DEFINE THE FOLLOWING TERMS

DEFINE THE FOLLOWING TERMS

A) GROSS DOMESTIC PRODUCT

National income is the monetary value of all the goods and services produced in an economy within a given period of time, national income is measured in three approaches and they include

Income approach

It involves measuring factor incomes that are earned by all the factors of production.

Expenditure approach

Involves adding up all the expenditure on the final goods and services produced in an economy

Product approach

It measures the current flow of goods and services in an economy through value added.

When the national income is obtained it aids us to get the value of gross domestic production where GDP (gross domestic production) will be obtained from the following:

National income = gross domestic production – indirect business tax – net foreign income-depreciation

These measurement is encountered with problems which include the statistical problems of accuracy and which products to include example capital gain, inheritance and illegal activities.

GDP which stands for gross domestic production, it is a measure of all the goods and services produced in an economy and the value is based on the current prices in the economy.

B) REAL GDP

Real GDP is a measure of the value of all goods and services produced and the value is expressed in reference to a chosen base year.

C) UNEMPLOYMENT RATE

Unemployment rate is a measure of the unemployed in an economy, the rate is based on the level of the number of the unemployed and the entire level of labor force, these rates is calculated by getting the level of unemployed divided by the entire labor force and the result is multiplied by a hundred.

D) INFLATION RATE

The rate of inflation is the measure of price rise from a previous level, inflation is the persistent rise in the level of prices over a long period of time, it is calculated by getting the difference in prices between two periods and dividing by a base period the value is multiplied by a hundred. According to Keynes inflation can be caused by demand pull or cost push.

The Phillips curve depicts the relationship between employment and inflation, it states that when an economy nears full employment the greater is the rate of inflation and when the rate of employment is low the less is the inflation ally pressure.

Below is the Phillips curve:

Causes of inflation:

Demand pull;

Exists when aggregate demand exceeds the aggregate supply and therefore triggering inflation due to an increase in the level of prices

Cost push:

Inflation in this case is caused by an increase in the cost of

Production; the following diagram depicts the cost push inflation:

As the cost of production increases the unit cost of goods also increases, this leads to a lower consumer real income and as a result of this trade unions negotiate for higher wage rates, when higher wage rates are achieved the cost of production increases and the process starts all over again, all the above processes lead to inflation.

Inflation can be dealt with through fiscal policies such as taxation, spending and borrowing, in case of inflation the government may choose to

-         increase the rate of taxation

-         reduce spending

-         reduce borrowing

Inflation can also be dealt with through monetary policies such as interest rates and money supply, in case of inflation the government may choose to

-         increase interest rates

-                                 reduce money supply

E) INTEREST RATE

Interest rate is the cost of borrowed funds; the rate of interest affects the level of borrowed funds, the rate of interest rate is set by the government, the lower the interest rate the higher the rate of inflation, and the higher the interest rates the lower is the rate of inflation.

RELATIONSHIP BETWEEN INTEREST RATE AND INFLATION RATE:

As the rate of interest rates goes down the amount of money in an economy rises, when people have more money they cause a rise in the prices of goods and services due to an increase in the demand, this is called demand push inflation, when the rate of interest rate rises the amount of money in an economy goes down, this results to low price levels which results to low inflation rates.

CIRCULAR FLOW DIAGRAM:

According to the diagram above the house hold provides services to the firm, the firm provides the house hold with goods, the household pays the government taxes which in turn through government expenditure provides public services and goods. The house hold consumes goods and in turn provides services to firms in an economy.

Conclusion:

All the above measures in the economy are very important in decision making, a government will always try to keep inflation rates low to avoid depressions like that of the 1930′s, the fiscal and monetary policies are used to ensure that the economy does not experience inflation and at the same time there is a significant growth in the level of gross domestic production.

REFERENCE

http://economics.about.com/cs/macrohelp/a/nominal_vs_real.htm

Brian Snow (1997) Macroeconomics: introduction to macroeconomics, Rout ledge publishers, UK

Stratton (1999) Economics: A New Introduction, McGraw Hill Publishers, UK

 

 

 

 

 

 

How to write term papers on Leonardo da Vinci

Who doesn’t know about the greatest painter of all time known as Leonardo da Vinci? I don’t think there would be anybody like that, however many of you wouldn’t know a lot about da Vinci apart from the fact that he was the greatest painters of all times. So in order to write your term papers on Leonardo da Vinci, you would need all the information about da Vinci’s personality, his background, his activities and his achievements. This is how you would be able to write effective and impact full essays on Da Vinci. So, in this term paper’s guide I will explain different factors about da Vinci that will help you a lot when you will want to start off your term papers on da vinci:

Who was Leonardo da Vinci?

Leonardo di ser Piero da Vinci was born on April 15th 1452 and is known as a famous and successful painter. However you will be amazed to know that he was just not a painter but he was also sculptor, architect, musician, mathematician, inventor, engineer, scientist, anatomist, cartographer, geologist, botanist and writer. Amazed? Well it is definitely something to get amazed with and this is what will give strength to your term papers. The diversity that comes with the name of da Vinci is more than enough to draw the attention of your term papers readers.

His achievements:

Da Vinci was from Italy and is often described as the archetype of the Renaissance man, a man of “quenchless inquisitiveness” and “enthusiastically inventive imagination”. Leonardo is the one who conceptualized the tank, helicopter, concentrated solar power, double hull, calculator and also he outlined a rudimentary theory of the plate tectonics. Some more achievements of his were the automated bobbin winder and a machine for testing the tensile strength of wire. These two made a great difference in the manufacturing world. Further more, as a scientist he discovered great essentials in the anatomy, optics, civil engineering and hydrodynamics. However, he failed to publish his findings which are considered as his lack of documentation by the historians.

The reason of fame- Mona Lisa painting:

You can give a lot of strength to your term papers while talking about Da vinci’s painting the Mona Lisa.  The painting is one of the most famous paintings of all times, in fact it is on top of all the paintings which are ever made. There are many aspects that make this painting worthy enough to get the praise it is getting today. First element is the smile of Mona Lisa which is looked upon as the most mysterious smiles in the artistry of all times. For the reason the Leonardo darkened the edges of her eyes and lips by giving shadows, it became really difficult to understand her emotions which is the most mysteries part of this painting. Another noteworthy thing about the painting is that Mona Lisa doesn’t have eyebrows. Why? No body really knows. You should also tell in your term papers that the painting has been controversial and was stolen twice and one some acid was thrown on its lower body which became the reason why the painting then took months to be repaired and come into the old look.

Thus you can write very impact making term papers on Leonardo da Vinci and earn good grades and esteem.

Difference between the school essays and college essays

We all have written various essays when we were in school. Many of us used to get real good marks on our school essays, but when we came to college and written the college essays just the winning way we used to be, we failed big time. Why did that happen? Well there are many answers to this question. But basically what you need to learn is that the school essays are totally different from the college essays.

In the school essays we used to write whatever we want to and they were either descriptive or narrative essays. However in the college essays we have got a huge array of selection to make from the compare and contrast essays, descriptive essays, persuasive essays, narrative essays, expository essays and so on. Further more, in school essays we didn’t need any proves or evidences to back up our claims but now in the college essays we need them like nothing else. Even there are different types of styling that is used in the college essays such as APA, MLA, turabian and Chicago and all of them are different from each other in different ways. However the most utilized format is the APA and then comes the MLA format. So you see, the difference is vivid and this is why the college essays are real hard to write.

Furthermore, in the school life we weren’t being checked for our minor spelling and grammatical mistakes but now in the college life, we are checked for each and everything that can be called a mistake no matter how big or small it is. Some people consider it really wrong and unfair, but I consider it totally rational. Why? Because you are all grown up, aren’t you? and you want to be treated like adults and you get angry when your momma call you baby or treat you like one then why don’t you grow up and take the challenge of essay writing like a man? I know you can, and you know it too but you just needed someone to tell you that, so now since you know that you are all responsible to be analyzed this way because you are all grown up, you have to buckle up to do the unthinkable. Yeah, I called the essay writing as unthinkable because till now you are the one who has been considering unthinkable so it appears to be unthinkable and undoable. However you are gonna make it, and you are gonna make it real well.

The first thing that you need to do is to download some good and reliable dictionaries and thesaurus tools and install them into your computer so you can learn new words and can differentiate your readers that your essays are written for colleges not fro schools. Once you do this, now comes the final step when you have to go to some online grammar learning websites where you can shine up your grammatical structures and make a difference in your college essays writing. After all this, you are ready to make the difference!

What to do to find the best term paper writing services

Finding a good essay term paper writing services isn’t a very easy thing to do. Instead, so much thinking and analytical process is required in order to find some good term paper writing services and then ultimately get down to the one that would be the best of the bests. The only way to find the best term paper writing service is through the internet but how you should do it, it is explained below:

Google it:

The first thing is to Google the term paper writing services by putting the key words ‘term paper writing services’ or ‘best term paper writing services’ if you want to make sure that you end up on the most reliable services you should use the keywords ‘reliable term paper writing services’. This way you would be able to land on a page on which you will have many term paper writing services to consider. Now, the most important thing to consider here is that you should write down the names of the services that appear on the top 5 on Google rankings. For the reason that in order to come on the higher rankings of Google, the writing companies have to put a lot of efforts so the ones that appear on the top listings should be already considered of good quality. Now move on to the next step.

Analyze by comparing them:

Now is the time of analysis which you will do by reading each service’s testimonials that will give you the insights on how they serve their clients. However, there are some companies too that lie and make the fake testimonials themselves in order to cheat their clients. So, you should also make sure that the service you are going for is an honest and satisfying one. The ones who cheat or lie can earn good money in the initial days of their operations but in the long run they die. For the reason that people don’t keep anything with them in this time of technology where they have blogs, forums and micro blogs, 8they put their opinions and experiences on the internet for other which help others to not fall into traps. So there are fewer chances for you to fall. See the next step to save yourself from the beguilers.

Go to shout-out places:

The forums, blogs and micro blogs are the places where people say their opinion no matter if good or bad. These platforms are made so people can interact with each other and tell whether a product or service is good, bad or mediocre. You should simply take advantage of this by Googling with the names of the services you have come down to. Now you would be able to cut all the custom term paper writing services names except one and that would be your searched service. Finally you have come down to the best term paper writing service just by utilizing the source of internet.

Thus, if you successfully follow the above mentioned tips and tricks about finding the best term paper writing service, there is nothing that can stop you from getting your hands on the best of the best!