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Beyond GDP: other ways to measure the economyKey points Gross national product, or GNP, includes what is produced domestically and what is produced by domestic labor and business abroad in a year. National income includes all income earned: wages, profits, rent, and profit income. Net national product, or NNP, is GNP minus depreciation. Depreciation is the process by which capital ages...0 Commentaires 0 Parts 22KB Vue 0 Aperçu
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Beyond GDP: other ways to measure the economyKey points Gross national product, or GNP, includes what is produced domestically and what is produced by domestic labor and business abroad in a year. National income includes all income earned: wages, profits, rent, and profit income. Net national product, or NNP, is GNP minus depreciation. Depreciation is the process by which capital ages...0 Commentaires 0 Parts 23KB Vue 0 Aperçu
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How Does Commerce Contribute to the Economy?How Does Commerce Contribute to the Economy? Commerce is the system through which goods and services are produced, exchanged, transported, and consumed. It connects businesses with customers, farmers with markets, and innovators with investors. Without commerce, production would remain isolated and economic growth would be slow and uneven. In simple terms, commerce is one of the main engines...0 Commentaires 0 Parts 633 Vue 0 Aperçu
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How Fintech Is Transforming the Finance Industry and Global EconomyHow Fintech Is Transforming the Finance Industry and Global Economy Financial technology, or fintech, has evolved from a niche innovation to a cornerstone of the global financial ecosystem. By leveraging advancements in artificial intelligence (AI), blockchain, digital payments, and data analytics, fintech is reshaping how financial services are delivered, who has access to them,...0 Commentaires 0 Parts 7KB Vue 0 Aperçu
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How Has Brexit Affected the UK Economy?How Has Brexit Affected the UK Economy? When the United Kingdom voted to leave the European Union in 2016 — a decision known as Brexit — it set in motion one of the most significant economic experiments in recent British history. The full effects of Brexit continue to unfold more than six years after the UK formally left the EU’s institutions and single market. Economists...0 Commentaires 0 Parts 2KB Vue 0 Aperçu
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Information Services: The Backbone of the Digital EconomyIn today’s increasingly connected world, information is one of the most valuable assets for businesses, governments, and individuals alike. The ability to access, manage, and disseminate information effectively can provide a competitive edge, improve decision-making, and drive innovation. This is where information services come into play. From data management to digital platforms,...0 Commentaires 0 Parts 13KB Vue 0 Aperçu
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Major Companies: Pillars of the Global EconomyIn the interconnected world of the 21st century, certain companies have emerged as titans, shaping industries, driving innovation, and influencing the global economy. These major corporations span various sectors, from technology and finance to retail and healthcare, and their reach extends far beyond the products and services they offer. They are not just companies—they are global brands...0 Commentaires 0 Parts 14KB Vue 0 Aperçu
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Measuring the size of the economy: gross domestic productKey points The size of a nation’s economy is commonly expressed as its gross domestic product, or GDP, which measures the value of the output of all goods and services produced within the country in a year. *GDP is measured by taking the quantities of all final goods and services produced and sold in markets, multiplying them by...0 Commentaires 0 Parts 14KB Vue 0 Aperçu
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The Automotive Business: Driving Innovation and Global EconomyThe automotive business is one of the largest and most influential industries in the world. From the production of vehicles to the global sales networks and aftermarket services, the automotive sector is a key player in shaping economies, employment, and technological advancements. As the demand for vehicles continues to rise globally, automotive companies are under increasing pressure to...0 Commentaires 0 Parts 15KB Vue 0 Aperçu
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Aggregate demand and aggregate supply curvesKey points Aggregate supply is the total quantity of output firms will produce and sell—in other words, the real GDP. The upward-sloping aggregate supply curve—also known as the short run aggregate supply curve—shows the positive relationship between price level and real GDP in the short run. The aggregate supply curve slopes up because...0 Commentaires 0 Parts 25KB Vue 0 Aperçu
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Business in Our Current Society: Navigating the Modern LandscapeIn today’s fast-paced and interconnected world, business is more dynamic and complex than ever before. The global marketplace is rapidly evolving, driven by technology, consumer expectations, and societal shifts. Companies face an ever-changing landscape, where adaptability, innovation, and ethical practices are paramount. The rise of digital tools, the importance of sustainability, and...0 Commentaires 0 Parts 20KB Vue 0 Aperçu
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Can the UK rejoin the EU after Brexit?Can the UK rejoin the EU after Brexit? Since the United Kingdom formally left the European Union in January 2020, the question of whether the UK could one day rejoin has never really disappeared. Public debate, especially among younger voters, has continued to grow. But rejoining the EU would not be simple, quick, or guaranteed. It would involve political choices at home, legal steps in...0 Commentaires 0 Parts 1KB Vue 0 Aperçu
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Changes in equilibrium price and quantity: the four-step processKey points There is a four-step process that allows us to predict how an event will affect the equilibrium price and quantity using the supply and demand framework. Step one: draw a market model (a supply curve and a demand curve) representing the situation before the economic event took place. Step two: determine whether the economic event being analyzed affects demand...0 Commentaires 0 Parts 23KB Vue 0 Aperçu
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Command-and-Control regulationKey points Command-and-control regulation sets specific limits for pollution emissions and/or mandates that specific pollution-control technologies that must be used. Although such regulations have helped to protect the environment, they have three shortcomings: they provide no incentive for going beyond the limits they set; they offer limited flexibility on where and...0 Commentaires 0 Parts 16KB Vue 0 Aperçu
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Demand and the Determinants of DemandIn a competitive market, demand for and supply of a good or service determine the equilibrium price. The law of demand Markets have two agents: buyers and sellers. Demand represents the buyers in a market. Demand is a description of all quantities of a good or service that a buyer would be willing to purchase at all prices. According to the law of demand, this relationship...0 Commentaires 0 Parts 19KB Vue 0 Aperçu
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Economic efficiencyKey Points Economic efficiency is the idea that it is impossible to improve the situation of one party without imposing a cost on another. If a situation is economically inefficient, it becomes possible to benefit at least one party without imposing costs on others. Consumer surplus is the gap between the price that consumers are willing to...0 Commentaires 0 Parts 16KB Vue 0 Aperçu
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Efficiency in perfectly competitive marketsKey points Long-run equilibrium in perfectly competitive markets meets two important conditions: allocative efficiency and productive efficiency. These two conditions have important implications. First, resources are allocated to their best alternative use. Second, they provide the maximum satisfaction attainable by society. Efficiency in perfectly...0 Commentaires 0 Parts 17KB Vue 0 Aperçu
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Elasticity in the long run and short runKey points In the market for goods and services, quantity supplied and quantity demanded are often relatively slow to react to changes in price in the short run, but they react more substantially in the long run. As a result, demand and supply often—but not always—tend to be relatively inelastic in the short run and relatively elastic in the long run....0 Commentaires 0 Parts 18KB Vue 0 Aperçu
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