Essay On Production Consumption And Exchange

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An external demand shock occurs when an unexpected external economic event leads to a substantial fall in exports and hence aggregate demand.

For example, the 2008-2009 Global Financial Crisis caused by the Subprime Mortgage Crisis in the United States led to a substantial fall in exports in Singapore.

When this happens, firms will employ even less factor inputs from households and hence will pay them even less factor income.

The further decrease in households’ income will induce them to further decrease consumption expenditure resulting in a further decrease in aggregate demand.

Please note teaching staff and students enrolled on the MPhil course will automatically be enrolled on the MPhil Moodle course and you will find a link to it in the ‘My Home’ section of Moodle.

If you are a member of the University of Cambridge and you wish to view the reading lists, past exam questions and exam reports then you can access the MPhil Moodle Course as a guest.

When the cost of production in the economy rises independently of demand, firms will increase prices at the same output levels to maintain profitability.

In other words, they will decrease output at the same prices which will lead to a decrease in aggregate supply resulting in a rise in the general price level.

Lectures provide further theoretical understandings of the history of economic thought, the place of anthropology in this history, the emergence of capitalist economies, and the changing nature of individuals and societies as economic actors in the 20th century.

MPhil Paper 1 Guide - to be loaded early October For reading lists, additional teaching materials, past exam papers and reports please see the MPhil Moodle Course.

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