The Open Economy The External Sector Introduction Global Economic Integration through: – (1) Opening up international trade in goods and services – (2) Opening up international movement of labour – (3) Opening up international movement of capital Macroeconomic policy focuses on (1) and (3) In a globally integrated world‚ macroeconomic policies of a country have repercussions on other economies too Introduction The extent of these repercussions depends on
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Theme Note on Student’s Seminar Competition-2012 Topic - Economics of Happiness Robert Kennedy‚ March 16‚ 1968 The Gross National Product (GNP) measures neither our wit‚ nor our courage‚ neither our wisdom nor our learning. GNP measures everything‚ in short‚ except that which makes life worthwhile. We have certainly missed to have a proper look at these points in the past few decades of our relentless pursuit of economic growth. Despite the world’s unprecedented wealth‚ there is vast insecurity
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Book: Principles of Economics (N. Gregory Mankiw) http://admin.wadsworth.com/resource_uploads/static_resources/0324168624/8413/Mankiw_TenPrinciple_Videos.html Introduction economy: Greek: the one who manages the household scarcity: the limited nature of society`s resources economics: the study of how society manages it´s scarce resources economy: a group of people interacting with one another as they go about their lives important: management of society´s resources; resources are scare
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ECON 201 Introduction to Microeconomics Lecture Notes Second Edition HANY FAHMY E. info@hftutoring.com w. www.hftutoring.com T. 514 979 4232 This material is copyrighted and the author retains all rights. No part of this material may be reproduced or transmitted in any forms or by any means‚ or sorted in a data base or retrieval system without the prior written permission of HF Consulting. COURSE PACKAGE INFORMATION This is a free copy of the first part of ECON 201 course package
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20th Century Europe 1/15/14 18th century- many great events happening Enlightenment- began in France New generation of people First Political Revolution- France 1789 3 main social classes- royal class (no taxes)‚ peasants (taxed) Third class was responsible for everything From the European past: The First Industrial Revolution Use of child labor Social Protest Luddites movement Neal Ludd was the Robin Hood figure Most important industry started- Textiles Cotton Spinning
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GDP - Gross Domestic Product is an estimate of the amount of economic activity in an economy and is produced by the Office of National Statistics. Elasticity of demand (Ped) = % change in demand of good X / % change in price of good X • If the PED is greater than one‚ the good is price elastic. Demand is responsive to a change in price. If for example a 15% fall in price leads to a 30% increase in quantity demanded‚ the price elasticity = 2.0 • If the PED is less than one‚ the good is
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(B)In 2003‚ Barrick continued to produce from the Bulyanhulu mine even though the selling price of gold‚ $366 per ounce‚ was less than its average production cost of $369 per ounce. Was this a mistake? (C)Use Barrick’s 2004 data to compare the (i) short-run break even conditions for Bulyanhulu and Karlgoolie; and (ii) the long-run break even conditions for the two mines. Table 1: Barrick Gold Bulyanhulu Karlgoolie 2002 2003 2004 2004 Production (thousand ounces) 356 314 350 444 Selling
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Intro To Econ notes * Lesson 1.00: Basic Economic Concepts * Macroeconomics- the study of our national and global economy * To determine how to allocate our nation’s scarce resources and use them more efficiently * Lesson 1.02: Economic Basics * 3 basic economic questions * What goods will be produced? * How will resources be used in the production process? * Who will receive the goods? * Ceteris paribus= all other things being equal
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Economics Exam Notes Question 1. (Chapter 31‚ pg759) * Impact of interest rate on spending * Analysis of events which change interest rate in the market * Policies to manage inflation/recession Impact of interest rate on the economy (ripple effect) To lower interest rate | | To increase interest rate | | | | | | Central bank buy securities in open market operations and increases money supply | | Central bank sell securities in open market operations and increases
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WLAW & ECONOMICS: PROPERTY LAW QUESTIONS THAT PROPERTY LAW MUST ANSWER • How are property rights to be initially assigned? Or How does one acquire ownership of something? What are the consequences of the nature of ownership – private‚ public or un-owned? May one property-owner maximizing her own utility offend her neighbor thus lowering his utility? When does an event constitute a “nuisance”? • • • PELZMAN: PROPERTY LAW 3/23/2013 2 QUESTIONS THAT PROPERTY LAW MUST ANSWER
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