Microeconomic Indicators
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Today's business executive is inundated with economic and financial data on a daily basis. Gross domestic product, employment figures, interest rates, productivity, national debt and other such statistics are broadcast on news and published in business publications. On-line services such as Yahoo! and America On-Line offer still additional information through which executives must sort. It is impossible for executives to track each of these statistics, and many of the bits of information available are not relevant to all executives. This research presents some of the microeconomic statistics, or indicators, which are appropriate to executives and considers the ways in which executives can use this information.Productivity measures the amount of GDP per worker in a particular country, and is calculated by output per worker and output per man hour. Output per worker is calculated by dividing total output by total employment; output per man hour is calculated by dividing total output by total number of hours worked. Productivity can be compared across nations, a feature which is important in today's increasingly global labor market, so that executives can make determinations about the best location for their facilities. Countries which have high levels of productivity might offer greater profit potential than countries which have lower levels of productivity. In addition, executives should monitor productivity trends both within their hom
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balance is one statistic which can assist executives as they analyze the international market. Trade balance is the difference between exports and imports, and the trade balance can be presented both as an aggregate number (in which all trading partners are taken into account) or as a comparison with individual trading partners.
By monitoring this statistic, executives can determine which foreign countries offer the most attractive markets for their own goods, and which countries might prove significantly competitive. In addition, executives may use this information to lobby governments to take action through tariff and non-tariff barriers to protect particular industries or markets.
Conclusion
By monitoring key microeconomic indicators, executives can identify potential long-term problems and opportunities and plan accordingly.
Bibliography
The Economist Guide to Economic Indicators. New York: John Wiley & Sons, 1997.
"Output, Demand and Jobs." The Economist, 22 May 1999, 114.
"Trade," The Economist, 17 July 1999, 24.
Introduction
Macroeconomic policy, broadly defined as focusing on monetary and fiscal policy, is often tracked by executives as a way of monitoring the economic environment in which they ope
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Approximate Word count = 1310
Approximate Pages = 5 (250 words per page)
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