Courses : Intermediate Microeconomics Lecturer : Frischa Adellia Semester : 4th Semester, 2022/2023 Sesion Overall General Balance Overall general balance or also known as absolute general balance (general equilibrium) is a concept that takes into account the interaction between all markets in an economy. In absolute general equilibrium, demand and supply of goods and services as well as factors of production interact and influence each other in all markets, so that prices are formed that are evenly distributed throughout the market and an overall balance is achieved. Overall general balance is considered better than partial general balance or limited general balance because it is able to take into account the impact of changes in one market on all markets in the economy. In general overall balance, all markets in the economy are considered as a unit that influences each other, so that any changes that occur in a market will have an impact on the entire economy. However, overall general equilibrium is often difficult to achieve due to the complexity of interactions between existing markets in a very large economy. Therefore, most economic analyzes are performed using partial generalized balances or limited generalized balances which are easier to analyze and understand. Overall general equilibrium is a concept that refers to an economic condition in which all markets in an economic system reach equilibrium simultaneously. Under these conditions, all markets in an economic system are influenced by various factors, such as monetary policy, fiscal policy, trade policy, and so on. This overall general equilibrium is achieved when all markets in an economic system are in a position where demand equals supply. Under these conditions, there is no pressure from excess demand or supply in any market. However, in practice, overall general equilibrium is achieved only in pure economic theory. In reality, there are many factors affecting the market and it is difficult to achieve absolute equilibrium in all markets simultaneously. Therefore, in practice, economic equilibrium often reaches a condition known as "nearly complete equilibrium", in which the important markets are already in equilibrium, while other markets are still in imbalance. Overall general equilibrium is a concept that refers to an economic condition in which all markets in an economic system reach equilibrium simultaneously. Under these conditions, all markets in an economic system are influenced by various factors, such as monetary policy, fiscal policy, trade policy, and so on. This overall general equilibrium is achieved when all markets in an economic system are in a position where demand equals supply. Under these conditions, there is no pressure from excess demand or supply in any market. However, in practice, overall general equilibrium is achieved only in pure economic theory. In reality, there are many factors affecting the market and it is difficult to achieve absolute equilibrium in all markets simultaneously. Therefore, in practice, economic equilibrium often reaches a condition known as "nearly complete equilibrium", in which the important markets are already in equilibrium, while other markets are still in imbalance. The following are the characteristics and characteristics of a general overall balance: 1. The general overarching balance considers all markets and sectors of the economy, including goods and services markets, labor markets, capital markets, and international markets. 2. The overall general balance considers all interrelated economic variables, such as levels of consumption, investment, production, growth, inflation and exchange rates. 3. The overall general balance considers the impact of economic policies on all economic sectors and society as a whole. 4. The overarching general balance involves the interaction between consumers, producers and government. 5. General overarching equilibrium considers various market types and market structures, including perfect competition, monopolistic competition, oligopoly, and monopoly. 6. Overall general equilibrium involves complex mathematical calculations and analysis, requiring special skills in economics and mathematics. 7. Overall general balances can be used as a basis for developing comprehensive and coordinated economic policies. The characteristics of an overarching general balance are: 1. All markets in the economy are taken into account together to determine prices, production, and overall consumption. 2. All factors of production, such as capital, labor and natural resources, are taken into account in the analysis. 3. In general overall balance, the assumptions made in the model are very realistic, and all variables are assumed to be independent of one another. 4. The overarching general equilibrium model takes into account the impact of externalities and the possibility of imperfect markets or market failures. 5. Overall generalized balances can be used to account for the impact of economic policies and see how government intervention can affect prices, production, and overall consumption in the economy. 6. The overall general balance model also takes into account the distribution of income and wealth in society, so it can be used to analyze economic inequality and the impact of fiscal or monetary policies on economic equity. 7. Generalized overall balance uses mathematical and computer methods to calculate the optimal solution and evaluate the results of the analysis by comparing the actual results with the results predicted by the model.