Personal learning contract guide Introduction In this unit you will be working with a peer coach to develop a personal learning contract focused on improving your confidence, willingness and ability to contribute to leadership work for innovation and uncertainty. The aim of this guide is to help you and your peer coach during that process. Together with your coach you need to: carefully and systematically diagnose one specific and significant behaviour that you believe that you need to change in yourself in order to improve your confidence, willingness and ability to contribute to leadership work for innovation and uncertainty draft a personal learning contract that will enable you to begin the process of building or improving that behaviour over time.

Leadership is the ability to influence others to work together towards a specific goal. Personal Learning Contract

(pp. 544–565) of Principles of Economics discuss why an economy's total income equals its total expenditure explain how gross domestic product (GDP) is defined and calculated see the breakdown of GDP into its four major components distinguish between real GDP and nominal GDP explain how the consumer price index (CPI) is constructed consider why the CPI is an imperfect measure of the cost of living Macroeconomics is the study of the economy as a whole.

This week’s objectives By the end of this week you should be able to: discuss why an economy’s total income equals its total expenditure explain how gross domestic product (GDP) is defined and calculated see the breakdown of GDP into its four major components distinguish between real GDP and nominal GDP explain how the consumer price index (CPI) is constructed consider why the CPI is an imperfect measure of the cost of living compare the CPI and the GDP deflator as measures of the overall price level explain the various costs that inflation imposes on society.

Topic: - Market Failure Question: - “What factors have lead to market failure and the decline of journalism?” - “How has market failure lead to the decline of journalism?” Slides: intro (Play the clip) The players: news outlets vs web giants advantage: web both comparative and absolute advantage creation of oligopolies and the “walled garden” types of market failure focus on negative externalities externalities - social cost of hypertargetting failure by traditional media to internalize Summary explain the meaning of absolute advantage and comparative advantage see how comparative advantage explains the gains from trade apply the theory of comparative advantage to everyday life and national policy explain what an externality is see why externalities can make market outcomes inefficient examine how people can sometimes solve the problem of externalities on their own consider why private solutions to externalities sometimes do not work

Why study economics? It’s a good question, and one I’d like to be able to answer with something better than “it’s part of my schoolwork”. I do think that understanding more about the forces and principles at play in these critical systems is useful: expanding my mind, informing decisions. Isn’t that the whole point of the MBA? I’ll be studying economics next semester for ECO80001: Economics, using G. Mankiw’s Principles of Economics as the text book.

See: elasticity Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants – a consumer may be able to differentiate between a need and a want, but from an economist’s perspective, they are the same thing. Demand is also based on ability to pay. If you can’t pay for it, you have no effective demand.

Allocative efficiency is an economic concept regarding efficiency at the social or societal level. It refers to producing the optimal quantity of some output, the quantity where the marginal benefit to society of one more unit just equals the marginal cost. The rule of profit maximization in a world of perfect competition was for each firm to produce the quantity of output where P = MC. The price (P) reflects demand, and as such is a measure of how much buyers value the good, while the marginal cost (MC) is a measure of what additional units of output cost society to produce.

Monopolies are when a market contains a single provider of a particular good or service i.e. there is no competition, and therefore pricing decisions are not affected by the “invisible hand” of market forces. This can often lead to undesirable outcomes for consumers, and is something that governments may concern themselves with. A monopoly arises due to one or more reasons: resources: A firm may control the key resources required for production regulation: The government may grant exclusive rights to a single company process: A single firm can produce at lower cost than would a number of firms For example, distribution of natural gas and/or electricity would suffer were multiple providers required to construct their own infrastructure.