stem which has a primary function of providing cool air at 26 degrees Celsius. It operates at a temperature differential of between 8 and 11 degrees Celsius at a comfortable noise level. According to Mutual Consultants Ltd (2009), Reliability-centred Maintenance (RCM) which is based on the principle of preserving the functions of the equipment to which it is applied has demonstrated the ability to deliver optimum maintenance for all kinds of assets.
“Economics is the study of allocation of scarce resources, choices, and opportunity costs” (Department of Economics: Description and Mission of Department par. 1). The choices are made mainly for two purposes- consumption and production. The major economic principles that influence the choice of a society with the view point of a consumer are utility analysis, indifference curve analysis, and demand theories.
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The author defines corporate culture as the way in which a company operates and their priorities. Tesco Plc uses the role culture, which is bureaucratic in nature and authority is based on the position that a person occupies within the hierarchy. This is the case because the structure of the company is highly organised.
tion in future. An organisation in order to face the challenges and to maintain sustainability develops various strategies. In the paper, Ford Motor Company has been focussed as the company in order to conduct the study. The challenges that may be faced by Ford Motors in relation to its corporate social responsibility, crisis management and globalisation aspects have been highlighted.
Question 1) How often do you use the services offered by the library? This should have been a close ended question but it has been structured as an open ended question. Such types of questions invite some obvious replies and information obtained from this can be unreliable and meaningless.
According to the research, advertising is important for firms in a monopoly, monopolistic competition, and an oligopoly. It is a valuable tool that helps firms in these three market structures to inform their consumers. Although the goals may differ, advertising is used a great deal by not only oligopolies and firms in monopolistic competition but also by monopolies.
Globalization. Economics is the social science that deals with money, markets, individuals, investments, economy etc. Economics has two main branches “Micro economics and macro economics” Micro economics deal with individuals and how they earn their livelihood where as macroeconomics deals with aggregate issues or economy as whole.
Economic protectionism can be achieved through measures such as the imposition of import tariffs, which will mostly depend upon the situation of the economy. A country in great need of a particular commodity will rather lower the rate of tariffs charged on imported goods in order to encourage importation of a given commodity.
The nation was losing hundreds of thousands of jobs each month; the stock market was plunging, major banking institutions were failing by the day and the country was dragging the global economy toward a second Great Depression. Treasury Secretary Hank Paulson reportedly marched into President Bush’s office and told him if the financial markets were not stabilized and soon, the President’s legacy would not be the military debacle in Iraq but as the overseer of a global economic depression that would dwarf the one of the 1930’s.
As the crisis is reaching a higher point, it is affecting countries other than the European countries as well. The following paper would take three recent articles into consideration which are somehow related to the European crisis and it would be evaluated how the concepts presented in the article relate to the concepts of macro-economics.
This is in terms of the quality of life led by the citizens. Some critics however have found that the use of national income data is not 100 percent reliable indicator of standard of life (Miller, 2011). The business cycles in an economy would influence standard of living.
It is therefore vivid to note that the government should always control employment by creating more jobs to the unemployed. It is fundamental to note that importation always has adverse effects on the level of unemployment. This is because countries that rely mostly on imported goods reduce the development and expansion of the local industries in the country (Carbaugh 2008).
Previously before the deregulation act the Civil Aeronautics Board (CBA) was responsible of regulating the airline industry. The CBA regulated prices charged by the airlines for the services they offered, the entry of airlines in the industry, that is only airlines registered and approved by this regulatory body access United States airport, also they regulated any form of business combination in this industry as well as any agreement between the different players in this sectors.
The purpose of this paper is to explain the economic efficiency of free markets with emphasis on the optimal approach of resource distribution (Mankiw, 2009:148). The paper explores the idea behind free markets and their occurrence and the economic pathology and efficiency of free markets.
This may include the human capital, infrastructure, economic and financial sustainability, health, literacy etc. In short Economic Development is actually a policy which aims of the well being and financial stability and growth of the people. “Economic development' is a term that economists, politicians, and others have used frequently in the 20th century.
Normally for any particular economy, both social and political problems are the key factors relevant in achieving all the four objectives. Fiscal policy refers to expenditure and taxation policies central government, that are implemented by the ministry of finance through special agencies, directly or through area ministries, where as, monetary policies are the government’s regulations of the interest rate level and money supply in the economy.
In the case of Buenos Aires, the factor that determines the quantity demanded is the expected changes in the prices. When buyers expect the price of the commodity to increase, they will increase the quantity of their stock now in order to avoid the negative impact on the price increases (Hansen 168).
In the utilization of liberal ideologies, a country’s economy can substantially augment since it has the capacity to partake in numerous economic exchanges with different countries around the globe. Similarly, globalization aims at integration of different markets and economies around the world thus making the world a single system (Ognivtsev 1).
The profits of a firm in essence are the total revenue net of total costs. Both these variables, total revenues and total costs depend upon the level of output produced. Additionally, the price charged per unit of the product influences the total revenue.
The interaction between various nations of the world involving their culture, politics, business and economic trends etc. can be termed as globalization (Suarez-Orozco and Qin-Hilliard). All countries of the world want to keep in touch with the other nations as being a part of an interconnected web has its benefits.
In terms of macroeconomic data, the Real Gross Domestic Product (GDP) of the Philippines were (PHP billions) P6,563 for 2008, P6,826 for 2009, P6,889 for 2010, and P7,221 for 2011. This means that the country’s Real Gross Domestic Product growth rate was 6.4 percent for 2008, 4.0 percent for 2009, 0.93 percent for 2010, and 4.8 percent for 2011.
S Mills and Marx. However, the paper will concentrate on comparing and contrasting the views held by Marx and Mills on accumulation of capital and crises. The paper will thus focus on the crisis theory and theory of surplus value by Marx and the principles of the political economy by J.S Mills.
Social, economic and political differences experienced throughout the world are attributed to the variations in structuring of crucial institutions in the world economies. Generally, the executive structure of government agencies, the judiciary and the legislature form the basis of institutional functionality.
The year 2008 witnessed the greatest depression since the great depression of the 1930s. This was because of the irrational exuberance in the housing market that led many people to buy houses that they could not afford. These investors were speculative that the future prices of houses would only rise.
The value of the GDP is measured by taking into consideration the value of all the goods and services that are produced in a particular country. it also indicates the total market value of all the final goods and services that are produced in the countries, in a given period of time, usually one year.1 This translates to the total value of a countries income.
obal Financial Crisis on the Automobile Sector in the United Kingdom 22 2.3 The Future of the Automobile Sector in the United Kingdom 26 2.4 Summary of the Literature Review 28 CHAPTER 3: RESEARCH DESIGN AND METHODS 29 3.1 Introduction 29 3.2 Research Philosophy 29 3.3 Research Approach 31 3.3.1 Deductive approach 34 3.3.2 Inductive approach 35 3.4 Research Design and Research Plan 35 3.5 Data Collection Methods 36 3.5.1 Secondary Data Collection 37 3.6 Data analysis and presentation 37 3.7 Limitations of this research 38 3.7.1 Validity 38 3.7.2 Reliability 39 3.7.3 Capacity for Generalisation of Research and its Conclusions 39 3.8 Ethical Considerations 39 3.8.1 Ethical Issues of the Researc
Why are Oligopolies tempted to collude even if it means breaking the law? This essay deals with oligopolistic market structures and incentives that push them towards collusion. In doing so, it discusses the characteristics of oligopolies, collusion, cartels, game theory and the kinked demand curve.
This can be better observed with reference to the statistical data represented below: Interest Rates Fig.1: US Interest Rates 2007-2012 (US Department of the Treasury, 2012) It can be observed from the above diagram representing the interest rates fluctuations in the United States that since 2007 the economy has been witnessing steep decline in its financial investment market.
This effect is likely to take economists decades to curb this though they are encouraged to act quickly in terms of scope and costs relayed through relative activism Amidst this, Romney comes with a comprehensive and deliberate plan to curb this crisis leading to economic growth and development of the Americans not forgetting their critical welfare.
The cost of one forklift is 2/6= .33 automobiles. The concave shape of the production possibilities curve shows the increasing opportunity costs. The shape of the curve depicts that the economy must give up larger units of rockets to gain added units of automobiles.
Such goals often include price stability and low levels of unemployment. The US monetary policy impacts different aspects of financial and economic decision made in the country, for instance whether to purchase a house or establish a business or whether to put savings in bonds or stocks (Havrilesky 113).
The debate is not merely about the task of the government in business entities but also the respective contribution of the other stakeholders in the economic domain in the long-run market development. This paper comprehensively explores former Gov. Eliot Spitzer’s speech on governments and markets.
Like any other agreement, compromise, or decision there are negatives and positives NAFTA was not excused as its matters flash heated debates. The greatest advantage of NAFTA was blatant; investment and trade have increased drastically since the agreement implementation.
Both low inflation and high inflation rates are equally dangerous. Higher inflation rates make ordinary people’s life difficult because of higher prices of commodities whereas low inflation rate results in output loss, unemployment and distorted investment and consumption decisions. Below 5 or 6 percent inflation rate is acceptable everywhere.
It is made from eco-friendly materials and powered by electricity. Sun Top has very high efficiency compared other normal cars and consumes less energy. Sun Top is has transparent solar batteries’ windows, panoramic view cameras and sensors, a transparent monitor in the windscreen, electro-engines at the back wheels, and auto parking systems.
The level of real income rose as the result of high terms of trade as well the inflation rate got reduced. The ratio between the prices of exports and the prices of imports are regarded as the terms of trade. With high rate of terms of trade the country will be able to obtain higher imports with relatively fewer amounts of exports.
O is the output is the income and w/p is the real wage. This means that there exists a relationship between prices and wages in determining the economic cycles. O O N Y Nd Ns w/p W/P Ns Nd N Y The IS model for a closed economy is algebraically represented as Y = C(I,Y)+I(i)+G(t),while the LM curve is represented by L(i, Y) = Ms.When the Is curve is vertical the monetary policy tends to be most effective since the key parameters in this case include interest rate and income.
Hundreds of thousands of middle-class jobs have vanished in the developed economies all over the world. Growth of middle-class jobs in the US has come to a halt, incomes of the middle-class workers have stagnated, inequality among the workers has increased to alarming levels whereas the middle class workers have been splintered with the disappearance of more jobs.
A country that is selling its products and services abroad is referred to as the exporter while the country purchasing products and services is called the importer. Importing is the acquisition and sale of goods from another nation and trading them within the country.
The book discusses in details several fallacies such as high taxes, evils that take place in the public projects, minimum wage rate, effects of bailout, price control, tariffs on imports, rent control, trade union activities, regulations, and economic effects of government actions. Less important fallacies are also included in the book.
The bank obtained operational independence to set the UK monetary policy in the year 1997. In April 2013, key operational changes were enacted on the bank since the financial crisis displayed the necessity for a novel approach to financial regulation (Conaghan, 2012).
It saw to the near collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets across the world. The housing market also suffered in many areas that resulted in evictions, foreclosures and prolonged unemployment.
According to paper, the BoE plays vital role of regulating the financial operations of the UK, with a view to maintaining financial stability. The Financial Policy Committee, a subsidiary of the BoE, was established after the crisis, with the aim of supervision of the financial markets, and implementation of the financial regulation mechanisms.
It looks at the underlying principles that govern the crop as one of the biggest commodity trades in the world markets; the dynamics of price setting relative to supply and demand; the shape and characteristics of the global coffee industry; the export and import figures; historical pricing; impact of price changes on supply and demand dynamics, how elastic or inelastic to price demand and supply is; the situation in the United States with regard to exports, imports, pricing; the top markets for coffee; factors that most impact supply and demand in the external environment for 2011-2012; figures for the top exporting countries and the top importing countries; total consumption; and the impac
The airline services are sold in a market structure that follows an oligopolistic nature, which is characterized by barriers to entry and delivery of a similar product, but differentiated in other aspects as an additional advantage over others. The competition for the market share in providing the service is always high and the competitors prefer non price competition to attract the demand for their flight services.
Thanks to globalization of trade, the prices of goods and services in the market are being driven by the global prices. Globalization has allowed for stiff competition in the market which has led to people choosing the best prices of goods. As result, people who sell their goods at extremely high prices have been forced to tone down by the market forces reading to creation of uniform prices of goods.
The period after recession and presidential election in 2012 saw changes in the policies of the government. These policies are in line with the fundamentals of economic theory on supply and demand and at the same time keeping an eye over the performance of US dollar.
This recession made the federal government under the leadership of president Obama to come up with a stimulus package program in the year 2009. The package was commonly known as fiscal policy and it was focusing at economic stimulation via financing government project to create direct employment opportunities.
Correa (n.d) argues that the black swan events occurrences are unpredictable and no one knew before that such events could happen in future. The author gives an example of the Internet, which has expanded and caused big changes globally and explains further that the black swan’s events outcome can be encouraging or discouraging.
The nominal Gross Domestic Product of the United States of America was approximated to be $16.62 trillion in the year 2012. This is almost one quarter of nominal global Gross Domestic Product. In addition, the country’s Gross Domestic Product at purchasing power parity is also the leading among any definite nation in the universe.