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MyEconlabfor test MAE102 Week 2: TOPIC 1 political prudence is a hearty science because it studies the actions of individuals. The context in which we break the economy is continuously changing: Always movements along the commercialise/central formulation scale (Centr aloney Planned economy, Mixed economy, trade economy) Other policy-making and social trends The level of openness the content economy is to the worldwide grocery stores (both goods/ work as closely as financial markets) globalization: Refers to the increasing interconnectivity of individuals and entities across national b outranks. In the context of Economics- globalization manifests instellf in increase capital flows, goods and services trading and entropy flows in the midst of 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 argon often exploited 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 at bottom an area How are the slices of an economy measured? Output per each(pre! nominal) sector. When all sectors are put together, the total output receipts domestic 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 last-place good eocnompasses all...If you penury to get a full essay, order it on our website: BestEssayCheap.com

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