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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Why are some countries rich and other countries poor? Introduction- In today’s society‚ money is more consequential than ever. There are more billionaires today then ever before. However the reality is that most of the world still lives in complete poverty; an estimated 40% of the world still lives on less then 2$ a day {1 (January 2013 Written by Anup Shah)} and almost 75% of children world wide do not get secondary level education. However 200years ago‚ the average income around the world was
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MACRO ECONOMICS Classical Dichotomy The classical dichotomy is rooted in the understanding that in the long run‚ real output is determined by “real” inputs such as labour‚ capital‚ natural resources and TFP‚ but not money. This means that changes in the money supply determine changes in the price level over time‚ but not real output. However‚ it is important to remember that the classical dichotomy applies only in the long run. Almost all economists would agree that money and price can have very
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The field of social work encompasses the need for action and change. Social work practitioners advocate for and facilitate change at various levels of society‚ including individuals (micro)‚ small groups or communities (mezzo)‚ and organizations or government (macro). Macro-level advocacy and intervention efforts work to address problems of diverse populations‚ such as issues of civil rights and equality‚ and achieve systemic change. By intervening at the macro-level‚ social workers are often able
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classical economist would also describe voluntary unemployment. This type of unemployment occurs with the refusal or inability of workers to find jobs‚ due to legislation‚ social practices‚ collective bargaining or intransigency. Another issue that is presented with classical macroeconomic theory is that wages are sticky. To explain this it must be understood that there are two calculations of wages. The first is simple‚ just the actual wage you receive in dollars from an employer. The second is based
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The United States has been an expansionist country since the pilgrims landed. Until the US established them selves as a definite world power‚ they had shown themselves to be a very expansionist country. The imperialism of the 1900s may have departed from past actions in terms of size and ambition‚ but the fundamental reasons and drive for expansion remained the same throughout much of America’s history. Past expansion of the US includes the Manifest Destiny-driven push to the West coast‚ the annexation
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The term Macro has been taken from the Latin word Macros which means big. The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment‚ national income‚ rate of growth‚ gross domestic product‚ inflation and price levels. Macroeconomics Concerns Production Prices Income Employment National Production/Output Total Industrial Output Gross Domestic Product Growth of Output Aggregate Price Level Consumer
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In every country‚ it is important for the government to balance the three policies that they have in place‚ including prohibition‚ legalization and decriminalization. For each of these policy‚ there are certain benefits and costs that makes one suitable than the others. Take prohibition for example‚ it is ‘’refers to a policy of criminalization‚ whereby the production‚ manufacture‚ growing‚ and possession of drugs are violation of one or more criminal statutes’’ (Faupel‚ Weaver & Corzine‚ pg. 437)
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ECONOMICS FOR MANAGERIAL DECISION MAKING-I (ECONOMIC ANALYSIS SIMPLIFIED FOR YOU) COURSE DURATION: 20 HOURS PER SEMESTER COURSE CREDITS: 02 1. ESSENCE OF ECONOMICS Problems of an economy; Solutions of these problems; Alternative system to tackle the problems; Economics‚ micro – economics & macro – economics; Basis building blocks of microeconomics – rationality‚ marginalism‚ opportunity cost‚ general & partial equilibrium. 2. FALLACIES AND PITFALLS Economics is about decision making
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MCD2090 Revision Tutorial ( T2‚ 2012) The following questions have been taken from the weekly tutorial questions. You are expected to attempt all of the following questions before you attend tutorial in week 12. 1. Topic: Saving‚ Investment and the Financial System Terms and definitions: * * Financial system * Financial market * Financial intermediaries * Market for loanable funds * Real interest rate * Investment tax credit * Budget deficit * Budget
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