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¶ … economics problems from a broader perspective, we need to apply macroeconomic principles. These principles help in understanding collective problems that various industry or countries are encountering and the role government can play in this connection. The paper studies current economic problems in the Transportation sector and explains how levels of supply and demand affect the demand curve.
MACROECONOMICS AND TRANSPORTATION SECTOR
Macroeconomics deals with economy on a larger scale and studies the principles of economics as they pertain to the whole industry and not just one firm. This helps in understanding national economic problems of inflation, unemployment, slow GDP growth, lower productivity etc. Therefore it is important to apply macroeconomics principles when we want to study and understand the problems being encountered by any economic system. For example in these days of slow growth, we notice that United States economic problems can be better understood in the light of macroeconomics than microeconomics. This is because we are currently encountering economic obstacles in almost all industries and their problems are collectively hurting the entire economy of our country. Let us focus on the transportation industry for example and we would notice that since the tragic events of September 11, the revenues for this industry have plummeted significantly. This is because travelling rate has witnessed considerable reeducation, as air transport is no longer considered safe. It is very important to bear in mind that it is not only aviation industry, which is suffering because of September 11 attacks, but also the transport industry in general is weathering...
The impact of this is being felt by air cargo service industry, which plays a dominant role in the businesses of major courier and shipping companies such as FedEx, UPS and DHL. In the last few months, we have noticed a sudden decline in the revenues of FedEx and UPS as both suffered from decreased consumer confidence. Consumers are no longer willing to blindly place their trust in any company and its shipping system and this is leading to improved security measures in every major shipping and courier firm. FedEx and UPS are both working hard to install sophisticated security equipment to screen all security packages and send an email to the recipient prior to delivery to inform them about the package and its exact delivery date. This helps in reducing fear, which is associated with opening unsolicited packages. Despite all these security measures both FedEx and UPS maintain that business has fallen considerably after the terrorists attacks last year and even during the holiday season, American chose to spend less on gifts which resulted in decreased revenues.
We must not forget that economics is all about choices people make everyday and deals with their behavior about selecting the best service or products when alternatives are available. The modern definition claims economics is, "The scientific study of the choices made by individuals and societies in regard to the alternative uses of scarce resources which are employed to satisfy wants." (See Ref 1) This definition indicates that economics is solely and intricately connected with satisfaction of wants, which in turn calls for an organized system of supply and demand. 'Demand curve' indicates the…
References
Definitions of Economics, http://www.cr1.dircon.co.uk/TB/1/1.1.1.htm
Justin Fox, What In The World Happened To Economics? Fortune, 03-15-1999, pp. 90
(Thomas, 1999, p. 66) The four aspects of health profiling are; 1.collecting and analysing information2. selecting priorities for action 3. choosing nursing activities, including methods of working, for selected priorities 4. evaluating nursing practice. Information, should be gathered base on regional demographics of disease such as; incidence of disease, illness, diasbilty and trauma and on the existing health system and what it provides and does not provide for the community
Economic Growth and Happiness Economic Growth Can Lead to Healthier and Happier Societies More Availability of Goods Higher Income Increase in Tax Revenues and Better Welfare Programs. Increase in Purchasing Power Technological Advancement Health Industry Benefits Business Sector Benefits General Benefits Reflective statement Economic Growth Can Lead To Healthier and Happier Societies Economic growth has long been termed as the precursor to any society's success, and in this paper, we shall be looking at various aspects of economic growth that are directly
Interestingly, it seems that this feature remains relatively constant regardless of the level of the socioeconomic spectrum. That is fascinating to anybody who comes from a foreign community where Americans are envied and believed to be so much more fortunate than many of us in the rest of the world. Finally, in that regard, I also anticipate that studying the ethical issues and legal concepts that apply to economic practices,
It might seem more economically beneficial for the company to store a maximum of only twenty bags of flour, as this is the minimum amount that the company needs to receive from the distributor in order to receive the discount, but this would not leave them any safety supply. With twenty-four bags of flour stored at a maximum, the bakery will have four extra bags of flour -- two days'
Capital (% of GNI per capita) Source: The World Bank (2009) The following table shows the procedures time and costs involved in construction of a warehouse, obtaining the licenses and permits necessary and completion of the required notifications and inspections as well as obtaining utility connections. Procedures and Costs Involved in Warehouse Construction Indicator Peru Region OECD Procedures (number) Duration (days) Cost (% of income per capita) Source: The World Bank (2009) Peru is stated to rank 149 among other countries
8% in the fourth quarter of 2008.... [a]sharp slowdown in finance and insurance, a further contraction in construction, and a deceleration in durable-goods manufacturing were the leading contributors to the economic slowdown" (Overview of the U.S. Economy: Perspective from the BEA Accounts, 2009, BEA). Still, Europe is experiencing its worst economic downturn since the Second World War. Its more precipitous decline contradicts initial economic expectations that the European Union might