and was recently liberated from foreign and South African rule‚ and was formerly known as South West Africa. Compared to all of its neighbors Namibia has an extremely low unemployment rate of 5.3%‚ and a GDP per capita of 7‚500 USD. Even though the country appears to have a high per capita GDP compared to some of its other neighbors‚ the distribution of wealth in the country is one the “world’s most uneven distributions of wealth”. Namibia also has close economical ties with South Africa‚ because
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with the forecasting of national income‚ through the analysis of major economic factors that show predictable patterns and trends‚ and of their influence on one another. These factors include level of employment/unemployment‚ gross national product (GNP)‚ balance of payments position‚ and prices (deflation or inflation). Macroeconomics also covers role of fiscal and monetary policies‚ economic growth‚ and determination of consumption and investment levels. The term unemployment rate is defined by
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Product (GDP). GDP per capita (per person) is often used as a measure of a person’s welfare. Countries with higher GDP may be more likely to also score highly on other measures of welfare‚ such as life expectancy. However‚ there are serious limitations to the usefulness of GDP as a measure of welfare. GDP ignores price changes‚ because a higher nominal GNP of a nation may not mean that the standard of living is better. If the prices increase at a high rate‚ the real GNP may even fall. GDP does not
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| | | | Economic Activity Economics is concerned with humanity’s well being or welfare. It encompasses the social organization and the relationship involved in using scarce resources and available technology to satisfy seemingly unlimited
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Indicators of development Economic development usually refers to the adoption of new technologies‚ transition from agriculture-based to industry-based economy‚ and general improvement in living standards (www.businessdictionary.com). In addition‚ economic development expands the availability of work and the ability of individuals to secure an income to support themselves and their families. Economic development includes industry‚ sustainable agriculture‚ as well as integration and full participation
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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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$1100 worth of flowers. She uses no intermediate inputs. She pays his workers $700 in wages‚ pays $100 in taxes and pays $200 in interest on a loan. Anny’s contribution to GDP is A) $900. B) $1000. C) $1100. D) $1800. 4- A furniture maker used to buy its wood‚ but has now bought the lumber company. How does this impact GDP? ! 1! A) It reduces it. B) It does not change. C) It increases it. D) We cannot tell. 5- Suppose that the government collects $3 million in taxes‚ pays $2
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improvements in technology. Economic Growth can also be described as an increase in a country’s productive capacity‚ as measured by comparing gross national product (GNP) in a year with the GNP in the previous year. In other words‚ Economic Growth is an increase in the real level of output as measured by the annual percentage in real GDP (Gross Domestic Product). Increase in the capital stock‚ advances in technology‚ and improvement in the quality and level of literacy are considered to be the principal
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Questions List * Level 1 1) A recession occurs when real GDP declines. ( T ) 2) For an economy as a whole‚ income equals expenditure because the income of the seller must be equal to the expenditure of the buyer. ( T ) 3) If the marginal propensity to consume is 0.8‚ the marginal propensity to save will be 0.2. ( T ) 4) When Government totals expenditure greater than total revenue‚ the government budget is in surplus. ( F ) * If Government
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percentages of government debt ( by 0.51% ) and the decrease of the exchange rate index ( by 0.18 points ). As a result these changes decrease in the following years unemployment by average 0.11 % per annum and had a significant rose in the growth of GDP by average 0.18 % per annum (those % are the difference between
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