Relating Recent and Important Economic Events to the Major Economic Principles and Theories: An Analysis

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Microeconomics 1 Abstract This paper presents an analysis of the most recent and important economic events and relates them to the major economic principles and theories. The economic events and issues discussed in the paper include global financial crisis, tax avoidance, expenditures on national defense, rise in oil and gas prices, rise in the level of unemployment, and IT investments. These events and issues have been discussed in the light of various economic principles like supply and demand, elasticity and production costs, market structures, labor market, government intervention, international markets, and market efficiency or failure. Draft: Relation between Global Economic Events/Issues and Economic Principles Strong Relationship / High Impact: Moderate Relationship / Medium Impact: Economic Principles Global Events / Issues Supply and Demand Elasticity and Production Costs Market Structures Labor Markets Government Intervention International Markets Market Efficiency/ Failure Global Financial Crisis Tax Avoidance Expenditures on National Defense Rise in Oil and Gas Prices Rise in the level of Unemployment IT Investments No Relationship / Insignificant Impact: 1. Global Financial Crisis (2008-09) and Growth Rate of the Global Economy The most recent financial crisis hit the world economy in the late 2007 and early 2008. It crashed the

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