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Aviation Industry Essay

2088 words - 9 pages

BUSS 1002 Short Notes
Date: Wednesday 20 June, 1.50pm
Length: Exam is 3 hours + 10 minutes reading time
SECTION A (key concepts and application) – worth 20 marks
SECTION B (A-CA-R application to a business problem) – worth 30 marks
SECTION C (company analysis – same format as Company Report; company will be from the aviation industry) – worth 50 marks
All three sections will require you to draw on your knowledge in relation to the main themes taught throughout the semester.
* Business’s are a key player in society change agents (force for good or evil)
* Changing nature of society has brought with it changing attidutes
* ...view middle of the document...

1. Recap
* Nominal: Amount in percentage terms of interest payable
* Real: Amount incorporating inflation of interest payable (PPP)
* Fiscal: Use of government taxation and spending to influence economy
* Monetary: How government changes supply of money, through i/r to influence economic growth.
2. Macroeconomics
* Brach of economics that studies workings of national economy
* Used to evaluate fiscal and monetary policy for s-t analysis (up to 24 months)
* GDP & Macroeconomics
* Output (growth) = measured by GDP
* Expenditure approach (Y = C + I + G + (X − M))
* Income approach (add up all household incomes) every $1 of expenditure is income to someone
* Value added (difference between cost of raw materials & sales)
* Issues Measuring GDP
* Profits of foreign owned firms + interest payable on foreign debt
* Sensitive to price changes (nominal vs real gdp)
* Australian Real GDP
* Potential output: What economy would produce at full employment
* Uneven growth due to business cycles (expansions and recessions)
* Recession = two quarters of negative eco growth
* Criticisms of focus on GDP
* Ignores things of value to society (poverty, QOL, health, education) etc
* Typical focus on growth in real GDP (% ∆ in real GDP one Q to next)
* Determinants of growth
* Long run growth results from labor productivity
* Increase in capital per worker, tech change, increase human capital (education)
* Unemployment
* Australian Labor Force
* Either employed (E); Unemployed (U); or not in labor force (N)
* Labour force = E + U; unemployment U/E+U or (L)
* Issues measuring unemployment
* Discouraged worker effect (u may fall in recession)
* Added worker effect (u may rise in expansion)
* Costs of unemployment
* Wasted labor resources (lowers GDP)
* Loss of skills (costly retrain workers)
* Loss income, social costs
* Types of unemployment
* Cyclical (business cycle)
* Frictional (Job matching, s/t)
* Structural (mismatch between demand in labor market/skills of workers)
* Natural rate of unemployment
* When cyclical falls to zero = frictional + structural unemployment
* Determinants of natural rate = skills, matching, labour market regulation
* Inflation (Either of below)
* A sustained rise in level of general prices
* GDP deflator (nominal GDP in year t/real GDP in year t)
* Consumer Price Index (CPI)
* Cost of basket goods in year t/base year
* Issues measuring inflation
* Purchases...

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