Due to the implementation of the one-child policy, the country is likely to face a severe shortage of labor in the future, which will adversely affect the economy of China. The shortage of labor supply has emboldened workers and led to the emergence of strikes, which have paralyzed the operations of major companies in China (Lu 2).
These two, on the other hand, affects economic growth. Indonesia has been a victim of poor governance and weak political structures for a long time. At independence, the country had experienced a growth on its gross domestic product amounting to 12%. This tremendous growth was a result of the peace created by the colonial masters who served as the managers and sole beneficiaries of the growth.
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The world economy is currently at its worst with most countries hit by the pinching global recession. Economists define financial crisis as a significant downturn in activity that affects all the economic segment, the decline in activity normally last for a certain period, which could be more than months or years.
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The number of unwaged civilians declined from 88,710,000 to 88,341,000, this subsequently led to an increase in the number of the employed by a margin of 410,000 to stand at 143,384,000 and the unemployed also to increase by 170,000 and stand at 12,258,000.
Normative statements represent an opinion, or a theoretical scenario, and they are always used to develop new ideas, and establish goals. An example of a normative statement is such as; the government should reduce taxes by half, in order to increase the level of disposable income within the state.
The answer to this question is largely dependent on a country, as different countries have different methods of computing what is to be subjected to taxation from the security funds. The conventional knowledge would argue that as one grows older, the burden of taxation should reduce, this is not particularly the case in some cases when one has some of the income generation activities while at the same time having security funds; thus, security funds will be subjected to limited taxation.
In this era of competition where economic supremacy can impact various other aspects of a given nation, the need of monitoring economic performance has gained a special attention among the nations. In this regard the economists worldwide has suggested various measures amongst which Gross Domestic Product commonly known by its abbreviation of GDP has become the most popular indicator that measures the health of the nation’s economy which in turn impact the standards of living of the nation.
A country’s balance of payments consists of various accounts like the current account which is arrived at by summing up the total values of trade in goods and services, the incomes from investments and the transfers (Nikolas 2010, p. 57). The capital or financial accounts which is arrived at by summing up the values of capital or financial flows, portfolio investments and the net investments.
The Bretton Woods agreement was developed in New Hampshire in 1944. The major outcomes of the agreement were the formation of an International Monetary fund. The system proposed the introduction of a pegged foreign monetary exchange rate system that was adjustable.
This results in the emergence of an economic equilibrium for both quantity and price. Considerations of the power of supply and demand within the market date as far back as the 14th century. This paper will consider the subject of supply and demand, discussing its inherent provisions and assumptions.
According to the report two countries where labor issues are quite prevalent are Qatar and the United Arab Emirates. Both countries have a large influx of immigrants who come in for work hence a high rate of labor issues. It is difficult to create labor laws that fit both the needs of the citizens and non-citizens.
This paper elucidates on the major changes, that took place in the economic front, especially as a result of the crisis, that resulted in diminished access to liquid cash and real capital. Today, building credit has higher prominence than building real wealth because businesses became increasingly dependent on credit to supply goods and services.
Monopoly and Microsoft. The question of whether or not Microsoft represents a monopoly has long since been settled. With fully 90% of all computers running Microsoft operating systems, the reality of the current market speaks for itself. However, even though it is been demonstrably proven that Microsoft is in fact a monopoly, a further question that must be engaged is whether or not this monopoly could somehow represent a benefit to the consumer.
The relationship between the political forces in the United Kingdom and the banking industry is subject to change. With that in mind, it must be understood that past experience with regards to the banking industry cannot and should not be determined to be equivalent to future expectations of how the industry will evolve and continue to be manifested.
After the emergence of privatization associated with the globalization and liberalization of the world economy, the powers of the public and private authorities in the economies have changed down the years. The introduction of the classical dichotomy in the macroeconomic environment was responsible for the segregation of the monetary and the fiscal authorities of different economies (Pirounakis, 2013).
As recorded in 2012, the country had a growth rate in a real gross domestic product (GDP) of about 2%. The estimated real per capita GDP of the country was about $36900 as recorded in 2012 (“The World Fact Book”). The major sector of the economy that contributes a wholesome amount in its GDP is the service sector (7.5%).
This is measured through the consumer price index over specified duration of time (Hart, 2009). There are two major causes of inflation in any economy which are the demand-pull inflation and the cost-push inflation both of which will be discussed below in detail and their effects explained as well.
‘The public debt, which is sometimes called the federal or the national debt, is the total amount the federal government owes its creditors.’ (Arnold, 2008) The reduction strategy for budget deficit involves decreasing the public expenditure or increasing taxes or a combination of both.
The financial crisis of 2007-08, not only led to the collapse of several banks and financial institutions but turned down the stock markets in most of the countries. The financial crisis has led to one of the largest banking shakeouts due to the meltdown of loans and savings.
These two parties decide what to produce and what to purchase. A free market economy is based on the forces of demand and supply with little or minimum government intervention in the form of subsidies, taxes and regulation (Kates, 2011:34). The means of labour are privately owned and this enables parties to according to their own self-interests.
In fact, the country has seen long periods of deflation before the Second World War. The last economic expansion took place between March 1991 and March 2001 when the rate of inflation was low by the standards of the post Second World War era, which holds true irrespective of the kind of index used to calculate the rate of inflation.
Therefore the market structures of an economy can be categorized under the following types. Perfectly Competitive Market In a perfectly competitive market there are a large number of buyers and sellers and therefore the equilibrium price and quantity in the market would be determined by the combined forced of demand and supply.
With the help of modern techniques, up to date procedures, contemporary practices, globalization and highly advanced transportation system the International trade system is spreading really fast. 1) "Trade restrictions will stop foreign imports, which will increase American employment and protect American jobs." Most economists realize this argument is wrong.
Oligopolies are also described within a discussion providing a comparative framework. Various market strategies in each of the designated economic climates are described, with strengths and vulnerabilities of each as topics of investigation. 3. Introduction to Market Structures Marketplace realities surrounding the firm in question are the defining characteristic in terms of price and profitability.
This economic crisis was not helped by the matching economic crisis felt in other western nations as well, such as the United Kingdom, Australia, Japan, and similar developed nations. In so many ways, this crisis has been a result of the rise in oil prices which has affected the general prices of commodities
The improvement s in technology have allowed the business organizations to coordinate their business activities with the rest of the world by using facilities such as e-mail, phone, fax and video conferencing. However, different cultures tend to have different ways of conducting business and communication.
Most people would agree that the objective of all concerned in these situations is to ease the transition from life to death, especially in terms of medical factors like pain management. There is a balance to be struck between offering medical interventions, and offering relief from suffering, and in recent times there is thankfully an increased amount of attention and resource devoted to the needs of the dying.
This trend has become all the more poignant due to the advancement in scientific investigative and analysis techniques2. Courts, and the public in general, view the expert evidence as more authentic and reliable than the conventional evidence like documents, witnesses, statements, behaviour in court, and other forms that might be submitted by the opposing parties3.
According to business dictionary (2011), scarcity is defined as: “Ever-present situation in all markets whereby either less goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase.
1a. Price elasticity of demand (PED) is the extent to which quantity demanded changes to a change in price (Bamord, Brunskill, Cain, Grant, Munday, Walton 2002). When PED of a good is between 0 and 1 then it is said to have inelastic demand with the good being more inelastic the closer the value is to zero.
This paper attempts to focus and analyze the impact of the merger of the smaller firms in the Retail Industry, with the Major leader – Wal-Mart. The effects of the merger on consumers, other retail companies and on society are presented, with the major attention on Wal-Mart, its emergence as a threat, and the profits, consumers gain from it.
As a result of these fluctuations, individuals consciously change their consumption and labor supply (Mankiw, 1989). The RBC theory brought forward two innovations, the first one theoretical and the second one being technical .Under the theoretical innovation, RBC theorists acknowledged the fluctuations in aggregate demand and employment but they deemed such shocks to be socially optimal responses to exogenous shocks such as changes in productivity.
As eHow.com puts it, “a closed economy is just a theoretical concept as no perfectly closed economies are still in existence.”1Globalization has led to removal of barriers to trade and allowed flow of capital and employees in and out of the country. Advocates of an open economy argue that opening the country to international trade creates employment, provides a variety of goods and services to consumers at low prices, increased investment opportunities as well as economic growth.
Consumer well-being is increased by lower prices on imported products and a greater variety of products available in the market. Further, production efficiency is improved by specialization based on comparative advantage and increased competition from foreign businesses, thereby raising the country’s gross domestic product (GDP).
7). Economic growth leads to better living standards for the population and higher rates of employment. There are different theories that are used to explain economic growth which include classical growth theory, neoclassical growth models, endogenous growth theory and the Salter Model.
In fact, many people refer to it as inflation, which bases on the fact that, if inflation increases by a particular percentage, the index will also increase by the same amount, hence the two are directly related.
If one looks at who gets the minimum wage one becomes likely to agree why minimum wage policy needs to exist. Unfortunately, not everybody is born in affluent families to send them to the best schools and universities in order to receive education in the desired field and eventually get a well-paid job.
The research topics involved include competition in its nature, competition balance, competition improvement, policies involved, problems facing the sport and possible solutions. The identified problems involve racial and gender discrimination. Several policies have been laid down to curb the discrimination.
Drawings are also incorporated in the paper to increase clarity. The paper also shows how the market forces adjust themselves to attain the short run and long run equilibrium that was disturbed by the initial change in demand. In the other half of the paper the key differences in the real world markets and the perfect market are defined and explained.
FED plays an important role to maintain the US economy through different tools. It argued, that the FED was the most important global player in tackling the financial crisis. FED basically plays a role in providing largest payment system in the world. All the group of tools, used by FED from 2008 to 2012, are considered.
According to the paper, international laws in the UAE and Qatar considerably improved according to the world standards during past few years. The two countries gained economic profits by liberalizing the international trade regulations and labor migrant laws. The traditions of the UAE and Qatar face challenges in a rapidly globalizing environment.
Keynesian economic principles were put forward by John Maynard Keynes, a renowned British economist, while the monetary policies have been spearheaded by Milton Friedman. Friedman, who had first accepted Keynesian’s principles, started to criticize the economic theory pointing out government involvement in the economy.
Name Professor Course Date Shocks to the US Economy and the Likelihood of a Depression Abstract The report contains an analysis of the causes and the effects of shocks on the US economy. The impacts of recession in the US economy were explained by the key economic indicators of GDP growth rates, inflation rates in US, unemployment rates of US, performance of US dollar, etc.
According to the paper, the Indian economy encompasses a number of sectors which range from traditional farming to modern industries. India is one of the major exporters of services and components related to the information and technology sector. The country profited from the advancements made by its citizens in the field of software development.
This shows the impact of taxes on cigarettes. The tax is devised in such a way to discourage smoking that the consumption of cigarettes has decreased by 20% according to a report. The factors that affect the size of the tobacco market is the tax rate that is imposed on cigarettes in the country and the smoking habits of the newer younger generation as a result of anti-smoking campaigns (Mankiw, 2012, p.72).
The author states that China and Canada have been signing agreements concerning energy distributions and this provides for the exchange of experience in economic matters. One of the agreements that they signed was that Canada had to supply carbon captures and storage projects since China has not had the technological know-how about carbon.
Monetary policy has thus become in technical term the economic’s nominal anchor. The monetary policy regime was modified with the objective of escalating its underlying effectiveness and corresponding transparency in the face of the alterations by the Mexico’s economy.
The free market economy is characterised by private ownership of property and/or resources, means of production, consumer sovereignty, competition and independent choices. The free market economy is more effective than the mixed economy due to the fact that investors or businesses and the consumers have control over the market, i.e.
The reasons that had led to the Recession have been discussed in details. The key reason for the crisis was the bursting of the housing bubble in the United States. The empirical data and analysis of the factors that had led to the crisis has been covered.
‘Welfare state’ is the term coined to represent countries whose leadership aims at providing the masses with security, quality education and healthcare facilities. When the sole purpose of a government is to provide people with the above mentioned facilities, profiteering takes the backseat and the focus is on quality.