Divisions of The Field of Economics
explanatory Essay
1401 words
Economics is the science that permits you to assess your company's position in the business cycle as needed. Economics works hand-in-hand with corporate strategy. While strategy addresses the “how” and “why” of business decision-making, macroeconomics tries to pinpoint the “when” of strategic decisions.
As a member of the management team in a growing business part of your responsibilities will be to analyze economic conditions and predict recessions and recoveries based on the business cycle. If you anticipate a recession, you will probably propose cutting production and trimming inventories. You may even have to downsize the company, either by layoffs, hiring freezes, curtailing capital spending, or any combination of the three; in anticipation of reduced cash flow and higher borrowing costs.
You must also be able to recognize the signs of an approaching economic recovery, and use the opportunity to hire talented workers from the pool of available labor at lower wages before your competition does; and make needed capital expenditures using low rate loans, possible because of stimulus monetary policies, to increase market share, or acquire rivals or complementary businesses at reduced prices.
Our first objective is to develop an understanding of tools, theories, and techniques used in macroeconomic analysis. These will allow us to understand how to measure economic growth, productivity, and inflation. What is the impact of budgetary and trade deficits on these factors? How do changes in fiscal and monetary policy affect the length and strength of the current business cycle? If we are an active exporter, or produce components for a company that exports, how do exchange rate policies affect prices and overseas competitiveness?
You w...
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...s the economic outlook, uses an algorithm that consolidates data generated by more than 40 monthly forecasts. The projection also makes use of 15 macroeconomic variables including GDP, the CPI, the unemployment rate, and interest rates. Survey participants consist of major institutions like Chase Manhattan Bank, UCLA, and DuPont.
The Blue Chip Consensus Forecast has performed better historically than any individual forecast used in its sample. The individual indicators included in the survey have, on their own, missed important turns in the business cycle.
These suggest three possible courses of action:
1. It is unwise to rely exclusively on a single macroeconomic forecaster
2. The blue Chip consensus forecast is more accurate than any of its components
3. There are other tools that perform as well or better in predicting changes of direction in the business cycle
In this essay, the author
- Explains that there are other tools that perform as well or better in predicting changes of direction in the business cycle.
- Explains that economics is the science that permits you to assess your company's position in the business cycle as needed.
- Explains that the field of economics is divided into two distinct branches: microeconomics covers the functioning of individual markets for goods and services, and macroeconomists focuses on shifts in the business cycle.
- Explains that there are other tools that perform as well or better in predicting changes of direction in the business cycle.
- Explains that economics is the science that permits you to assess your company's position in the business cycle as needed.
- Explains that the field of economics is divided into two distinct branches: microeconomics covers the functioning of individual markets for goods and services, and macroeconomists focuses on shifts in the business cycle.
- Explains that classical and keynesian economics are the two main schools of economic thought prevalent today.
- Explains that real gdp measures a country's economic output, adjusted for inflation, and helps economists assess the overall strength or weakness of an economy.
- Explains that gdp defines the business cycle. it should be represented by a chart that tracks the ups and downs in the real gdp over time.
- Explains that since world war ii there have been 11 recessions including the great recession. the blue chip consensus forecast is one of the most accurate services you can use to assess the economic outlook.
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- Explains that marx and engles introduced their theory of communism as the new society to take over the existing capitalist society.
- Explains that marx and engles argue that communism would be the new society to take over the existing capitalist society.
- Explains that individuals will be able to realize their full potential in a communist society based off of the realm of necessity and the world of freedom.
- Explains that marx and engles introduced their theory of communism as the new society to take over the existing capitalist society.
- Explains that marx and engles argue that communism would be the new society to take over the existing capitalist society.
- Explains that individuals will be able to realize their full potential in a communist society based off of the realm of necessity and the world of freedom.
- Analyzes how mark and engles wrote that communism would bring about "the end of prehistory" and exploitation. they suggest that if the economic foundation was changed, superstructure would be transformed.
- Analyzes adam smith's marx vision of a communism-based society, which begins with his interest in accumulation of wealth through labor. smith believes that specialization helps in the division of labor because people become faster and more productive when they are focused on one task.
- Opines that marx and engles would agree with smith on the point that individuals are not able to thrive and try new skills and talents of their interests.
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