Environmental Footprint Lab Report Example | Topics and Well Written Essays - 1000 words

Ecological Footprint - Lab Report Example This expansion in carbon dioxide outflows brings about increment in the worldwide Earth temperature. Subsequently, advancement of more up to date homes in regions that have been initially shrouded with backwoods brings about expanded carbon dioxide in the air, since the woods worked as carbon sinks. Moreover, same way of life among people may bring about debasement of biological systems and loss of biodiversity. As the human populace increments, new changes on the scene, for example, making of new structures, bring about modifying of the biological system of a spot and interruption of the environment forms. The environment forms are constrained by the biodiversity in a region. In the event that everybody delighted in a similar way of life, the pace of utilization of assets would increment quickly. This would bring about a decay, in the asset base for mankind. Changing human ways of life, for example, inclining toward quick nourishments to horticultural items can likewise bring about diminished cultivating exercises. This may prompt absence of food assets important to help human populace and, subsequently, may influence the financial security. Thus, increment in human exercises, for example, deforestation, influences environment forms, which decreases the efficiency of land. ... What's more, turning down of the temperature of the warming indoor regulator by eight degrees Fahrenheit and the forced air system by seven degrees Fahrenheit can give reserve funds of $24 and $42 individually. This will spare around 770 pounds of carbon dioxide from being discharged into the air. Exercises, for example, washing garments in chilly water rather than hot will set aside to $10 yearly and in the process there would be reserve funds by 181 pounds of carbon dioxide outflow. What's more, utilizing the rest include in the PC will spare $10 every year sparing around 159 pounds of carbon dioxide outflows. So as to diminish carbon emanations, reusing items related with groceries can be utilized. This will spare around 447 pounds of carbon dioxide. The aggregate sum of carbon discharges spared by an individual adds up to 19,905 pounds. This produces reserve funds adding up to $2,304 every year. For a populace of 100 million in America, the aggregate sum of carbon emanations spar ed would add up to roughly 1990.5 billion pounds of carbon dioxide spared every year. Subsequently, the all out reserve funds in dollars would be about $230.4 dollars per annum. Usage of these arrangements will significantly decrease the measure of carbon dioxide in the climate, which will bring about keeping up a steady earth temperature. Also, lessening the miles driven by vehicle will help improve the air quality, as the creation of carbon dioxide from the vehicles will be decreased. Therefore, expanded reusing as a measure to diminish contamination will help improve water quality, as the greater part of items that were arranged in the waters will be re-utilized. Decrease in the outflow of carbon dioxide in the environment will improve the wellbeing states of people particularly the individuals who have relaxing

Louis Isadore Kahn And The Salk Institute Essays - Louis Kahn

Louis Isadore Kahn And The Salk Institute Essays - Louis Kahn Louis Isadore Kahn And The Salk Institute Louis Kahn and The Salk Institute Remaining solitary against the unending blue ocean, the Salk Institute by Louis I. Kahn is unique. Louis Kahn's Salk Institute for Biological Studies on the Pacific coast close La Jolla hopes for inside its own soul to a request accomplished through clearness, definition, and consistency of application(Heyer 195). To many, this grand structure may appear to be strange, however it functions admirably with the general condition as a result of the spatial progression that it has. The connection to the site, the structural qualities, and the thoughts of hireling versus served, join to accomplish an incredible feeling of request in the Salk Institute. A considerable lot of the thoughts that went into the development of this structure are as yet used in design today. Kahn's cutting edge configuration exploits the environment by opening up a wide square between two research and lab wings giving a perspective on the wonderful Pacific Ocean and the coastline (Ghirardo 227). The research centers are isolated from the examination zones, and each investigation has a perspective on the eminent blue Pacific with level light pouring in. This permits researchers to take a break from their frenzied investigations and clear their brains with an amazing perspective. According to this thought Kahn expressed, I isolated the examinations from the research facility and put them over the nurseries. Presently one need not invest all the energy in the research centers (Ronner 158). The two lab wings are balanced about a little stream that goes through the center of the patio and feeds into the sea. This consistent boycott of water streaming towards the ocean represents the achievement that human can achieve. I thought this thought had a commendable nearness, conside ring the Salk Institute is one that advances research and study. Accordingly, the patio is considered the faade to the sky. Kahn didn't have to spruce up the land around the arrangement in light of the fact that the Salk Institute is the scene. It is unified with the site. Kahn fuses the utilization of structural qualities inside this plan in various manners. The materials utilized included wood, solid, marble, water, and glass, and they all added to the Brutalist ideas and shortsighted arrangement. He accepted that solid was the stone of present day man, and hence it was to be left with uncovered joints and formwork markings (Ronner 164). Endured wood and glass joined with the solid to build the outside surface. Kahn likewise incorporated mechanical and electrical administrations into this design, which gave research facilities another idea. These innovations were covered up in the structure to proceed with Kahn's quest for request in the arrangement. Roof and segment thoughts were likewise consolidated to isolate the air that you inhale from the air that you discard. Interlocking volumes are available all through the structure, right down to the subtleties on the furnishings (Ghirardo 227). The hireling and served spaces in the Salk Institute make a predictable request, which is obvious all through the structure. The research centers go about as the served spaces, while the worker spaces are spoken to by the examinations. The entirety of the thoughts are started in the investigations or workplaces, and the examination is done in the labs. In this way, the worker spaces serve the served spaces. These are by all account not the only ways that the served and hireling ideas are engaged with the foundation. A thought that is as yet used right up 'til today in all types of design is the manner in which the Kahn manages the utilities through the structure in an unnoticeable way. Served spaces and hireling spaces are altogether coordinated (Scully 36). Kahn likewise made an assistance floor under every research center which built up a truly adaptable space, and this idea is as yet utilized today (Frampton 245). Neglecting the incomparable Pacific, this is no standard place of b usiness. Louis Kahn utilized a mix of present day engineering with much effortlessness to deliver seemingly his most prominent accomplishment as a planner. A great deal of ideas that he started in this arrangement are still being used everywhere throughout the present reality. The connection to the site, the structural qualities, and the thoughts of worker versus served, all work together to accomplish an incredible feeling of request in the Salk Institute. Book reference Frampton,

So many concentrations, so little time COLUMBIA UNIVERSITY - SIPA Admissions Blog

So many concentrations, so little time COLUMBIA UNIVERSITY - SIPA Admissions Blog An alum once told me that the best and worst thing about being at SIPA is the amount of choice we have. Those words could not ring truer today. Seeples are spoilt for choice when it comes to courses on offer, even more so when we have the opportunity to cross-register (in layman terms: take classes from other Columbia University schools). Its easy and tempting to want to do everything, but that quickly becomes overwhelming when youre trying to juggle school, internship/work, student organization, school events, sleep and wellness, and having a social life. When I first came to SIPA, I had no idea what my graduate school game plan was what skills did I want to develop, what classes I wanted to take, what knowledge I wanted to get which would help me towards a meaningful career after graduation. I did the safe thing and opted for core classes in the first semester to buy myself some time. While youre not locked into your concentration when youre at school, it helps to have a clear idea of what direction you want to head in. Here are three tips to help you find what concentration/specialization works for you: #1 Figure out your area of interest and choose a concentration that caters to it AKA, why do you want to go to graduate school. By now, you may already be in the early stages of your personal statement, which has hopefully helped you think about what drives you and what your career goals are. There are six concentrations for both MIA MPA degrees and each curricula has a different subject matter and focus. The focus of each concentration is quite self-explanatory as they are rather distinct economic development, energy, human rights, international finance, international security, and urban social policy. Choosing a concentration does not restrict you from taking classes that might relate to other concentrations. Rather, it serves as a starting point to help you focus/tailor your graduate school academic life. One of the biggest concentrations is Economic and Political Development (EPD), which I belong to. I chose EPD (and stuck to it) because of the breadth of courses and the focus on development and emerging markets. As I hope to return to Southeast Asia, this emphasis on the developing world is important for me. #2 Identify your specific interest or leverage your professional background to specialize Choosing a specialization is SIPAs way of helping you further focus your degree. Most people have one specialization but some do have two specializations, because why not. Specializations require less credits to fulfill the criteria compared to concentrations. But dont fret because you  only need one to graduate. If youre unsure of how to choose, go with your gut because SIPA offers flexibility in changing your specialization. Management is a popular specialization because it offers a wide range of flexibility, especially if youre looking to take classes outside SIPA. Some Seeples also specialize in a region. Some specializations such as Technology, Media and Communications (TMAC) are still broad and offer more breadth and further focus such as cybersecurity. The tl;dr version is dont stress because there is a lot of flexibility to explore and choose your specialization if youre admitted. It might be more helpful to think about what geographic coverage you might prefer. #3 Recognizing how much flexibility you want to pursue electives Every concentration has different requirements and the amount of credits you need to take to fulfill that requirement. Concentrations such as EPD, Energy and Environment (EE) and the International Finance and Economic Policy (IFEP) may have more core requirements compared to others. This might limit your ability to take more electives and classes outside of SIPA, if that is what you are looking for, or if youre not keen to take full 18 credit semesters. Some requirements may also be challenging to fulfill. For example, EPD has a second language requirement and language courses can be 4/5 credits. This might limit the number of electives you can take per semester if you are required to take language classes and cannot test out. Similarly, IFEP is a more quant-heavy concentration which requires satisfying more advanced economics and quantitative courses. Think about the trade-offs of what experience you are looking for out of graduate school and how much flexibility you require for your own well-being.

Analysis of Discretionary Fiscal Policy Essay - 699 Words

During discretionary fiscal policy the government spends and taxes to change the economy during a particular problem. Both Congress and the president have to take action when they agree that the economy is in need. When they do this they are trying to simulate the economy during a time of recession. Economists thought discretionary fiscal policy would eliminate the instability of the recession, however most had given up on the idea by 1980. The most noticeable discretionary fiscal policy is the discretionary budget. These are the expenditures calculated in the United States budget that are within the appropriations bills. These are negotiated between Congress and the president each year. This includes almost all the spending in the†¦show more content†¦There are three types of lags recognition lag, administrative lag, and operational lag. From those lags you must determine if they were an attribute to the failure. Each lag takes time to notice. Recognition lag measures the state of the economy. This is a resultant from GDP because its not measured neither quick enough nor easily found. During administrative lag the president and Congress agree on a course of action. Two legislative bodies must agree and then agree with the president. Congress doesn’t solve problems without any disagreement, and eventually over a period of time they will agree. The last type of lag is operational lag, this takes time to n otice the full impact of a government program or tax change to have the effect on the economy. This offers the final block and even if both the president, and Congress agree on time it still takes time for discretionary fiscal policy to have an effect. The next part of the three fold is that failures can be a result from political motivations that overwhelm some economic reasons. Finally, the third part of the three-fold deals with the immediate counter-effects of the aggregate demand and aggregate supply, which this could either eliminate the positive intent of the policies either partially or completely. Policy makers noticed in the 1970s that discretionary fiscal policy couldn’t stabilize the economy. â€Å"The lags were just too important to ignore, and the recession to be recognized, laws toShow MoreRelatedFiscal Policy And Fiscal Policies838 Words   |  4 Pagesactive fiscal policy† (CNBC) in order to have its economy back on the reasonable range. Fiscal policy affects aggregate demand depending on the government’s spending and taxation. Thus, if the government decides to make changes in its taxation such as discounting corporate taxes, the aggregate demand curve will shift. In addition to that, money spent on public services and welfares will increase government spending which will affect aggregate demand as well. Economic Analysis Fiscal Policy â€Å"FiscalRead MoreThe United States Federal Government1238 Words   |  5 Pagesallocation, fiscal discipline and transparency are supposed to be key factors when making decisions on behalf of the citizens who placed them in office. Many U.S. citizens are misled by politicians who camouflage the budget for their own purposes which leave many citizens uninformed and ignorant as to where and how their money is being spent. The connection between complex and unclear budgets and fiscal excesses is evident when concluding that budgets that lack transparency diminish fiscal disciplineRead MoreThe Limitations of Monetary Policy Essay1184 Words   |  5 Pages Emanuel, in the current economic climate, the Obama administration’s course of action has been to pursue aggressive countercyclical fiscal policies designed to prevent further economic deterioration. Critics of these policies argue that: 1. The current fiscal stimulus is ineffective and has done little to create new jobs at a significant cost. 2. Monetary policy is a more effective lever to reduce unemployment and smooth the business cycle, due to its shorter implementation lag and ability toRead MoreRelationship between Real GDP Growth and Transfer Payments Essay1101 Words   |  5 Pagesattempt to analyze the effect, if any, that transfer payments have had on real GDP growth in the last 30 years. In addition, we will also set to analyze the effectiveness of monetary and fiscal policy. To analyze the relationship between real GDP growth and transfer payments and test the value of monetary and fiscal policy, we collected data on the real per capita GDP, real money supply, labor productivity, real non transfer payments as well as real transfer payments and the real price of oil for theRead MoreEssay on Six Debates over Macroeconomic Policy1363 Words   |  6 PagesSIX DEBATES over MACROECONOMIC POLICY SIX DEBATES over MACROECONOMIC POLICY ISSUES | YES | NO | 1. Whether or not monetary and fiscal policymakers should try to stabilize the economy | Advocates of active monetary and fiscal policy view the economy as inherently unstable and believe that policy can manage aggregate demand, and thereby, production and employment, to offset the inherent instability. When aggregate demand is inadequate to ensure full employment, policymakers should boostRead MoreUk Government Responses For The Financial Crisis945 Words   |  4 PagesGovernment Responses to the Financial Crisis UK government was very swift in its response the financial crisis. Various measures were taken to address the economic anomaly that came with the crisis. These range from various monetary policies to fiscal policies. Some of these policies are discussed below: Reduction in interest rate: In March 2009, UK government through Bank of England reduced interest rate from 5.0 % in September 2008 to 0.5 %. Figure 7 below shows UK interest rate level from a decade priorRead MoreEarnings Quality Assessment1372 Words   |  6 Pagesanalyst to determine the correlation between accounting income and economic income. The techniques to analyze accounting income and economic income include: comparing accounting principles, reviewing changes in accounting principles, analyzing discretionary and warranty expenditures, understanding replacement cost of assets and managements and auditors opinion of the company. A quality of earnings assessment of PepsiCo is applied to the various techniques to analyze accounting income and economicRead MoreFiscal And The New Classical Macro Models Analysis953 Words   |  4 PagesThe effectiveness of fiscal police to stimulate economic activities has been a polemic topic for several years. This controversy exists basic ally due to differences between the Keynesian and the New Classical macro models analysis. However, what it is clear is that the government has the tools to adjust to positive or negative responses of economic fluctuations. Fiscal and monetary policies must be timely adjusted to overpass economic phasedowns using government spending or taxes. Consequently, goodRead MoreEffectiveness of Fiscal Policy as a Stabilization Tool9769 Words   |  40 PagesThe Effectiveness of Fiscal Policy as Stabilization Policy Alan J. Auerbach University of California, Berkeley July 2005 This paper was presented at the Bank of Korea International Conference, The Effectiveness of Stabilization Policies, Seoul, May 2005. I am grateful to my discussants, Takatoshi Ito and Chung Mo Koo, and other conference participants for comments on an earlier draft. I. Introduction Perspectives among economists on the usefulness of fiscal policy as a device for macroeconomicRead MoreFiscal Policy of Spain7405 Words   |  30 PagesThe Spanish fiscal policy during the recent â€Å"great recession† Abstract: This paper examines the fiscal strategy followed by the Spanish government in order to stop the fall of aggregate demand induced by the financial crisis. The Spanish economy provides the best example among the countries of the European Monetary Union of the contradictions between the discretionary fiscal policy in the crisis and the fiscal rules. The intensity of the crisis and some initial badly designed fiscal stimulus shortened

Case Study Developing Successful Business - 3492 Words

Assignment On â€Å"Developing Successful Business† Executive Summary Team effort and team bonding is a key factor for the achievement of a goals. In the managerial level there are many problems. The team effort can be helpful to eradicate them. The team leaders should nurture the employees in achieving the competitive advantages than the related organizations. The managers or the team leaders must assists and encourage the team members in case of achieving the goals. It is the team effort that is linked directly with the achievement of the objectives of the team. There are three dimensions in case of team performance. This are-individual behavior varies the team behavior, team behavior makes a successful team and proper management of performance can bring change of the behavior pattern of the team. Performance evaluation system encourages the team members to give their best in the team operation and resolving the faults or weakness that the employee and the total teams has while performing a team work. Contents Executive Summary 2 Introduction 4 Task I Understanding the features of successful business teams 5 1.1 Characteristics of successful business team 5 1.2 Importance of team roles in successful in successful business teams 6 1.3 Value of using theoretical models when building successful business team 7 Task 2 being able to support team development 8 2.1 The stages of team development 8 2.2 Plan of how to motivate team members to achieveShow MoreRelatedHow Entrepreneurship Has An Effect On The Economy Of India1557 Words   |  7 Pagesvariable in monetary advancement and has assisted with job creation. Be that as it may, in the present time it has quickened like never before. Entrepreneurship is favorable for the development of a country’s economic system for various reasons. Business enterprise has been surprisingly resurgent in the course of recent decades in nations that accomplished generous poverty diminishment, for example, in China. Third, benefactors and global advancement organizations have swung to entrepreneurship toRead MoreHow A Successful Seo Agency1058 Words   |  5 Pagesto Build a Successful SEO Agency Introduction As you might be aware, starting any type of business venture comes with plenty of challenges. SEO agency is no exception. In this jam-packed market, making your way through to the top can be such a daunting task. Just to mention, SEO is the current and probably the only next face of internet marketing. Therefore, any aspiring online marketer should make a prudent choice of including this efficient marketing strategy for his/her business. Coupled withRead MoreWebsite Migration Seo Case Studies1687 Words   |  7 Pagessummaries for 7 website migration SEO case studies Total Word Count In This Document: 1695 Title: ?7 Website Migration SEO Case Studies? Moving 5 Domains To 1: An SEO Case Study This article is about the benefits and risks of moving five domains to one domain in regards to business and marketing. It describes the reasons behind wanting to move five domains into one domain, the steps that should be taken to making the transition as smooth and successful as possible (especially for a corporateRead More3m Case Study - Questions612 Words   |  3 Pages3m Case Study Question 1 There are many examples of successful companies. To what extent is 3M justifiably highlighted as the ‘innovating machine’? This case study has highlighted some of the key activities and principles that contribute to 3M’s performance. Many of these are not new and are indeed used by other companies. In 3M’s case they may be summarized as an effective company culture that nurtures innovation and a range of management techniques and strategies that together have deliveredRead MoreCourse schedule IST7100 1 1 1589 Words   |  7 Pagesneeds of the organization, its business units, and individual employees; 4) Approaches to managing the information systems’ function in organizations, including examination of the dual challenges of effectively controlling the use of well-established information technologies, while experimenting with selected emerging technologies; and 5) The role of the CIO. II. RATIONALE Students develop an understanding of the strategic use of information technology from a business perspective at the enterpriseRead MoreSupply Chain Management Essay957 Words   |  4 PagesThe first research publication presents guidelines on focus to the study one development efforts to enabling firms or companies to benefit from e-business in the (SCM) supply chain management. The type of presented resources allocation is based on exports opinions. The previous study (Christopher, 1998) it has identified that the tasks orientated, and interaction centred which focus on groups workload as an ideal methodology for exploring the experience of professionals and experience describingRead MorePaper: Our Workforce Matters1486 Words   |  6 PagesThe paper provides supporting arguments for the evaluation. The key to the success of any business is the strength of its staff or work force. However, to remain economical, a companys work force must be able to increase efficiency, lower staffing costs, reduce turnover and provide long term growth for the company. In order to achieve all of these goals, a company must have and implement a successful work force planning strategy. This can be difficult as many companies fail to see where thereRead MoreSupply Chain Management Approach Analysis Essay1034 Words   |  5 PagesThis case study discusses a supply chain management approach analysis and describes how project managers should implement business processes to understand the importance of a successful project implementation. The case analyzes the â€Å"topics related to financial management, accounting, procurement, sales, marketing, contracts, manufacturing, distribution, logistics, the supply chain, strategic planning, tactical planning, operations management, organizational structur es and behavior, personnel administrationRead MoreOutback Steakhouse1450 Words   |  6 Pagesï » ¿Outback Steakhouse in Korea: a success story. by Lee, Kyuho^Khan, Mahmood A.^Ko, Jae-Youn Cornell Hospitality Quarterly †¢ Feb, 2008 †¢ CQ CASES Interviews with executives and managers of the Outback Steakhouse Korea chain point to the critical success factors that have allowed the chain to expand even in the face of economic turbulence. Opened in 1997, the Korean operation first had to survive the Asian currency crisis, which it did with assistance from its franchisor. With close cooperationRead MoreEssay on Week 6 Case Study A: Pkolino Financials834 Words   |  4 Pagesï » ¿ Week 6 Case Study A: Pkolino Financials The key revenue drivers for Pkolino are the tables that they plan to sell, They plan on starting out with two high end tables in the first two years of business and then moving on to developing a mid level table in its third year. These tables are going to be the main point of sales for the company. Pkolino plans to sale a large majority of these tables during the holiday season (fourth quarter) in which they plan on making a significantly large portion

Economics Syllabus Free Essays

CARIBBEAN EXAMINATIONS COUNCIL Caribbean Advanced Proficiency Examinations Correspondence related to the syllabus should be addressed to: The Pro-Registrar Caribbean Examinations Council Caenwood Centre 37 Arnold Road, Kingston 5, Jamaica, W. I. Telephone Number: (876) 920-6714 Facsimile Number: (876) 967-4972 E-mail address: cxcwzo@cxc. We will write a custom essay sample on Economics Syllabus or any similar topic only for you Order Now org Website: www. cxc. org Copyright  © 2008, by Caribbean Examinations Council The Garrison, St. Michael BB 11158, Barbados This document CXC A20/U2/08 replaces CXC A20/U2/03 issued in 2003. Please note that the syllabus was revised and amendments are indicated by italics and vertical lines. First Issued 2003 Revised 2008 Please check the website www. cxc. org for updates on CXC’s syllabuses. RATIONALE1 AIMS 2 SKILLS AND ABILITIES TO BE ASSESSED2 PRE-REQUISITES OF THE SYLLABUS3 STRUCTURE OF THE SYLLABUS3 UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLY 4 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 MODULE 3: DISTRIBUTION THEORY 17 UNIT 2: MACROECONOMICS MODULE 1: MODELS OF THE MACROECONOMY27 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES28 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS36 OUTLINE OF ASSESSMENT44 REGULATIONS FOR PRIVATE CANDIDATES 55 REGULATIONS FOR RESIT CANDIDATES56 ASSESSMENT GRID57 RESOURCES58 GLOSSARY59 T T he Caribbean Advanced Proficiency Examinations (CAPE) are designed to provide certification of the academic, vocational and technical achievement of students in the Caribbean who, having completed a minimum of five years of secondary education, wish to further their studies. The examinations address the skills and knowledge acquired by students under a flexible and articulated system where subjects are organised in 1-Unit or 2-Unit courses with each Unit containing three Modules. Subjects examined under CAPE may be studied concurrently or singly, or may be combined with subjects examined by other examination boards or institutions. The Caribbean Examinations Council offers three types of certification. The first is the award of a certificate showing each CAPE Unit completed. The second is the CAPE diploma, awarded to candidates who have satisfactorily completed at least six Units, including Caribbean Studies. The third is the CAPE Associate Degree, awarded for the satisfactory completion of a prescribed cluster of seven CAPE Units including Caribbean Studies and Communication Studies. For the CAPE diploma and the CAPE Associate Degree, candidates must complete the cluster of required Units within a maximum period of five years. Recognized educational institutions presenting candidates for CAPE towards the award of the Council’s Associate Degree in nine categories must, on registering these candidates at the start of the qualifying year, have them confirm in the required form, the Associate Degree they wish to be awarded. Candidates will not be awarded any possible alternatives for which they did not apply. T ? RATIONALE Economics is the study of how society provides for itself by making the most efficient use of scarce resources so that both private and social welfare may be improved. The subject, therefore, covers the study of individuals, households, firms, government and international economic institutions as they attempt to make better use of scarce resources. The study of Economics enables individuals to develop a better understanding of the economic issues which affect them and the world in which they live. It will also enable students to offer informed comments on economic matters. The knowledge gained from this course in Economics will be of lifelong value to the student. The influence of the subject on all areas of activity should stimulate the individual to continue reading and conducting research in Economics. It is recognised that persons doing this course may be drawn from different backgrounds and may possess different interests. Some may wish to study Economics as preparation for further specialisation in the subject. Others may study the subject to complement other subject disciplines, such as, careers in finance, accounting or law. Some students may see the subject as one worthy of study in its own right. Students of Economics will be able to contribute, significantly, to economic and social development in the Caribbean and the wider world by acting as catalysts for wider awareness of social and economic issues. A study of Economics at the CAPE level will be of benefit to all students by introducing them to the philosophy which underlies everyday economic interactions. The study will also train the student to think logically, critically and impartially on a variety of contentious issues. AIMS The syllabus aims to: 1. promote understanding of the basic principles and concepts of economics which are accepted in large measure by economists while recognising that the field is changing continuously; 2. develop an appreciation of the various methods used by economists in analysing economic problems; 3. develop an understanding of the global economy and of the relationships between rich and poor nations with respect t o international trade and finance and the most important international financial institutions; 4. ncourage students to apply economic principles, theories and tools to everyday economic problems, for example, inflation, unemployment, environmental degradation, sustainable development and exchange rate instability and to contribute meaningfully to any dialogue on these issues; 5. encourage students to apply economic theory to the critical issues which affect the small open Caribbean-type economy; 6. encourage students to evaluate contentious economic issues so that decision-making may be informed by logical and critical thinking; 7. sensitize students to the need for ethical behaviour in the conduct of economic transactions. SKILLS AND ABILITIES TO BE ASSESSED The assessment will test candidates’ skills and abilities to: 1. identify and explain economic theories, principles, concepts and methods; 2. interpret, analyse and solve economic problems using economic models and conce pts; 3. develop structural and reasoned expositions and evaluate economic theories and policies. PRE-REQUISITES OF THE SYLLABUS Successful participation in this course of study will be enhanced by the possession of good verbal and written communications skills. A good foundation in Mathematics would be an asset to students doing this course. STRUCTURE OF THE SYLLABUS The Syllabus is arranged into two Units. Each Unit consists of three Modules, each Module requiring 50 contact hours. UNIT 1: MICROECONOMICS Module 1-Methodology: Demand and Supply Module 2-Market Structure, Market Failure and Intervention Module 3-Distribution Theory UNIT 2: MACROECONOMICS Module 1-Models of the Macroeconomy Module 2-Macroeconomic Problems and Policies Module 3-Growth, Sustainable Development and Global Relations Lists of resources are provided in the syllabus. The lists provide information that may be helpful for the study of each Module. It is advised that the topics listed in the sections do not necessarily follow sequentially. Teachers may thus introduce certain concepts before others. It is recognised that Economics may be taught using a strictly qualitative approach or a strictly quantitative approach. However, a proper mix of the two approaches is critical to the understanding of the subject at this level. Teachers are advised, therefore, that proper delivery of the subject would involve the integration of the two approaches. ? UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLY GENERAL OBJECTIVES On completion of this Module, students should: 1. appreciate the main problem of economics namely, the allocation of scarce resources and the inevitability of choice; 2. understand the laws, principles and theories governing demand and supply; 3. understand the basic tools of economic analysis. SPECIFIC OBJECTIVES TOPIC 1: Central Problem of Economics Students should be able to: 1. explain the concept of scarcity; 2. apply the concept of opportunity cost in a variety of real-life situations; 3. explain the concept of production possibilities frontier (PPF); . use the production possibilities frontier to indicate constant returns, diminishing returns and increasing returns; 5. account for shifts in the production possibilities frontier (PPF); 6. differentiate between positive and normative economics; 7. outline the advantages and disadvantages of the alternative mechanisms by which resources are allocated. CONTENT 1. The meaning of scarcity, free goods and economic goods. 2. (a)Definition of opportunity cost. b) Choice: what, how and for whom to produce. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) ) The concept of opportunity cost applied to economic agents (individuals, households, firms and governments). 3. (a)Assumptions: maximum output attainable, given full employment and constant state of technology. (b)Regions: attainable, unattainable, efficient and inefficient levels of production. 4. Production possibilities frontier: slopes and shapes. 5. Use of production possibilities frontier to show growth and technological change. 6. Examples of positive and normative statements. 7. Different types of economic systems: traditional, market, planned and mixed. SPECIFIC OBJECTIVES TOPIC 2: Theory of Consumer Demand Students should be able to: 1. explain the concept of utility; 2. explain the law of diminishing marginal utility and the limitation of marginal utility theory; 3. explain the meaning of indifference curves and budget lines; 4. explain consumer equilibrium using the marginal utility approach; 5. explain consumer equilibrium using the indifference curve approach; 6. isolate the income and substitution effects of a price change; 7. explain effective demand; 8. derive the demand curve using both the marginal utility and indifference curve approaches; 9. ifferentiate among normal, inferior and Giffen goods; 10. distinguish between shifts of the demand curve and movements along the curve; UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 11. identify the factors that affect demand; 12. explain the meaning of consumer surplus; 13. explain price elasticity, income elasticity and cross elasticity of demand; 14. calculate numerical values of el asticity; 15. interpret numerical values of elasticity; 16. assess the implications of price elasticity of demand for total spending and revenue; 17. state the factors that determine the price elasticity of demand. CONTENT 1. Utility: total, marginal, cardinal (marginalist approach), ordinal (indifference curve approach). 2. (a)Explanation of diminishing marginal utility. (b)The main assumptions and limitations of Marginal Utility Theory. 3. Indifference curves and the budget constraint (budget lines). 4. The law of equi-marginal returns. 5. The point of tangency of the budget line to the indifference curve. 6. Income and substitution effects of a price change. 7. Effective demand. 8. Deriving the demand curve using the marginal utility as well as the indifference curve approach. . Normal, inferior and Giffen goods using the indifference curve approach. 10. Shift versus movements along demand curves. 11. Price and the conditions of demand. 12. Consumer surplus including graphical representations. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 13. Price, income, and cross elasticities. 14. Calculation of values of elasticity. 15. Classification and interpretations (sign and size ); including the drawings and interpretations of graphs. 16. The implications of price elasticity of demand for total spending and revenue. 17. Factors that determine the price elasticity of demand. SPECIFIC OBJECTIVES TOPIC 3: Theory of Supply Students should be able to: 1. identify the factors of production; 2. explain the term production function; 3. differentiate between the short run and long run; 4. explain the law of diminishing returns; 5. calculate total, average and marginal physical product; 6. explain the relationships among total, average and marginal physical product; 7. identify the stages of production as they relate to total, average and marginal product; 8. calculate total, average, marginal and other costs; 9. xplain the relationship among total, average and marginal costs; 10. explain why supply curves are usually positively sloped; 11. explain the concept of producer surplus; 12. explain the shape of the short run and long run supply curves; UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 13. explain returns to scale and the concepts of economies and diseconomies of scale; 14. distinguish between a movement along the supply curve and a shift in the supply curve; 15. explain the concept of elasticity of supply; 16. calculate elasticity of supply; 17. interpret elasticity of supply. CONTENT . Factors of production: land, labour, capital and entrepreneurship. 2. Relationship between output and input. 3. Fixed and variable factors. 4. The law of diminishing returns. 5. Calculation of total average and marginal physical product. (See suggested teaching and learning activities). 6. Change in the relationship as input increases. 7. Production and its stages, as they relate to the total, average and marginal product including the use of graphs. 8. (a)Fixed cost, variable cost, total cost, marginal cost, average fixed cost, average variable cost, average total cost, sunk costs. ) The shape of the long run average total cost curve. c) Productive optimum. 9. The relationship between total, average and marginal cost including the use of graphs. 10. Relationship between quantity supplied and price. 11. Producer surplus including graphical representations. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 12. Relationship between marginal cost and the average cost in the short run and long run. Explanation of why the supply curve is the section of the marginal cost curve above the average variable cost and average total cost. 13. (a)Long run and economies of scale. ) Factors determining economies of scale. c) Internal and external economies of scale. d) Diseconomies of scale. 14. Price and the conditions of supply. 15. Concept of elasticity of supply. 16. Calculation of elasticity of supply. 17. Classification and interpretation (size of coefficient) including the drawing and interpretation of graphs. SPECIFIC OBJECTIVES TOPIC 4: Market Equilibrium Students should be able to: 1. explain the concept of the market; 2. explain market equilibrium; 3. calculate equilibrium price and quantity; 4. outline factors that cause changes in equilibrium; . evaluate the impact of price controls on market equilibrium; 6. analyse the effects of taxation and subsidies on market equilibrium. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) CONTENT 1. The concept of the market. 2. Equilibrium price, equilibrium quantity. 3. Use of demand and supply data to calculate equilibrium price and quantity. 4. Changes in conditions of supply and demand. 5. The effects of price ceilings and price floors on equilibrium. 6. (a)The effects of taxation and subsidies on market equilibrium. (b)The incidence of an indirect tax. Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, Central Problem of Economics, let students provide examples from personal life, the home, firms and government to demonstrate opportunity cost and the production possibilities frontier (PPF). 2. For topic 2, Theory of Consumer Demand, let students derive their own schedule and plot the demand curve for commodities which they use in their everyday lives. 3. For utility, use water or any other drink to show the different levels of satisfaction (utility). Use the data to derive total and marginal utility curves. 4. For the concept of elasticity, teachers may use two types of materials, one that could change in varying degrees and the other which remains the same regardless of circumstances. Teachers should then apply this concept to market conditions illustrating the concepts of elasticity and inelasticity. 5. For deadweight loss, teachers may use the graphs for consumer and producer surplus to show how market intervention may lead to loss welfare (deadweight loss). 6. For stages of production, allow students to derive the total average and marginal product curves using simulated data. Use the results of the graphs to point out the different stages of production. An example is given below. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) GRAPH SHOWING THE STAGES OF PRODUCTION [pic] (i)Stage 1occurs up to the point where APPL is at its maximum. (ii)Stage 2 occurs from the point where APPL is at a maximum up to the point where MPPL is zero. In this stage new workers add to total physical output. (iii)Stage 3 occurs when MPPL is negative. The producer will operate in stage 2. In stage 1 there is insufficient labour being used (up to the point where MPPL is at its maximum) and the output per worker is increasing. In stage 3 the producer gets no addition to total physical output from additional workers. It would be possible to have more total physical product with less labour applied to a fixed factor (say machinery). UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION GENERAL OBJECTIVES On completion of this Module, students should: 1. appreciate the distinction between the different types of market structures; 2. develop awareness of the causes of market failure; . appreciate the measures that can be adopted to reduce or eliminate market failure; 4. appreciate the arguments which suggest that government intervention may not necessarily improve economic performance. SPECIFIC OBJECTIVES TOPIC 1: Market Structure Students should be able to: 1. outline the goals of the firm; 2. explain how firms measure profits; 3. explain the concepts of avera ge, marginal and total revenue; 4. explain the concept of market structure; 5. outline the characteristics of the different market structures; 6. distinguish among the different market structures; 7. xplain the factors that influence the pricing and output decisions of the firm; 8. calculate measures of industrial concentration; 9. interpret measures of industrial concentration. UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) CONTENT 1. Profit maximization, growth, satisficing, sales and revenue maximization, market dominance. 2. Total revenue, total cost, normal and economic (abnormal) profit. 3. Relationship between average, marginal and total revenue. 4. Types of market structures: perfect competition, monopoly including price discrimination, monopolistic competition, oligopoly and cartels. . Characteristics of the different market structures. a) barriers to entry; b) control over market and price; c) nature of the good; d) numbers of buyers and sellers; e) competitive behaviour and performance. 6. Focus on all characteristics of the different markets in addition to profit maximization. a) Examples of close approximations of market structures in the Caribbean. 7. Marginal cost and marginal revenue, total cost and total revenue, marginal cost pricing and average cost pricing. 8. Herfindahl Hirschman Index – the percentage of an industry’s output produced by its four largest firms (four-firm concentration ratio): pic] where si is the market share of firm i in the market, and n is the number of firms. 9. (a)Interpretation related to market structures. b) Limitations of measures of industrial concentration. UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) SPECIFIC OBJECTIVES TOPIC 2: Market Failure Students should be able to: 1. explain the concept of economic efficiency; 2. distinguish among private goods, public goods and merit goods; 3. distinguish between social costs and pri vate costs and social benefits and private benefits; 4. explain the concept of market failure; 5. explain what is meant by deadweight loss; . outline the causes of market failure. CONTENT 1. Inclusion of discussion of Pareto efficiency. 2. (a)Examples of private goods, public goods and merit goods. (b)Discussion of issues of rivalry and exclusion. 3. Social costs, private costs, social benefits, private benefits, external costs, external benefits. Use of graphical representations. 4. Divergence of social costs and social benefits and efficiency. Use of graphical representations. 5. Deadweight loss including verbal and graphical representations. 6. Causes of market failure: a) monopoly; b) public goods and merit goods; c) externalities: positive and negative; UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) d) divergence between social and private costs and social and private benefits; e) imperfect information; f) asymmetric information: adverse selection and moral hazard; g) open access to resources; h) lack of property rights (squatting, streams, ocean); i) non-existence of markets (for trading). SPECIFIC OBJECTIVES TOPIC 3: Intervention Students should be able to: 1. evaluate the measures used by government to correct market failure; 2. evaluate the measures used by the private sector to correct market failure. CONTENT 1. Measures used by government to control market failure: a) -regulation; – anti-trust policy; – taxation; – privatisation and deregulation; – state ownership; – subsidies; – legislation; – market creation (tradable permits); b) pros and cons of government intervention; c) -merits and demerits; – effectiveness of intervention in Caribbean societies (effect of small size in relation to policy making). UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) 2. Private Sector Intervention: (a)corporate code of conduct; (b)corporate social responsibility; (c)voluntary agreements; (d)corporate ethics. Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For price discrimination, teachers could identify the first, second and third degree price discrimination using different examples from students’ experiences. Teachers should then illustrate by use of diagrams. 2. For the kinked demand curve model, teachers may use the daily newspaper or mobile phone industry as examples. UNIT 1 MODULE 3: DISTRIBUTION THEORY GENERAL OBJECTIVES On completion of this Module, students should: . understand what accounts for the returns that accrue to the owners of the factors of production; 2. appreciate the issues surrounding poverty and the measures used to alleviate poverty; 3. develop skills in applying microeconomic analysis to critical social issues involving income inequality. SPECIFIC OBJECTIVES TOPIC 1: The Demand for and Supp ly of Factors Student should be able to: 1. explain the rewards of the factors of production; 2. explain the concept of derived demand; 3. outline the marginal productivity theory; 4. apply the marginal productivity theory to the demand for land, capital and labour; 5. nalyse the factors affecting the supply of land, capital and labour; 6. analyse the factors determining rent, interest and wages; 7. distinguish between transfer earnings and economic rent. CONTENT 1. Rent, interest, wages and profits. 2. Derived demand. 3. (a)The assumptions and limitations of Marginal Productivity Theory. (b)Marginal Physical Product, Marginal Revenue Product and their relationship. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 4. The value of the Marginal Product: a) land; b) labour; c) capital – using present value (use of graphical representation required). 5. The fixity of land, the supply of loanable funds and the labour supply. 6. The demand for and supply of factors. 7. Numerical, graphical and verbal explanations of transfer earnings and economic rent. SPECIFIC OBJECTIVES TOPIC 2: Wage Differentials Student should be able to: 1. explain the concept of wage differentials; 2. analyse imperfections in the labour market; 3. analyse the effect of labour mobility on wages; 4. explain the concept of compensating wage differentials; 5. explain the role of Government, Trade Unions and Employers’ Associations in the pricing of labour. CONTENT 1. Differences in wages within industries and among industries. 2. Imperfections on the demand side (for example, differences in marginal productivity) and on the supply side (for example, geographical immobility). 3. The mobility and immobility of labour; geographical (migration of workers), occupational. 4. Compensating (equalizing) differentials. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 5. The minimum wage rate; monopsonies; migration of workers; collective bargaining; trade union strategies, the role of employers’ associations; efficiency wage. SPECIFIC OBJECTIVES TOPIC 3: Income inequality, Poverty and Poverty Alleviation Students should be able to: 1. differentiate between size and functional distribution of income; 2. explain the concept of income inequality; 3. explain the measures of income inequality; 4. explain the measures used to reduce income inequality; 5. distinguish between absolute and relative poverty; 6. outline factors that contribute to poverty; 7. explain why certain categories of people are more susceptible to poverty than others; 8. evaluate the different ways used to measure poverty; 9. outline strategies used by Governments to alleviate poverty; 10. analyse the economic costs of poverty; 1. assess the economic benefits of government intervention to alleviate poverty. CONTENT 1. Size and functional distribution of income. 2. How income is distributed. 3. Lorenz curve measurement of income inequality; and Gini coefficient (interpretation only). 4. Measures to reduce inequality: taxes, subsidies, transfers. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 5. Absolute versus rela tive poverty. 6. Factors that contribute to poverty including: a) social and physical environment; b) discrimination – gender, race; c) restrictions on certain economic activities; d) non-ownership of resources; ) family size; f) single parent; female- headed families. 7. Persons who are most susceptible to poverty: (a)people with special needs; i) physically challenged; ii) elderly; iii) youth; iv) single parent families; v) indigenous people; (b)reasons – Limited access to employment, level of training, legislation, availability of income to share among family. 8. Ways used to measure poverty: a) basic needs; b) poverty line; c) head count; d) UNDP Human Development Index (HDI). UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 9. Strategies to alleviate poverty: a) transfer payments; b) free education and health care; ) housing; d) minimum wage legislation; e) equal employment opportunities; f) Government employment creation(special works programmes). 10. The cos t of poverty, including: a) unemployed human resources; b) lower potential output; c) inefficient allocation of Government expenditure; d) social and environmental costs. 11. Economic benefits including: a) provision of education and health leading to development of human capital; b) improvement in well- being as measured by the UNDP (HDI); c) more equitable distribution of income. Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. Use knowledge from topic 3, unit 1, Theory of Supply, to derive the demand curve for factors of production. 2. Teachers may use graphical representation of the Lorenz Curve to illustrate unequal distribution of income. Teachers should also relate the Lorenz Curve to the GINI coefficient. Also show the effect of taxes on the Lorenz Curve and the GINI coefficient. UNIT 2: MACROECONOMICS MODULE 1: MODELS OF THE MACROECONOMY GENERAL OBJECTIVES On completion of this Module, students should: appreciate the notion of National Income accounting and the importance of these accounts for macroeconomic theory and policy; 1. understand the views of the classical keynesian and monetarists schools; 2. understand the factors that influence the level of investment in an economy. SPECIFIC OBJECTIVES TOPIC 1: National Income Accounting Students should be able to: 1. explain the circular flow of income; 2. explain the concept of National Income Accounting; 3. explain the different ways of deriving National Income Accounts; 4. nterpret National Income statistics; 5. use National Income accounts to analyze the performance on an economy as a whole; 6. derive real GDP from nominal GDP; 7. explain the limitations of GDP. CONTENT 1. Economic agents. 2. Gross Domestic Product (GDP),Gross National Product (GNP) and other measures. 3. Calculation of GDP, GNP and their components (personal income, disposable income), Net National Income (NNI), and per capita income; avoidance of double counting. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 4. Total measures: a) GDP at market prices; b) GDP at factor costs. 5. Use of National income accounts to measure economic performance over time and to make inter-country comparisons. 6. Calculation of real and nominal GDP using the price deflator. 7. Limits of National Income Accounts as a measure of well-being: a) non-inclusion of the informal sector (the underground economy, illegal activities); b) non-payment for do-it-yourself activities; c) non-accounting for externalities, environmental degradation (Green GDP); d) the fact that it measures changes in the value of output but not changes in the quality of life. SPECIFIC OBJECTIVES TOPIC 2: Classical models of the Macroeconomy Students should be able to: 1. explain why within the classical model, all employment is voluntary; 2. explain how full employment is restored in the classical model; 3. explain the factors that influence aggregate demand; 4. explain the factors that influence aggregate supply; 5. interpret the classical long run supply curve; 6. explain price level determination within the classical model; 7. use the classical aggregate demand and supply model to show changes in the price level and employment. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) CONTENT 1. Flexibility of wages and prices. 2. The role of wage price and interest rate flexibility. 3. The factors that influence aggregate demand: a) consumer spending; b) investment spending; c) Government spending; d) net export spending. 4. Factors that influence aggregate supply including changes in input prices and incomes. 5. The assumptions of the vertical aggregate supply curve. 6. The interaction of the classical aggregate demand and supply curves. 7. Shifts in the aggregate demand and aggregate supply curves. SPECIFIC OBJECTIVES TOPIC 3: Basic Keynesian Models Students should be able to: 1. explain the consumption function; 2. xplain the relationship between saving and consumption; 3. calculate the simple multiplier; 4. explain the effect of changes in investment on national income; 5. explain the effect of government spending on national income; 6. describe the effect of withdrawals and injections on national income; UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 7. explain the relationship between net e xports and national income; 8. determine the equilibrium level of national income; 9. explain inflationary and deflationary gaps. CONTENT 1. Autonomous and induced consumption. 2. (a)Income = consumption plus saving. b)marginal propensity to consume and save. (c)average propensity to consume and save. 3. Simple multiplier [pic]. 4. Relationship between changes in investments and national income. 5. Government’s expenditure and its effects on national income. 6. (a)Concepts of injections and withdrawals in an economy. (b)The effect of injections and withdrawals on national income. (c)Small multipliers in the Caribbean context due to leakages. 7. (a)Relationship between net exports (x – m) and national income. b) Exports as an injection and imports as a withdrawal. 8. Determination of equilibrium income using: a) 45 o line or E=Y; ) withdrawals and injections approach; c) the Keynesian aggregate demand and supply curves (long run and short run). UNIT 2 MODULE 1: MODELS O F THE MACROECONOMY (cont’d) 9. (a)Full employment level of output. (b)Actual level of output. (c)Equilibrium level of national income could be either below, at or above potential level of output. SPECIFIC OBJECTIVES TOPIC 4: Investment Students should be able to: 1. explain the concept of investment; 2. differentiate between the investment demand curve and the investment curve; 3. explain the accelerator theory; 4. outlinethe factors that account for the volatility of investment. CONTENT 1. Investment (induced and autonomous). 2. (a)Marginal efficiency of capital (investment demand as a function of expected rate of return). b) Marginal efficiency of investment (non-interest rates as determinants of investment demand, taxes, costs, stock of capital goods on hand expectations). 3. Accelerator theory of investment. 4. Determinants of investment: a) The accelerator; b) Durability; c) Irregularity of innovation; d) Variability of profits, expectations and interest rates. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, teachers should pay special attention to the rules of accounting working from the GDP down to consumption and savings. Teachers should also deal with the concepts such as market price and factor costs, as well as real GDP and normal GDP. Make use of the circular flow diagram from the closed economy to the open economy. 2. For topic 2, Classical Models of the Macroeconomy, teachers should use graphs to emphasize flexibility and the automatic return to equilibrium. . For topic 3, teachers could demonstrate the operation of the multiplier by using data to show the successive rounds of spending. Calculations and graphical representations of the multiplier are required. 4. Use the 45 ° line and average demand and average supply to show inflationary and deflationary gaps. 5. For topic 4, Investment, teach ers may use tables to illustrate and explain the accelerator, that is, the necessity to increase expenditure, constantly, for investment. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES GENERAL OBJECTIVES On completion of this Module, students should: nderstand the reasons why an economy may be characterised by unemployment and how intervention may be used to improve economic performance; appreciate the role of the Central Bank in the economy; understand monetary and fiscal policy and their applications; understand the nature and burden of the national debt. SPECIFIC OBJECTIVES TOPIC 1: Unemployment and Inflation Students should be able to: 1. explain what is meant by the labour force; 2. explain the unemployment rate; 3. distinguish between unemployment and underemployment; 4. evaluate the costs of unemployment; 5. explain the causes of unemployment; 6. valuate the policies used to reduce unemployment; 7. explain the causes of inflation; 8. distinguish between real and nominal variables; 9. explain how inflation is measured; 10. explain the causes of inflation; 11. evaluate the effects of inflation; UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 12. evaluate the policies used to combat inflation; 13. explain the relationship between the unemployment rate and inflation. CONTENT 1. Employed and unemployed. 2. The unemployment rate. 3. Unemployment and underemployment. 4. The effect on output, income and growth: additional financial burden on the state; social costs. . Labour immobility, other market imperfections, structural changes in the economy, inadequate aggregate demand, increase in labour force participation rate, seasonality, intervention. 6. Fiscal policy, monetary policy, wage subsidies, retraining programmes, investment tax credit, employment tax credit, government employment programmes, reducing market imperfections. 7. Inflation: general price level. 8. Real and money wages: a) real and nominal GDP; b) real and nominal in terest rate. 9. The GDP deflator; the retail price index; the producer price index. Calculations and limitations of the indices. 10. Demand shocks, supply shocks, increase in the money supply growth rate. 11. The costs and benefits of inflation: the impact of redistribution of wealth; impact of business activity and growth, impact on the balance of payments. 12. Income policy, monetary policy, fiscal policy and supply side measures. 13. Trade-off between inflation and the rate of unemployment: Phillips curve – stagflation. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) SPECIFIC OBJECTIVES TOPIC 2: Monetary Theory and Policy Students should be able to: 1. explain the concept of money; 2. outline the functions of money; 3. explain the demand for money; . explain the supply of money; 5. explain monetary policy; 6. explain how the money supply is controlled; 7. explain how money is created in the banking system; 8. explain why residents substitute foreign for domestic currency; 9. explain the Quantity Theory of Money; 10. outline the types of monetary policy; 11. describe the effects of mo netary policy on national income; 12. evaluate the limitations of monetary policy. CONTENT 1. (a)The meaning of money. (b)Types of money: token and commodity. 2. Functions of money. 3. (a)Liquidity Preference Theory. (b)Motives for holding money (transactions, precautionary, speculative). UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 4. The money supply (M1, M2). 5. Monetary policy – expansionary and contractionary policies. 6. (a)The role of the central bank in creating high-powered money (monetary base). (b)Instruments of monetary control: i) open market operations; ii) discount rates; iii) financing fiscal deficits; iv) reserve requirements; v) moral suasion; vi) interest rates. 7. (a)Excess reserves. (b)Credit creation. (c)The money multiplier. 8. The nature of currency substitution and hoarding. 9. The Quantity Theory of money. 10. (a)Tight monetary policy (inflation). (b)Easy monetary policy (unemployment). c)Balance of payments. 11. How monetary policy affects national income. 12. Limitations of monetary policy including the fact that it is: a) permissive, not compelling and only creates the environment; UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) b) difficult to control the money supply of foreign-owned commercia l banks; c) difficult to eliminate lags in monetary policy; d) weakened by fiscal indiscipline. SPECIFIC OBJECTIVES TOPIC 3: Fiscal Policy Students should be able to: 1. explain the concept of fiscal policy; 2. outline the goals of fiscal policy; 3. explain the nature of the budget; 4. xplain the balanced budget multiplier; 5. outline methods of financing budget deficits; 6. evaluate the limitations of fiscal policy; 7. distinguish between discretionary and non-discretionary fiscal policy. CONTENT 1. The meaning of fiscal policy. 2. Fiscal policy as a means of addressing: a) aggregate demand; b) unemployment; c) inflation; d) balance of payments. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 3. The nature of the budget: a) taxation, revenue, transfer, expenditure; b) budget surplus and budget deficit; c) balanced budget. 4. Explanation of the balanced budget multiplier. 5. Methods of financing budget deficits including external and domestic borrowing. 6. Lags and potency of fiscal policy. 7. (a)Expansionary and contractionary. (b)Automatic stabilizers. Specific objectives TOPIC 4: Public Debt Students should be able to: 1. explain the national debt; 2. explain the cause of the national debt; 3. evaluate the effects of the national debt on the economy; 4. explain the burden of the national debt; 5. evaluate ways of reducing the debt burden; 6. interpret the debt service ratio; 7. calculate the debt service ratio. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) CONTENT 1. The national debt: ) stock/flow; b) fiscal indiscipline; c) domestic and foreign debt. 2. The causes of the national debt. 3. The effects of the national debt on the economy: a) output and investment decisions; b) exchange rate pressures; c) inflation; d) crowding out and crowding in. 4. The responsibility for debt repayment. 1. Management of the national debt: a) i nternal and external borrowing; b) taxation; c) debt rescheduling; d) debt forgiveness. 2. Interpretation of the debt service ratio. 3. Calculation of the debt service ratio (principal plus interest as a percentage of export). UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, Unemployment and Inflation, teachers should use the Phillips Curve to show the relationship between the unemployment rate and inflation rate. 2. For topic 2 (money multiplier), show the various rounds in the money expansion process as done in the multiplier. Use Central Bank Acts and Reports for data gathering. 3. For fiscal policy, there is no need for students to derive the balanced budget multiplier. This should only be explained. 4. Teachers should emphasize the causes of the national debt and the burden it places on future generations. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS GENERAL OBJECTIVES On completion of this Module, students should: 1. understand the basic concepts of growth and development; 2. understand the impact of imports and exports on the macroeconomy; 3. understand the balance of payments accounts and appreciate the causes and consequences of balance of payments crises; 4. become aware of the benefits and costs derived from current integration arrangements, such as CARICOM, FTAA and the EU; . understand the role and functions of international economic institutions. SPECIFIC OBJECTIVES TOPIC 1: Growth and Sustainable Development Students should be able to: 1. distinguish between growth and development; 2. explain the concept of sustainable development; 3. outline the factors that determine growth; 4. outline the factors that contribut e to sustainable development; 5. explain the concept of human development; 6. anaylse the structural characteristics of Caribbean economies; 7. analyse the impact of the region’s structural characteristics on sustainable economic development. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) CONTENT 1. Differences between growth and development. 2. Current growth versus the well-being of future generations. 3. Differences between exogenous (technical change) and endogenous growth (capital accumulation, human capital). 4. Economic, social and environmental factors. 5. Indices of human development including mortality rates, literacy, per capita income, life expectancy. 6. Structural characteristics of Caribbean economies including: a) small size; b) openness; c) composition of exports; d) resource base; e) poverty; f) economic dependence. . Implications for regional economies: a) dependence on aid; b) preferential trade agreements; c) foreign direct investment (FDI); d) vulnerability to natural and man-made change; e) changes in world prices. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 2: International Trade Students should be a ble to: 1. analyse the role of imports and exports in a small open economy; 2. outline the factors that influence exports and imports; 3. explain the effects of foreign exchange earnings on a small open economy; 4. explain the theory of comparative advantage; 5. valuate the arguments for protection; 6. evaluate the arguments for Trade Liberalisation; 7. outline methods of trade protection; 8. explain the commodity, terms of trade; 9. interpret changes in the commodity terms of trade; 10. calculate the commodity, terms. CONTENT 1. The role of exports in creating domestic income and the role of imports in generating income for foreigners. 2. The factors which determine exports and imports including: a) international price; b) domestic production; c) domestic prices and exchange rates; d) international economic activity as it affects the tourism market in the Caribbean; UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) e) shifts in international demand and the emergence of substitutes; f) changes in International Income. 3. Foreign exchange earnings from exports: a) access to capital goods; b) the export multiplier; c) access to consumer goods; d) increased domestic production. 4. The theory of comparative advantage. 5. Arguments for protection including: a) infant industries; b) employment; c) food security. 6. Arguments for Trade Liberalisation including access to technology, availability of cheaper goods and services. Application of the theory of comparative advantage. . Methods of protection including: tariffs, quotas and other non-tariff methods. 8. Explanation of the commodity terms of trade. 9. Interpretation of changes in the commodity terms of trade. 10. Export price index divided by import price index multiplied by 100. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIF IC OBJECTIVES TOPIC 3: Balance of Payments and Exchange Rates Students should be able to: 1. explain the balance of payments; 2. distinguish between the current account and capital account; 3. analyze the causes and consequences of balance of payments disequilibria; 4. utline the policy measures for correcting balance of payments disequilibria; 5. explain exchange rates; 6. explain exchange rates determination; 7. distinguish between fixed and floating exchange rate regimes; 8. describe the effects of the exchange rate changes. CONTENT 1. Explanation of the balance of payments. 2. Capital items and current items. 3. The causes and consequences of balance of payments – disequilibria. 4. Policy responses to balance of payments crises including: a) devaluation; b) expenditure switching; c) expenditure reducing measures. 5. Explanation of exchange rates. 6. Determination of exchange rates. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) 7. Fixed and floating exchange rate systems (fixed, free floating and managed float). 8. The effects of exchange rate changes. SPECIFIC OBJECTIVES TOPIC 4: Economic Integration Students should be able to: 1. explain the main forms of economic integration; 2. evaluate the costs and benefits of economic integration; 3. evaluate the objectives of Caribbean integration; 4. analyse the implications of international integration arrangements for Caribbean economies. CONTENT 1. Main forms of economic integration, including: ) free trade area; b) customs union; c) common market; d) economic union. 2. The costs and benefits of economic integration including trade creation and trade diversion. 3. The objectives of CARICOM and the rationale for the CARICOM Single Market and Economy (CSME). 4. The significance of integration movements, for example European Union (EU) and the Nort h American Free Trade Agreement (NAFTA) for Caribbean Economies. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 5: International Economic Relations Students should be able to: 1. xplain the role and functions of the World Trade Organisation (WTO); 2. explain the role of international financial institutions (IFI’s); 3. explain the term multinational (transnational) corporation; 4. explain the nature of foreign direct investment; 5. outline the potential benefits and disadvantages of foreign direct investment; 6. explain the term globalisation; 7. describe the factors responsible for globalisation; 8. evaluate the effects of globalisation on developing countries. CONTENT 1. The role and functions of the WTO. 2. The role of the IMF and World Bank in the International Financial System. . Explanation of multinational (transnational) corporation. 4. The nature of foreign direct investment. 5. Potential benefits and di sadvantages, including: a) access to technology and capital; b) access to markets; c) access to management skills; d) repatriation of profits; UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) e) transfer pricing; f) crowding out of domestic businesses. 6. The concept of globalisation. 7. Forces driving globalisation, for example, technological innovation, trade liberalisation, and liberalisation of capital markets. 8. Implications of globalisation for developing countries with particular reference to the greater Caribbean (greater competition, access to markets, access to technology, cheaper prices and greater variety of goods, loss of preferential markets). Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in examining the structure of the economies of the Caribbean and the problems of imports and exports using international partnership agreements and policies. Teacher should ensure that students could distinguish among; ) Terms of Trade; b) Balance of Trade; and c) Balance of Payments. ? OUTLINE OF ASSESSMENT Each Unit of the syllabus will be assessed separately. The same scheme of assessment will be applied to each Module in each Unit. Grades will be awarded independently for each Unit. Candidate assessment on each Unit will comprise two components: i) External Assessment undertaken at t he end of the academic year in which the Unit is taken. This component contributes 80% to the candidate’s overall grade. ii) Internal Assessment undertaken throughout the course of the Unit. This contributes 20% to the candidate’s overall grade. EXTERNAL ASSESSMENT | (80%) | |Paper 01 |Forty-five multiple-choice items, fifteen (15) on each Module. |30% | | |(1 hour 30 minutes) | | | | |Paper 02 |The paper consists of three (3) sections comprising six (6) questions spread across |50% | | |(2 hours 30 minutes) |all Modules in the Unit. Each section contains two (2) essay type questions from which| | | | |candidates are required to attempt one (1). | | | | | | |INTERNAL ASSESSMENT FOR EACH UNIT | | | How to cite Economics Syllabus, Essay examples

Question Essays - Flat Earth Theory, Geodesy, Geometry,

Question: Find the graphical and mathematical representation of an object shot from a slingshot. Apparatus: See attached paper for apparatus. Method/Procedure Summary: Gather a slingshot, ball, tape, measure tool, table, scale, stopwatch, protractor on a table Keep the slingshot from moving around on the table by applying tape Put the ball on the slingshot and measure the distance it is pulled back and keep the distance consistent Measure the weight of ball in kilometers Measure the angle of the launch (independent) Launch the ball using the slingshot while measuring the time in seconds (dependent) Measure how far the ball traveled horizontally in meters(dependent) Repeat steps 5-7 for 6 trials Data: pull length: 0.05 (m) ball: 0.0023 (kg) angle (?) horiz dis (m) time (s) horiz vel (m/s) 5 0.46 0.21 2.19 10 0.83 0.39 2.13 20 1.41 0.69 2.04 30 1.80 0.88 2.05 40 1.98 0.98 2.02 45 2.00 0.99 2.02 90 0.00 1.02 0.00 horiz vel (m/s) = horiz dis (m) / time (s) Analysis: See attached paper for graphs, motion maps, interaction schemes, force diagram. The horizontal and vertical velocities and displacement are independent of each other. To reach a maximum vertical displacement, a 90? angle of launch must be used. To reach a maximum horizontal displacement, a 45? angle of launch must be used. To reach a maximum time of flight, a 45? and 90? angle of launch must be used. Horizontal displacement vs. initial horizontal velocity The y-intercept is initial velocity of the ball. The slope is acceleration of the ball. Equation: Velocity (m/s) = 0.06 (s 2) Dis (m) 2 ? 0.26 (s) Dis (m) + 2.30 Vel (m/s) Initial vertical velocity vs. time of flight Conclusion/Evaluation: The experiment was interesting, but very confusing. We were unable to calculate the initial vertical velocity of the ball at a 90? angle of launch. Because of this one of graphs, along with its supplement data were not calculated. But we still learned many things about projectiles from this project. We learned that the horizontal and vertical displacement and velocities are independent of each other. We also learned that 45? angle of launch will give you a maximum horizontal displacement and 90? angle of launch will give you a maximum vertical displacement. We learned that doing the experiment on the grass lawn was much better than on cement because the grass stopped the movement of the ball. The project can be improved by review of what will be done before that starting of the project. Also a more open project allowing us to vary the project would also improve the experiment.