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Micro and Macro Economics - Assignment Example

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Name: Instructor: Class name: Date: Micro and Macro economics 1. Oil boom brings scarcity of workers in small towns http://www.nbcnews.com/business/economywatch/oil-boom-brings-scarcity-workers-small-towns-940025 Chapter 1 terms and definitions: Opportunity cost Opportunity cost is the forgone alternative cost for another action…
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Micro and Macro Economics
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Micro and Macro Economics

Download file to see previous pages... The scarcity has been brought about by the natural gas and oil boom. The laborers are forgoing other business jobs and offers for the oil jobs. In this case, there is scarcity in labor and the opportunity cost is the labor to be offered in other sectors of the economy. In the news article, there is scarcity in guards and prisoners at times just walk away from prison. As many laborers have opted to oil companies, there have been scarcity in housing and settlements in areas like Woodward. 2. What Are the Factors of Production for the iPod Touch? http://smallbusiness.chron.com/factors-production-ipod-touch-37951.html Chapter 2 terms and definitions: Technology It is a wide concept dealing with a species’ knowledge and usage of crafts and tools, and how it impacts the ability of a species to adapt to and control its environment. As defined in the society of humans, technology is as a result of engineering in science but many technological improvements go before the two notions. Factors of production These are the factors that are employed in the production of commodities with an aim of making economic profit. They are inclusive of Labor, land, entrepreneurship and capital. Without the factors of production there can be no any commodity as these factors are incorporated to yield an economic profit (Mankiw, pp.375) Relevance to article The technology in this article is the iPod touch. The factors of production include: Capital of Apple that outsources physical production in order to reduce costs. IPod touch also get materials from Samsung companies like Samsung. Another factor is labor of iPhone that is inclusive of stateside, internal employees who did the prototyping, design, sales and eventual marketing of the product. There were also external workers who worked in Asian countries. By employing external labor, the company has cut its production costs. Land for the Apple Company comprises of issues that affect available resources to suppliers of Apple in Asia inclusive of availability and cost of materials like glass and silicon. As they do not own factories, their rent is the amount they pay property owner. Lastly is the entrepreneurship where apple has managed to be popular in the entrepreneurship category. Apple encouraged the efforts to innovate the product line in the apple brand. In design terms, the iPod touch integrated a display that is multi-touch and other elements that increased the financial value of Apple. 3. Short of Money, Egypt Sees Crisis on Fuel and Food http://www.nytimes.com/2013/03/31/world/middleeast/egypt-short-of-money-sees-crisis-on-food-and-gas.html?ref=foodprices Chapter 3 terms and definitions: Law of demand The law of demand states that if the price of a good or service increases the demand will fall and if the prices of a good or service is decreased it leads to an increase in demand other factors kept constant (Mankiw, pp.67) Normal good A normal good is that good that its demand increases with an increase in the income of the buyer and demand decrease with a decrease in income of the consumer. A normal good behaves the in the same manner. Relevance to article In the article Egypt is running out of income meaning that the incomes of the consumers have fallen down. As Egypt imports fuel from other countries there is a shortage as there is low income by the country to purchase fuel. As there are fuel shortages, there is blackout in electricity. The shortages in electricity ...Download file to see next pagesRead More
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