Introduction THE NATIONAL INCOME One of the basic questions facing economics centers on whether the total output of goods and services is growing from year to year or it remains static. This question is very important because countries are keenly interested in the performance of their economy. National income estimates enable countries to calculate the total production of goods and services in a year. The lecture also focuses on the measurement of national income and their problems‚ uses
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What is Economics? Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction‚ studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions
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ECONOMICS CHAPTER 1- INTRODUCTION TO ECONOMICS ● Assumed 3 decision makers- consumers (households) – that sell land‚ labour‚ capital & entrepreneurship and firms- that pay rent‚ wages‚ interest and profits (rewards for above factors of production ) firms then use the factors to produce G/S in return for payment from consumer. Govt imposes taxes on individuals and (income tax) and firms (corporate tax) to provide infrastructure and other services to community ● Econon’s 2 basic assumptions
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EXMBA 2012-14 Sem-2 Economic Environment of Business Faculty : Ms Simirit Kaur Project Report on Major obstacles to India s growth Submitted By: Harish Kumar (S-25) Manoj Paweria (S-36) Kumar Sikander (S-76) ACKNOWLEDGEMENT We owe a great many thanks to a great many people who helped and supported me during assignment . Our deepest thanks to professor‚ Ms. Simrit Kaur for assisting us at every stage of this project from the objectives‚ techniques and analysis to fine-tuning our entire
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Davos: The World Economic Forum Davos is a town located on the Landwasser River‚ in the Swiss Alps‚ between the Plessur and Albula Range in Switzerland. At 1‚560 meters‚ it is the highest city in Europe. From the middle of the 18th century‚ Davos became a popular destination for the ailing because the climate in the high valley was proved excellent by doctors and recommended for lung disease patients. Arthur Conan Doyle wrote an article about skiing in Davos in 1899. In the early 90s
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Working Mothers All mothers are working mothers‚ but those who have a career away from home have an extra challenge in their life. In many families today‚ mothers continue to work because they have careers that they have spent years developing. Some mothers need to work to support their family. I’m against working mothers because she will be bad mood most of the time‚ she will not have time for her home and children‚ and can’t have fun time because she is busy every weekend. The first
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HOBBES: POLITICAL AUTHORITY Hobbes presents an argument for political authority that is radical for its time; it relies on individual consent as the foundation for legitimacy. But Hobbes wanted to ensure that placing the individual at the center of his theory would produce order and stability rather than disorder and chaos. How does Hobbes manage to bring his emphasis on individualism together with his desire for order or stability? Hobbes argument for political authority is indeed radical
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Mixed Economic System A mixed economy is an economic system in which both the private sector and state direct the economy‚ reflecting characteristics of both market economies and planned economies. Most mixed economies can be described as market economies with strong regulatory oversight and governmental provision of public goods. Some mixed economies also feature a variety of state-run enterprises. A mixed economic system (also known as a Dual Economy) is just like it sounds (a combination of economic
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1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
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unemployment of 25 percent.” —Henry M. Paulson (former Treasury Secretary)‚ commenting on the state of the U.S. economy in 2008 hroughout this book‚ we have seen that many kinds of shocks can decrease an economy’s output in the short run. Examples include increases in taxes‚ decreases in consumer confidence‚ and increases in oil prices. However‚ one kind of shock is especially devastating to an economy: a financial crisis. Such a major disruption of the financial system typically involves sharp falls in
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