Term 2 Progress Test 2 Revision Sheet

Study the terms and end of section questions for chapter 20, sections 1,2,3, and 4.

Revision Sheet Term 2 Progress Test 1

Study sections 19.2 and 19.3 in Economics Today and Tomorrow. 

Saudi unemployment hits half a million

About 500,000 saudi nationals remain unemployed ,  

the Saudi labour minister said , "We have to solve this unemployment problem,"

the govrnment worked on saudisation which aimed to replace 10 % of foriegn workforce with unemployed saudis , but this programme didnt work .

The education in KSA should be developed that saudis can be able to work in private sectors .

“They [Saudi Arabia] have unemployment coming down to five percent in 2014, but we’re predicting the figure to stay at around 11 percent over the forecast period,” Rory Fyfe, the Economist Intelligence Unit (EIU)’s specialist for Saudi Arabia.

http://www.arabianbusiness.com/saudi-unemployment-hits-half-million-labour-minister-370405.html

LEBANON'S ECONOMY

Lebanon's economy and markets are one of the best developing economies in the world. The private sector contributes to around 75% of aggregate demand,and is a major pillar for growth and recovery. The Lebanese economy is also considered as a typical open economy with a large banking sector equivalent to more than 2.5 times its economic sector and provides an important support to aggregate demand.

Lebanon recorded a Human Poverty Index of 7% in the 2009 HDI report which ranks it in the 33rd place in the world.

Macro-economic trend

This chart calculated by the International Monetary Fund with figures in millions of Lebanese Pounds describes the product of Lebanon at market prices :

(the following list is copy pasted)

Year	Gross Domestic Product	US Dollar Exchange	Inflation Index (2000=100)
1980	14,000	3.43 Lebanese Pounds	0.071
1985	59,329	16.41 Lebanese Pounds	0.21
1990	1,973,000	695.20 Lebanese Pounds	18
1995	18,027,607	1,621.33 Lebanese Pounds	81
2000	25,143,000	1,507.46 Lebanese Pounds	100
2005	33,243,000	1,507.48 Lebanese Pounds	106

Effects of the Late 2000s Economic Crisis

Lebanon's stock market increased in 2008.And it is considered one of the only seven countries in the world in which the value of it's market is increasing. The Lebanese economy grew 8.5 percent in 2008 and seven percent in 2009. Since Lebanon enjoyed solid economic performance despite a global recession, the World Bank expects continued growth as the global economy improves in 2010. According to a report by the World Bank,Gross Domestic Product (GDP) growth in 2010 should remain steady at seven percent.

http://en.wikipedia.org/wiki/Economy_of_Lebanon

Saudi economy to grow 4.2 percent in 2011

Saudi Arabia’s economy wants to 4.2% in 2011 after 3.8% in 2010, Driven heavy government Spending. With crude prices and strong demand will fund its budget and turn in a surplus and planning 7% hike in spending from 2010’s original budget.

(Copy Paste)
While on paper a budget shortfall of 40 billion riyals (10.7 billion dollars) is forecast for 2011,and that high spending will not prevent the government from running a budget surplus around 6% of GDP and that it will require an oil price of nearly 70 dollars per a barrel.





http://en.news.maktoob.com/20090000540796/Saudi_economy_to_grow_4_2_percent_in_2011_bank_/Article.htm

Money In The U.S Economy

During the later year of the 20th century, the US financial plan was important but managing the overall economy was transferred from economic policy to monetary policy, which is the province of the Federal Reserve System. The federal system includes twelve regional banks and 25 Federal Reserve System branches. Legally, all commercial banks are obligated to be members of the Federal Reserve System with an exception of the state chartered banks.

A bank that is a member of the Federal System uses the Reserve Bank in its region in the same way that a person uses a bank in his community. The Federal Reserve System is administered by the Board of Governors. Its seven members, who serve overlapping 14 year terms, are appointed by the president. Its monetary policy decisions are made by the Federal Open Market Committee, which consists of the seven governors. The governors are, by law, independent from congress and the president.

The Federal Reserve System must report on its actions to the congress. The important policy decisions are conducted in privacy and often disclosed only after a period of time has elapsed. Its operating expenses are generated from investment income and fees.

For maintaining control over the supply of money, the Federal Reserve adopts three tools. The most important tool is relevant to open market operations or buying and selling of government securities. The Federal Reserve buys government securities from banks, other businesses, or individuals, to increase the supply of money.

New reserves are created when the federal checks are deposited. The bank can lend or invest some of it. Government securities are sold to the banks to reduce money supply. When banks have lower reserves, they must reduce their lending, and the money supply drops accordingly.


http://economics.about.com/od/monetaryandfiscalpolicy/a/money.htm

December jobs report: Unemployment rate at 9.4%

New York CNN reports that the unemployment rate is at 9.4%, which is the lowest rate since May 2009. Even though this sounds good, it is actually bad for the economy even though 103,000 jobs were added in December of 2010. According to John Sivia, Wells Fargo’s economic chief, he suggested that this is either good or bad. A lower unemployment rate is a mixed blessing, but it is bad for the long term.

Who’s fault is it, the people or the businesses? According to CNN, it is the people. Facts are, about 260,000 adults are discouraged from seeking employment!

Fact show that the economy has improved greatly in 2010 with 1.1 million jobs added, which has been proven the best since 2007.