1.) Exogenous vs. Endogenous variables
... much labor to supply towards legitimate work opportunities (Lw) and how much labor to supply towards crime (Lc). In doing so, this person can earn a wage w in the legal labor market and a return to crime n in the illegal labor market. In the illegal labor market, the potential criminal faces costs o ...
... much labor to supply towards legitimate work opportunities (Lw) and how much labor to supply towards crime (Lc). In doing so, this person can earn a wage w in the legal labor market and a return to crime n in the illegal labor market. In the illegal labor market, the potential criminal faces costs o ...
Guided Notes 23.2
... Higher employment means higher wages Higher wages mean higher consumption Higher consumption means more production 2. Boom Economic activity is at its peak Peak – the highest point of the boom Businesses are working at full capacity Law of Diminishing Returns – as a business adds more ...
... Higher employment means higher wages Higher wages mean higher consumption Higher consumption means more production 2. Boom Economic activity is at its peak Peak – the highest point of the boom Businesses are working at full capacity Law of Diminishing Returns – as a business adds more ...
keynesian economics
... government expenditure this will boost through the multiplier. This will, in turn, boost investment through the accelerator. Then, because of the increase in investment, the multiplier takes over again. As growth reaches its peak, the accelerator kicks in reverse and investment then falls. This has ...
... government expenditure this will boost through the multiplier. This will, in turn, boost investment through the accelerator. Then, because of the increase in investment, the multiplier takes over again. As growth reaches its peak, the accelerator kicks in reverse and investment then falls. This has ...
What is a typical business cycle?
... productivity has changed, and it finds no great effect on productivity . Another possible explanation could be that the recent increase in employment has meant that new groups with a lower productivity than others have entered the labour market. For instance, it can take time to train new employees. ...
... productivity has changed, and it finds no great effect on productivity . Another possible explanation could be that the recent increase in employment has meant that new groups with a lower productivity than others have entered the labour market. For instance, it can take time to train new employees. ...
The Global Economy
... The fiscal pact is one step forward –strengthening growth and support mechanisms will be harder The EU has agreed on a fiscal pact with binding balanced budget rules for the euro countries (structural deficits may not exceed 0.5% of GDP). The pact is necessary and improves budget discipline in the ...
... The fiscal pact is one step forward –strengthening growth and support mechanisms will be harder The EU has agreed on a fiscal pact with binding balanced budget rules for the euro countries (structural deficits may not exceed 0.5% of GDP). The pact is necessary and improves budget discipline in the ...
Middle East Economy
... to the output of goods and services in terms of current prices, whereas "real GDP" refers to the output of goods and services in terms of constant prices, which is in terms of prices where corrections are made for changes in the value of the dollar. Per capita GDP is the GDP in an economy divided by ...
... to the output of goods and services in terms of current prices, whereas "real GDP" refers to the output of goods and services in terms of constant prices, which is in terms of prices where corrections are made for changes in the value of the dollar. Per capita GDP is the GDP in an economy divided by ...
The Solidarity Economy and its paradigm in Latin America and the
... America and the Caribbean, a United Nations agency), which made the first steps towards looking beyond an “economic” view of development. The productive development with equality model was launched by the ECLAC in Chile. The ECLAC’s analysis concludes that although many countries in Latin America ha ...
... America and the Caribbean, a United Nations agency), which made the first steps towards looking beyond an “economic” view of development. The productive development with equality model was launched by the ECLAC in Chile. The ECLAC’s analysis concludes that although many countries in Latin America ha ...
Chapter 8 Economic Growth and Rising Living Standards
... A tax cut would require either (a) a rise in the budget deficit; or (b) a cut in government spending. In case (a), the interest rate will rise and crowd out private investment spending, which could slow down the rate of capital formation and the rate of economic growth. In case (b), the government m ...
... A tax cut would require either (a) a rise in the budget deficit; or (b) a cut in government spending. In case (a), the interest rate will rise and crowd out private investment spending, which could slow down the rate of capital formation and the rate of economic growth. In case (b), the government m ...
Course name: Development studies An assignment
... fuels such as coal or oil, or of other organic materials like wood, is one such example. Mishra ...
... fuels such as coal or oil, or of other organic materials like wood, is one such example. Mishra ...
Producers
... goods and services from Producers on an open market. Their expenditures. They provide money and receive final goods The amount of goods and services that they can purchase creates their standard of living Producers supply and sell final goods and services to Consumers on an open market. They receive ...
... goods and services from Producers on an open market. Their expenditures. They provide money and receive final goods The amount of goods and services that they can purchase creates their standard of living Producers supply and sell final goods and services to Consumers on an open market. They receive ...
3.01 Notes - Westbrooks-Wiki
... Capitalism. The people _________________________________________who represent their constituents’ interests. For example, the United States and Japan. Socialism. Although most socialist countries are_______________________, the socialist economy has__________________________________________________. ...
... Capitalism. The people _________________________________________who represent their constituents’ interests. For example, the United States and Japan. Socialism. Although most socialist countries are_______________________, the socialist economy has__________________________________________________. ...
04- Unit 1 Review Guide
... production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price (marginal benefit) are equal. 3. Business cycle: recurrent ups and downs over a period of years in the level of economic activity. 4. Capital: human-made resources (machiner ...
... production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price (marginal benefit) are equal. 3. Business cycle: recurrent ups and downs over a period of years in the level of economic activity. 4. Capital: human-made resources (machiner ...
Macroeconomics: Long Run and Short Run
... from re-spending rounds to accommodate inventory changes moves the Aggregate Demand curve from its original position to its final position. Multipliers take a year or two to work out. Any new spending change from any sector: households, businesses or government, has an associated multiplier. The eco ...
... from re-spending rounds to accommodate inventory changes moves the Aggregate Demand curve from its original position to its final position. Multipliers take a year or two to work out. Any new spending change from any sector: households, businesses or government, has an associated multiplier. The eco ...
Causes and Results of Inequitable Distribution of Wealth
... The unequal distribution of wealth is a major problem not only nationwide but worldwide. There are several reasons as to why this is an issue, but the two major ones go hand in hand: lack of resources and the unequal distribution of capitalism. A common misconception is that the main reason for this ...
... The unequal distribution of wealth is a major problem not only nationwide but worldwide. There are several reasons as to why this is an issue, but the two major ones go hand in hand: lack of resources and the unequal distribution of capitalism. A common misconception is that the main reason for this ...
November 21, 2012
... unknown in the West since the end of the Second World War. In this dystopian future there would have to be permanent austerity programmes. This would not only mean cutting government spending, which is what “austerity” means now, but the real kind: genuine falls in the standard of living of most wor ...
... unknown in the West since the end of the Second World War. In this dystopian future there would have to be permanent austerity programmes. This would not only mean cutting government spending, which is what “austerity” means now, but the real kind: genuine falls in the standard of living of most wor ...
Final Exam
... countries. However, by the 1970s, both Keynesianism and social democratic capitalism were in serious crisis. According to Pollin, what factors/problems had contributed to the downfall of social democratic capitalism? Since then a new consensus in mainstream macroeconomics has emerged. It argues that ...
... countries. However, by the 1970s, both Keynesianism and social democratic capitalism were in serious crisis. According to Pollin, what factors/problems had contributed to the downfall of social democratic capitalism? Since then a new consensus in mainstream macroeconomics has emerged. It argues that ...
Ciaran Fitzgerald
... I.E. if you take the current /normal approach, share of GDP/GVA is the measure of the value of a sectors activity across the Irish economy .. The Table below from a FORFAS publication” Enterprise statistics at a glance” highlights the current perceptions of sectoral hierarchy in the Irish Economy … ...
... I.E. if you take the current /normal approach, share of GDP/GVA is the measure of the value of a sectors activity across the Irish economy .. The Table below from a FORFAS publication” Enterprise statistics at a glance” highlights the current perceptions of sectoral hierarchy in the Irish Economy … ...
Economics is
... If all the economy’s resources are used to produce15 tractors, 0 tons of food will be produced (point A on the PPC) On the other hand, if all resources are used to produce 12 tons of food, 0 tractors will be produced (point G on the PPC) All the points on the curve between A and G represent other pr ...
... If all the economy’s resources are used to produce15 tractors, 0 tons of food will be produced (point A on the PPC) On the other hand, if all resources are used to produce 12 tons of food, 0 tractors will be produced (point G on the PPC) All the points on the curve between A and G represent other pr ...
ASSESSMENT OF TRANSFORMATION PROCESSES IN THE
... on the standard of living in the state but also predetermining economic, social and demographic consequences. Housing privatisation was very rapid and hasty if compared with other transitional countries of Central and Eastern Europe (Statistical Yearbook…, 2000). In 2002, 97.6 % of the total housing ...
... on the standard of living in the state but also predetermining economic, social and demographic consequences. Housing privatisation was very rapid and hasty if compared with other transitional countries of Central and Eastern Europe (Statistical Yearbook…, 2000). In 2002, 97.6 % of the total housing ...
Zimbabwe Business Forecast Report Q2 2011 Brochure
... Zimbabwe faces some uncertainty in 2011. Most notably, it is not clear when and in what climate the next elections will be held. The uncertainty over the timing of elections, combined with the mixed policy messages coming from the current coalition government, is weighing on the country’s ability to ...
... Zimbabwe faces some uncertainty in 2011. Most notably, it is not clear when and in what climate the next elections will be held. The uncertainty over the timing of elections, combined with the mixed policy messages coming from the current coalition government, is weighing on the country’s ability to ...
Book Preface
... In many, perhaps most, introductory courses the instructor is dealing with two types of student, and, therefore has two different goals. The first group comprises students whose interest in economics is a general one as part of a broad educational curriculum. Some of these students may never take an ...
... In many, perhaps most, introductory courses the instructor is dealing with two types of student, and, therefore has two different goals. The first group comprises students whose interest in economics is a general one as part of a broad educational curriculum. Some of these students may never take an ...