National Accounts • Gross Domestic Product (GDP) measures the final value of all goods and services that are produced within a country in a given time period. • There are 4 types of expenditure: 1. 2. 3. 4. Consumption: expenditure by domestic residents Investment: expenditure by firms on plants & equipment Government purchases: expenditure by governments on goods and services Net exports (exports minus imports): net expenditure by foreigners on domestic goods and services 1 GDP
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U.S. National Debt In 2012‚ reelection polls show that the biggest concern expressed by the voters was the economy and national debt. Many economists‚ political leaders‚ and citizens are under the impression that America’s rising debt and purchasing of national debt bonds by the foreign countries will lead America to its inevitable bankruptcy. Some speculators predict that one day China will realize that the dollar is no longer valuable to hold because of its devaluation; therefore‚ Chinese will
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Braeden Jensen Herlihy‚ David. 1997. The Black Death and the Transformation of the West. Cambridge‚ MA and London‚ England: Harvard University Press. Herlihy argues that the Black Death paved the way for an explosion of technological advances‚ greatly altered religion and theology‚ and completely transformed European society as a whole. The Black Death was catalystic for the transformation from a feudalistic society‚ to Europe as we now know it. Herlihy argues that the havoc wreaked by the Black
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command economy. In mixed economy both the private and public sector need to co-exist to overcome the weakness of one another. Most countries practice mixed economy for a number of reasons as mentioned below. Where there is free market enterprise economic forces are unfettered. Supply and demand determine the prices of goods and services. Prices in turn tell businesses what to produce‚ if the people want more of a particular good than the economy is producing the price of the good rises. That catches
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force on December 18‚1976. The preamble as amended runs as follows : "We‚ the people of India having solemnly resolved to Constitute India into a Soverign‚ Socialist‚ Secular‚ Democratic Republic and to secure all its citizens" Justice-social‚ economic and political‚ equality of states and opportunity and to promote among them all‚ Fraternity assuring the dignity of the individual and unity and integrity of the Nation. In our constituent Assembly the twenty sixth day of November‚ 1949 also
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CostEconomic SystemMarketProfitDemandSupplyElastic- Economics Final Exam Study Guide Name_________________________________ InelasticPartnershipCorporationSole ProprietorshipMonopolyOligopolySurplusShortageIncentiveWagner Act of 1935Collective BargainingBoycottAntitrustGross National Product (GNP)EquilibriumFree Enterprise SystemEntitlementsFiscal policyMonetary PolicyConsumer Price IndexEquilibrium PriceComplementsEffective Demand- Economics Final Exam Study Guide Name_________________________________
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Nations‚ like individuals‚ have interests--derived from their innate values and perceived purposes--which motivate their actions. National interests are a nation’s perceived needs and aspirations in relation to its international environment. Categorization of national interests : 1. Survival(Critical) These represent the single most important interests for any actor. This is the very essence of the actor’s existence – the protection of its citizens and their institution from attack by enemies
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ECONOMICS ANALYSIS FOR BUSINESS UNIT – 1 1. What is Economics? Economics is the science which studies human behaviour as a relationship between ends and scare means which have alternative uses. 2. Definition of economics According to “Adamsmith” Economic is a social science the deals with human behaviour pertaining to production‚ Exchange and consumption of goods and services. 3. What are basic concept of economic? * Resource allocation * Opportunity cost * Diminishing marginal
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Individual‚ Organizational Transformation Q & A Carlos Montoya OI 361 May 24‚ 2013 Rodney Cooper Individual‚ Organizational Transformation Q & A 1. Characterize the roles of incentives‚ training‚ and education in promoting innovation in your organization? I work in the hospital sector and this sector we find that innovation in hospital are the best tool to account for the difference and be the number one with respect to the competition. To achieve this objective‚ all employees should
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Economics 247 Assignment 1 Version A This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely. 1. a. 3/3Define opportunity cost‚ and explain its importance in economics. (3 marks) -The opportunity cost of something is what you must give up of one thing‚ in order to get it. Opportunity cost is a key concept of
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