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Macro & Microeconomics Essay

Understanding the Process of Economic Change by Douglass North
In order to illustrate the rules of the game, North narrates an anecdote when he visited Moscow together with three other Americans. They were tasked by the Soviet Academy of Scientists to go to Moscow to advise the Soviet Union on its economy.The first American said, all you have to do is privatize and all will be well.
Pages: 6 (1500 words), Essay
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Using the Income-expenditure Model in UK Economy
A change in any of these constituent variables of the aggregate demand will result a change in the overall aggregate demand.There was a high GDP growth reported in the UK in the recent years, largely stimulated by a constant increase of housing prices. The time has come for a cool down, as unreasonably high house prices begin to decline. Although the housing industry did not experience a crash, it is recessing now, and it is expected that this trend will continue for the next 12 months. Private
Pages: 9 (2250 words), Essay
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Using supply and demand diagrams to illustrate your answer and making clear your assumptions, examine the effects of the increase in world oil prices on the supply and demand of commercial passenger transport by air.
Any significant rise in oil prices puts an upward pressure on the supply curve of the industry. This is due to the fact that as oil prices rise, the cost per unit of service offered rises. Thus to remain on the same level of profitability airline companies have to reduce the amount of services offered per dollar. This results in an upward shift of the supply curve.As explained in the diagram above, this upward movement in the supply curve however is in effect the result of the firm deciding to
Pages: 3 (750 words), Essay
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Understanding the International Economy
Governments and international organisations look to foster a climate that aids business in being competitive domestically, and internationally as a result of fiscal, interest rate, employment, tax, and other policies that guard resources and engender increased trade (Insight on the New, 2004, P. Hirst et al (2009, P. 1) brought forth this point by stating that their work has mixtures of “… skepticism about global economic processes and optimism about possibilities of control of the
Pages: 16 (4000 words), Essay
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US Macroeconomic Performance: Design a Policy
For the last 3 years, the unemployment rate has gone up from 4.60% in 2007 to 9.70% in 2010.(Trading Economics) Loss of jobs is due to recession and outsourcing. Reuters said 8.4 million lost jobs are due to the recession, while Nounou, E. said outsourcing results to capital flight and job losses.
Pages: 6 (1500 words), Essay
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Usage of GDP for Measuring The Individual Economic Wealth
An individual’s health, diet, achievements, mobility and participation in society are all essential sources of contentment that are not included in calculation of GDP.Also, in the tradeoff between time spent with family or at work, the former would figure as income lost and therefore would mean a lower GDP per capita even though the satisfaction derived from it for an individual may be greater than that from extra work.
Pages: 6 (1500 words), Essay
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Understanding Microeconomics Issues
Utility signifies that something is wanted and it is expected to satisfy the given want. The following are the features of utility; (a) it is the cause and its result is satisfaction, (b) it is different from pleasure, (c) it has no links with the usefulness of a commodity, (d) it is subjective that is it varies from one person to the other, (e) it is created through production, and (f) it is distinct from the price of a commodity. Utility is of two types according to Information Village
Pages: 4 (1000 words), Essay
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Using the Keynesian model, examine the potential short run economic impacts of the recent Japanese disaster on the Australian economy.
With this in mind, the presence of inadequate demand can result to the presence of high unemployment rate (Brett, Gillespie, & Goot, 1994: 8).The recent tsunami in Japan has lead to a significant decrease in the demand for Australian coal and iron ore (Herald Sun, 2011). The problem with a sudden decrease in demand for goods and services is that the business owners of local firms in Australia may simply lay-off some of its current employees. Because of its adverse economic impact, Australian
Pages: 3 (750 words), Essay
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Using indifference curve analysis, examine the impact of non-linear pricing schemes on consumer behaviour. Illustrate and explain any income and substitution effects.
The set of bundles that is preferred by a consumer to the optimal choice is above the indifference curve and the set of bundles that is against the affordability is above the indifference curve. Hence the optimal choice is the best bundle that can be chosen by the consumer. Now, an income tax is taken into consideration which raises the revenue by the same amount as the tax. The form of that budget constraint will be p1x1+p2x2=m-tx1*, where tx1* is the rise in revenue because of tax.The new
Pages: 6 (1500 words), Essay
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U.S. globalization
There has been a challenge due to the broadened environment and the complex issues that come about due to the international financial flow and investments. This leads to backlash against globalization which also contributes lack of will to support multilateral collaboration. Globalization leads the government in deciding what to do about the civil society by identifying new strategies to deal with organization. This calls for development in different sectors of a country.Another challenge is
Pages: 5 (1250 words), Essay
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Unemployment
Low unemployment is consequently related to an increase in the growth of the economy. These market participants also view the reverse as true, which means that an increase in unemployment and a slow economic growth are indicative of a decrease in unemployment. Theoretically, the relationship between unemployment and inflation is explained by the Phillips curve. According to this theory, unemployment and inflation work in opposite direction. Chang asserts that in a period of low unemployment as
Pages: 4 (1000 words), Essay
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