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ECONOMIC NOTIONS

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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ECONOMIC NOTIONS

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  1. ECONOMIC NOTIONS

  2. 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

  3. 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

  4. 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

  5. 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

  6. Economic Indicators, 2005

  7. Income Distribution

  8. ECONOMIC EFFICIENCY AND SOCIAL COHESION

  9. 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

  10. The Pillars of the Economic Systems

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