Greece currently stands as the 51st largest economy in the world and are well known for their rocky economic history. Since joining the European Union (EU) in 1981, Greece had a steadily rising GDP, reaching its peak in 2008 at 354.5 billion USD (World Bank, 2019). However, in 2009 the country’s economy took a turn for the worst; declaring that 13.9 percent of its GDP would be deficit which is well over the EU’s maximum of 3%. From then onwards...
Apple is one of the most successful consumer electronics corporations in the world. The production of their flagship iPhone has been the pillar of their past and current success. As a result, it has been an economic focus because of its success and its popularity. As such, it comes under the influence of many economic factors, not only microeconomic factors but also macroeconomic factors. This paper will discuss some of these factors and the impact they have on Apple and...
Macroeconomics and microeconomics play a crucial role in determining monetary and fiscal policy within the Australian economy. Through recent developments of the Covid-19 pandemic. The current disease causing widespread global economic crisis is the coronavirus (Covid-19). The potential impact this disease has on the Australian economy is major. As it has forced reduction of person-to-person contact, closure of state borders. These restrictions have led to a rise in unemployment and sparked fear of economic recession. The Australian government, the Reserve...
Macroeconomics is the part of economic aspects concentrating the conduct of the total economy – at the local, national or worldwide level. While microeconomics is concerned principally with the choices made by a person inside the typical financial limitations of shortage, macroeconomics is the field of concentrate that is worried about the markers that mirror the presentation of the more extensive economy-total national output, expansion levels, joblessness, development rate, monetary shortfall etc. Macroeconomics considers economy-wide marvels, for example, swelling, value...
Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. This is a new virus that has been discovered in 2020 all around the world. During this virus has occur, there has been many economic impacts and has caused problems for example increase of unemployment and the banks reducing interest rates. Also, the main impact which is cause is the supply and demand. The essay will discuss the microeconomic and macroeconomic impacts. Microeconomics The first reason of...
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Brazil is an upper centre salary country located in South America with a populace of 195 million individuals The Net National Income (NNI) per capita in (2010) was $9,390 – this was well over the upper centre salary normal of $5,884 – can Brazil (one of the BRIC nations) get away from the centre pay trap? Brazil has perhaps the most astounding pace of urbanization on the planet with 87% of the all-out populace living in urban territories compared with...
Word ‘economics’ derives from the Greek word meaning ‘management of the household’ – an inherently derivation. ‘The Lucas Critique’ (1976) triggered the recent movement within the economic discipline toward macroeconomic models needing microfoundations – a movement which has led to the removal of IS/LM models from undergraduate textbooks. We can understand microfoundations in economics as an application of methodological individualism. However, many leading economists argue that microeconomic models are particularly ill-suited to study macroeconomic problems such as unemployment. In this...
At its most basic level, macroeconomics studies the interaction among the main aggregate economic variables such as: unemployment, inflation, interest rates, exchange rates, etc. It also simplifies and summarizes the interactions between the structures of the economy of an entire nation, taking into account things that apply universally to it. Considered as an important method in economic analysis, macroeconomics is highly useful for understanding economic policies, providing relatively rich information with regards to the variables and in reviewing the overall...
Venezuela was once the richest country in South America where its economy was supported by large oil reserves. Its oil accounted for more than 90% of its exports and the Venezuelan government relied heavily on the sales. The oil exports were also a way to provide the country with imported consumer goods. However, under years of mismanagement from President Hugo Chavez, Venezuela was not prepared for the sharp fall in oil prices in 2014. Economic conditions have worsened and become...
The economy is significantly essential for one nation’s development. If the economy was depressed, many individuals and organizations would suffer seriously. In this essay, I am going to present factors that affect the business environment, explain the factors that drive supply and demand. The environmental forces that impact on company’s ability to serve its customers are the micro-environment and macro-environment. Firstly, micro-environment is the factors that affect its ability to serve its customers – company, suppliers, marketing intermediaries, competitors, public...
Macroeconomics is a subset within the study of economics which regards large-scale and general economic factors, and is the study of the economy as a whole. The study of macroeconomics regards topics such as a nation’s employment, total supply and demand, national income, inflation/deflation, total investments and savings, interest rates, overall consumption, and fluctuations in price levels. These topics serve as aggregates which are studied to determine the averages of a nation’s economy and predict future outcomes. In a sense,...