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Economic Genres 1 Cost effective producers will choose the best way of combining labour with other inputs to achieve the best returns. In the presence of unemployed labour, the labour market will turn excess supply into a downward pressure on wages thus making it cost minimizing to employ labour to a huge proportion…
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Download file to see previous pages Mainstream economists believe that producers usually employ the cheapest input method while the consumers substitute towards spending on products that are manufactured by cheaper input methods. Mainstream economists posit that labour may not adapt its supply in conjunction with the demand but a flexible market mechanism in the labour market as well as in the goods and financial market may equate the number of jobs available with the number of job seekers. The audience for this genre are manufacturers and the students who are interested in understanding the labour and the commodity markets. Manufacturers would always want to understand the best mix for labour in a particular industry so as to employ the most appropriate and cost effective mix in production. For academic purposes, the students and other people interested in the economic activities may be interested in understanding the connection between labour and production. This genre is very informative as it informs about the labour market relationship with production. It highlights how market mechanisms in the labour market affect technique of production and finally the result of the labour input. This genre attempts to explain an economic phenomenon, which most people do not understand. An economic expert who has a deep insight of activities taking place in the labour market can therefore write the genre. 2 Economy is dependent on transportation, taxes, poverty, education, environmental preservation and immigration. These factors are interrelated and play an integral part in the growth of economy. There are various challenges facing the factors determining economic growth rate. For instance, there is a problem between expansion of roads and transportation system and the need to protect the environment, which is also an important economic aspect. Transportation is an important aspect of resource distribution and should therefore be evenly distributed. However, because of inability to expand it imposed by factors such as financial constraint developing a centralized transportation location may be very useful in ensuring proper distribution of resources. Environmental pollution may hinder economic growth but since there should be economic activities going on regardless of environmental challenges, few of the activities such as housing and transportation may be allowed to ensure minimal pollution of environment. Education is another significant factor that can catapult economic growth but because it is a scare resource, the government should mostly concentrate on educating children living in poverty because the rich can afford their children’s education. In fact, due to scarcity of educated individuals, educated immigrants may just feel the gap and produce quality. The audience for this genre is policymakers, government workers, students and players in an economic growth sector. Policymakers and government workers would utilize this information to understand economic drivers that can help a country’s or a region’s economies. Additionally, economic students may also use the genre as a good source of information regarding economic growth and development. The purpose of this genre is to inform the audience about the main economic drivers, their impact and significance in the economy. The genre highlights different factors affecting economic growth ...Download file to see next pagesRead More
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