How to pass ACCA
FinEcon
About KPMG and job application, ACCA study tips by Sanjarbek, 9 ACCA paper holder and KPMG intern
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@fineconim
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- There is a large number of independent sellers.
- Each produces a differentiated product.
- There are low barriers to entry. - Producers face downward-sloping demand curves. - Demand is highly elastic. This market is best characterized as:
- Each produces a differentiated product.
- There are low barriers to entry. - Producers face downward-sloping demand curves. - Demand is highly elastic. This market is best characterized as:
Anonymous Quiz
10%
a monopoly.
42%
an oligopoly.
48%
monopolistic competition.
Today, most rich countries rely on large surveys of households to compute the unemployment rate. In the United States, this survey is called the Current Population Survey (CPS). It relies on interviews of 60,000 households every month.
The survey classifies a person as employed if he or she has a job at the time of the interview; it classifies a person as unemployed if he or she does not have a job and has been looking for a job in the last four weeks.
Note that only those looking for a job are counted as unemployed; those who do not have a job and are not looking for one are counted as not in the labor force. When unemployment is high, some of the unemployed give up looking for a job and therefore are no longer counted as unemployed. These people are known as discouraged workers.
@fineconim
The survey classifies a person as employed if he or she has a job at the time of the interview; it classifies a person as unemployed if he or she does not have a job and has been looking for a job in the last four weeks.
Note that only those looking for a job are counted as unemployed; those who do not have a job and are not looking for one are counted as not in the labor force. When unemployment is high, some of the unemployed give up looking for a job and therefore are no longer counted as unemployed. These people are known as discouraged workers.
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Economy producing at its full-employment level of output. Price level stable. Businesses then begin experiencing unintended decreases in their inventory levels. What does this imply about the short-run outlook for economic growth and inflation?
Anonymous Quiz
42%
Economic growth: Increasing, Inflation: Increasing
35%
Economic growth: Increasing, Inflation: Decreasing
23%
Economic growth: Decreasing, Inflation: Increasing
Basically, you can think about aggregate output— GDP—in three different but equivalent ways:
▪️From the production side: GDP equals the value of the final goods and services produced in the economy during a given period.
▪️Also from the production side: GDP is the sum of value added in the economy during a given period.
▪️From the income side: GDP is the sum of incomes in the economy during a given period.
Nominal vs Real GDP
Nominal GDP is the sum of the quantities of final goods produced times their current price. So, Nominal GDP rises due to an increase in production and prices.
Real GDP is constructed as the sum of the quantities of final goods times constant (rather than current) prices in chosen base year so we measure change in quantity than in prices.
Nominal GDP is also called dollar GDP or GDP in current dollars.
Real GDP is also called: GDP in terms of goods, GDP in constant dollars, GDP adjusted for inflation, or GDP in chained (2009) dollars or GDP in 2009 dollars —if the year in which real GDP is set equal to nominal GDP is 2009, as is the case in the United States at this time.
@fineconim
▪️From the production side: GDP equals the value of the final goods and services produced in the economy during a given period.
▪️Also from the production side: GDP is the sum of value added in the economy during a given period.
▪️From the income side: GDP is the sum of incomes in the economy during a given period.
Nominal vs Real GDP
Nominal GDP is the sum of the quantities of final goods produced times their current price. So, Nominal GDP rises due to an increase in production and prices.
Real GDP is constructed as the sum of the quantities of final goods times constant (rather than current) prices in chosen base year so we measure change in quantity than in prices.
Nominal GDP is also called dollar GDP or GDP in current dollars.
Real GDP is also called: GDP in terms of goods, GDP in constant dollars, GDP adjusted for inflation, or GDP in chained (2009) dollars or GDP in 2009 dollars —if the year in which real GDP is set equal to nominal GDP is 2009, as is the case in the United States at this time.
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Unemployment and Happiness
The effect of unemployment on happiness defined in this way is shown in Figure 1. The figure plots the average life satisfaction for those individuals who were unemployed. Years -1 to -4 are the
years before unemployment, years 1 to 4 the years after.
The figure suggests three conclusions. The first and main one is indeed that becoming unemployed leads to a large decrease in happiness. To give you a sense of scale, other studies suggest that this decrease in happiness is close to the decrease triggered by a divorce or a separation.
The second is that happiness declines before the actual unemployment spell. This suggests that either workers know they are more likely to become unemployed, or that they like their job less and less.
The third is that happiness does not fully recover even four years after the unemployment spell.
This suggests that unemployment may do some permanent damage, either because of the experience of unemployment itself, or because the new job is not as satisfying as the old one.
@fineconim
The effect of unemployment on happiness defined in this way is shown in Figure 1. The figure plots the average life satisfaction for those individuals who were unemployed. Years -1 to -4 are the
years before unemployment, years 1 to 4 the years after.
The figure suggests three conclusions. The first and main one is indeed that becoming unemployed leads to a large decrease in happiness. To give you a sense of scale, other studies suggest that this decrease in happiness is close to the decrease triggered by a divorce or a separation.
The second is that happiness declines before the actual unemployment spell. This suggests that either workers know they are more likely to become unemployed, or that they like their job less and less.
The third is that happiness does not fully recover even four years after the unemployment spell.
This suggests that unemployment may do some permanent damage, either because of the experience of unemployment itself, or because the new job is not as satisfying as the old one.
@fineconim
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Okun`s Law
If output growth is high, unemployment will decrease, and this is indeed true. This relation was first examined by U.S. economist Arthur Okun and for this reason has become known as Okun’s law. Figure 2-5 plots the change in the unemployment rate on the vertical axis against the rate of growth of output on the horizontal axis for the United States since 1960.
@fineconim
If output growth is high, unemployment will decrease, and this is indeed true. This relation was first examined by U.S. economist Arthur Okun and for this reason has become known as Okun’s law. Figure 2-5 plots the change in the unemployment rate on the vertical axis against the rate of growth of output on the horizontal axis for the United States since 1960.
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We are having our next speaker, Bekhruz Akhmedov, experienced economist and founder of Finance Pro.
We will talk about general concepts related to econ and financial literacy.
Date: 19:00, Sunday, May 18th (Asia/Tashkent)
Share with you friends))
@fineconim
We will talk about general concepts related to econ and financial literacy.
Date: 19:00, Sunday, May 18th (Asia/Tashkent)
Share with you friends))
@fineconim
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All about economics
FinEcon
We had an interesting and informative conversation with Bekhruz Ahmedov, an experienced economist!
We talked about:
- Finance Pro
- Best resources to learn Economics
- Financial literacy in Uzbekistan
- Common misconceptions regarding how Financial system works
- Most demanded skills in Econ and Finance career
- Final advise to those starting their career in Economics
#interview
@fineconim
We talked about:
- Finance Pro
- Best resources to learn Economics
- Financial literacy in Uzbekistan
- Common misconceptions regarding how Financial system works
- Most demanded skills in Econ and Finance career
- Final advise to those starting their career in Economics
#interview
@fineconim
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Let`s talk about how we construct the GDP.
C - Consumption. Goods and services purchased by consumers, ranging from food to airline tickets, to new cars, and so on.
I - Investment is sum of purchases by firms of new plants or new machines by firms and purchases of new houses by people.
G - Government spending. This is purchase of goods and services by government. G does not include government transfers, like Medicare or Social Security payments, nor interest payments on the government debt.
X - Exports. Purchase of goods and services by foreign countries.
M - Imports. Purchase of foreign goods and services by our country.
So, GDP is equal to C + I + G + X - M
Next time, we will talk about Finance))
@fineconim
C - Consumption. Goods and services purchased by consumers, ranging from food to airline tickets, to new cars, and so on.
I - Investment is sum of purchases by firms of new plants or new machines by firms and purchases of new houses by people.
G - Government spending. This is purchase of goods and services by government. G does not include government transfers, like Medicare or Social Security payments, nor interest payments on the government debt.
X - Exports. Purchase of goods and services by foreign countries.
M - Imports. Purchase of foreign goods and services by our country.
So, GDP is equal to C + I + G + X - M
Next time, we will talk about Finance))
@fineconim
We are really excited to have our next speaker, Evangelos Koutronas, D.Sc., Ph.D.
He is Senior Lecturer and Head of Labor Economics Research Cluster at Westminster International University in Tashkent.
He spent 7 years working in the United States and 8 years in Malaysia, and while in Greece got a decade of experience across accounting & finance, real estate, financial services, IT and economic analysis.
Date: 19:00, Sunday, May 25th
Share with your friends))
@fineconim
He is Senior Lecturer and Head of Labor Economics Research Cluster at Westminster International University in Tashkent.
He spent 7 years working in the United States and 8 years in Malaysia, and while in Greece got a decade of experience across accounting & finance, real estate, financial services, IT and economic analysis.
Date: 19:00, Sunday, May 25th
Share with your friends))
@fineconim
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