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Macroeconomics Essay

NAS. Macroeconomics considers the performance of the economy as a whole. Many macroeconomic issues appear in the press and on the evening news on a daily basis. When we study macroeconomics we are looking at topics such as economic growth; inflation; changes in employment and unemployment, our trade performance with other countries (I. E. The balance of payments) the relative success or failure of government economic policies and the decisions. .. Give examples of macroeconomic variables. NAS. Examples of macroeconomic variables are a. National income b.

Inflation . Mention any 2 differences between macroeconomics and microeconomics. NAS. … Define an economic agent ? Or what do you mean by a player in an economy? NAS. A person, company, or organization that has an influence on the economy by producing, buying, or selling is called an economic agent or a player in an economy. … Define durable consumer goods? NAS. Long-lived goods bought for final consumption and whose uses are expected to be enjoyed over a period longer than (usually 1 year) used in national income accounting is called consumer durable goods.

Examples of durable goods are automobiles, appliances, furniture, Jewelry, consumer electronics and sporting goods. .. Define non-durable or single use consumer

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goods. NAS. Consumer goods which are consumed in the sense that they can only be used once or very few times and is not expected to last over an accounting year is called non-durable or single use consumer

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goods. Example: food, drink, tobacco. … Define intermediate goods. NAS. A good (or service) that is used as an input or component in the production of another good.

NAS. A good or service that is consumed by the end user and does not require any further processing. Example; tires for automobile industry or copper which can be used to make some further goods. .. Define stock and flow variables. NAS. A stock variable is measured at one specific time, and represents a quantity existing at that point in time which may have accumulated in the past. Example – money and wealth. A flow variable is measured over an interval of time. Therefore a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense.

Example- government deficit, government wealth. .. What is the difference between stock and flow variables? NAS. Stock variable Flow variable 1 . A stock variable is measured at one specific time, and represents a quantity existing at that point in time which may have accumulated in the past. 2. A stock variable has no time dimension. 1. A flow variable is measured over an interval of time. Therefore a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense. 2. A flow variable is related to time and expressed in terms of time period. .. Define the following: a. Investment, b. Gross investment , c. Inventory investment, d. Fixed investment, e. Net investment. NAS. A. Investment: the process of adding to stocks of real productive assets is called investment.

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