a particular high school between the period September 5 and 26‚ 201 1 Comments The Title The title of the project was clearly stated. It was a micro-economic topic and was appropriate for this level. The full two marks were awarded. Puiose of the Project Three objectives were adequate although seven were listed. awarded. The full three marks were Collection of Data Five sources of data collection
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