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MyEconlabfor test MAE102 Week 2: TOPIC 1 economics is a hearty science because it studies the actions of individuals. The context in which we break up the prudence is continuously changing: Always movements along the mart/central formulation scale (Centr everyy Planned economy, Mixed economy, foodstuff economy) Other policy-making and social trends The level of openness the discipline economy is to the worldwide markets (both goods/ function as closely as financial markets) globalization: Refers to the increasing interconnectivity of individuals and entities across national b parliamentary procedures. In the context of Economics- globalization manifests instellf in change magnitude capital flows, goods and services trading and entropy flows amongst economies. Costs and benefits of Globalisation: GAINS: increased foreign enthronement to poorer nations Faster transfer of technology across borders Larger markets for suppliers much(prenominal ) that they can benefit from economies of scale etc.

be: social and environmental concerns: Inability of many countries to regulate environmentally damaging activites adult male resources be often work Widening income gap between the deep and the poor (between individauls in a country as well as between nations) Increased financial market integration: Benefits of finaicla market upturns are shared amongst larger numbers of participants, the cost of financial market downturns are also spread farthest and wide. TOPIC 2: MEASURING THE ECONOMY What is an economy? A host of producers inside an area How are the slices of an economy measured? Output per all(prenominal)(p renominal) sector. When all sectors are put ! together, the total output receipts internal Product (GDP) Each slice is therefore the survey that each sector contributes to the economy The tricks to measuring the slices: There are 2 ways to measure GDP 1. The value- that each sector contributes to the economy 2. The value of the nett GOOD or service produced (The final examination good eocnompasses all...If you penury to get a full essay, order it on our website: OrderEssay.net

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