We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Economy - Essay Example

Comments (0)
Summary
Name: Course: Date: American Bison Into what category of goods does the bison fit? The American bison falls under the common resources category of goods. This is because the American bison fulfills the differentiating criteria of rivalry and non-excludability (Kang and Zhou 136)…
Download full paper
GRAB THE BEST PAPER
Economy
Read TextPreview

Extract of sample
Economy

Download file to see previous pages... The second qualification for a commodity into the category of common resource is non-excludability, whereby it should not be possible to exclude a person from the consumption of such goods (Hochenberry 152). In the case of the American bison, the consumption of each unit of the bison serves to preclude other individuals from consumption. This is because, when the hunters kill the bison for commercial purposes, for example selling their meat, it precludes other people from using the same resource, since the bison are no longer available. The continuous hunting and killing of the bison will mean that at time will come when the bison get extinct and thus unavailable for consumption by the rest of the society. Therefore, the action of the hunters serves to preclude the rest of the society from consuming that resource, which the society is not restricted from using (Kang and Zhou 138). Additionally, the American bison fits in the category of common resources, since they do not pass the excludability criteria. The excludability criteria require that it is possible to exclude a person from the consumption of a good or a resource (Hochenberry 154). However, considering that the American bison were natural resources which were roaming on the North American grassland in the 1800s, no one could exclude any person from using such resources. Therefore, the American bison fits into the category of the common resource. ...
However, after the 1800s, the number of v declined sharply, to a point that they almost became extinct (Lott 72). Whenever the forces of demand and supply are not equal, there tend to develop some pressure in the market place, where either the goods in the market will go to waste because their supply is high than the quantities demanded, or there will occur a shortage of such commodities, on the event that the demand is higher than the supply (Hochenberry 151). This situation can be rescued by adjusting the supply of goods, if the resource used in the production of such commodities is renewable, or it will lead to extinction of the commodity in the market, if the resources applied to produce the commodity are not renewable. In the case of the American bison, several factors played a role in causing their near extinction. First, the American bison were hunted by the American Indians who were living in the plains of North America prior to the 1800s (Lott 77). Considering that the Indian hunters were targeting the American bison purely for food purposes, the rate of hunting was lower, than the rate of reproduction and growth of the American bison. However, in the periods after 1800s, professional hunters entered the field of hunting the American bison for a combination of commercial hunting and slaughter purposes. This meant that rate of killing the American bison was high, compared to the rate at which they were multiplying. The applicable economic concept in this case is that, the forces of demand were higher than the forces of supply (Kang and Zhou 141). Considering that the demand for the American bison for commercial and slaughter purposes was higher than the supply; which is accounted for by the rate of their ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Economy
Customer name Instructor Academic year Introduction The World Trade Organization (WTO) is an umbrella organization that was founded after the Uruguay Round of multilateral trade negotiations (Ezeani 2010). It is considered as the only international organization, having extensive reach all over the world, which makes and regulates trading rules and activities amongst countries (Bruch & Environmental Law Institute 2002).
20 Pages(5000 words)Assignment
Economy
This further identifies political factors to economics. This paper addresses Mr. Romney, the Republican presidential candidate, on what he should do with the economy, by identifying major economic problems facing the United States and possible solutions. Proposed economic measures The United States, like other nations, faces economic challenges that require a comprehensive approach for long-term solutions.
3 Pages(750 words)Essay
Economy
In other words it can be explained as that bullion report called for the return of the standard of gold, which can be regarded as a safe rule for the working of the monetary policy. Although bullion decision was rejected by the parliament to quickly restore the gold standards, however the debate of bullion report influenced the decision of the parliament and the standards of gold were restored after the Napoleonic War.
4 Pages(1000 words)Essay
Economy
The main bloodstream of Europe is the interbank credit system that enables the banks in Europe to avail credits from other banks of the European Union. A debt crisis in Europe had a ripple effect that impacted the entire banking system in Europe and the whole economy.
6 Pages(1500 words)Essay
Economy
The article mentioned that UK avoided its third recession by registering a growth of 0.3% in the first quarter of 2013. This growth in the economy was observed after a flat performance over the last 18 months. The marginal growth in the economy of UK has been due to the progress in the services sector than contributions from the manufacturing industry.
8 Pages(2000 words)Essay
Economy
China today represents a new form of economic development and this country has witnessed sustained financial growth while resisting pressures to democratize and has
1 Pages(250 words)Essay
Economy
This deficit needs to be financed or funded by some sources which are often in the form of increase in the national debt via public or international borrowing. However, this borrowing increases the amount of taxes to be paid because the borrowing is not only to be repaid
6 Pages(1500 words)Essay
Economy
GDP takes into accounts all these diverse types of spending that are taking place in a country (Mankiw 208). In order to gain an
2 Pages(500 words)Essay
Economy
Incase interest rates in American debt return to average levels, a complete collapse is predicted. Based on the rapid decline of the dollar, and the amount of
3 Pages(750 words)Essay
Economy
It helps in forecasting gross domestic product (GDP) of a nation (Hubbard1-29). In this discussion, the main objective is to critically evaluate
4 Pages(1000 words)Essay
Let us find you another Essay on topic Economy for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us