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The university workers perform unrelated tasks whose output cannot be attributed to a specific employee. The management should be careful in order to avoid discouraging employees who may have shown a lot of commitment but are rated poorly. Universities are able to achieve improved performance because employee motivation creates equal chances for the promotion of the employees.
They should also provide micro-credits to the poor to enable them to acquire capital for investment. Education should be provided for the poor in order to give them desired knowledge for increased production. Also, all sectors of the economy should adopt labor-intensive approach so as to absorb the poor and consequently improve their living standards.
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A well-functioning democracy often needs a strong and robust middle class. Globally strong unions are often critical when it comes to the building of a middle class that is critical to maintaining and winning democracy. Union density has been falling in recent decades, and in fact, the membership rate in the private sector has decreased and is now dismal.
A monopolist earns supernormal profit in the long run. It can easily raise the price of the product as there is almost no change in demand. Electric supply companies enjoy a monopoly as they are often Government-owned. They can raise their prices but the demand remains the same. The Government makes sure that there is no competitor in this market (Samuelson & Marks, 2005).
Price in a competitive market economy serves two major functions; allocation and rationing. A price is useful in rationing the limited quantity of services or goods among the different buyers who would prefer to purchase them. Consider a case where P1 denotes equilibrium price and Q1 denotes equilibrium quantity.
The government implements policies that compel employers to pay employees certain amounts, as a result of long-term service in their organizations and terms of severance payments. These compel employers to terminate the employment of some unskilled workforce, owing to their fear of paying them long-term service compensation.
As the author of the essay puts it, the free market economy is based on the price mechanism because it fairly and efficiently set the price appropriately. It is also stated that one of the functions of price in a competitive market is that it allocates the scarce resources available optimally.
When Adams defined economics as the wealth of nations, the purpose was to account for the resources that can benefit its citizens. It means that with the advancement of technology, the populace should have more economic benefits than before. Economic growth should be accompanied by enhanced living standards.
where the slope of the indifference curve equals the slope of the budget constraint. At this point, the consumer obtains the best combination of the two goods that gives him/her the maximum utility of the given budget constraint.
(c) If the
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When the prices of goods and services are increasing while wages remains the same, the income expenditure of household is thus limited to what it can only afford in the market.
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The author makes a conclusion that the preferential liberalization should not vary from good, services or trade facilitation measures which are got an upper hand (ESCAP 2002) for PTA members at the expense of non-members. Also, a holistic view on trade facilitation may provide a new potential for partnership among the public and private sector aiming at a multinational global trade
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The World Trade Organisation has always remained an important body bringing about trade liberalization and the freedom of movement of goods and services across international borders. As a way of creating level playing field, the WTO has used various principles of fair trade that ensured that member countries deal with each other fairly.
Minimum wage effects on employment have been termed a controversial issue for a very long while. The minimum wage has been characterized to have both supporters and those against it. The benefits that the supporters claim are the minimum wage comes along with improving the standards of living, reduction of poverty levels, reducing inequality, and facilitating of proper development of businesses.
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A hallowing shadow was however observed in shape of the 2009 deficit. Rather, government made expansion in credit to employ the policies that included with the off budget spending by the local
A merit good is a product or service, that the government aims to provide to all individuals in society (Ver Eecke, 2003, p. 701). The term consists of all economic activities by authorities, and they are not mainly developed for economic reasons, but to support societal incomes, which are not performed for economic reasons or profits (Ver Eecke, 2003, p. 701).
Abu Dhabi is one of the most solid economies globally. Geographically, the emirate of Abu Dhabi has a vast proportion in terms of the mass of the nation. Most of the land is made up of dessert, although it has a considerable length of coastline and several islands. Its location is strategically in the oil-rich and Gulf expanse neighboring Saudi Arabia and Sultanate of Oman.
In a nutshell, an exchange rate refers to the price in one nation’s currency of one unit of another nation’s currency. Ever since the collapse of the Bretton Woods regime (soft peg) in the 1970’s, economists have never concluded the debate whether fixed or floating exchange rates are preferable.
onsidering the launch of anti poverty campaigns by President Johnson and the calculation of Orshansky, a civil servant for determining the number of those people who are below the line of poverty. While the calculation is intriguing, it might seem to the rest of the world that
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Many of the nations in the region have made large efforts to ensure that they improve in their economics and savings for they never know when the market may deteriorate and lead to the setting in of another recession. The effects of the recession are still being felt in some regions despite the government efforts to heal for progress.
An increase in volume share of shale gas would make market prices of oil and natural gas fall, as competition would stiffen. What is clear is that there would be an overall reduction of prices, with regard to oil and natural gas prices, as provided for by the influence on concerned firms’ demand and price curves.
The speed of global transformation is exceptionally fast, and even those who have the expertise to track and evaluate it find it challenging to keep up with its progress. Despite these challenges, the developments are keenly observed and recorded, and the emerging terms soon become common in various spheres of society. The right term for this trend is globalization.
The federal government revised this policy to the extent that in 2013, the government massively cut its spending and raised taxes. The country had to contend with a cut of roughly 85 billion USD in a bid to sequester the government’s debt. The country also adopted a policy to the effect that wealthy Americans will have to pay even more in taxes.
The nature of businesses changes as their external environment varies. The developed and advanced nations tend to create a mechanism that ensures that the businesses must pay all taxes while serving society in a reasonable manner. The governments of developed nations work hard in order to make the businesses realize their true position in society.
Alfred Marshall was born on July 26, 1842, in Clapham, England. He was born to a devout Evangelical father who was a bank cashier by profession. Marshall grew up in the London suburb of Clapham and attended the Merchant Taylors' School and St John's College, Cambridge, where he received his education.
Thus, they get an opportunity to exchange their commodities with those they do not have. As these authors point out, this is very important because it promotes equal development, international understanding, and free inter-border mobility of commodities and laborers. This has actually made the world become a global village.
The degree of influence of the rise of oil and gas prices in the international economy is dependent on the contribution of the oil and gas for the growth rate of GDP of the economies. The share of cost as a percentage of the
People are starting to realize that they are being limited to boundaries limits the resources, the labor, and the entrepreneurship ability. Certain practices around the world enable globalization to grow much more than others. And the technology, politics, economy play the most important role towards the idea of globalization as one uniting body.
The American market is well-established and competition is high, mainly as a result of saturation. Nonetheless, emerging markets such as China and Russia offers increased
This text gives a glimpse of the life and times of Alfred Marshall, the economist. The text starts with an introduction of the person’s significance and moves on to describe his antecedents. His early days, his education, his academic work, and his preparation for his scholarly works are discussed here.
It is a National Health Service (NHS) trust and has been able to hire up to 4500 employees who work in the various departments of the organization (London Ambulance Service 2014). They have a LAS operation center, which receives all the 999 calls and responds to them promptly. The calls are responded to in to for twenty-four hours and 365 days a year.
According to The Economist (2001), in order to ensure that the gift bought is successful, the buyer has to ensure that they are well aware of the receiver’s preferences. The article argues that, at the simplest level, offering gifts involves the provider considering something, which the receiver would love—he/she tries to presume her preferences—and then purchasing the gift and giving it. But normally the guessing is done badly.
The government can intervene by imposing taxes on companies that produce negative externalities while encouraging firms that produce positive externalities through subsidies. It can also intervene through awareness creation programs in order to educate consumers about the positive and negative impacts of certain products.
The war in Afghanistan is an issue that still engenders a great deal of societal debate; however, instead of delving into this debate in seeking to take sides, the author will instead leverage the information that is represented within the article, and the article alone, as a means of drawing inference upon whether or not statistics and data are valid for making the points at hand.
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Credit had been used since immemorial times back to Biblical periods or even extending back to antiquity as shown by the Hammurabi Code of ancient Babylon in which there was the provision for punishment for people who do not pay their debts or try to escape their financial responsibility by absconding or running away.
The figure is more that added employments in December that was the poorest in the last three years and while it was attributed to bad weather and was predicted to improve, the January
It also applies to banks, economic development groups, trade associations, consulting firms, or any other firms working alongside or with manufacturers.
It offers 50/50 sharing of costs of projects aimed at enhancing the manufacturer’s
before world war one would have found in every town goods, landscapes, laws, institutions and sacred elements similar to those in his or her home country. Additionally, international trade got a major boast because of technological improvements, which has helped, in
Developed economies were hard-hit by the financial crisis compared to the developing economies. Financial institutions of developing countries were affected differently by the financial crisis depending on their global linkage with affected businesses. It is necessary to enhance the regulation of the international financial system.
Various experiments have been carried out in order to establish the effects of competition on social preferences, particularly in the context of the bargaining game. This essay will focus on the ultimatum game as one of the major bargaining games as well as focusing on the carried out studies about the same topic to establish whether competition has any effects on social preferences.
The services sector is the one that is formed by the companies that generate their revenues by providing intangible services or products to the customers. The service sector of Canada includes transportation, information, finance and insurance, real estate, rental and leasing, educational services, health care and social services, wholesale trade, retail trade, and tourism.
The author states that one of the risks is credit risk. This type of risk is most common in banking industry where borrower will fail to meet the obligation to repay the loan in the agreed terms. Failure of borrowers to repay their loans and errors in book keeping causes huge loses to banking industries.
There can be aimed at either increasing the money supply or tightening the same. There are four conventional ways used by central banks to control the money supply. The federal funds rate is the rate at which one financial institution can obtain surplus cash reserve from the other to fulfill the daily cash reserve requirements that the central bank requires.
Generally speaking, economic Growth is a measure of a particular country’s output in real terms whereas Economic Development is a broader term covering issues relating to the structure of an economy and real national income including the quality of life and state of resources at the disposal of a particular country.
The fiscal crisis in Greece is attributed to a situation of economic fiscal profligacy that is attributed to the beginning as early as the 1980s when an upward trend in public debt began. The situation of fiscal profligacy was facilitated by the presence of deep-rooted corruption and an inefficient political system (Georgios, 2010).
Its primary source of funding was from contributions of the member countries. After collections, these funds were to be directed towards nations that experienced payment imbalances (Vreeland & James pg 20). Through contributions and
From time to time, IMF has faced a lot of criticisms mainly on the condition its loans have. There are also a lot of criticisms on how IMF is not accountable and its will in lending to nations that have bad human
In this case, the quality of the product is mainly affected by the laxity of the internal factors but may also be attributed to external factors (suppliers supply poor quality of raw material). However, the whole issue lies with internal quality management that could have detected the quality of the raw material and rejected the same due to poor quality (Fernando 72).
Chapter 4 in the 2013 Economic Report of the President critically discusses the issue of workers, jobs, and skills in the market. The chapter states that over the past years, Americans have had a very challenging economy. This has led to a decrease in living standards for people. In contemporary days, machines have come in to replace human beings in the workforce.
The Washington Consensus was a product of the conference paper written in 1989 to draft a policy aiming at the relief of the developing states. The Washington Consensus incorporated around ten policy lines to be implemented at microeconomic as well as the macroeconomic level to be adopted by these developing states.
Price Elasticity of Demand= Percentage (%) change in quantity demanded÷ Percentage (%) Change in Price, Price Elasticity of Demand for Group A = (1.65-1.55) × 100 = 3.125%, 3.2. Price elasticity of demand for Group B = (1.50-1.70) = -6.25%, 3.2.