Supply and demand describes the relationship between availability and desire for goods or services. When supply and demand are equal, prices stabilize, but if demand exceeds supply prices rise, and if supply exceeds demand prices fall. Opportunity cost represents the value of the next best alternative given up in a choice. It helps with decision making by considering tradeoffs. Gross domestic product measures the total value of all goods and services produced within a country's borders in a given period, and is used to compare economic performance between nations.
The document discusses various social welfare schemes implemented by the Indian government, including schemes that provide pensions and stipends to vulnerable groups such as the elderly, disabled, widows, and students from disadvantaged backgrounds. It provides details on schemes such as the National Old Age Pension Scheme (NOAPS), Old Age Pension (OAP), Old Disability Pension (ODP), and National Social Assistance Programme (NSAP). The schemes aim to promote basic well-being and financial support for those in need. Implementation status and eligibility criteria for the different schemes are also summarized.
This document discusses key concepts in macroeconomics. It defines macroeconomics as dealing with the economy as a whole by examining aggregates like income, consumption, investment and prices. It also discusses major macroeconomic concerns like inflation, output growth and unemployment. The document provides explanations of economic indicators and cycles like recessions, expansions and the business cycle. It also summarizes fiscal, monetary and supply-side policies used by governments to influence the macroeconomy.
Economics is the study of how scarce resources are used to satisfy unlimited wants. It examines the choices that individuals, businesses, and governments make when allocating resources. Microeconomics focuses on individual markets and consumer behavior, while macroeconomics looks at whole economies and issues like growth, employment and inflation. Markets coordinate economic activity through prices, while governments provide public goods and address issues like externalities and inequality. Factors of production include labor, capital, land and entrepreneurship. Firms combine these to produce goods and services, while households supply labor and consume output.
This document provides an introduction to macroeconomics. It discusses key macroeconomic concepts such as stocks and flows, equilibrium and disequilibrium, and the circular flow of income in closed and open economies. It also outlines macroeconomic goals like full employment and price stability. The development of macroeconomics from classical to Keynesian and monetarist theories is summarized. Finally, it discusses important macroeconomic indicators and policy tools like fiscal and monetary policy.
The document provides an overview of key economic concepts including microeconomics, macroeconomics, positive economics, normative economics, demand, determinants of demand, law of demand, supply, determinants of supply, law of supply, market structures, economic growth, factors affecting economic growth, sectors of the Indian economy, inflation, deflation, balance of trade, balance of payments, GDP, GNP, NNP, purchasing power parity, human development index, and classifications of countries based on their level of economic development.
Economics is the social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants. The document provides an overview of key concepts in economics including:
- Microeconomics examines individual agents and markets and how they interact, while macroeconomics analyzes issues affecting the entire economy such as growth, unemployment, and policies.
- Other distinctions include positive economics which describes what is, normative economics which advocates what ought to be, and differences between theories.
- Economic analysis can be applied throughout society in areas like business, education, crime, and the environment. The ultimate goal is improving living conditions.
The document outlines principles of economics
Eco 2nd year Law, 2nd semester for 1st yearNay Aung
Macroeconomics studies the economy as a whole, focusing on aggregate variables like overall output, employment, prices, and how they change over time. It examines how consumption, investment, trade balances, monetary and fiscal policies affect the overall economy. The goal of macroeconomic policy is to maximize income and economic growth while maintaining price stability, full employment, and a sustainable external balance. The main policy tools available are monetary policy, fiscal policy, and incomes policy.
The document discusses various social welfare schemes implemented by the Indian government, including schemes that provide pensions and stipends to vulnerable groups such as the elderly, disabled, widows, and students from disadvantaged backgrounds. It provides details on schemes such as the National Old Age Pension Scheme (NOAPS), Old Age Pension (OAP), Old Disability Pension (ODP), and National Social Assistance Programme (NSAP). The schemes aim to promote basic well-being and financial support for those in need. Implementation status and eligibility criteria for the different schemes are also summarized.
This document discusses key concepts in macroeconomics. It defines macroeconomics as dealing with the economy as a whole by examining aggregates like income, consumption, investment and prices. It also discusses major macroeconomic concerns like inflation, output growth and unemployment. The document provides explanations of economic indicators and cycles like recessions, expansions and the business cycle. It also summarizes fiscal, monetary and supply-side policies used by governments to influence the macroeconomy.
Economics is the study of how scarce resources are used to satisfy unlimited wants. It examines the choices that individuals, businesses, and governments make when allocating resources. Microeconomics focuses on individual markets and consumer behavior, while macroeconomics looks at whole economies and issues like growth, employment and inflation. Markets coordinate economic activity through prices, while governments provide public goods and address issues like externalities and inequality. Factors of production include labor, capital, land and entrepreneurship. Firms combine these to produce goods and services, while households supply labor and consume output.
This document provides an introduction to macroeconomics. It discusses key macroeconomic concepts such as stocks and flows, equilibrium and disequilibrium, and the circular flow of income in closed and open economies. It also outlines macroeconomic goals like full employment and price stability. The development of macroeconomics from classical to Keynesian and monetarist theories is summarized. Finally, it discusses important macroeconomic indicators and policy tools like fiscal and monetary policy.
The document provides an overview of key economic concepts including microeconomics, macroeconomics, positive economics, normative economics, demand, determinants of demand, law of demand, supply, determinants of supply, law of supply, market structures, economic growth, factors affecting economic growth, sectors of the Indian economy, inflation, deflation, balance of trade, balance of payments, GDP, GNP, NNP, purchasing power parity, human development index, and classifications of countries based on their level of economic development.
Economics is the social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants. The document provides an overview of key concepts in economics including:
- Microeconomics examines individual agents and markets and how they interact, while macroeconomics analyzes issues affecting the entire economy such as growth, unemployment, and policies.
- Other distinctions include positive economics which describes what is, normative economics which advocates what ought to be, and differences between theories.
- Economic analysis can be applied throughout society in areas like business, education, crime, and the environment. The ultimate goal is improving living conditions.
The document outlines principles of economics
Eco 2nd year Law, 2nd semester for 1st yearNay Aung
Macroeconomics studies the economy as a whole, focusing on aggregate variables like overall output, employment, prices, and how they change over time. It examines how consumption, investment, trade balances, monetary and fiscal policies affect the overall economy. The goal of macroeconomic policy is to maximize income and economic growth while maintaining price stability, full employment, and a sustainable external balance. The main policy tools available are monetary policy, fiscal policy, and incomes policy.
1 Fundamental Concepts of Macro-Economics.pptxSalman945670
Saifuddin Khan is an associate professor in the Department of Accounting and Information Systems at the University of Rajshahi. The document provides an overview of key concepts in macroeconomics, including:
- Defining economics and different perspectives on what economics studies.
- The three main types of economic systems: command, market, and mixed economies.
- Distinguishing between microeconomics and macroeconomics in terms of components, theories, and variables studied.
- Describing aggregate supply and demand curves and how they are used to analyze macroeconomic conditions and equilibrium price and quantity.
Government intervention in the economy is necessary to fulfill roles that the private sector cannot, such as ensuring steady growth, full employment, and price stability. The government guides economic activity through fiscal and monetary policy, and intervenes to address market failures like externalities. It regulates business, provides public goods, redistributes income, and preserves societal values that markets do not consider.
This document outlines 21 basic economic concepts that are incorporated into the textbook Economics: Principles and Practices. The concepts include scarcity and choice, opportunity cost and trade-offs, productivity, economic systems, and markets and prices. They also cover supply and demand, competition, income distribution, market failures, GDP, unemployment, inflation, monetary and fiscal policy, absolute and comparative advantage, exchange rates, and international trade.
Public financial management (PFM) encompasses all aspects of how a government collects, allocates, spends, and accounts for public resources through the entire budget cycle, procurement processes, auditing, and revenue collection. PFM is crucial for good governance and delivering quality public services to citizens in a sustainable manner. The document then discusses the four key questions of public finance: when and how governments intervene in the economy, the effects of those interventions, and why governments choose certain policies despite market failures and political pressures.
This document provides an overview of macroeconomics concepts. It begins with defining economics and its origin from the Greek words oikos and nomus, meaning household management. It then discusses the central problem of scarcity due to limited resources and unlimited wants. Factors of production and the circular flow model showing the flow of resources and payments between households and businesses are introduced. Opportunity cost, basic economic questions around consumption, distribution and growth, and the types of economic systems are also summarized. Finally, it distinguishes between positive and normative economics and microeconomics versus macroeconomics.
This document provides an overview of ten key economic principles as outlined in introductory economics textbooks. It discusses the principles in three main categories:
1. Individual decision-making principles explain how people make choices and trade-offs based on scarcity, costs, incentives, and rational behavior.
2. Principles of how economies work include that trade benefits all parties, markets are generally the best way to organize activity, and governments can improve outcomes in some cases.
3. Principles of human interaction describe how productivity determines living standards, inflation results from too much money printing, and societies face short-run tradeoffs between inflation and unemployment.
The document uses examples from the textbook "Principles of
This document discusses several key macroeconomic variables that governments must understand in order to effectively manage the economy, including:
- Gross Domestic Product (GDP), which measures total economic output and income. A higher GDP indicates a more economically solvent nation.
- The unemployment rate, which is the percentage of the labor force that is unemployed but seeking work. An unemployment rate of around 6% is considered full employment.
- The inflation rate, which is the rate of change in the overall price level, typically measured by price indexes like the Consumer Price Index (CPI).
- Interest rates, which can refer to hundreds of different nominal rates across different durations and borrower types.
- Investment,
Microeconomics studies individual and small organization decision-making regarding limited resource allocation. It examines how supply and demand determine prices and quantities. The document provides definitions and concepts in microeconomics, including scarcity, opportunity cost, demand, supply, elasticity, market structures like perfect competition and monopoly, and how consumers and businesses make financial decisions based on price and supply/demand.
The document discusses key economic concepts including scarcity, choice, and opportunity cost. It defines microeconomics as the study of individual decisions in markets and macroeconomics as the study of overall prices, employment, income and production. Factors of production include labor, land, capital and entrepreneurship. Markets coordinate economic activity through price adjustments while command economies rely on central planning.
This document provides an overview of introductory economics concepts. It begins by defining key terms like economics, microeconomics, macroeconomics, and scarcity. It then discusses the basic concepts of supply and demand, explaining the supply-demand curve and factors that can cause shifts in supply and demand. The document also covers price stability, full employment, economic growth, and other basic objectives of economics. It provides examples of inflation and its causes. Overall, the document presents foundational microeconomics concepts.
This document provides an overview of key economic concepts related to markets and the role of government in a market economy. It defines markets and how supply and demand determine prices. It discusses how resources are allocated in a market through consumer demand and business competition. The role of government is to promote efficiency, equity, and macroeconomic stability. Government addresses market failures from imperfect competition, externalities, and public goods provision.
Politicians have strong incentives to get re-elected and focus on voters, not long-term economic impacts. Price floors lead to surpluses by keeping prices above market equilibrium, while price ceilings cause shortages by keeping prices below equilibrium; both create deadweight losses. When the economy is in a recession, governments use fiscal policy like increased spending and tax cuts to boost aggregate demand, and monetary policy where the Federal Reserve lowers interest rates and buys bonds to increase the money supply.
The Most Challenging Economy in DecadesQamar Farooq
The document discusses key concepts in microeconomics and macroeconomics. It defines microeconomics as the study of small economic units like consumers and businesses, while macroeconomics is defined as the study of a nation's overall economic issues. The document also outlines factors that drive supply and demand, different market structures, economic systems, the business cycle, and how monetary and fiscal policy can be used to manage an economy. It concludes by mentioning some major global economic challenges faced in the 21st century.
Running head: ECON QUESTION
1
ECON QUESTIONS
5
Econ Questions
Name
Institution
Econ Question
Positive Vs Normative Economic Analysis Statements
Economics as an academic discipline quite commonly uses idea from media analysts, business consultants as well as advisers on government policy. It is therefore very imperative for an individual to understand instances when economists make objective, evidence-based statements concerning the world works as well as when they are making value judgments on policies issues (Beggs). In this case, economist usually uses positive and normative economic in analysis statements. Positive economic statement can be defined as objective, descriptive and factual statement that can be tested amended or rejected by referring to the available evidenceand that dealwith objective explanation and the testing and rejection of theories. On the other hand, negative economic statement can be referred to as statements that are subjective, prescriptive and value-based statements rather than objective statements. Positive economic statement is therefore objective and fact based, while normative economic statement is subjective and value based. Positive economic statements do not have to be correct, but they must be able to be tested and proved or disproved. Normative economic statements are opinion based, so they cannot be proved or disproved.
Other things equal
This is a common assumption that is used in economics which is used in identifying the relationship between two different variable; for instance, quantity and price in the law of demand. While doing this, the assumption is used to see how the relationship of the two different variables can be affected by other things.
The difference between GNP Vs GDP: show and explain model used for economy.
GDP refers to Gross Domestic Product and the total output measured by money of all final goods and services produced by an economy in a country in a given time period (usually one year) (Lidderdale, 2003). On the other hand, GNP refers to Gross National Product which measures the total market value of goods and services produced in a given period of time. GNP also encompasses the value of net income made abroad. Moreover, when calculating GNP, the value of what foreign countries earn in the given country is subtracted from the value.
The model used in calculating GNP is
Gross national income (GNI) = GDP + (income receipts from the rest of the world) – (income payments to the rest of the world)
The four economic resources (explain in detail) and give terms used for the payment of each?
The four economic sources include; Land, Labor, Capital, and entrepreneurship. Land is the natural resources such as iron ore, gold, diamonds, oil, etc. while labor is human resources such as wage-earning worker.
Behavioral economics studies how cognitive, emotional, and social factors influence economic decisions. It assumes humans are not perfectly rational in their decision making like classical economics proposes. Behavioral economics incorporates psychological insights to better understand economic behaviors. Modern economics now combines both psychological and rational choice perspectives to more accurately model how individuals make decisions that impact markets and resource allocation.
This document provides an overview of the key topics covered in Chapter 1 of the microeconomics textbook "Microeconomics: A Comprehensive Analysis" by Pyndick and Rubinfeld. The chapter introduces fundamental microeconomics concepts such as supply and demand, elasticity, consumer behavior, and market structures. It also examines applications such as cost analysis, profit maximization, market failures, international trade, income distribution, and environmental economics. The conclusion states that microeconomics provides a framework for understanding market behavior, economic decision-making, and the impact of policies.
This document discusses key concepts in economics including:
1) It defines economics as the study of how society allocates scarce resources among competing demands. It also discusses microeconomics and macroeconomics.
2) It outlines the basic economic problem of unlimited wants and scarce resources, and how this leads to resource allocation and choice.
3) It explains key economic terms like efficiency, opportunity cost, comparative advantage, demand and supply, and different market structures including monopoly, perfect competition, oligopoly, and monopolistic competition.
The document provides an overview of three main types of economic systems: command economy, market economy, and mixed economy. It explains that a command economy involves major economic decisions being made by the government, while a market economy gives businesses and consumers more freedom to make decisions with limited government involvement. A mixed economy combines elements of both command and market economies. The document also provides examples of countries that utilize different economic systems and notes that some developing countries are moving toward more market-based systems.
The Most Challenging economy in Decades Qamar Farooq
This chapter discusses macroeconomic concepts and the factors that influence the stability of an economy. It begins by defining microeconomics as the study of small economic units like individuals and businesses, while macroeconomics examines a nation's overall economy. It then explains the four types of market structures and compares the main economic systems of capitalism, socialism, and mixed economies. The chapter concludes by analyzing how monetary and fiscal policy can be used to manage economic performance and the major global economic challenges faced in the 21st century.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
-------------------------------------------------------------------------------
For more information about PECB:
Website: https://pecb.com/
LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
1 Fundamental Concepts of Macro-Economics.pptxSalman945670
Saifuddin Khan is an associate professor in the Department of Accounting and Information Systems at the University of Rajshahi. The document provides an overview of key concepts in macroeconomics, including:
- Defining economics and different perspectives on what economics studies.
- The three main types of economic systems: command, market, and mixed economies.
- Distinguishing between microeconomics and macroeconomics in terms of components, theories, and variables studied.
- Describing aggregate supply and demand curves and how they are used to analyze macroeconomic conditions and equilibrium price and quantity.
Government intervention in the economy is necessary to fulfill roles that the private sector cannot, such as ensuring steady growth, full employment, and price stability. The government guides economic activity through fiscal and monetary policy, and intervenes to address market failures like externalities. It regulates business, provides public goods, redistributes income, and preserves societal values that markets do not consider.
This document outlines 21 basic economic concepts that are incorporated into the textbook Economics: Principles and Practices. The concepts include scarcity and choice, opportunity cost and trade-offs, productivity, economic systems, and markets and prices. They also cover supply and demand, competition, income distribution, market failures, GDP, unemployment, inflation, monetary and fiscal policy, absolute and comparative advantage, exchange rates, and international trade.
Public financial management (PFM) encompasses all aspects of how a government collects, allocates, spends, and accounts for public resources through the entire budget cycle, procurement processes, auditing, and revenue collection. PFM is crucial for good governance and delivering quality public services to citizens in a sustainable manner. The document then discusses the four key questions of public finance: when and how governments intervene in the economy, the effects of those interventions, and why governments choose certain policies despite market failures and political pressures.
This document provides an overview of macroeconomics concepts. It begins with defining economics and its origin from the Greek words oikos and nomus, meaning household management. It then discusses the central problem of scarcity due to limited resources and unlimited wants. Factors of production and the circular flow model showing the flow of resources and payments between households and businesses are introduced. Opportunity cost, basic economic questions around consumption, distribution and growth, and the types of economic systems are also summarized. Finally, it distinguishes between positive and normative economics and microeconomics versus macroeconomics.
This document provides an overview of ten key economic principles as outlined in introductory economics textbooks. It discusses the principles in three main categories:
1. Individual decision-making principles explain how people make choices and trade-offs based on scarcity, costs, incentives, and rational behavior.
2. Principles of how economies work include that trade benefits all parties, markets are generally the best way to organize activity, and governments can improve outcomes in some cases.
3. Principles of human interaction describe how productivity determines living standards, inflation results from too much money printing, and societies face short-run tradeoffs between inflation and unemployment.
The document uses examples from the textbook "Principles of
This document discusses several key macroeconomic variables that governments must understand in order to effectively manage the economy, including:
- Gross Domestic Product (GDP), which measures total economic output and income. A higher GDP indicates a more economically solvent nation.
- The unemployment rate, which is the percentage of the labor force that is unemployed but seeking work. An unemployment rate of around 6% is considered full employment.
- The inflation rate, which is the rate of change in the overall price level, typically measured by price indexes like the Consumer Price Index (CPI).
- Interest rates, which can refer to hundreds of different nominal rates across different durations and borrower types.
- Investment,
Microeconomics studies individual and small organization decision-making regarding limited resource allocation. It examines how supply and demand determine prices and quantities. The document provides definitions and concepts in microeconomics, including scarcity, opportunity cost, demand, supply, elasticity, market structures like perfect competition and monopoly, and how consumers and businesses make financial decisions based on price and supply/demand.
The document discusses key economic concepts including scarcity, choice, and opportunity cost. It defines microeconomics as the study of individual decisions in markets and macroeconomics as the study of overall prices, employment, income and production. Factors of production include labor, land, capital and entrepreneurship. Markets coordinate economic activity through price adjustments while command economies rely on central planning.
This document provides an overview of introductory economics concepts. It begins by defining key terms like economics, microeconomics, macroeconomics, and scarcity. It then discusses the basic concepts of supply and demand, explaining the supply-demand curve and factors that can cause shifts in supply and demand. The document also covers price stability, full employment, economic growth, and other basic objectives of economics. It provides examples of inflation and its causes. Overall, the document presents foundational microeconomics concepts.
This document provides an overview of key economic concepts related to markets and the role of government in a market economy. It defines markets and how supply and demand determine prices. It discusses how resources are allocated in a market through consumer demand and business competition. The role of government is to promote efficiency, equity, and macroeconomic stability. Government addresses market failures from imperfect competition, externalities, and public goods provision.
Politicians have strong incentives to get re-elected and focus on voters, not long-term economic impacts. Price floors lead to surpluses by keeping prices above market equilibrium, while price ceilings cause shortages by keeping prices below equilibrium; both create deadweight losses. When the economy is in a recession, governments use fiscal policy like increased spending and tax cuts to boost aggregate demand, and monetary policy where the Federal Reserve lowers interest rates and buys bonds to increase the money supply.
The Most Challenging Economy in DecadesQamar Farooq
The document discusses key concepts in microeconomics and macroeconomics. It defines microeconomics as the study of small economic units like consumers and businesses, while macroeconomics is defined as the study of a nation's overall economic issues. The document also outlines factors that drive supply and demand, different market structures, economic systems, the business cycle, and how monetary and fiscal policy can be used to manage an economy. It concludes by mentioning some major global economic challenges faced in the 21st century.
Running head: ECON QUESTION
1
ECON QUESTIONS
5
Econ Questions
Name
Institution
Econ Question
Positive Vs Normative Economic Analysis Statements
Economics as an academic discipline quite commonly uses idea from media analysts, business consultants as well as advisers on government policy. It is therefore very imperative for an individual to understand instances when economists make objective, evidence-based statements concerning the world works as well as when they are making value judgments on policies issues (Beggs). In this case, economist usually uses positive and normative economic in analysis statements. Positive economic statement can be defined as objective, descriptive and factual statement that can be tested amended or rejected by referring to the available evidenceand that dealwith objective explanation and the testing and rejection of theories. On the other hand, negative economic statement can be referred to as statements that are subjective, prescriptive and value-based statements rather than objective statements. Positive economic statement is therefore objective and fact based, while normative economic statement is subjective and value based. Positive economic statements do not have to be correct, but they must be able to be tested and proved or disproved. Normative economic statements are opinion based, so they cannot be proved or disproved.
Other things equal
This is a common assumption that is used in economics which is used in identifying the relationship between two different variable; for instance, quantity and price in the law of demand. While doing this, the assumption is used to see how the relationship of the two different variables can be affected by other things.
The difference between GNP Vs GDP: show and explain model used for economy.
GDP refers to Gross Domestic Product and the total output measured by money of all final goods and services produced by an economy in a country in a given time period (usually one year) (Lidderdale, 2003). On the other hand, GNP refers to Gross National Product which measures the total market value of goods and services produced in a given period of time. GNP also encompasses the value of net income made abroad. Moreover, when calculating GNP, the value of what foreign countries earn in the given country is subtracted from the value.
The model used in calculating GNP is
Gross national income (GNI) = GDP + (income receipts from the rest of the world) – (income payments to the rest of the world)
The four economic resources (explain in detail) and give terms used for the payment of each?
The four economic sources include; Land, Labor, Capital, and entrepreneurship. Land is the natural resources such as iron ore, gold, diamonds, oil, etc. while labor is human resources such as wage-earning worker.
Behavioral economics studies how cognitive, emotional, and social factors influence economic decisions. It assumes humans are not perfectly rational in their decision making like classical economics proposes. Behavioral economics incorporates psychological insights to better understand economic behaviors. Modern economics now combines both psychological and rational choice perspectives to more accurately model how individuals make decisions that impact markets and resource allocation.
This document provides an overview of the key topics covered in Chapter 1 of the microeconomics textbook "Microeconomics: A Comprehensive Analysis" by Pyndick and Rubinfeld. The chapter introduces fundamental microeconomics concepts such as supply and demand, elasticity, consumer behavior, and market structures. It also examines applications such as cost analysis, profit maximization, market failures, international trade, income distribution, and environmental economics. The conclusion states that microeconomics provides a framework for understanding market behavior, economic decision-making, and the impact of policies.
This document discusses key concepts in economics including:
1) It defines economics as the study of how society allocates scarce resources among competing demands. It also discusses microeconomics and macroeconomics.
2) It outlines the basic economic problem of unlimited wants and scarce resources, and how this leads to resource allocation and choice.
3) It explains key economic terms like efficiency, opportunity cost, comparative advantage, demand and supply, and different market structures including monopoly, perfect competition, oligopoly, and monopolistic competition.
The document provides an overview of three main types of economic systems: command economy, market economy, and mixed economy. It explains that a command economy involves major economic decisions being made by the government, while a market economy gives businesses and consumers more freedom to make decisions with limited government involvement. A mixed economy combines elements of both command and market economies. The document also provides examples of countries that utilize different economic systems and notes that some developing countries are moving toward more market-based systems.
The Most Challenging economy in Decades Qamar Farooq
This chapter discusses macroeconomic concepts and the factors that influence the stability of an economy. It begins by defining microeconomics as the study of small economic units like individuals and businesses, while macroeconomics examines a nation's overall economy. It then explains the four types of market structures and compares the main economic systems of capitalism, socialism, and mixed economies. The chapter concludes by analyzing how monetary and fiscal policy can be used to manage economic performance and the major global economic challenges faced in the 21st century.
Semelhante a Applied Economics Concepts for college students.pptx (20)
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
-------------------------------------------------------------------------------
For more information about PECB:
Website: https://pecb.com/
LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Reimagining Your Library Space: How to Increase the Vibes in Your Library No ...Diana Rendina
Librarians are leading the way in creating future-ready citizens – now we need to update our spaces to match. In this session, attendees will get inspiration for transforming their library spaces. You’ll learn how to survey students and patrons, create a focus group, and use design thinking to brainstorm ideas for your space. We’ll discuss budget friendly ways to change your space as well as how to find funding. No matter where you’re at, you’ll find ideas for reimagining your space in this session.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
2. Supply and Demand
This fundamental concept describes the relationship between the
availability (supply) and desire (demand) for a good or service. When
supply and demand are in equilibrium, prices tend to stabilize. If
demand exceeds supply, prices rise; if supply exceeds demand, prices
fall.
3. Opportunity Cost
Opportunity cost represents the value of the next best
alternative foregone when a choice is made. It helps in
decision-making by considering the trade-offs involved in
allocating resources.
4. Gross Domestic Product (GDP)
GDP measures the total value of all goods and services
produced within a country's borders in a given time period. It
is a key indicator of a country's economic health and is often
used to compare the economic performance of different
nations.
5. INFLATION
Inflation is the rate at which the general price level of goods
and services rises, leading to a decrease in the purchasing
power of a currency. Moderate inflation is typically considered
healthy for an economy, while hyperinflation can be
damaging.
6. Monetary Policy
Monetary policy is the management of a country's money
supply and interest rates by its central bank (e.g., the Federal
Reserve in the U.S.). It is used to control inflation, stimulate or
slow down economic growth, and stabilize the financial
system.
7. Fiscal Policy
Fiscal policy refers to government actions related to taxation
and spending to influence the economy. Expansionary fiscal
policy involves increasing government spending and/or
reducing taxes to stimulate economic growth, while
contractionary fiscal policy aims to slow down an overheated
economy through reduced spending or increased taxes.
8. Elasticity
Elasticity measures how sensitive the quantity
demanded or supplied of a good is to changes in its
price or other factors. For example, if demand is
inelastic, a change in price has a small impact on the
quantity demanded.
9. Market Structure
This refers to the characteristics and organization of a
market, such as the number of firms, degree of
competition, and barriers to entry. Common market
structures include perfect competition, monopolistic
competition, oligopoly, and monopoly.
10. Utility
Utility is a measure of the satisfaction or benefit that
individuals derive from consuming a good or service.
Economists often use utility to explain consumer choices and
preferences.
11. Trade-off
A trade-off occurs when individuals or societies must
sacrifice one thing to gain something else. It's a
fundamental concept in economics because resources
are limited, and choices must be made.
12. Labor Force
The labor force includes all individuals who are either
employed or actively seeking employment. It's a crucial
component in analyzing employment and
unemployment rates.
13. Capital
Capital represents the tools, machinery, equipment, and
financial resources used in the production of goods and
services. It's a factor of production and is essential for
economic growth.
14. Externalities
Externalities are the unintended side effects of economic activities on
third parties who are not directly involved in the transaction. Positive
externalities, like education benefiting society, and negative
externalities, like pollution harming the environment, are common
examples.
15. Monetary Unit
A monetary unit is the standard unit of currency used in an economy. It
provides a common measure of value for goods and services and
facilitates economic transactions.
16. Trade Balance
The trade balance measures the difference between a country's
exports (goods and services sold to other countries) and imports
(goods and services purchased from other countries). A surplus occurs
when exports exceed imports, while a deficit occurs when imports
exceed exports.
Notas do Editor
Think of supply and demand like a seesaw for stuff you buy, like pizza.
Imagine you have a pizza stand, and you make delicious pizzas. Lots of people in your town really want your pizza (that's the demand), but you only have a limited number of pizzas to sell (that's the supply).
Now, let's say you have just the right number of pizzas to satisfy everyone who wants one. Your supply and demand are balanced like a seesaw that's perfectly level. So, you don't need to charge crazy high prices because you have enough pizza for everyone, and the prices stay normal.
But one day, your pizza becomes super popular, and suddenly, way more people want your pizza than you can make. That's like having too many people on one side of the seesaw, and it tips way down. To make it fair, you raise the price because there's not enough pizza for everyone, and you want to decide who gets it. So, the price goes up when the demand is higher than the supply.
On the other hand, sometimes you make a lot of pizza, but not many people want it. Now, it's like having too many people on the other side of the seesaw, and it tips way down on the other side. To get people interested in your pizza, you lower the price because you have too much pizza sitting around and want to sell it. So, the price goes down when the supply is higher than the demand.
So, supply and demand are like a seesaw for prices. When they're balanced, prices stay steady. When one side is heavier (either supply or demand), prices go up or down accordingly. It's like a pizza party for your wallet! 🍕💰
Opportunity cost is like the stuff you miss out on when you make a choice. Let's say you have some money and two fun things you can do with it.
Imagine you have $20, and you can either buy a ticket to a cool movie or go to an amusement park. You really want to do both, but you can only pick one.
Now, if you decide to go to the movies, the opportunity cost is what you're giving up - in this case, the amusement park fun. You could have had a blast on roller coasters and eating cotton candy, but you chose the movies instead.
On the other hand, if you decide to go to the amusement park, your opportunity cost is the movie you won't get to see. You might miss out on an awesome adventure on the big screen.
So, opportunity cost helps you think about what you're giving up when you make a choice. It's like saying, "Okay, I'm going to the movies, but I know I won't get to ride roller coasters today." It helps you make decisions by reminding you about the trade-offs you're making when you allocate your resources, like time or money.
Think of it this way: Opportunity cost is like the price you pay in fun or benefits for choosing one thing over another. It's the "what could have been" in your decision-making adventure! 😄🎢🎬
GDP, or Gross Domestic Product, is like a big scoreboard for a country's economy. It tells us how much stuff, like goods (like phones, cars, and clothes) and services (like haircuts, education, and healthcare), a country makes and provides in a certain time, usually a year.
It's important because it helps us figure out how well a country's economy is doing. When GDP goes up, it usually means the country is doing well economically. When it goes down, it might mean there are some economic problems.
People also use GDP to compare how well different countries are doing economically. It's like comparing scores in a video game – you can see which country is doing better or worse in terms of their economic activity.
So, in simple terms, GDP is like a way to measure and compare how much stuff a country makes and does, and it's a handy tool to see how healthy a country's economy is.
Think of inflation as the sneaky ninja that makes your money less powerful over time. Imagine you have a magical money pouch, and inside it, you have enough coins to buy a big box of your favorite video games.
Now, when inflation happens, it's like that ninja sneaks into your pouch and steals a few coins. So, even though you have the same number of coins, they can't buy as many games as before.
A little bit of inflation, like a friendly prank, is okay for the economy. It keeps things interesting. But if that ninja goes crazy and starts stealing lots of coins really fast, it's like a wild party that gets out of control. Suddenly, your money can't buy anything, and you're stuck with a pouch full of worthless coins.
So, remember, a little ninja action (moderate inflation) is healthy for the economy, but when it turns into a crazy ninja party (hyperinflation), that's when things get seriously funny in a not-so-good way!
Think of monetary policy like the remote control for the country's piggy bank. Imagine the central bank has this magical remote.
When the economy is getting too hot and people are spending money like crazy (imagine them as spend-happy squirrels), the central bank can press a button on the remote to make it harder for them to get more money. It's like turning down the squirrel's nut-dispensing machine.
But if the economy is feeling sluggish, like a sloth on a rainy day, the central bank can press another button to make it easier for people to get money. This helps wake up the economy and get it moving faster.
Oh, and if the financial system starts wobbling like a Jenga tower, they can use their remote to add extra support beams to keep everything from crashing down.
So, in short, monetary policy is like the remote control that the central bank uses to keep the economy from going nuts, make it move faster when needed, and prevent the financial system from turning into a game of economic Jenga.
Fiscal policy ay parang yung malaking remote control ng gobyerno sa pera ng bansa. Imahe natin ang gobyerno bilang isang bantayog ng superhero, at may special remote control siya na pang-ayos ng pera ng bansa.
Kapag kailangan ng ekonomiya ng dagdag-eksena, inaactivate ng gobyerno yung "Gastos Nang Malaki" button. Parang pag-pindot sa button na 'to, nagkakaroon ng malupet na pyesta at lahat ay nag-ga-gala. Bumibili ng kung anu-ano, kumikita mga negosyo, parang fiesta buong bansa!
Pero kapag feeling nila sobrang gulo na, at sobrang mahal na ang mga bilihin, pinipindot nila yung "Tipid Mode" button. Parang lullaby sa ekonomiya, kaya lahat ay inaantok na at nag-iisip muna bago gumastos.
Kaya ang fiscal policy ay parang remote control ng gobyerno para sa pera ng bansa - pwede nila gamitin para mag-organize ng party o mag-umpisal ng lullaby, depende sa kailangan ng ekonomiya!
Si Mang Juan ay isang tindero ng itlog sa palengke. Siya ay palaging masaya dahil laging may bibili ng kanyang itlog. Ngunit isang araw, biglang tumaas ang presyo ng itlog dahil umakyat ang gastos sa pag-aalaga ng mga manok.
Sa kabila ng pagtaas ng presyo, ang mga suki ni Mang Juan ay hindi pa rin nag-aalangan na bumili ng itlog sa kanya. Kahit na naging mas mahal na ang itlog, hindi pa rin sila nawawalan ng gana na magluto ng masarap na adobo o sinangag na sinangag.
Dito, napagtanto ni Mang Juan na ang demand para sa kanyang mga itlog ay "inelastic." Kahit na tumaas ang presyo, hindi ito masyadong nakaaapekto sa dami ng itlog na binibili ng mga tao.
Sa simpleng paraan, ito ay parang sabi ng mga suki ni Mang Juan, "Huwag mo kaming bawian ng itlog, kahit magkano pa 'yan!" Kaya't inelastic ang demand para sa itlog ni Mang Juan, at palaging masaya ang kanyang negosyo!
Ito ay parang usapan tungkol sa kung gaano kagulo o kakaunti ang kalaban sa isang larong patintero.
Kapag marami kayong naglalaro at lahat kayo ay magkasama sa isang maluwag na lugar, parang "perfect competition" yan. Lahat kayo may pantay-pantay na tsansa na manalo at may magagandang tsinelas.
Pero kung isa lang ang kalaban mo, at sobrang galing magpatintero, parang "monopoly" yan. Siya lang ang may kontrol at mahirap makalampas sa kanya.
Pag may iba-ibang kalaban pero konti lang, pwede itong "oligopoly." Parang apat lang kayong magkakasama sa larong patintero, so medyo mahirap labanan ang isa't isa.
Sa madaling salita, market structure ay usapan tungkol sa kung gaano kalakas o kaliit ang kalaban sa isang larong patintero, kung paano nag-aagawan sa customers, at kung gaano ito kagulo. Malalaman mo ito kung madaming naglalaro o iisa lang ang kalaban mo sa patintero!
Ang utility ay parang "kiligin factor" sa pag-ibig o sa buhay. Ito'y sukatan kung gaano ka-ni-feel ng tao pag ginagamit niya ang isang bagay o serbisyo.
Halimbawa, pag kumain ka ng paborito mong ice cream flavor, nakuha mo yung "kiligin" feeling, yan ang utility! Pero pag yung ice cream ay hindi masyadong masarap, mababa ang utility.
Ang mga economist, sila yung mga "love guru" ng ekonomiya, gamit ang utility para maipaliwanag kung bakit tayo gumagawa ng mga choices sa buhay, lalo na sa mga bagay na binibili natin. Kasi, gusto natin laging kiligin at masaya!
Kaya't sa simpleng salita, ang utility ay parang "kiligin factor" na tumutukoy sa kasiyahan o benepisyo na natatanggap natin mula sa mga bagay o serbisyong ating ini-enjoy.
A, eto ang trade-off, parang yung bespren mong laging kasama sa lahat ng chikahan. Kapag kasama mo siya, sobrang saya, pero minsan, kailangan mo rin isakripisyo yung solo time mo para sa ibang bagay.
Sa economics, trade-off ay parang bespren mo na yung oras mo, pera, at resources ay limitado. Kaya't minsan, kailangan mong isakripisyo o i-give up ang isang bagay para makamit yung iba.
Halimbawa, kung bibili ka ng paborito mong kape sa café, kailangan mong isakripisyo ang pera mo para dun. Ibig sabihin, hindi mo na magagamit yung pera na 'yun sa ibang bagay, tulad ng masarap na ice cream.
So, trade-off ay parang bespren mong kasama sa buhay na nagpapamahagi ng oras at resources mo. Kailangan mo i-decide kung anong bagay ang mas importante at worth it isakripisyo para sa ibang bagay na gusto mo.
A, alam mo ba yung labor force? Parang mga tao sa pila ng favorite milk tea shop. Yung mga kasama sa pila, either umo-order na o naghahanap pa lang ng milk tea.
Sa economics, labor force ay parang pila ng tao sa milk tea shop na ready na magtrabaho o naghahanap pa lang ng trabaho. Sila yung mga tao na kasama sa stats ng employment at unemployment rates.
Yung mga umo-order na ng milk tea, employed sila, kasi may trabaho na. Pero yung mga nasa pila pa lang, actively seeking employment, kasi hanap pa sila ng trabaho.
Kaya importante ang labor force sa pag-aanalyze ng employment at unemployment rates, parang pagtingin mo sa pila ng milk tea, alam mo kung gaano karaming gutom sa trabaho!
A, kapital naman, yan yung mga kagamitan at pera na ginagamit sa paggawa ng mga bagay-bagay. Parang superhero tools at budget para sa ekonomiya!
Kumbaga, sa isang bakery, yung capital ay parang oven, mixer, at budget para sa harina at kape. Kung wala yun, paano makakagawa ng masarap na tinapay at kape?
Kaya importante ang capital sa ekonomiya kasi ito yung nagpapabilis at nagpapaganda ng mga produkto at serbisyo. Para yang magic wand ng ekonomiya na nagpapalakas at nagpapalawak ng kita!
A, alam mo ba yung mga eksternalitiya? Parang yung di inaasahan na pasabog sa fireworks display sa birthday party!
Sa economics, eksternalitiya ay parang mga di inaasahan na epekto ng mga gawain sa ekonomiya sa mga taong hindi directly involved sa gawain na yun.
Kung positive eksternalitiya, parang yung pag-aaral mo. Kapag nag-aaral ka, hindi lang ikaw ang nakikinabang kundi buong society din dahil mas maraming edukado, mas maunlad ang bansa.
Pero may negative eksternalitiya rin, parang yung usok ng mga sasakyan. Kapag nagmumaneho ka at nagpopollute ang sasakyan mo, hindi lang ikaw ang apektado kundi pati ang environment at ibang tao sa paligid mo.
Kaya importante ang pag-aaral ng eksternalitiya sa ekonomiya, para alam natin ang mga di inaasahang epekto ng ating mga gawain at para magawan ng paraan na hindi masyadong makakasama sa iba. Parang pagpapaputok sa fireworks, gusto natin maging masaya ang lahat, hindi lang yung may birthday
Oh, alam mo ba yung monetary unit? Ito yung superstar na currency na ginagamit sa ekonomiya. Parang ruler na ginagamit para sukatin ang halaga ng mga bagay at serbisyo.
Kumbaga, sa mundo ng pera, ito yung pangunahing bituin ng show. Kung wala itong monetary unit, parang magulo ang ekonomiya, kasi hindi natin alam kung magkano ang halaga ng mga bagay.
Halimbawa, kung peso ang monetary unit sa Pilipinas, alam natin ang halaga ng isang kilo ng bigas, isang kilong bawang, o kahit isang ticket sa sine. Ito yung nagpapadali ng mga transaksyon at nagbibigay ng common language sa ekonomiya.
Kaya mahalaga ang monetary unit, ito yung superstar na nagdadala ng kasunod-sunod na kaganapan sa buhay ng pera!
Ito yung kwento tungkol sa trade balance: Parang isang malupit na laban sa basketball, pero ang kalaban mo ay iba't ibang bansa.
Kapag sinasabi natin na may "surplus" sa trade balance, ibig sabihin mas marami tayong na-export na produkto at serbisyo kaysa sa mga produkto at serbisyong inaangkat natin mula sa ibang bansa. Parang sa basketball, tayo yung mas maraming points kaysa kalaban, so panalo tayo!
Ngunit kapag may "deficit" sa trade balance, ito'y nangyayari kapag mas marami tayong inaangkat na produkto at serbisyo kaysa sa mga na-e-export natin. Ibig sabihin, parang sa basketball, kalaban natin ay mas maraming points kaysa sa atin, so talo tayo sa laro.
Sa madaling sabi, ang trade balance ay parang scorecard ng bansa sa larong pang-ekonomiya. Kung mas marami tayong na-e-export, maganda ang score natin. Pero kung mas marami tayong inaangkat, medyo kulang tayo sa puntos.