Homework 1

A1) Economic problems occurs in every country, which is the problem of how to make the best use of
limited resources or scarce resource. The economic problem exists because needs and wants are endless
but the resource is finite.

A2) choice and opportunity costs are closely related with each other. Individuals

opportunity cost becomes another’s chance and one’s choice becomes another’s

opportunity cost. Any manufacturer seeks to choose the best choice, so that it

could benefit the economy in a larger size.

A3) What to produce-The people who have the authority to decide what to produce based on the final
outcome result. If one choice profits more, then they should go for that one.

How to produce- They should decide whether to use high land or small land, thousands of labor or
hundreds of labor to get the desired output.

Whom to Produce-Society needs to decide whom will profit from it. Different societies would develop
different answers.

Homework 2

A1) UN is trying to end poverty and other deprivations hand-in-hand with strategies such as improve
health and education, reduce inequality.

They are doing meetings often (several years apart) to discuss, find the best solution and ordering
member countries follow without hesitation.

A2) Mandates for future programmes of work in development financing, small island developing states
and more.

A3) Technology, investment, government policy, environment and market.

Homework 3

A1) Every people on this planet continuously seeks entertainment without even knowing. Sports is one
of the biggest entertainment in most countries. In every street, in every district you could see children
chasing balls, boys wrestling. Due to language barriers, people had trouble bonding with each other, but
sports can bond us since you don’t need to express yourself verbally.

A2) The trade-to-GDP ratio is an indicator of the relative importance of international trade in the
economy of a country. It is calculated by dividing the aggregate value of imports and exports
over a period by the gross domestic product for the same period.

A3) Global sourcing is the practice of sourcing from the global market for goods and services across
geopolitical boundaries. Global sourcing often aims to exploit global efficiencies in the delivery of a
product or service.
A4) Jobs may be lost because of the structural changes arising from globalization. Structural changes
may lead to structural unemployment and may also widen the gap between rich and poor within a
country.

A5) The event will be focused on solutions and committed to producing outcomes that matter. Through
a series of roundtables, onstage debates and panel conversations, the summit will analyze risks and
opportunities, and look for a pragmatic way forward for those working in—or depending on—the trade
industry in Asia.

A6) They are doing well mobilizing the trade rate in Asia according to the result of member countries of
WTO.

Homework 4

A1) Macroeconomics helps the country by solving problems like inflation, unemployment, and
economics cycle, etc… Microeconomics helps by solving and managing problems like savings and earning
of individuals, etc…

A2) Inflation is a quantitative measure of the rate at which the average price level of a basket of
selected goods and services in an economy increases over a period of time. It is the constant
rise in the general level of prices where a unit of currency buys less than it did in prior periods.
A3) The opposite of inflation.

A4) It’s just inflation, but in terms of every country. Global economy has suffered immensely since
the global financial crisis in 2008 and that has caused global inflation to increase.

Homework 5

A1) tax minimization -Considering that one of the prime objectives of developing a financial
plan to save taxes, tax minimization automatically becomes one of the concerns which is to be
addressed. 
Liquidity:
Adequate liquidity is another area of concern which requires being addressed before the
process of financial plan development starts. Liquidity is, particularly important for handling
situations classified as financial emergencies in particular 
Achieving Flexibility:
Developing or creating a financial plan requires a deep understanding of your personal and
financial goals. Financial goals are situation specific and may vary individual to individual. The
goals pertaining to an individual may change or vary relative to prevailing situations in your life.
A2) Typical corrections will include transferring funds from other
allocation categories or from the organizations surplus, sometimes
referred to as savings.
Just as budgetary allocation estimates can be insufficient, revenues
can be underestimated. This can happen if a downturn in the economy
occurs after a budget is adopted, thus harming revenue streams.
Insufficient revenues might require the need to reduce budgetary
allocations in order for expenditures not to exceed revenues at the end
of the budget year.

A3) Government Budget Value in Mongolia averaged -144065.41 MNT Million from 2000 until 2019,
reaching an all-time high of 1458869.50 MNT Million in October of 2018 and a record low of
-3667830.20 MNT Million in December of 2016. Due to many loans and economic recessions.

Homework 6

The Nobel prize in economics was awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer for
“their experimental approach to alleviating global poverty,” the Royal Swedish Academy of Sciences said
in a statement Monday. “The research conducted by this year’s Laureates has considerably improved
our ability to fight global poverty. In just two decades, their new experiment-based approach has
transformed development economics, which is now a flourishing field of research”.