Quiz Essay

Macroeconomics is the field of economics that studies the behavior of the economy as a whole not certain parts. Gross National Product (GDP) the economy’s total output; how it is affected by changes in unemployment, national income, rate of growth, and price levels. Macroeconomics encompasses an increase or a decrease in net exports would affect a nation 's capital account. Government’s role in macroeconomics is to keep the economy in equilibrium; taxes and government spending augment the balance to achieve equilibrium in the economy

Scarcity shows us the basic economic problem, where humans have unlimited wants, yet there are only finite amount of resources. Therefore, there are not enough resources to fulfill these unlimited needs. One real world example of a scarce resource is coal. Coal is a resource used for fossil fuel and is a combustible rock. Coal is used for “electricity generation, steel production, cement manufacturing and as a liquid fuel”. As you can see there are many uses for coal, thus there will be companies needing as much coal as they can get, however there is only a finite amount for everyone, therefore it must be allocated correctly in order to satisfy those needing coal for self interest and their own objectives.

a. how choices are made under conditions of scarcity. b. how money is used. c. how goods and services are produced. d. how businesses maximize profits.

Scarcity can occur in America due to the fact that it is not possible for a country to provide all the goods a services that its citizen’s want, there are situations where this is high demand for a particular product that the resources to produce this product is limited. This can also occur where the good and service is a need for instance the water crisis in Flint Michigan, with the water being contaminated there is a scare supply of clean drinkable water.

In the this essay, I want to talk about one question, in the micro economic, individuals in the pursuit of their own self-interest will make decisions that lead the economy to efficient and socially optimal outcomes. How about int the macroeconomic? In my opinion people action can’t lead the economy to efficient and socially optimal outcomes in the macroeconomic.

The general manager of the grocery store Wegmans in Canandaigua, NY, wants to know the average (typical) amount of time it takes for a customer to check out of his grocery store. Last Saturday between the hours of 8 am and noon the manager, along with a team of helpers, measured the amount of time it took the first 200 customers to check out at each of its open registers. The helpers recorded the time (in minutes) using a stop watch, starting when a customer first arrived at a line and ending when they had paid and received their receipt. The average time for the sample was 6.5 minutes.

A student athlete presents Dr. Pozos with documentation that he had an school-sponsored athletic event and was unable to complete the module. Dr. Pozos opens the emodule for the student and the student forgets to take the emodule a

The two major theories of economics are Classical Economics and Keynesian Economics. Classical economists believe that markets function very well, will quickly react to any

Economics is made up of two smaller categories microeconomics, and macroeconomics. Microeconomics is more of a smaller scale such as an industry while macroeconomics is on a more national level. It is important to study economics even if you are not a business owner. For example, understanding economics and the market, you could better determine when to buy a house or when to start up a business. In a YouTube video titled “AP Econ Music Video Microeconomics SPHA”, a group of teenagers worked on a music video summarizing major concepts of economics. In that video, there are a lot of key factors such as supply, demand, monopolies, elasticity, and costs that are beneficial to both producers and consumers.

Macroeconomics concentrates on the issues that affect the economy in its entirety. It particularly focuses on economic factors such as inflation, unemployment and economic growth. Macroeconomics examines the elements that influence the behaviour of national and international economies, taking into account the total amount of goods and services produced by all businesses and the government.

Macroeconomics is one of the main branches of economics. The best way to understand what macroeconomics is about is perhaps to contrast it with microeconomics, another main branch of economics.

Economics is a very wide and expansive topic, the topics of economics could be explained in several sub topics, now what is economics to be more specific what macroeconomics is. Macroeconomics the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity. When it comes to economics their 4 type of resources, land, labor, capital, entrepreneur ship, and these are known as the factors of production, now the best resource out of all the 4 four types of resource is capital, capital in my opinion is the main factor which yields the most production, to an economy, and here is why that is, and more in depth of the 4 factors of production.

Macroeconomics is a branch of economics, which deals with the performance, structure, and decision-making of an economy. It focuses on economy-wide phenomena such as unemployment, national income, rate of growth, inflation and relevant environmental factors. In an attempt to understand these ever changing

According to Webster’s dictionary Macroeconomics is defined as a study of economics in terms of whole systems especially with reference to general levels of output and income, and to the interrelations among sectors of the economy. However, macroeconomics is a branch of the economics field that studies

Economics as an area of study and research borrows from the social and scientific aspects of life. The interplay between the two principles helps in the formulation of ideals that influence distribution, production, and consumption. Right from the ancient times understanding and definition of the term dwelled on the issue of political economy. Nonetheless, developments by made scholars in the sector saw the formulation of new meanings that separated economics from other political and social sciences. Marshall (2004) noted that the essence of economics is to study the interaction and behavior of various economic factors that determine how economies work (Marshall 2004).