Principles of Macroeconomics by Joseph G. Nellis, David Parker

By Joseph G. Nellis, David Parker

Rules of Macroeconomics is a useful reference resource for MBA scholars and bosses, no matter if on a brief direction or as a reference paintings for the bookshelf, and is a perfect precis for undergraduates and postgraduates on a brief introductory path, and for aspiring managers wishing to enhance their wisdom and abilities. the purpose of this e-book is to supply a transparent and concise photo of how within which an financial system works and why varied governments undertake various financial rules. This booklet supplies managers an knowing of the commercial interrelationships and their influence on enterprise and teaches tips on how to succeed in sound enterprise judgements in a dynamic financial system. This e-book may also help managers comprehend the influence of economics on enterprise.

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Natural monopolies Generally, economists believe that free market competition is beneficial because it provides consumers with the maximum choice of suppliers and provides maximum incentives for firms to produce efficiently. However, governments may decide to intervene directly in certain sectors of the economy where, for technical reasons, competition cannot occur. For example, governments are likely to intervene where there are large investments in distribution systems so that it is prohibitively expensive to lay down more than one system, such as in parts of the gas, water and electricity sectors (the so-called public utilities).

At the same time, however, for over one-half of the world’s population – those in developing countries – life remains harsh. Here, the need for basic sanitation replaces the en-suite bathroom as a priority. Indeed, in these countries there often remains a desperate need for the most basic of foodstuffs and other necessities of life to ward off malnutrition and disease. The message is clear enough: wants are limitless, but the resources to satisfy them are scarce. Therefore, all societies – from the richest to the poorest – share a common economic problem involving the allocation of scarce resources to meet the needs and demands of consumers and producers.

Problems in measuring economic activity We have already noted the main problems associated with the estimation of economic activity based on national income accounting as we have discussed each measurement method in turn. We bring these and other difficulties together in this section for completeness. The calculation of economic activity is a complicated statistical process and general difficulties arise for a number of reasons: 26 PROBLEMS IN MEASURING ECONOMIC ACTIVITY n n n n n n Arbitrary definitions must be made involving a number of activities.

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