How do you view yourself as an economist in light of the topics covered in this...

How do you view yourself as an economist in light of the topics covered in this course? (MARCO ECONOMICS) any topic of that subject

Solutions

Expert Solution

Beyond the completion of this course, we begin to think about how economy works. The moment we buy a commodity as simple as bread, many questions come to our mind. The best part is, along with these questions we get spontanious answers too by ourselves. Is bread a finished good? What will be the effect on AD or AS under certain circumstances. How will economy adjust itself if people begin to demand more and so on.

Macroeconomics is the study of economy as a whole. We study how small alteration in a policy, demand, supply, tax system etc can bring out a big change. Following are some perceptions of mine, on topics covered in this course.

1. Understanding Economic Development

Being a student of Macroeconomics, we tend to thing about economic structure of various countries. The developed and undeveloped ones. The way they deal with inequality, poverty and other factors which hampers economic growth. We are provided with certain formulas to calculate their net effect on an economy and helps us to compare with other ones. FOr example - Gini Coeffiecient, Lorenz Curve, National Income, GDP Growth, Purchasing Power Parity etc.

2. Inflation

Changes in the value of money may enable us to purchase more of a good with same amount of money and might end up having the less of those goods with same amount. When we end up having less of that good this shows inflation while deflation is the case when more of that good can be purchased. This also effects value of currency along with Value of imports and exports.

3. Calculation of Economic Growth

With the help of tools like, National Income, GDP Index, growth rate etc. We get a better idea of where our economy is going. Whether it is going towards the development or not. Along with this several other methods are also taken into account to ensure not only monetary improvement but welfare as well. This includes several indices as Green GDP, Child Development Index, Ease of doing business index, Education Index etc

4. Formation of policies

The government of every nation frames policies with the help of bureaucrats of economics, who have studied the behaviour of the economy well. This course has helped me to understand them well. Understanding something is the first step to follow the same.

Thus, Macroeconomics not only changes the perception towards the economy but also helps to understand things well.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Think about your own personality, how you view yourself and how others might view you. Do...

Think about your own personality, how you view yourself and how others might view you. Do you think your personality is the product of conditioning and learning or is it the product of cognitions? How would you explain your personality to a stranger?

think about your own personality how you view yourself and how others migth view you,do you...

think about your own personality how you view yourself and how others migth view you,do you think your personality is the product of conditioning and learning or is it the product of cognitions?how would you explain your personality to a stranger?

After reading the syllabus and perusing the topics to be covered, how do you think that...

After reading the syllabus and perusing the topics to be covered, how do you think that you might use the knowledge learned in this course in your career or personal life?

Questions below is about how do you see yourself as a seller. 1. How do you...

Questions below is about how do you see yourself as a seller. 1. How do you market yourself?Who are you selling to and your strategies to ensure you are effective in terms of reaching your target buyers? 2. What do you see in yourself in regards to selling in the future?

1) "How do you think of yourself? Do you feel like you are more male or...

1) "How do you think of yourself? Do you feel like you are more male or female?" This question is asking about a person's a) gender Identity b) gender role c) sexual orientation d) biological sex 2) A baby was recently born who had very ambiguous genitals. The doctor did a genetic test to find out the sex chromosomes of the baby. It turned out that the child had XX sex chromosomes but must have been exposed to unusually high...

As a classical economist or a Keynesian economist, what would you do for the current U.S....

As a classical economist or a Keynesian economist, what would you do for the current U.S. economy?

Covered Call or Protective Put Suppose that you wish to buy stock and protect yourself against...

Covered Call or Protective Put Suppose that you wish to buy stock and protect yourself against a downside movement in its price. You consider both writing a covered call and buying a protective put. Briefly explain the differences between these two positions. What gains can you achieve from these positions? What are the costs you have to pay to have those gains? What factors would affect your decision?

Question