BASIC INTRODUCTION TO MACROECONOMICS‚ TOOLS AND TERMINOLOGIES By- Rhit Srivastava MBA –PM(05) IIHMR Economics • Economics is the social science that studies economic activity to gain an understanding of the processes that govern the production‚ distribution and consumption of goods and services in an exchange economy Types of economics • Macro economics : Concentrate on large picture of economy. • Microeconomics: • Microeconomics deals with behavior of individual market and the business‚ consumer
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first hybrid in 2011. Volkswagen is one of the few major car makers that doesn’t already have a hybrid on the road. It will be a new market. Volkswagen Group also come out with all-electric Audi sports car‚ the E-Tron‚ in 2012. Example‚ that is a comparison between Honda Jazz vs Volkswagen Up‚ the price is almost the same ‚value start from $14‚990‚ two also hybrid car ‚if one of the car raise up the price the another car will also raise up the price‚ that is because it is the same type car and
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EXERCISES FOR MICROECONOMICS TOPIC 1 Economics: An Introduction (Chapters 1 & 2 in the Textbook) EXPLAIN THE FOLLOWINGTERMS ◎ Average benefit ◎ Average cost ◎ Economic surplus ◎ Economics ◎ Microeconomics ◎ Macroeconomics ◎ Marginal benefit ◎ Marginal cost ◎ Normative economics ◎ Positive economics ◎ Rational person ◎ Sunk cost ◎ Opportunity cost ◎ Absolute advantage ◎ Comparative advantage ◎ Attainable point ◎ Unattainable point ◎ Efficient point ◎ Inefficient
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Yajaira Marcano Professor Badi Sabet ECO 2023 April 15‚ 2011 There is a significant debate between proponents and opponents of environmental issues at the moment in our nation. 1) Please give your opinion concerning this issue. 2) Please explain what the Cap-and-Trade Bill is. The environment is essential in any modern economy‚ healthy and prosperity. It is therefore necessary for governments to recognize that environmental economics play an important role in the design of environmental
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bulk carriers were not considered as Garbage. The ship operators were at liberty to clean their cargo holds of cargo residue and dispose the wash water and residue into the sea irrespective of the cargo which was carried (Rogers et al‚ March 2013). What is “Cargo Residue”? The revised Annex defines Cargo residues as the remnants of any cargo (not covered by other MARPOL annexes) which stay on the deck and cargo holds after loading or unloading operations have been completed. This includes excess or
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the behavior of man to maximize satisfaction/utility. Main focus Maximization of society’s material welfare. Consumers maximize satisfaction/utility Producers maximize profits Owners of resources maximize returns Conclusion Attainment of maximum worldly satisfaction Discusses the economic problems as they are (normative) not what they ought to be (positive) Not concerned with value judgment
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|ECON E-1010 | |Microeconomic Theory Spring‚ 2013 | Course Web Site: http://isites.harvard.edu/course/ext-23285/2013/spring Professor: Bruce Watson econe1010@dce.harvard.edu Lectures: Mondays 7:40 – 9:40 Science Center A Teaching Assistants: Teo Nicolais (For
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1. Distinguish between an absolute advantage and a comparative advantage. Cite an example of a country that has an absolute advantage and one with a comparative advantage. Absolute advantage is when a monopoly exists in a country when it is the only source and product of an item. Meanwhile‚ a comparative advantage is when a country can supply products more efficiently and at a lower cost than it can produce other items. South Africa has an absolute advantage because of its diamonds. The United States
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3. Consider the market for minivans. For each of the events listed here‚ identify which of the determinants of demand or supply are affected‚ also indicate whether demand or supply increases or decreases. Then draw the diagram to show the effect on the past and quantity of minivans A. People decide to have more children. Answer: It is expected to have more children‚ and household spending will increase‚ demand will reduce household wagon. From the supply point of view‚ due to population increases
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inflation‚ demand-pull inflation‚ and the need to maintain real wealth holdings. e. Recession phases of the business cycle‚ upturns‚ and downturns. ____ 5. The interest-rate effect is the impact on real GDP caused by the ____ relationship between the price
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