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ECONOMIC NOTIONS Economics and Macroeconomics Macroeconomic environment decissions of economic units: what, how, to whom, when maximization: of utility, profits etc. outcomes: inflation, unemployment, disequlibria economic models Quantity=f(Prices, Incomes)

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economics and macroeconomics
Economics and Macroeconomics

Macroeconomic environment

  • decissions of economic units: what, how, to whom, when
  • maximization: of utility, profits etc.
  • outcomes: inflation, unemployment, disequlibria
  • economic models Quantity=f(Prices, Incomes)
  • economic schools: neoliberalism, neokeynesianism

GDP

  • components,
  • measurement problems,
  • comparisons among countries
methods for establishing gdp
Methods for establishing GDP

Σ(Ri-MSi)=(Wj + Pj + Rj)= C + I + G + (E - IM)

value added = incomes = final demand

with:

Ri, Msi – sales and material costs of productive unit i,

Wj, Pj, Rj – salaries, profits and rents of people engaged in production,

C – personal consumption, I - investments, G – government consumption, E – exports and IM - imports

gdp structures
GDP Structures

PRODUCTION INCOMES FINAL DEMAND

Value added Salaries Private Consumption

Industrial Sectors Dividends Gross Investments

(A-F) Retained Profits Government Consumption

Services Depreciation Exports

(G-O) - Imports

GDP factor prices GDP factor prices

+ indirect taxes+ indirect taxes

- subsidies- subsidies

GDP market prices GDP market prices GDPmarket prices

- incomes - incomes

GNP market prices GNP market prices

- capital depletion

NNP market prices

performance indicators
Performance Indicators

- Economic welfare and economic growth

  • Capacity utilization and unemployment
  • Stability and inflation
  • Equilibrium; internal and external
  • Income and wealth distribution
  • Other criteria

Value judgements

basic economic questions
Basic Economic Questions
  • WHAT - maximization of utility, product market, consumers, restrictions, planner
  • HOW - maximization of profit, labor and capital market, producers, restrictions, planner
  • TO WHOM- product and factors market, planner
  • WHEN - capital market, planner