G.F. Stanlake is the author of Stanlake's Introductory Economics ( avg rating, 69 ratings, 4 reviews, published ), Macroeconomics ( avg ratin. Stanlake's Introductory Economics by G.F. Stanlake, 31, , Longman edition, Paperback in English - 7Rev Ed edition. Stanlake's Introductory Economics offers you an analytical approach to contemporary economic problems and a clear explanation of the principles underlying current economic issues. Offers an easy-to-use introduction to all students of Economics. Includes topical case studies of well.

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Now is an analog recaps Stanlake's Introductory Economics PDF Download you can improve the quality of your life by reading Stanlake's. Introductory Economics Stanlake Pdf Free Download Zip >> DOWNLOAD. Economics,,,is,,,a,,,field,,,of,,,study,,,that,,,has,,,become. Book. Language English. Title. Introductory economics. Author(S) G. F. Stanlake ( Author). Publication. Data. London: Longman. Publication. Date. Edition.

Most were in favour of an annual oneday meeting. The most commonly mentioned topics for discussion were course development and content, teaching methods, major developments affecting the industry and reports on research activities. Syndicate group response For a part of the one-day seminar, the participants were divided into six syndicate groups.

Each group was asked to focus their discussions on a number of topics related to economics and business studies and to summarise their thinking on a structured report form. In particular they were asked to consider the rationale for including economics and business studies on hotel and catering courses, the aims and objectives of such courses, programme content, main textbooks, textbook omissions, and finally major developments likely to influence the work of teachers during the next year or so.

Viewpoint The comments made here are based upon the conclusions of the syndicate groups as given on the structured report forms. Teachers attending this seminar appeared quite clear as to why economics and business studies should be included in hotel and catering courses.

This may not be surprising. Teachers have been actively developing new courses and examining the relevance of these courses for many years; considerable expertise has clearly been developed and much thought given.

Whatever the type of course certain major points were mentioned which can be summarised under two headings: 1 T o examine the economic environment within which the industry operates and the problems of that environment. OND or TEC diploma teachers, perhaps because they are educating younger students, are anxious to provide an appreciation and explanation of everyday economic circumstances and problems as they affect the individual the citizenship role of business studies and help the transition from school to work.

Those teachers of other courses mentioned how economics and business studies provide a foundation or underpinning for other subjects such as marketing, management and tourism, although the use of the names 'economics' or 'business studies" is not felt to be sacrosanct. The use of economic and business studies techniques in the decision making process was also mentioned and many teachers felt this deserved the fullest consideration.

Perhaps rather controversially, one group considered that business studies help to balance technically orientated courses.

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Why economics and business studies should be included in hotel and catering courses tends to overlap with the desired aims and objectives of such courses and indeed this seminar proved to be no exception. Objectives tended to be classified under five broad headings: 1 Life skills or citizenship. One group of teachers stressed that the decisionmaking function comes early in the working life of an employee in the hotel and catering industry and this factor needs to be given careful consideration in hotel and catering education.

Understandably, most groups felt that it was not possible to undertake more than a short examination of possible programme content and indeed some teachers felt that the scope for innovation was somewhat limited by examination board constraints. However, the group considering degree courses provided interesting ideas involving selfteaching using micro-computers.

Generally however, teachers of economics and business studies of whatever type of course are united in the broad areas for consideration mentioned above. When asked to c o m m e n t on the main developments thought likely to influence the work of economics and business studies teachers of hotel and catering courses during the next two or so years, a number of important points emerged.

First, most groups felt that courses are moving away from discipline bases such as economics, accounting, management, etc. In part such movement has been provided by T E C and BEC but it is clear that there is a conscious desire on the part of many teachers to move in this direction. One group felt it was more and more likely that specialist teachers such as economists or financial accountants would be part of teaching teams or groups organised around food, beverage and accommodation operations.

Second, many groups stressed the changes taking place in the hotel and catering industry, e. Hospitality Management VoL. One group in rather sombre m o o d felt that resource constraints in education and the possibility of more restricted employment opportunities in the industry may produce a radical rethink of hotel and catering education.

Third, the group considering degree courses felt that the development of case studies, possibly published, was a particular priority. Some of these case studies it was felt could develop the application of economic and business principles in problem-solving circumstances. However, it is clear that some teachers are especially keen to see the development of integrated, inter-disciplinary case studies where the emphasis is on developing concepts relevant to service rather than manufacturing organisation.

This paper has set out some of the main general themes to emerge from the seminar. There were clearly a lot of other points which could be made and there were a lot of significant issues not discussed at the meeting. For this reason and for the obvious interest in the topic as expressed at the meeting there is a clear need to organise similar events in the future. The feeling of the participants was that we should aim for one one-day meeting each year. This paper has already c o m m e n t e d on some of the views as to potential subjects and topics for discussion.

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This is not the appropriate place or time to make decisions about a second seminar. But it is appropriate to set out a view as to the overall aim of organising meetings of economics and business studies teachers.

The aim was perhaps best summarised by one of the participants as 'an attempt to achieve a co-ordinated approach and a continuing discussion which would be influential when new courses are being devised and old ones revised, to act as a focal point for views and communication between teachers and to justify the contribution of economics and business studies in catering courses'. Ahmed Javed Paracha, Mr. Ali Rana, Mr. Mazahar Abbas, Mr. Rasheed Kahloon, Mr.

Mazhar Muneer, Mr. Muhammad Rizwan, Mr. Azeem Qaisar, Mr. Waqas Biag and Mr. Asghar Ali Malik. Islamabad and Rawalpindi Mr. Zulfiqar, Mr. Hamood Rehman, Mr. Ali Yasir, Mr. Asad Ali, Mr. Naveed Iqbal, Mr.

Umar Khan, Mr. Sadaqat Ali, Mr. Fisalabad and Jhang Mr. Anwar-ul-Haq, Mr. Aamir Jahangir, Mr.

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Imran Kamal , Mr. Muhammad Sakhi Ahmad, Mr. Javed Iqbal, and Miss Kiran. Sialkot and Gujranwala Mr. Imran Aslam and Mr. Sarwar Imtiaz. Karachi and Multan M. Asif farooq, Miss Shafaq Ahmed, Mr. Siddique Ansari , Mr. Zai, Mr. Munawar Ghazi, Mr. Abdul Kareem Lakhani, Mr.

Kamran Butt. Basic economic 1. Aggregate Demand 1. Theory of consumer 1. Production and cost 2. Economic growth b. Demand and 2. Money and inflation 3. Rules of firms and development supply and 3. International trade behavior 3. Keynesian theory equilibrium 4.

Exchange rate 4. Perfect competition of income and c. Elasticity of 5.

Balance of 5. Monopoly employment in 2, 3 demand and payments 6. Monopolistic and 4-sector supply 6. Government macro competition economies d. Government intervention 7. Oligopoly kinked 4. Money, banking microeconomic Macroeconomic demand curve, and interest rate intervention policies game theory, price determination leadership and cartel 5. Monetary and 8.

Objectives of a firm, 6.

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Macroeconomic Efficiency , equity objectives and and market failure conflicts between Labour market the policy objectives 8. Interaction of demand and supply c. Wage determination in perfect markets d. Competitive product and factor market forces determining wage differentials f. National debt government or public sector debt c. National debt government or public sector debt e. Simply, GDP is the total goods and services produced within a country in one year.

GDP is expressed in terms of money rupees in Pakistan because the goods and services are non-additive in physical quantities due to differences in the units of measurements tones of wheat, meters of cloth, number of cars, number of haircuts, etc.

Quantities of various goods are multiplied by their respective prices, and then the various money values are added to give GDP. Raw materials and intermediate goods i. Thus, wheat used in making bread, leather used in making shoes, and tires used in cars are excluded because these are contained in the values of bread, shoes, and cars respectively. Alternatively, one can think of recording value added at each stage of production. GDP accounts for all goods produced within the geographical boundaries of a country irrespective of who is producing them and excludes all those goods which are produced outside Unit 1 21 National income statistics the territorial boundaries of the country.

Therefore, all production by multinationals and foreigners in a country will be the part of GDP of that country. Income is a flow concept, and so the GDP includes only those items that are produced during the period of time for which the GDP stands.

Thus, the GDP in includes the production of all goods and services between January 1, through December 31, only. Transactions in old goods and the secondary capital market, barring commissions, if any, are excluded from the GDP. Even transactions in the primary capital market are ignored until they lead to downloads of goods and services. This is because the commissions alone constitute the current production. The second hand sales either do not reflect current production sale of an old car by one person to another or they involve double counting.

Similarly, purely financial transactions are mere exchanges between the parties and so are non- productive. Thus, if an art collector sells his painting and makes a capital gain, the sales proceed does not enter the GDP as the painting was produced several decades ago.

The year the painting was produced, it was a part of the national income but since it was not marketed then, it remained outside even the national income. The GDP accounts only for goods that are traded through the official market. This is a limitation of the measure but it is resorted to internationally owing to the difficulties in measuring non- marketed or not officially marketed production. Also, activities like painting, drawing, photography, etc.

Similarly, unreported productions though a part of market transactions triggered by the desire to avoid excise duties or for other reasons, are not included in the GDP. These are, by all means, parts of income, but there is a problem in their valuation and information.

This introduces a downward bias in the measurement of GDP. This is because such transactions do not constitute current production. To appreciate this, consider transfer payments, which are of two types: public and private. Public transfers are social security payments, relief payments, and retirement and pension payments, which the government makes to households.

In these transactions, the recipients make no contribution to the current production in return for these benefits retirement and pension payments are for past work, not for current work. As such, they are excluded from the GDP.

Thus, not all officially marketed transactions are included in the GDP. Domestic and National Income Domestic income is income earned, i. Put simply, it means income earned within earned within a country like Pakistan.

Unit 1 22 National income accounting This would therefore include income earned by non-citizens who are residing or working in the country, i. National income refers to income earned by nationals of the country, for instance, Pakistan.

This will automatically exclude all income of foreign workers and would include the income of a Pakistani working oversea. The income earned by these Pakistanis must be included in the computation of national income.

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On the other hand, foreign workers in Pakistan are not nationals of Pakistan, and the income earned by them must be deducted from domestic income to derive national income.

Example To illustrate this point, say a firm uses 50 machines and, every year, five machines will be depreciated. Depreciation could also mean the machines are obsolete or have deteriorated. With five depreciated machines, let us assume that the firm will download seven new machines. On the other hand, the actual addition to the existing physical machinery is only two. National income strictly speaking is equal to net national product at factor cost.

It is the income which is at households disposable to spend or save. The former is obtained when outputs are valued at their corresponding current prices and the latter is obtained when outputs are valued at their corresponding constant prices prices prevailing in the chosen base year.

Both these concepts are useful. While nominal is not the true measure of income, a change in it over time is a poor indicator of the change in the economic well-being of the earner.

This is because this could change due to a mere change in prices or a change in it could be composed of changes both in the output as well as in the prices. Therefore, for judging the change in economic well being, we need to remove the price-effect from the changed income. The real income concept achieves this by valuing all the goods and services at their corresponding prices in some base year and, thus, a change in it indicates a change in the downloading power over the base year.

The Deflator is a value that removes the effect of inflation from Nominal National Income. Since prices vary across countries, country wise national income data is not comparable. This approach looks at the flow of economic activities from the income point of view. The components are: a Wages and salaries of all employees in every sector b Interest and dividends from shares c Rent, including imputed rent d Profits, i.

The criteria are: 1. Whether the item makes a direct contribution to the production of goods and services, i. It must be a final, and not an intermediate, product or service.

Whether the worker expects profits, i. It must be involuntary.

It must be legal. All illegal transactions are disregarded. Transfer payments or transfer income This refers to income received without any direct contribution to the production of goods and services, i. Output or Product approach 1.

This is the aggregate of all goods and services from the three sectors. The three sectors are the primary, secondary, and tertiary sectors i. To exemplify, the total output of a country could include: 4 kg salt g curry powder 40 pieces furniture rolls paper 40 an-hours teaching service 2. The figures cannot be totaled up because of different dimensions and they, therefore, have to be reduced to a common denominator, i.Sadaqat Ali, Mr.

Of those that are, the range of topics is vast. The most frequently mentioned shortcomings about the hotel and catering books were: In total, more than 50 teachers took part in the seminar.

Store Description academic theology. Some common themes were aspects of labour economics, decision-making in the industry and the role of hotel and catering education.

Interaction of demand and supply c. Monopolistic and 4-sector supply 6.