Microeconomic and Macroeconomics Assignment

Added on - Dec 2020

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a) 3 Microeconomic and Macroeconomics influences on the level of inequality andsustainability................................................................................................................................1b) Consensus between macro and micro development economists.............................................2TASK 2............................................................................................................................................2a) Strengths and limitations of classic indices which is being used to measure the development......................................................................................................................................................2b) Comment on the modern indicator, Happiness.......................................................................3TASK 3............................................................................................................................................4a) Middle income trap can be avoid by china.............................................................................4b) Challenges that is being possess by traps to china's economic development.........................4TASK 4............................................................................................................................................5a) Compare and contrast the development status of EU, USA and CHINA................................5b) Compare and contrast the dependency ratio of EU, USA and CHINA...................................6c) Compare and contrast the income deciles of EU, USA and CHINA......................................7TASK 5............................................................................................................................................7Economic development theory...................................................................................................7TASK 6............................................................................................................................................8Challenges and opportunities in the implementation of sustainable development......................8TASK 7............................................................................................................................................8Evaluation of impact of 2030 agenda on practitioners of international development.................8TASK 8............................................................................................................................................9UN's sustainable development goals...........................................................................................9TASK 9..........................................................................................................................................10TASK 10.......................................................................................................................................10Detailed appraisal of the two considerations.............................................................................10Malta's development status........................................................................................................11CONCLUSION.............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONMalta is a southern European island country whose economic is modern. Malta isconsidered to be highly industrialised and service based economy. It is counted as high-incomeand advanced economy in the world. Its currency is Euro (EUR -) and it is a member ofEuropean Union (EU).Present report will highlight the development economics in the context of micro andmacro economic consideration, different ways of measuring development status of the countryand international development policies and their specificities. It will also tell about thechallenges of development praxis, characteristics of developed countries and its compared withdeveloping countries. It will also describe the features of traditional theories of economicdevelopment and problem & challenges related to development praxis. It will assess the progressand remaining gaps in the implementation and evaluate the connections between globalizationdebate and development debate. Lastly, it will evaluate the efficiency of economic development.TASK 1a) 3 Microeconomic and Macroeconomics influences on the level of inequality and sustainability3 Microeconomic influences are as follows:Trade Union protection:-Trade union are made for protecting the interest of workers in theorganization. It affects the level of inequality as when all the members of trade union cannotcome together to fight for their interest here the inequality between workers breakdown. Theycome together for the purpose of collective bargaining for the purpose of improving theirworking conditions. Sustainability is also disturbed if workers are not agreed for their commoninterest in the company.Discrimination in labour market:-Discrimination leads to bring inequality among employeesin the organization. As it create differences between employees based on gender, equality, age,etc (Johnson, 2017).This creates a negative impact on employees of Malta as they discriminatepeople on this basis and it also disturbs sustainability in the organization.Statutory minimum wages:-Providing minimum wages to employees will create inequalityamong them in Malta as it is a microeconomic influence that will have an impact on employeesas there wages are given on basis of their work. This will influence level of inequality andsustainability.3 Macroeconomic influences are as follows:1
Fiscal Resources:-Fiscal resource are related to the financial resources of the organization. Ifcompany's resources are utilized fully then it will not create a state of inequality in the company.These resources also have an impact on sustainability when improper availability is not there.GDP:-GDP stands for gross domestic product as if the GDP rate is increasing that will lead toincrease in the national income and it will affect level of inequality as well as sustainability.Inflation rate:-Increase in price rise in the economy will lead to decrease purchasing power ofthe people because of level of inequality and due to it sustainability also disturbed (Laidler,2015).The above microeconomic and macroeconomic influences level of inequality andsustainability in Malta.b) Consensus between macro and micro development economistsMicroeconomic focuses on individual needs and wants of a consumer whilemacroeconomic focuses on economy as whole. Microeconomic factors include supply anddemand, price that will have a greater impact on the economy. Supply and demand of a productis based upon price. If price is increasing then demand decrease ultimately supply is alsodecreased and when price is decreased supply will be increasing that will have an impact onGDP of the country. Macroeconomic consists of GDP and national income. If the GDP growthrate of the economy is increasing that will be beneficial for the Malta economy.TASK 2a) Strengths and limitations of classic indices which is being used to measure the developmentFollowing four classic indices are as follows -Per capita income –It refers to the measurement of average income earned by per person in aparticular country in a given particular year. Malta's per capita income Strengths of this indicatoris that it involves the income of per person which is an important aspect of economicdevelopment. Limitation of this indicator is that it represent the average which doesn't representthe actual standards of living of Maltese.% of population BPL –It refers to the indicator which is used as a benchmark to identify thepopulation living in the poverty and need government aid to improve the life quality. Thisindicator allows government to get to know about the real conditions of their economy. It doesn'trepresent the amount of consecutive years of people living below poverty line.2
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