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(a) The main channel by which inequality may increase growth according to Simon Kuznets and W. Arthur Lewis is the fact that rich individuals will invest their wealth in the economy which will further increase output resulting in economic
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John Maynard Keynes proved as to how an economy can sustain its adverse position of unemployment along with high inflation without intervention of the government. The reason for which government uses this theory for improving economic performance is the power of controlling supply of money within an economy.
Analyze the impacts of increased demand for biofuels on the demand for and price of crops such as corn. Figure 1: Isoquant Isocost Analysis for the Production of Biofuels From other raw materials and plant matter, liquid fuels referred to as biofuels can be produced.
The other alternative is to do a combination of both activities. The aim of this exercise is to determine who has the comparative advantage, meaning the one who has a lower opportunity cost of producing potatoes or raising chickens. In the end, one can see the relevance of specializing in an activity where one has the lower opportunity cost.
America has had a major growth in the security industry. Sources show that there are twice as many security guards as compared to public law enforcers. This increase may make people feel secure. However, the courts and government officials claim that the feeling is misplaced considering the fact that most of the “private police” go against the private individual human rights acts (Feinman, 2010).
According to the essay, environmental analysis is a process of identifying the environmental factors then assessing and auditing them to find their effect on business. Social factor from PEST analysis may have various effects on business. The effects of social factors are considered with opportunities which come for business on different levels.
Explicit costs result in the creation of opportunities and tangible assets for the business. Some examples of explicit costs are: rent payments, wages and salaries of employees and labor, raw materials, maintenance, company bills, services from other businesses and other expenses.
But the difficulty in controlling nuclear fission process brought many nuclear disasters like Chernobyl, Three Mile Island mishaps etc and hence many people have concerns about the usage of nuclear power as our future energy
c) Iron deficiency is very perplexing in the developing world because iron deficiency reduces the productivity level of people in the world while iodine deficiency causes mental retardation and brain damage. The solution for the iron deficiency is to take