Managerial Economics National Income - 2704 Words

Assaignment topics: Nature , conceps , measurement of nation income Classical and Keynes approaches nATIONAL INCOM E: ----The t otal sum of goods and services produced by t he people of a count ry wit h t he help of capit als and national resources called Nat ional Income (Prof. Alfred Marshall) We can define Nat ional Income as t he collective achievement of a nat ion. In t his way, t he Nat ional Income is t he aggregat e of t he individual incomes. (Prof. Gardner Ackley) Nat ional Income is t he basic concept of economic, which refers t o t he market value of t he goods and services produced during a part icular year. (Prof. Richard Lipsy) CONCEPTS OF NATIONAL INCOme ----1.GROSS DOMESTIC PRODUct Total value of output (goods and†¦show more content†¦Instead of looking so much |i|CLASSICAL ECONOMISTS-economists who | |at individual people and businesses and their economic decisions, macroeconomics deals with the |c|believe in no government regulation | |overall pattern of the economy. To star with, we will look at two main groups of economists: the |]|of the economy | |Classical Economists and the Keynesian Economists. Classical economists generally think that the | |KEYNESIAN ECONOMISTS-economists who | |market, on its own, will be able to adjust while Keynesian economists believe that the government | |believe in government regulation of | |must step in to solve problems. The two camps have differing ideas on the causes and solutions of | |the economy | |unemployment. The Classical economists believe that unemployment is caused by excess supply, which | | | |is caused by the high price level of labor. Based on supply and demand, when wages are held too high| | | |by social and politicalShow MoreRelatedThe Impact Of Economic Condition Of A Business Organization1433 Words   |  6 Pagesinfluenced by the formation of economy. Economics is the fact that can establish or demolish a business. Changes of economic condition of a business organization are the main following factor. The increase of economic condition is the sign of business success. On the other hand a business organization can identify its failure by seeing the decrease of economic condition. Economics for business is related with the issues and problems regarding the economic strategies. The structure of an organizationRead MoreEcons1089 Words   |  5 PagesINTRODUCTION TO MANAGERIAL ECONOMICS Dr. Gong Jie National University of Singapore Why Do We Study Economics ï  ¶ People have to â€Å"Choose† â™ ¦ Resources are scarce. â™ ¦ There is No Such Thing as Free Lunch! ï  ¶ Economics: the science of Rational Choice â™ ¦ Rationality: the basic assumption â™ ¦ Rational Choice: Economic agents use all the information available to make decisions that most efficiently satisfy their needs and achieve stated objectives. â™ ¦ How do people make rational choice? 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It bridges economic theory and economics in practice. Managerial economics provides a set of tools, techniques, methodologies, guidance and insights that can help in making better and value-adding decisions in business and for analyzing decision problems and developing criteria for choosing the best possible solution to problems. Consumer Behavior Is theRead MoreThe Issue of Accounting Entity Definition in Regards to Noms in the Area of a Public Company in the Uk1368 Words   |  6 PagesPublic Sector’, which is more strategic and corporate in its thinking. This ‘New Public Sector’ is intended to replace a public sector characterized by bureaucracy, professionalism and departmentalism. In this paper we take a specific look at the National Offender Management Service (NOMS) from an accounting perspective to shed light on the influence and changes involved of defining something as an accounting entity. We will look closer at and critically evaluate the issues involved in the representation