Chapter 1 The Art and Science of Economic Analysis INTRODUCTION THIS CHAPTER HAS TWO PURPOSES: TO INTRODUCE STUDENTS TO SOME OF THE BASIC LANGUAGE OF ECONOMICS AND TO STIMULATE STUDENT INTEREST IN THE SUBJECT. IT CONVEYS TO STUDENTS THAT ECONOMICS IS NOT ONLY FOUND IN THE FINANCIAL SECTION OF THE NEWSPAPER‚ BUT ALSO IS VERY MUCH A PART OF THEIR EVERYDAY LIVES. BEGINNING WITH THE ECONOMIC PROBLEM OF SCARCE RESOURCES BUT UNLIMITED WANTS‚ THIS CHAPTER PROVIDES AN OVERVIEW OF THE FIELD AND THE
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examples give 5 reasons why the study of microeconomics is important. Microeconomics is a field of economic study that focuses on how an individual ’s behaviour and decisions affect the supply and demand for goods and services. For the purpose of microeconomics‚ the actions of individuals‚ households and businesses are crucial‚ unlike the study of macroeconomics‚ which focuses on national and international economic trends. Despite the differences between the two fields‚ however‚ micro-level trends
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Microeconomics (from Greek prefix mikro- meaning "small" and economics) is a branch of economics that studies the behavior of individuals and small impacting players in making decisions on the allocation of limited resources (see scarcity).[1] Typically‚ it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services‚ which determines prices‚ and how prices‚ in turn‚ determine the quantity
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Macroeconomic study of deal not with individual but aggregate of these quantities not with individual incomes but nation incomes not with individual output but with the nation output Macroeconomic as two policies which are; Financial or monetary macroeconomic policies: The government can make the balance of how money can be supply. The money can be supply in three term which are: OMO- Open Market Operation Reserve requirement Interest Rate OMO can supply money into the bank through
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whether each of the following statements applies to microeconomics or macroeconomics‚ and why: 12 Marks Total a. The unemployment rate in Canada was 7.0 percent in January 2010 Answer: This is the macroeconomic statement because it describes the unemployment rate of the whole country. b. A Canadian software firm discharged 15 workers last month and transferred the work to India. Answer: This is the microeconomic statement because it focuses in an individual Canadian
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Macroeconomic Analysis and Policy Session-1 SessionBiswa Swarup Misra Macroeconomic Analysis and Policy PDF created with pdfFactory Pro trial version www.pdffactory.com Biswa Swarup Misra Learning Objectives • What is Macroeconomics? • Macroeconomics vs. Microeconomics • Why Study Macroeconomics? • Influential macroeconomic events • Macro Economic Policy • Key Macroeconomic Variables Macroeconomic Analysis and Policy PDF created with pdfFactory Pro trial version www.pdffactory.com Biswa Swarup
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1: The Science of Macroeconomics Macroeconomics is the study of the economy as a whole. It addresses many topical issues which includes growth in incomes‚ changes in the overall level of prices‚ and the unemployment rate. Macroeconomists attempt to explain the economy and to devise policies to improve its performance. Economists use different models to examine different issues. Macroeconomic events and performance arise from many microeconomic transactions‚ so macroeconomics uses many of the
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IB/AP Economics Unit 1 Introduction to Economics Introduction to Economics AP and IB Economics Unit 1 Definitions of social science and economics Definitions of microeconomics and macroeconomics Definitions of growth‚ development and sustainable development Positive and normative concepts Ceteris paribus Scarcity • factors of production: land‚ labor‚ capital and management/entrepreneurship • payments to factors of production: rent‚ wages‚ interest‚ profit Choice Utility: basic definition Opportunity
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an essay on the following topic: "Discuss cultural differences as they exist in American and Vietnamese culture and suggest some ways to overcome them." CONTENT The difference of culture impacts so much to the way to living‚ the way of thinking and the way of doing business. America and Vietnam have a big difference in culture‚ religion and business. However‚ we live in a world where it is called flat world‚ where there is no restriction between countries. It requires us to integrate in order to
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MICROECONOMICS CHAPTER 1 The Market Economy What is to be done? —Lenin When future historians look back on the close of the 20th century‚ one of the most sweeping changes they will note is the collapse of centrally planned economies in Eastern Europe. It is not far off to say that the Cold War between the United States and the Soviet Union was won not by the armies of the United States and its allies‚ but by the productive power of Western market economies. Mikhail Gorbachev‚ then leader of the Soviet
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