What I took away from week two’s objectives after discussing and the topics that I feel comfortable with are the relationships between productivity and the cost of production. Productivity is being able to bring forth or produce goods and services. Understanding that there are many different types of cost that business’ incur during the production cycle. It’s important for firms, owners or managers, etc. To […]

The Gross Domestic Product (GDP) This is used to measure the total market value of all goods and services. The value is measure against the total amount produced within a country in a year or over a period of time. There can be issues with the accuracy of the calculations, because the Government receives the data which only analyzes the output of goods and services […]

Summary In accordance to the formulation of latest economic data juxtaposed with macroeconomic principals and theories it can be stated that at the start of 2006, the People’s Republic of China officially proclaimed itself as the fourth largest economy, determined by USD-exchange rate leaving behind France and the United Kingdom. The People’s Republic of China has an economy, which is graded as the fourth largest […]

When doing the nominal GAP, the GAP will look higher than it actually is due to not taking inflation into factor. Define and Explain Unemployment Rate Unemployment rate could be defined as the percentage of the total workforce who are not working and are looking for a paying Job. The unemployment rate is watched very closely within the economy. If the unemployment rate rises (more […]

However, if the more expansionary policy persists, the long-run impact will be inflation and higher nominal interest rates, without any positive impact on real output and employment. The more rapid the sustained growth rate of the money supply (relative to real output), the higher the expected rate of inflation. Thus, modern analysis indicates that the long-run implications of the earlier quantity theory of money are […]

How can GAP measures two things at once? GAP measures the total economy income and total output of goods and services. The reason why GAP measures two things at once is that the output of goods and services and total income, quantitatively, are the same. For instance, every dollar of expenditure by a buyer must become a dollar of income to a seller. 2. What […]

Steve Job drove Apple to path of success since its incorporation in 1976. It started with computers but soon started losing market share to rivals Microsoft and IBM in 1990. Apple Inc revamped its business and entered other markets with its core competence. With strong strategic thinking Steve Jobs took the company to different level with generation next products by making its mark in communication […]

What is Macroeconomics? Macroeconomics vs.. Microeconomics Why Study Macroeconomics? Influential macroeconomic events Macro Economic Policy Key Macroeconomic Variables Rules of the Class Either you speak or the instructor. No cell phones/laptops Attendance can be taken any time during the session. Ђ Do not enter the class room after the scheduled class time You can leave the classroom in between a session UT are not allowed […]

There are other factors of an economy such as externalities; these are benefits or costs that are received by parties or human beings that are not involved directly in a transaction. External benefits are somewhat beneficial but external costs usually cause problems; these are usually caused by pollutants emitted from factories and other service providing plants. In this period of time, the world is undergoing […]

Economic Overview Nigeria’s economy is estimated to be worth about $262bn, making it one of the largest economies in Africa. The estimates and analysis of various indicators is discussed in the later sections. The country has fared better than many other countries during the global economic downturn, but systemic problems in infrastructure and the labor market mean that its position in the Economist Intelligence Unit’s […]