A combination of positive and normative economic statements is commonly used in the media. Normative economic statements are preferred by political leaders who purpose solutions to economic problems or who wish to influence economic policy. Positive economists emphasize the scientific aspect of a specific...
Microeconomics is the study of what, whereas macroeconomics is the study of what? What is the ultimate objective of macroeconomics? Define macroeconomics, stating how it is different from microeconomics. Provide an example for a macroeconomic issue. Define positive economics, stating...
MacroeconomicsMacroeconomicsisthestudyoftheperformanceofthenationalandglobaleconomies.TwoBigEconomicQuestions Twobigquestionssummarizethescopeofeconomics:▪Howdochoicesendupdeterminingwhat,how,andfor whomgoodsandservicesgetproduced?▪Whendochoicesmadeinthepursuitofself-interest alsopromotethesocialinterest?TwoBig...
is a positive constant which represents the autonomous (given or exogenous) investment in the economy in a given year. 1 mark questions q.1-define investment. ans: it refers to the expenditure incurred by producers on the purchase of capital goods such as machinery, plant, etc. q.2-what ...
The focus of economics and especiallymacroeconomicstends to be a bigger picture in nature such as how a country, region, or market is performing. Economics can also focus on public policy. The focus of finance is more individual-, company-, or industry-specific. ...
His work is extraordinary, as is his one-in-a-million attitude, being gracious, warm and eloquent as ever at the age of 92. Robert Solow Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 1987 At a glance Born: 1924, New York, USA Field: Macroeconomics, growth ...
Employs a scientific method approach to solving for variables Uses positive economics that can test theories Is extensively used in both macroeconomics and microeconomics Allows for otherwise impossible situations to be analyzed May aid in helping form price discovery or demand charts ...
definition a scatter diagram is used to examine the relationship between both the axes (x and y) with one variable. in the graph, if the variables are correlated, then the point drops along a curve or line. a scatter diagram or scatter plot gives an idea of the nature of relationship. ...
Using a Dead Language in a Living World: Latin is no longer a conversational language, but that does not mean it is not used in modern applications. Economics, law, science, and many other disciplines use Latin phrases on a daily basis. Use of the phraseceteris paribusis one example of ...
correct to point out that fiscal policy “shall all be undertaken with an eye only to theresultsof these actions on the economy and not to any established traditional doctrine about what is sound or unsound.” That is what Functional Finance is for him and in terms of macroeconomics, MMT ...