...Week One-Discussion Questions 1. Why is economics considered a social science? What role does economics play in your personal and professional lives? Economics is a social science because it is a study of human behavior. Physical law cannot explain human behavior, so it is not a hard science such as medicine. Economics is everywhere. Economics dictates what a person; purchases, spend, saves, and how a person makes decisions. As for professional way, the economy and economic concepts dictate how the company operates, and the decisions, and strategies they make for the future. Economics affects a person life in every decision that is decided. 2. What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not? How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer. Real GDP is GDP calculated based on the prices of a baseline year. Nominal GDP is GDP calculated at current market rates. GDP does not accurately reflect a nation's wealth in and of itself. It does not take into consideration the things people do on the secondary market, such as bartering for goods and services, growing one’s own food, and buying secondhand. When this is not recognized, the true wealth of the nation cannot be calculated. There are numerous ways that a country's GDP can be manipulated. First, the factor used to factor in inflation or deflation is highly subjective - it can be used to manipulate...
Words: 616 - Pages: 3
...The Key Concepts in Economics Markisha Dill William Creamer Principle Of Economics May 31, 2015 Before sitting down to complete this assignment, I thought thoroughly about economics as a whole. My interest was whether economics was considered an exact since, i.e. Mathematics. Economics has been described as a science, numerous times. So in my search to find out whether economics was a science, I looked at an online dictionary to see how these words were defined. First I looked at economics. The definition stated, “Economics is a social science concerned chiefly with description and analysis of the production, distribution and consumption of services and goods. Then I looked for the word “science”. Science was defined as knowledge or a system of knowledge covering general truths or the observation of general laws, especially as obtained and tested through scientific method. Both of these definitions together made me think that economics may just be a science. But then I thought about how science can be mostly fact and how economics involves people, who are extremely unpredictable. So I looked up the word “social”. Social was defined as “relating to human society, the interaction of the individual and the group or the welfare of human beings as members of society. This word better describes economics. And if you look in the definition of economics, you see the word social science. But I do not agree with the idea that economics is a exact science. You can have a general...
Words: 851 - Pages: 4
...International Journal of Academic Research in Business and Social Sciences August 2014, Vol. 4, No. 8 ISSN: 2222-6990 234 www.hrmars.com Impact of Foreign Direct Investment on Nigeria Economic Growth Adeleke Kunle M. Department of accountancy Federal Polytechnic, Offa, Kwara State, Nigeria Olowe S.O Department of accountancy Osun State College of Technology, Esa-Oke, Nigeria Fasesin Oladipo Oluwafolakemi Department of Accountancy Osun State Polytechnic, Iree, Nigeria DOI: 10.6007/IJARBSS/v4-i8/1092 URL: http://dx.doi.org/10.6007/IJARBSS/v4-i8/1092 Abstract The study analyzed the impact of foreign direct investment on Nigeria economic growth over the period of 1999- 2013. The main type of data used in this study is secondary; sourced from various publications of Central Bank of Nigeria, such as; Statistical Bulletin, Annual Reports and Statement of Accounts. The regression analysis of the ordinary least square (OLS) is the estimation technique that is being employed in this study to determine the relationship between and impact of the Direct Foreign Investment on economic growth. The findings revealed that economic growth is directly related to inflow of foreign direct investment and it is also statistical significant at 5% level which implies that a good performance of the economy is a positive signal for inflow of foreign direct investment. This implies that foreign direct investment is an engine of economic growth. The paper recommended that government should liberalize...
Words: 2647 - Pages: 11
...international perspective, peace and development remain the central themes of our era, and China is working to achieve this peaceful environment for development. From a domestic perspective, 25 years of economic reform and opening up have laid a solid basis for development, and China has achieved favourable conditions to accelerate development. However, opportunities are always accompanied by challenges. A key challenge for China is to adopt new thinking and ideas for development and make a new breakthrough in reform, so as to tightly grasp and make a full use of this opportunity to further promote its modernization drive. I. CHINA’S DEVELOPMENT TRENDS AND ISSUES China has experienced rapid economic growth since the late 1970s when economic reform and opening policies was initiated. From 1978 to 2004, China’s GDP grew by a yearly average of 9.5 per cent, the highest levels of GDP growth in the world. China has successfully maintained its sustained and rapid economic growth in recent years by improving and strengthening macro-control policies. Confronted with the external shocks of the Asian financial crisis of 1997–1998 and the global economic slowdown in 2001–2002, China adopted proactive fiscal policies, a prudent monetary policy as well as restructuring measures to keep rapid economic growth in line with expanding domestic demands. In 2003, China overcame the serious 1 The opinions expressed in this paper are those of the author and do not necessarily reflect the views of UNCTAD...
Words: 6087 - Pages: 25
...observation and experiment. Science (from Latin scientia, meaning "knowledge"[1]) is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe.[2][3][4] In an older and closely related meaning, "science" also refers to a body of knowledge itself, of the type that can be rationally explained and reliably applied. A practitioner of science is known as ascientist. 2. This study examines differences in standards of research publications between the physical sciences and the social sciences. The results of the first two hypotheses tested indicate that the predominant form of publication in the physical sciences are articles, whereas books predominate in the social sciences. Furthermore, differences were found in the relevant dimension of publication between faculties in more prestigious departments and faculties in less prestigious departments. The policy implications of these findings to university administration are discussed. Physical Science is an encompassing term for the branches of natural science and science that study non-living systems, in contrast to the life sciences. However, the term "physical" creates an unintended, somewhat arbitrary distinction, since many branches of physical science also study biological phenomena. There is a difference between physical science and physics. The social sciences are the fields of scholarship that study society. "Social science" is commonly used as an umbrella...
Words: 2007 - Pages: 9
...SYNOPSIS/PROPOSAL Relation between the stock market and GDP Submitted by: Abstract: This research will analyze the stock market earnings impact on the GDP growth of a developing country i.e. Pakistan. This study will help to establish a relationship between stock market earnings and economic (GDP) growth of the country, basically it will answer this question, “How the stock market earnings affect the GDP?” In this research, I shall apply the co integration and error correction model to the stock market performance and GDP and shall try to segregate the role of primary from secondary market and find out linkages between secondary market and growth that may impact on GDP of Pakistan. I shall make an effort to find indicators that lead to growth by having stock market earnings at the back. Table of Contents with List of Tables and/or Illustrations Serial number|Description|Page numbers| 1|Title|i| 2|Abstract|ii| 3|Table of contents|1| 4|Introduction|2| 5|Research Question|3| 6|Research Objective|3| 7|Literature Review|4| 8|Significance|5| 9|Research Methodology|6| 10|Data Collection Sources|6| 11|Data Collection Tools|6| 12|Hypothesis|6| 13|Research Model|7| 14|Theoretical Framework|7| 15|Type of research|8| 16|Sampling technique|8| 17|Data processing, analysis and statistical tools|8| 18|Reference|9| Theoretical framework Illustration…………………………………….7 Introduction: GDP is the key indicator of the economic growth of a developing country. This study will...
Words: 1944 - Pages: 8
...International Journal of Humanities and Social Science Vol. 1 No. 12; September 2011 Does There Exist Okun’s Law in Pakistan? Khalil Ahmad1 Assistant Professor Economics Department University of the Punjab, Lahore, Pakistan Sumaira Khalil Student of PGDAE Economics Department University of the Punjab, Lahore, Pakistan Allah Ditta Saeed Assistant Professor Economics Department University of the Punjab, Lahore, Pakistan Abstract This study tests the relevance of Okun’s law to Pakistan economy. For this purpose, two versions of Okun’s law —‘the difference’ version and ‘the gap’ version — were tried using annual time series data on growth rate of gross domestic product and unemployment for the period from 1974 to 2009. As the variables included in both the models were stationary at the level, the ordinary least squares method was employed to extract the coefficient of Okun’s law. Neither of the models witnessed existence of Okun’s law to Pakistan Economy. The study recommends further research on the issue incorporating the possible interaction between inflation and unemployment. Further, government agencies collecting and maintaining socio-economic data should make utmost effort to collect and publish accurate and reliable data in Pakistan. Key words: Okun‘s Law; ‗the Difference Model‘; ‗the Gap Model‘; Pakistan; GDP; Unemployment Introduction Variations in unemployment are inversely related to variations in output in any economy. This relationship...
Words: 3636 - Pages: 15
...1 2. Economic 1 3. Social 2 4. Technology 4 5. Environment 5 Conclusion 5 Recommendation 5 PESTE Analysis of Poland 1. Political * Type of government: Republic 1 * Political stability: considered by the World Bank to be "politically stable" 2 * Internal or external conflicts: * As of May 2012 it contributed 2457 troops to ISAF 3 * implemented the strict Schengen border rules to its eastern borders 1 * Refugees and internally displaced persons: refugees (country of origin): 15,149 (Russia) (2013) 1 * stateless persons: 10,825 (2012) 1 * Legal system: civil law system, rulings of the Constitutional Tribunal are final 1 * International law organization participation: accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction 1 2. Economic * Economic situation: * High-income country with a medium-sized economy 2 * The only one in the EU to avoid a recession through the 2008-09 economic downturn 1 * Predominantly services-based 2 * Agriculture accounts for 3.54% of GDP and employs 12.60% of the population 2 * Manufacturing and industry accounts for 31.63% of GDP and employs 30.40% of the population 2 * The service sector accounts for 64.83% of the GDP and employs 57.00% of the population 2 * Polish economy has performed well over the past five years 5 * Growth slowed in 2012 and 2013, in part due to the ongoing economic difficulties...
Words: 1301 - Pages: 6
...In this day and age, China has the most population in the world. This largest number in the world also represents that China has a great number of labor focus. But there are also lots of issues following the huge number of population, such as shortage of resources, limited space and so on. In order to solve these problems, the government of China has to take a series of actions to prevent the population growing too fast. So the governor of China instituted the One-Child policy to restrict the growing population. This policy was introduced in 1979 and initially applied to first-born children in the year of 1979. After more than 30 years carry out, the main goal of this policy was achieved. Under the influence, the growth rate declines apparently. In the 1970s, China’s growth rate was 3 percent; in the mid-1980’s, it was 1.2%; and today, China’s growth rate is 0.7 %”( Jackson & Eleen, 2001). On the other hand, this policy also causes several adverse consequences, including high rate of old-age, increased abortion rate, unexpected change of sex ration. There is no doubt this policy’s affection which is obvious. Even though the Chinese government within the pressure of human rights improvement has relaxed the policy and makes this policy more humanistic but some of people still consider the one child policy impact China in a more negative way. Therefore, I will introduce how does one child policy impact towards Chinese society in the below. On the current situation, even...
Words: 1807 - Pages: 8
...Chongxi Guo EC101 Vlad Grenkov 1/28/2013 Homework 2 Problem 1. Opportunity cost- Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone. Centrally planned economy-A planned economy is an economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a government agency.[1][2] A planned economy may be based on either centralized or decentralized forms of economic planning, but usually refers to a centrally-planned economy. The goal of central planning is to enable planners to take advantage of more perfect information through a consolidation of economic resources when making decisions regarding investment and the allocation of economic inputs within production. Marginal revenue - marginal revenue is the additional revenue that will be generated by increasing product sales by 1 unit. It can also be described as the unit revenue the last item sold has generated for the firm. In a perfectly competitive market, the additional revenue generated by selling an additional unit of a good is equal to price the firm is able to charge the buyer of the good. Production possibilities frontier - In economics, a production–possibility frontier, sometimes called a production–possibility curve, production-possibility boundary or product transformation curve, is a graph that compares the production rates of two commodities that use the same fixed total of the...
Words: 540 - Pages: 3
...There are _______elements of economic system 4 Common ownership is belonged to 1 and 4 answers are right Natural traditional Private ownership is belonged to Market economy Public ownership is belonged to Planned economy To satisfy primary needs of ownership is belonged to Natural economy To gain profit is belonged to Market economy To satisfy all needs of society’s ownership is belonged to Planned economy Barter as a Mechanism of exchange is belonged to Natural economy System of markets as a Mechanism of exchange is belonged to Market economy Centralized planning as a Mechanism of exchange is belonged to Planned economy Any physical or intangible entity that is owned by a person or jointly by a group of persons is Property Purpose of property is to All are right ______society ran from about 100,000 BC to 3,500 BC Primitive _______ dominated from about 3,500 BC to 400 Slavery ______ was the main type of society from about 400 to 1600 Land-duty ______ societies first emerged in the 1600s Capitalist ______ emerged in 1917 Socialist The hunter-gatherer stage is Primitive A form of forced labour in which people are considered to be the property of others is Slavery A decentralized sociopolitical structure in which a weak monarchy attempts to control the lands is Land-duty An economic and social system in which capital, the non-labor factors of production is privately owned is Capitalist A society characterized by equal access...
Words: 1569 - Pages: 7
...inclusive Wealth report 2012 measuring progress toward sustainability Summary for DeciSion-makerS unu-iHDP Secretariat of the International Human Dimensions Programme on Global Environmental Change conTriBuTorS Science Advisor Partha Dasgupta – university of cambridge Report Director anantha Duraiappah – iHDP executive Director Science Director Pablo muñoz – iHDP academic officer Report Authors matthew agarwala – London School of economics and Political Science Giles atkinson – London School of economics and Political Science/centre for climate change economics and Policy edward B. Barbier – university of Wyoming elorm Darkey – university of Bonn Partha Dasgupta – university of cambridge anantha Duraiappah – iHDP Secretariat Paul ekins – university college London Pablo fuentenebro – iHDP Secretariat Juan Sebastian Lozano – The nature conservancy (colombia) kevin mumford – Purdue university Pablo muñoz – iHDP Secretariat kirsten oleson – university of Hawaii Leonie Pearson – university of melbourne charles Perrings – arizona State university chris Perry – un-Water Decade Programme on capacity Development (unW-DPc) Steve Polasky – university of minnesota Heather Tallis – Stanford university Stacie Wolny – Stanford university Report Review Board John agnew – university of california, Los angeles Peter Bartelmus – Bergische universitaet Wuppertal/columbia university Julia Bucknall – World Bank Dabo Guan – university of Leeds michael Harris – university of Sydney...
Words: 8722 - Pages: 35
...RESEARCH AND INNOVATION POLICY OF BRAZIL 1. Some Numbers: • Total area - 8.5 million km² • Population - 191 million • GDP (2010) - 3,7 US$ trillion • Investment in R&D - 1.25 % GDP in 2010 • Scientists and researchers - 231,000 in 2010 (headcount) • Scientific papers - 2.7 % of world scientific production • world's sixth largest by nominal GDP • eighth largest by purchasing power parity. • moderately free markets and an inward-oriented economy. • the largest in Latin American nations ere. • one of the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent • together with Mexico, has been at the forefront of the Latin American multinationals phenomenon by which, thanks to superior technology and organization, local companies have successfully turned global. 2. Overview Brazil has many times in its history praised to be the land of the future. First, Brazil with population of 190 million, the past eight years “Bolsa Familia” social program have lifted over 40 million Brazilians out of poverty and into middle class. This creates interesting platform for creating context related innovations and scaling bottom-of-the-pyramid innovations (disruptive and reverse) globally. Second, Brazil was almost non-effected by financial crisis 2008, a signal for strong and stable macro-economic policies. This means that Brazil, first time in its history, is becoming an interesting country for long term investment...
Words: 1741 - Pages: 7
...PESTEL Brazil Why Brazil? * Brazil is politically stabile and has democratic rules achieved under the presidencies of Fernando Henrique Cardoso and Luiz Inácio Lula da Silva. * Brazil has a diversified and growing economy that plays a significant role in the global economy. Brazil is the largest economic power in Latin America and the world’s 10thlargest economy. * The country is open to and encourages foreign investment by implementing investor-friendly policies. The country is one of the world’s leading destinations for foreign direct investment. * Brazil is the fourth biggest producer of gold in the world. It has abundant reserves of natural resources and many regions are still unexplored which make the country an attractive location for mine development. * Brazil has an established Civil Law system and a modern mining legislation. * The country is a green energy leader, renewable energy supplying nearly 45% of the country’s energy needs. * Expanding into Brazil will allow Newmont to reinforce its presence in South America where its competitors are already well established. PESTEL Analysis Political Type: Federative republic (with 26 states and a federal district) Independence: September 7, 1822. Constitution: Promulgated October 5, 1988. Branches: Executive–president (chief of state and head of government popularly elected to no more than two 4-year terms). Legislative–Senate (81 members popularly elected...
Words: 2593 - Pages: 11
...Asian Transactions on Basic and Applied Sciences (ATBAS ISSN: 2221-4267) Volume 01 Issue 06 GLOBAL RECESSION, OIL SECTOR AND ECONOMIC GROWTH IN NIGERIA. BY S. O. OLADIPO (M.sc) Department of Economics and Accounting Bells University of Technology, Ota. E-mail address: giftsamniyo@yahoo.com AND PROF. J. O. FABAYO Department of Economics, Obafemi Awolowo University, Ile-Ife ABSTRACT This study investigates global recession and the oil sector, based on its effects on economic growth in Nigeria. No doubt the global economy has been experiencing some disturbances. Major economies of the world have been affected and so has the major sectors of these economies especially the ones that has a direct bearing with international trade been affected. The oil sector particularly has been one of the hit. For a country like Nigeria whose international trade is majorly in oil, the effect has become an issue. Empirical analysis using the Ordinary Least Square (OLS) reveals that there was a negative relationship between GDP and oil produced (domestic consumption and export) which is significant at 5% lever of significance i.e. (P < 0.05). The result also showed that there exists decline in the oil sector due to the global recession despite all measures given by government to curb it effects. It was Jan 2012 recommended that the federal government needs to deregulate the sector for efficient performance, and also come up with more rigorous policies that will reduce this effects on the real sector...
Words: 5684 - Pages: 23
