Does this production possibilities curve exhibit the law of increasing opportunity cost? Briefly explain. (10 points) GRAPH OF PRODUCTION POSSIBILTY BETWEEN AUTOMOBILES AND FORKLIFTS Fork Lifts 80 70 A 60 B 50 C 40 30 D 20 0 E Automobile 0 10 20 30 40 50 60 70 80 Source: Author The production possibility curve above represents two types of goods namely; fork lifts and automobile.
According to the economic theory, shifts in the supply of labor caused by the immigrants leads to adverse changes in the competing workers’ wages. Such an effect is an important element in the study of the distributional effect and efficiency of international migration as well as in the reforms about the way to regulate the flow of population in the best way.
Hire a pro to write a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Countries are competing each other attracting as much as foreign direct investment. The competitive power of nations is depending on many factors. Michael Porter has formulated a Diamond model to explain the competitive power of nations in international market.
Eastman Kodak Company is regarded as one of the leading multinational photographic and imaging component, services and materials company which is holding a major market share amid the retailers in photofinishing industry. There are two decrees that are affecting actions of Kodak which include the case of 1921 or 1921 consent decree, which prevented Kodak from stopping dealers from freely making sales of goods manufactured by competitors.
That is; price control is a form of government intervention in the country’s economy whereby the government agency utilizes its law-making power to regulate the prices at which otherwise voluntary private exchanges may take place. The two principal forms of price control are price ceiling and price floor.
The report will be wrapped up by making recommendations on the basis of the economic theory on which it is developed. This report has also presented some of the suggestions that the policy makers, economists and government of Vietnam can use as it would help in stimulating economic growth in the country.
Macro & Micro economics Name of the Student Name of the Professor Course Number Date Macro & Micro economics Doll Production Process There are varieties of dolls that are produced in the modern consumer goods market. Though there are certain machines that help to shape up dolls, the production of dolls is majorly a labor intensive method production that requires more of laborers than capital machinery equipments.
5-15). Consumer theory is based on an idea that consumers always tend to consume products that can give them maximum satisfaction for money they are willing and able to spend. Being that customers are always restrained by budget, they normally purchase cheaper products if prices hike but products that are more expensive when prices decrease (Dean 2009, p.
This creates a negative externality in the petrol market of the country (Hultkrantz and Lindberg, 2011, p. 3). In this context, use of alcohol creates the significant amount of negative externality to the users. Alcohol is regarded as an attractive goal of public tax collectors due to the fact that extreme alcohol consumption generates negative externalities (Gillespie, 2007, p.
For many years, the people who study Economics, especially in the field of macro-economics, have given an utmost importance on the study of monetary policy. It is very crucial in understanding the economic system of one country.Many people consider the country’s monetary policy as a complex economic subject.
According to the paper, the U.S. economy is straddled by a large current account deficit and foreign debt, and this dollar’s volatility have led other countries to believe that the dollar may no longer be stable reserve currency. This essay will try to determine whether a shift to the yuan is feasible in ten years as a replacement for dollar.
Safaricom’s market share in mobile network subscribers is almost 70% followed by Airtel Kenya, Orange Telkom and Essar Telecom which have their share being 15 % , 9% and 6% respectively (Nyabiage b). The telecommunication industry in which they operate is regulated by the Communication Commission of Kenya (CCK).
The main principle is that the welfare of both the community and individuals is best served when markets for goods, capital, land, labor and other resources are left to the “free play of supply and demand”, and when the state interferes as little as possible, in both the economic and the social sphere (Baumol & Blinder, 2011).
A producer acquires alternatives for using combinations of machines and workers and makes a decision concerning the most effective implementation of these factors. The optimal combination of factors can be found in those points that lie on the contract curve, which connects tangency points of isoquants of two alternative goods.
Real GDP The first series explored here is the growth of real GDP. The data is presented in figure 1 with the bars marking the recession periods. It should be noted that a recession is typically a period where the real GDP falls for 3 successive quarters.
This is attributable to Marx’s centrality towards labor when he indicates that labor is the basis of social development. Based on human practice, it is clear that ontological priority of labor exists because no human activity is worthwhile without provision of material conditions that guarantee activity among human beings (Stanley and Wise 1).
6 Conclusion 8 Reference 9 Introduction The different types of labor markets are skilled, semi skilled and unskilled markets. The workers skilled in a certain job are categorized in the skilled market while the unskilled workers fall under unskilled market.
Studies show that most of the fruits of development have been accrued by the top earners and the high middle class while the society on the lower tier of the income pyramid remained out of purview. Introduction The fiscal cliff of United States is now the topic of discussion mainly due to the harmful effects it can have on global economies if remains unchecked.
Globalization has become a defining process of the present age due to opportunities and threats it poses to across the globe. All the policy makers are now benchmarking their strategies with the impact of globalization. Globalization is widely facilitated and influenced by technological developments both in North and in the South.
Domestic Price in country A will be $10. (c) If tariff of $10 is imposed on imports from country B, country A will now import from country C at a price of $15 per unit. At a price of $15, following quantity will be imported: Domestic Price in country A will be $15.
The Civil Rights Movement of the 1960’s managed to liberate the African American racial groups but the constant influx of new immigrants to the American dream meant that new prejudices and cleavages were constantly finding their way into dominant social behavior.
UAE’s economy ranks fifteenth in the list of economies arranged in terms of their purchasing power per capita and sixth in terms of GDP per capita. It was almost five decades ago when oil was first discovered in UAE. At that time, UAE was merely an impoverished and tribal region situated in the middle of deserts.
The process of transition can affect the lives of billions. The economic conditions of the population have witnessed a drastic change in the countries where transformation of the economic institutions has taken place. The event will be remembered for the contest between the two economic systems, capitalist and the socialist and the former defeated the later.
In this regard, the ability of the teachers has evidently played an essential role for the students while delivering appropriate educational support to them. From a broader theoretical perspective, it can be affirmed that the personnel economic policies designed by majority of modern educational institutions tend to address certain significant concerns.
The lack of willingness to make a fair bet in a given event that has attached varied benefits and possible losses may subject one to pay more to avoid incurring huge losses. Perloffin his book, Microeconomics, defines risk premium as “the amount that a risk averse person would pay to avoid taking a risk.” In real market situation, the decision to invest either in stock, government bonds or keep the cash may be problematic.
The increase in the figure of illegal immigrants in the United States during the last 10 years, which is five million to twelve million, has led to apprehensions regarding the effects of illegal immigration on earnings and public investments, as well as the possible safety risks caused by illicit entrance into the country.
With this change due to globalization, the thought process of people has also significantly influenced and they have realized their priorities.The policy makers realized the necessity of interdependence and co-operation in encouraging the international trade.
This essay mainly focuses on assessment of the impact of economic conditions of the country on the decision to initiate business by British entrepreneurs. This decision is made on the basis of the net outcome from the positive and negative impacts from affecting factors. Among large number of factors, economic factors are most important.
Arguably, there are varied market structures in every market and their characteristics in presenting quantity and imposing prices upon the units affect consumption patterns and the buyer and seller relationships. For example, perfect market competition, oligopoly, monopoly, and monopolistic competition vary broadly in terms of the market outcomes under the practices of the coinciding factors of demand and supply (Martin, 2012).
The Great American Indigence
At this juncture, when the inhabitant’s level of mankind is budding at an increasing rate, the resources available for the construction of various goods and services are inadequate. Thus, allocating resources professionally is the foremost task of all the producers in the modern world.
The United States crash of the housing market was an unconstructive event that transpired, which brought about a financial crisis, as well as subsequent recession, that started in 2008. The financial turmoil had long-lasting effects to the United States and European financial systems. The United States got into a deep recession with almost 9 million jobs lost from 2008 to 2009, nearly 6 percent of the nation’s workforce
A major feature is Xbox Live that allows players to compete with each other online, to download various arcade games, to download new game demos, to view trailers, to watch television shows as well as music and movies through Windows Media Centre capabilities.
Coming up with solutions to create a healthy globe has been the aim for major international bodies. With years, the seriousness of chronic and other diseases increased. This has made it paramount for nations and international health organizations to come up with global strategies to deal with health issues.
As the paper highlights the latter implies there is an increase in the quantity or value of the goods and services as a result of the productivity of the resources available in the economy while the former implies an increase in living standards, improvement in self-esteem needs and freedom from oppression.
This paper explores economic reasons behind Apple`s domination of the tablet market. In addition to its price advantage, Apple had the advantage of being able to sell its merchandise through its own stores. Apple mastered its manufacturing process. The iPad has firmly seated itself as the global leader amongst tablet PCs.
In the current world where price is a paramount factor, supply and demand of substitute products can be significantly influenced by changing customer interests. This paper will specifically analyze various factors affecting the supply and demand of cell phones with particular attention given to effects of macroeconomic events and global economy.
The Barter system was used when money had not developed. Thus there could be no investment of money and the exchange of goods and products occurred with the use of goods and products. However, the system encountered certain difficulties. Firstly, needs and wants often did not coincide and thus it became difficult to exchange goods and products.
17 states of the Euro zone and the 11 non-euro states are members of the EMU (Sadeh, 2006). There are mainly three subdivisions of the EMU but all the members have to be a part of the ‘third EMU stage’. Each of the member states that are part of the third stage is only eligible to use the Euro currency.
Political independence of FED Name: University: Political independence of FED It is apparent that financial sector plays a critical role in regulating financial matters in a country, particularly the Central Bank. However, political interference has been blamed for continued interference with how the financial regulators operate.
The market structures and their differences. The four economic market structures are monopoly, oligopoly, perfect competition, and monopolistic competition. The pricing, profit, and strategic decisions companies make vary depending on the economic structure in which the firm operates.
In the bid to host the event was led by the UK's International Olympics Committee and it was strongly supported by the UK government and the leadership of the country which funded the bid. From the observation of facts, this bid is an economic gain to the UK government and people.
A more interesting aspect of these debates, however, is the arguments that concern ‘developing’ countries in particular (as opposed to their developed counterparts). The paper explains both sides of the argument, with the balance tilting in favor of free trade as has been witnessed by economists over the years.
The converse is also true. The price of a product settles where the supply meets the demand (15). If an item falls out of demand, businesses will no longer produce it. Wheelan indicates that “the market rewards scarcity” and “does not provide goods that we need; it provides goods that we want to buy” (18).
Introduction In the recent past, more often than not, Game theory has been used to explicate the decision making and behavior of oligopolistic markets. Game theory illustrates that the cooperation between two players, and not competition, yields a more beneficial outcomes to both players.
Date US Deficit - International Borrowing
The present US account deficit persists to go higher and higher, both in share of the US GDP and dollar terms. These tendencies have raised worries to the rest of the world on the sustainability of the US external position and where the state will borrow money from when it has massive debts from major countries.
Globalization has significantly influenced developmental processes and has helped deliver immense economic and social benefits to societies across the globe. But the advantages of globalization have also brought in sharp focus the adverse ramifications like deteriorating impact on the environment, exploitation of poor nations etc.
Moreover, the author will have to take an examination the next morning. In the first case, it is assumed that the author has already prepared for the examination and does not need to study anymore. It is also assumed that the author is jobless. Driving to the concert will involve fuel cost.
Name Course Instructor Date Objectivism and Collectivism It is within man’s nature to think and reason and thus one of the main topics that have been discussed in philosophy consists of the question which is the best way to live the life that an individual has.
Adam Smith’s economic theories According to some classical economists the most important economic factors are capital accumulation and growth, and this concept has originated from Adam Smith’s Nature and Causes of the Wealth of Nations. In his book, Smith has argued that it is the interaction between various economic forces that is responsible for the dynamic progress of economic system in a nation.
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.