The study of economics focuses on the study of the production, consumption, and transfer of wealth. Because wealth is defined in a wide variety of ways, the study of economics can be construed narrowly or broadly, and is interrelated with the stud
Economics is defined as the study of how society allocates limited resources and goods (Encyclopedia Britannica, 2009). esources include inputs such as labor, capital, and land and are used to produce goods. Goods include products such as food and clothing, as well as services such as those of barbers, doctors, and firefighters. Often goods and resources are deemed scarce because of society's demand for them vs. their availability (Stapleford, 2012). Economics, then, becomes the study of how goods and resources are allocated when scarce. It also allows us to anticipate the outcomes of changes in governmental policies, company practices, or population shifts, and so forth.
The market system is one avenue economists use to allocate scarce resources. A market is defined as any system or arrangement where trade takes place (Encyclopedia Britannica, 2009). In the U.S. there are several markets trading at all times. The study of the market system…...
Funderburk, D.R. (2012). Is the "New Economics" Either New or Economics?. National Social Science Journal, 38(2), 20-28.
Stapleford, T.A. (2012). Measuring America: How Economic Growth Came to Define American Greatness in the Late Twentieth Century. American Historical Review, 117(3), 899-900.
Economics
The production possibilities curve represents the maximum level at which a country can produce. Freer trade, such as what the EU has promoted since its inception, allows countries to do two things. The first is that it allows them to produce at their production possibilities curve. This occurs because the country under free trade conditions is going to produce those goods in which it has a comparative advantage. This improves the efficiency of production because the country is producing goods at which it is better at producing, and as it produces more of those goods than it otherwise would the country will also have better economies of scale. A country will produce at a higher level of efficiency after free trade than it did before, bringing it closer to the production possibilities curve.
The other thing that happens under free trade is that the production possibilities curve is that it gets…...
Rittenberg, L. & Tregarthen, T. (2010). Principles of Microeconomics.
Weihrich, H. (1999). Analyzing the competitive advantages and disadvantages of Germany with the TOWS matrix -- an alternative to Porter's model. European Business Review. Retrieved February 2, 2012 from http://www.usfca.edu/fac_staff/weihrichh/docs/germany.pdf
Economic Principles and Purchasing a House
Economics Principles and Purchasing a House
This essay discusses principles of economics as they apply to making decisions about purchasing a home. The essay also reviews the decision making process and how it is affected by marginal benefits and marginal costs. The health of the economy and also international trade are factors to think about too, along with looking at conditions which could have lead to making a different decision.
Supply and Demand
Buying a home is one of the single most important economic decisions that most people make. Because it is such a big decision, it is important to look at all the right considerations. The way to do this is to understand how economic principles apply. One principle that affected my decision was the law of supply and demand.
The number of homes available for sale is influenced by supply and demand. On the supply side, how…...
Economics: Application of Concepts
An Analysis of the Economic Situation in the U.S.
In the last five years, we have seen the U.S. economy expand but at a pace that is seen as being relatively moderate. In conducting an analysis of the current economic situation in the U.S., I will largely limit myself to inflation, interest rates, and unemployment.
Although the current economic situation is better than it was five years ago, there are signs of uncertainty that continue to suppress economic activity. This is more so the case taking into consideration the prevailing unemployment rates. For the most part of year 2008, the unemployment rate was stuck between 5% and 6% (Bureau of Labor Statistics, 2013). As at January this year, the nation's unemployment rate stood at 7.9% (Bureau of Labor Statistics, 2013). This is an indication that in comparison to five years ago, the total unemployed labor force increased significantly.
Board of Governors of the Federal Reserve System (2012). Why are Interest Rates being kept at a Low Level? Retrieved March 2, 2013, from the Federal Reserve website: http://www.federalreserve.gov/faqs/money_12849.htm
Bureau of Labor Statistics (2013). Labor Force Statistics from the Current Population Survey. Retrieved March 2, 2013, from the Bureau of Labor Statistics website: http://data.bls.gov/timeseries/LNS14
Economics of Alcohol Abuse
Econcs Of Drugs & Alcohol
How an Economist Might Approach Alcohol Abuse
One answer would be to raise price by decree. Holding all other factors the same, this artificial price increase would initially reduce quantity consumed, but there would still be demand that went unfulfilled, which implies foregone profit at the new lower quantity and higher shelf price. Were supply restricted, say through a fixed number of licenses, this triangle would represent profits producers would want to capture but could not under the artificially high price. Were the price rise caused by say input costs, in the long run producers who could achieve economies of scale would increase production, so price would fall back to the original at higher quantity (Chen, 2007, p. 1), but this would be impossible were supply artificially limited, and if the profits were taxed away there would be no incentive to increase supply. In…...
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References
Chen, C.H. (2007). Long run supply and the analysis of competitive markets. Course materials for 14.01 Principles of Microeconomics, Fall 2007. MIT OpenCourseWare. Retrieved from http://ocw.mit.edu
Heyne, P. (1998). Limitations of the economic way of thinking. Religion & Liberty 8(4). Acton
Economics
economy has recently emerged from recession. During 2009, real GDP declined 2.6%, the largest drop during the study period beginning in 2009. This came following flatlined GDP in 2008. The only similar instance on record was in the early 1980s when GDP declined 0.3% in 1980, rebounded slightly and then declined again in 1982 by 1.9% (BEA, 2011). The most recent recession was, because there was no rebound in the middle and because it was deeper in intensity, the most serious decline in economic output in the last thirty years. hereas the recovery post-1982 was strong (4.5% growth in '83 and 7.2% growth in '84) this has not been the case now (2.9% growth in 2010 and forecasts for 2011 are not much better). The unemployment situation at present roughly mirrors that of the early 1980s recession. During that recession, unemployment moved to 9.7% in 1982 and 9.6% in 1983.…...
Bernanke, B.; Reinhard, V.; Sack, B. (2004). Monetary policy alternatives at the zero bound: An empirical assessment. Brookings Papers on Economic Activity. 2004 (2) 1-100.
BLS. (2011). Employment status of the civilian noninstitutional population. Bureau of Labor Statistics. Retrieved April 13, 2011 from http://www.bls.gov/cps/tables.htm
Neptune has over 60 days' worth of inventory and is faced with some interesting solutions to address this issue. This memo will analyze the issue and the proposals put forth by the management team. The memo will conclude with a recommendation for action.
New fishing rules and new technology investments have allowed Neptune to take bigger catches. Despite record sales, the company is still accumulating inventory. There are two proposals on the table for addressing the inventory issue: launching a budget brand and decreasing fleet size.
Analysis of Underlying Issues: The solution should reflect the underlying problem. The company has increased its fleet with new additions. This increase in capacity is permanent. The government's new regulations are also pushing us into richer fishing grounds, again representing a permanent increase in capacity. Other firms in the industry are also facing a long-term increase in capacity.
Recommendation: The company should decrease the…...
Economics a Powerful Determinant ate Direction
Economics and entrepreneurship play significant roles in carrying out social change. The two are effective tools to change the economic fates of the unfortunates. Social change is defined as 'the structural transformation of political, social and economic systems and institutions to create a more equitable and just society' (fundforsouth). Social change organizations are described as an alliance of people working jointly for a cause sometimes challenging service providers, institutions and government agencies through activism. But it's hard to implement change without the funds that are sometimes controlled by the chosen few such as in the case of World Bank and World Trade Organizations. On the other hand, there are entrepreneurs who are up to provide change through their humanitarian deeds, such as the entrepreneurs who are in the business not just for profit but for their advocacy.
These entrepreneurs' main objective is to make the world…...
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References
Dees, J.G., Emerson, J, & Economy, P. (2002). Enhancing the performance of your enterprising non-profit. Social entrepreneurs. New York. John Wiley & Sons, Inc.
FundforSouthernCommunities. (2011). Change not charity. What is social change. Retrieved 25
Jun 2011 from www.fundforsouth.org.
together4change. (2011). Outline proposal: Investment for social and economic change.
Economics
The situation in the European air cargo industry bears many hallmarks of a cartel, and this was the finding of the European Commission. The OECD (2002) defines a cartel as "a formal agreement among firms in an oligopolistic industry…on matters such as price, total industry output, market shares, allocation of customers, allocation of territories, bid-rigging, division of profits or the establishment of common sales agencies." The main difference between this definition and the behavior of the airlines in question is that the industry is not oligopolistic in the true sense of the word. In an oligopoly, there are only handful of industry players, so any such collusion as indicated in the definition of a cartel would serve to disrupt market forces to the benefit of the companies within the oligopoly. In air freight, however, the prevailing market condition was that of monopolistic competition. This makes is harder to prove a…...
Economics of Monopoly Power
Take a position regarding whether the current initiatives of the FCC actually encourage competition in all communication markets and protect the public. Provide specific examples to support your response.
The FCC has over the years been involved in various initiatives to ensure that there is fairer play and a leveled field for the operation of the communication companies in the U.S.A. Though some may point fingers that the FCC has played lip service to the idea of encouraging competition for long, it is apparent that several efforts by the FCC has ensured a more competitive environment especially in the broadband provision.
The reason why the U.S.A. lags behind many countries in the broadband aspect in particular is the fact that there is a stunning lack of competition in this market. It is noticeable that there are a few players who dominate the market and all the time they seem…...
The moral of the story is that even though sticky prices are in no one's interest, prices can be sticky simply because price setters expect them to be" (para. 18). This real life scenario is what Wolfgang Munchau suggests is leading to the global economic crisis. Munchau argues that the world leaders' failure to act has resulted in a global coordination failure, and the global recession that is currently in full force. Indeed, Munchau says, "Not one of [the London summit's] resolutions move the world a small step closer to resolving the global economic crisis" (para. 1). The reason for this, according to Munchau, is because they have waited to make crucial decisions, decisions that they are still waiting to make (para. 1).
Munchau's argument offers a commentary on why some consider governments a part of the coordination failure problem instead of the solution. Governments, at least democratic ones, are…...
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References
Mankiw, N. Gregory. "New Keynesian Economics." The Concise Encyclopedia of Economics. 2008. 18 June 2009.
Munchau, Wolfgang. "The Consequence of Global Co-Ordination Failure." Evro
" (Kee, 2001, p. 139)
To further this discussion of short- and long-term production and cost one must at least briefly understand the just-in-time model. This model was developed by the Toyota Motor Corporation to mirror the ability of certain suppliers to provide just the amount of a product that a market demanded at the time it was demanded. To apply this model to manufacturing one must have a careful set up for short- and long-term goals of production, and potentially this model can effect short run production and be ignored by cost cutting that attempts to buy raw materials in bulk to meet the demand of a bottleneck in the early life of a product. (Ohno, 1988, pp.26-33) Just-in-time has become a goal of many in manufacturing, as they seek to carefully organize short-term and long-term production and cost issues. In the short-term, procurement is lower and waste is less,…...
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References
Dorf R. C and Kusiak, a. (1994) Handbook of Design, Manufacturing and Automation. New York: Wiley-IEEE.
Value, in Economics. (2004). In the Columbia Encyclopedia (6th ed.). New York: Columbia University Press.
Hegji, C.E. (2001). Fixed Cost, Marginal Cost and Market Structure. Quarterly Journal of Business and Economics, 40(1), 17.
Kee, R.C. (2001). Evaluating the Economics of Short- and Long-Run Production-Related Decisions [*]. Journal of Managerial Issues, 13(2), 139.
Economics
The English premier league has a large television audience and inspires a large amount of devotion among fans that might not have the interest of the sporting world. The English premier league is well-known from London, to other parts of the world.it is very hard to find someone who does not have a favorite football team within the English premier league. Despite all this the we4alth that has come with the famous competitions does not go down to the fans. For instance the lucrative TV deals do not trickle down to the fans. There exists a situation that is very troubling when it comes to the ticket prices. The ticket prices a have gone so high such that even the most loyal fans are no longer able to afford them. For example a ticket for an Arsenal match costs a whooping 126 pounds and there are instance it can go…...
We analyze the economy's productivity by calculating the Gross National Product, which is "the market value of the sum of all the goods and services produced in the economy." The economy's productivity should have a constantly growing figure in order to ensure the fact that that country is currently developing at its fullest potential.
The fiscal policy is the "means by which a government adjusts its levels of spending in order to monitor and influence a nation's economy." It comes together with the monetary policy by which a central bank controls a nation's capital supply. Fiscal and monetary policies are used in different arrangements in an attempt to direct a state's economic objectives.
Global Economic Growth and Development is the global raise in value of the commodities and services manufactured by an economy. In economics, the terms "economic growth" or "economic growth theory" usually refer to augmentation of "potential output, i.e.,…...
Even searching the Internet for information has a cost, the opportunity cost of one's time. Thus, one will consider the cost of obtaining information before seeking it out to make a decision.
The remaining three assumptions of the economic way of thinking deal with the notions of time, personal preferences and predictability. Assumption six makes the point that there are short-run effects and long-run effects for any decision that ought to be considered. For instance, a tariff may increase employment and income in an industry in the short-run, but consumers will decrease their spending on other products in the long-run. Assumption six states the value of a good is subjective and preferences will, therefore, differ between individuals. The final assumption of the economic way of thinking asserts that the test of a theory's validity is its ability to predict how the real world operates. Thus, theory's with greater validity should…...
When most people think about the impact of the COVID-19 pandemic on economics, they think of it as being purely destructive. While there can be no doubt that the COVID-19 pandemic has created economic uncertainty in many sectors, leading to a loss of production and high unemployment rates in many areas, it cannot be ignored that the pandemic has also led to new opportunities for certain businesses. Understanding those opportunities may be critical to the overall recovery of the global economy, as those industries that have experienced gains determine how to leverage them in a way that....
Deforestation is a major issue with a global impact, but calls to end deforestation are going to remain unsuccessful unless people really understand the causes and effects of the process. The economic depression in areas that are vulnerable to deforestation may leave them with few alternatives, and the ecological devastation that results from deforestation only perpetuates the economic vulnerability. Here are some of our suggested titles for an essay about the causes and effects of deforestation:
Deforestation Essay Titles
Worlds that Will Never Be Known: The Impossibility of Predicting the True Effect of Deforestation
The social sciences refer to any academic discipline that deals with human behavior. The fields that generally fall under this rubric include economics, anthropology, psychology, sociology, political science, historiography, as well as certain types of culture-specific studies. Mixed method research refers to a research methodology that mixes traditional quantitative and qualitative research designs and discussing both types of evidence or data while considering the takeaways or conclusions of the research.
Some topics for mixed method research in social sciences are:
Does the inclusion of minority police officers in a police force reduce the incidence of police brutality....
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