Economics lets help

Fuascailt

I'd say you should. Hopefully we'll get three micro. (Please God, please) Elasticity maybe, it wasnt up last year.

Peleus

luvlad. wrote: »

omg paper leek!!!!!!!!!!!!!!!!!

http://www.youtube.com/watch?v=sIAsv7LS0wc

why are you not banned yet?

Fuascailt

I think he's that salman guy come back to haunt us. Sad really, seeking attention over the internet.

shanedownfall

Any chance someone could explain this to me. Just don't follow what's going on at all!...

GDP at current market prices
+/- Net factor income from the rest of the world
= GNP at current market prices
- indirect taxes
+ subsidies
= GNP at factor cost
- depreciation
= National income (net national product at factor cost)

I barely understand any of this ... What is current market prices? What is factor cost?... Why is all these steps involved?... What's the difference between GDP and GNP?

Peleus

you probably don't need to know that. just know the relationships between all you GNP/GDP stuff.

GNP at whatever = GDP at whatever + Net factor Income.

Net factor income for Ireland is negative so for Ireland that + would be a - and GDP would be greater than GNP. it makes sense if you hink about it. because GDP (goods produced by foreign and national comanies producing in irland) is abviously bigger than GNP (goods + services produced by Irish comanies producing anywhere in the world)

GNP (or GDP ) at current market prices = GNP (or GDP ) at factor cost + Tax - subsidies.


and then know definitons for GNP and GDP each at market prices and at factor cost. Do you know what GNP, GDP, Net Factor Income and National Income mean??? if you dont you should learn them if you want to do the national income question.

shanedownfall

Cheers for that man ... I've a feeling something might come up on it if national income is on the paper. It hasn't appeared in a while.

Sorry just seen your edit... I know what national income is, and i now know what what GDP and GNP are. But net factor income?

Fuascailt

Net Factor Income = (Income from irish companies abroad-income from foreign companies in Ireland) Negative due to foreign companies in Ireland repatriating profits

Peleus

i think its safe to say the quoz is over! whoever came up with the name quoz is a genius, though it was probably a typo. good luck tomorow!

cHaTbOx

Peleus wrote: »

i think its safe to say the quoz is over! whoever came up with the name quoz is a genius, though it was probably a typo. good luck tomorow!

Good Luck:D

irishbucsfan

Peleus wrote: »

i think its safe to say the quoz is over! whoever came up with the name quoz is a genius, though it was probably a typo. good luck tomorow!

Thank you.

Pfft, typo... Thats an insult!

Good luck everyone

cHaTbOx

irishbucsfan wrote: »

Thank you.

Pfft, typo... Thats an insult!

Good luck everyone

Good luck mate

minty16

This is sick. Only started studying about an hour ago.
I'm thinking supply and demand, national income, elasticity, and wing the rest.

cHaTbOx

minty16 wrote: »

This is sick. Only started studying about an hour ago.
I'm thinking supply and demand, national income, elasticity, and wing the rest.

I sent you a msg

minty16

Nice one. I'm seriously considering an all nighter. Want to do alright in my last exam considering i ****ed up everything else. 6 honours subs and im looking at 300 if i'm lucky..

cHaTbOx

minty16 wrote: »

Nice one. I'm seriously considering an all nighter. Want to do alright in my last exam considering i ****ed up everything else. 6 honours subs and im looking at 300 if i'm lucky..

Yeah thats what im doing but dont stress you got the questions

look over long run equilibrium supply diagram and how to explain,3 barriers to entry,price discriminaton and example and 3 conditons which must exist to enable a firm to practice price discrimination in monopoly

minty16

Cheers. At least I'm not alone. You confident about all of this coming up ?

cHaTbOx

minty16 wrote: »

Cheers. At least I'm not alone. You confident about all of this coming up ?

Yeah Im fairly coinfident just hope it pays off

minty16

Haha, sure I'm desperate anyway.
Good luck tomorrow and nice one again.

cHaTbOx

minty16 wrote: »

Haha, sure I'm desperate anyway.
Good luck tomorrow and nice one again.

no probs and it is tommorow lol

superLeetive

Thought I'd revive this.

Define:

The Law of Equi-Marginal Returns

K4t

shadowspawn wrote: »

Whats are the causes of a decrease in demand of housing market?

Peleus wrote: »

I'm gonna guess:

High Interest Rates:
high interest rates would discourage borrowing and encourage saving. High interest rates would discourage buyers from taking out a mortgage as they will pay a lot more in the long run. Because of these interest rates, people are saving their money rather than buying homes, so the demand for housing is decreased.

Real incomes reduced by inflation
Due to our rate of inflation of approx 5%, buyers have less disposable income and their cost of living has risen. The amount of money they have will be saved to earn interest rather than be spent on a mortgage that will grow and cost them a lot of money in the long run. Therefore People are saving their money and the demand for housing has decreased.

The usual interest and inflation trick. Works for every question!

Interest rates are very low at the moment so I'm not sure about your first point and inflation is hovering around zero so I'm not sure about your second point either.

Reasons I'd say are:
1. Basically, for the last few years the banks have been giving bad loans and too high mortgages to just about everyone. Developers thus built huge housing developemnts etc. they are lying idle around the country now.

2. Ah, banks aren't lending at the moment. Simple as really. Also, demand is low because people's real incomes have been reduced with levies etc.

3. People expect house prices to fall even further so are not buying.

JSK 252

superLeetive wrote: »

Thought I'd revive this.

Define:

The Law of Equi-Marginal Returns

To maximise utility, allocate expenditure in such a way that the ratio of marginal utility to price is the same for all goods bought.

Define The Tax Wedge

ynwa_17

JSK 252 wrote: »

To maximise utility, allocate expenditure in such a way that the ratio of marginal utility to price is the same for all goods bought.

Define The Tax Wedge

The difference between the after-tax of an employee and the wages, including Employer taxes, which it costs the employer.

Define price rigidity

QuoiFaireX

PRICE RIGIDITY when prices tend not to change even if costs have
changed in order to avoid reactions from competitors...


Whats the difference between tax avoidance and tax evasion?;)

Chanandler Bong

QuoiFaireX wrote: »

PRICE RIGIDITY when prices tend not to change even if costs have
changed in order to avoid reactions from competitors...


Whats the difference between tax avoidance and tax evasion?;)

Tax Avoidance = LEGAL methods to avoid paying certain taxes (people saving with An Post dont pay DIRT im pretty sure)

Tax Evasion = ILLEGAL = not declaring full income or working in black economy, yeah i reckon we keep this up and running, its a good memory tool.

What is the National Treasury Management Agency responsible for|?

Skuxx

Chanandler Bong wrote: »

What is the National Treasury Management Agency responsible for|?

It is responsible for managing assets and liabilities on behalf of the Irish Government. It also manages other Government funds such as the Social Insurance Fund and the Dormant Accounts Fund and it borrows on behalf of the Housing Finance Agency.
It was established in 1990 as far as I know!!


What are the main teachings of economist J M Keynes?

7Steve

alan1990 wrote: »

What are the main teachings of economist J M Keynes?

Liquidity Preference Theory,The Multiplier, and Government Intervention.



Define: Economic Rent

ynwa_17

7Steve wrote: »

Define: Economic Rent

The payment to a factor of production above its transfer earnings



What are the canons of taxation

superLeetive

Canons of taxation:

Certainty
Convenience
Equity
Economy

State 4 economic assumptions used for analysing consumer behaviour.

Gi joe!

superLeetive wrote: »

Canons of taxation:

Certainty
Convenience
Equity
Economy

State 4 economic assumptions used for analysing consumer behaviour.

Consumers act rationally
Consumers only buy economic goods
Oppurtunity cost is involved
The Law of Diminishing Marginal Utility applies


State 5 reasons why countries trade with each other.