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The percentage of the labor force that was unemployed for five weeks or less did not grow much during 2007. Ironically in the aftermath of the recession which occurred between 2009 and 2010 after five weeks of unemployment people looking for jobs ended up filing for more unemployment benefits.
As such, the questionable outcomes might not necessarily arise from the suggestions made by these agents participating in the simulation (Camerer 2011 pg. 26). This makes the study of game theory as strategic point in decision making whereby it incorporates the study of mathematical models of cooperation and conflict between the intelligent, as well as rational decision makers.
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Macroeconomic Performance of Canada during the Recent Crisis. The global crisis affected all the nations in the world; however, the nature and speed that nations recovered from the same economic effects of the crisis differed significantly. Notably, the macroeconomic performance usually differs remarkable per country and the same may be used to explain the trend through which nations eloped from the 2006 – 2011 global crises.
A loose monetary policy in any country is one strategy the government uses to stimulate economic growth in the country. Its main benefit arises from the reduced interest rates and expansion in the money supply. In this context, the focus is on Germany; a large country with a dynamic system of open markets and economy.
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The great depression (1929-1939) was the longest, most widespread, deepest and most severe period of economic slump in the history of the United States, and indeed, the entire industrialized world. Economic historians attribute the 1929 sudden and total collapse of the stock market as the primary cause of the great depression.
Rules and regulation restrict operations in international businesses and this forms the basis of defining different types of international trade environments. Free trade is one of the types and defines an international trade in which no regulations exists. Buying and selling of commodities are only subject to laws of demand and supply and not domestic laws or international barriers.
A lot of development took place in the 19th century. The large industrial working class replaced craft workers, while the labor market entered a period of labor homogenization. This was followed by a lot of deskilling and mechanization. After the Second World War, the labor market was divided into the primary and secondary labor markets.
In particular, the paper focuses on how the FED used three key tools of monetary policies during the time of economic crisis. These tools include open market operations, setting the reserve requirements and discount rate. As it is shown in the paper, the monetary policy of the Fed proved to be effective in correcting a financial crisis,
Economic Analysis of Pollution Name Course Name Professor University Department Date Economic analysis of Pollution The issue of pollution is one of the most important topics of deliberation and discussions today. Over the recent past, the activities of man as he grows and develops in terms of economy have contributed to adverse impacts to our environment.
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In the end, the decision to eat healthy foods lies squarely on people at personal levels because as much as fast foods may market themselves they do not force people to eat from their establishments. Therefore, the American population should also explore other factors as contributors to obesity such as irresponsible eating habits, lack of physical exercise, and poor food options.
Another fiscal policy that may be applied by the government is the tax policy, which takes a description of two actions taken by the government to ensure that the economy remains stable at all times. The government is often assured of raising revenue from the population in the country. The government tax people for different reasons.
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The Great economic depression was triggered off in the year 1930 in the US, it was triggered off by the collapse of the US stock market which is now known as Nasdaq. It was the worst period of US history, people slept on Hoover blankets and had no money to spend. The economy of the US recovered from this setback only to suffer from a similar setback of a lesser magnitude in the year 2008 which is called recession.
Samsung has been innovative because they were among the first to manufacture smartphones. A smartphone is a mobile phone that is built on a mobile operating system that has a more advanced capability of computing and connectivity as compared to the common feature phone (Tidd, 1997).
The important thing in the free market is the different types of free-market philosophy which include the concept of unrestricted free-market philosophy, and the competitive free-market philosophy. The Philosophy of the unrestricted free market means that the market of the goods does not need permissions of importations from other parties even from the ministry of commerce.
This essay focuses on the theoretic description of the types of unemployment in macroeconomics, while identifying main causes of each of these types. The main types identified are cyclic, voluntary, seasonal, frictional and structural unemployment. There are measures that must be put in place in order to solve each of the type.
It benefits people to earn or save more money in their everyday life. Nash equilibrium is a concept associated with game theory, and a good understanding of these two concepts can minimize future uncertainty to a great extent. Although too many assumptions associated with the game theory limit its scope to some extent, it has the potential to benefit different areas of everyday life.
The Chevrolet Malibu is a midsize sedan that is remodeled for 2013/2014 with a novel exterior design and an innovative dual-cockpit internal that offers more space, a quieter journey, and more first-class materials and content. An innovative fuel-resourceful two and half-liter Ecotec engine with a novel 6-speed automatic communication is incorporated.
Economic mechanisms explain laws in terms of distribution of resources to bring the concept of equilibrium. The laws in one country cannot be the same as the other country; it is economics that usually try to bring the universal aspect of law. The international economic activities try to encompass every one in the world bringing international laws on which people can conduct their business activities.
Hollywood has provided an artistic understanding of economics over the years. This paper will explore the films I have seen, and their corresponding economic ideas. These concepts were not only limited to the film but also influenced markets after viewing.
Over the recent past, the global economy has been faced with a lot of uncertainties associated with fluctuations of prices. The stability of an economy is as well determined by many factors including preceding and current economic conditions. Therefore, the study of economics is considered a significant aspect as it helps individuals.
They can be either convention, which are considered as legally binding international treaties that may be ratified by the member states. On the other hand, they can be recommendations which act as non-binding guidelines (Alston, 2004). In general, the convention outline the basic principles that need to be implemented by ratifying nations, whilst a related recommendation supplements on the convention by offering a more comprehensive guideline on in the way it could be applied.
The invention of economic thought has had several growths and with views of economic problems, issues and solutions changing as time goes by, that is from the mercantilist view, physiocrats’ view, just to mention a few to the modern economics. All these theories and thoughts are seen to be adversely affected by their timing.
The author states that another characteristic showing that the smartphones fall into the monopolistic competition category is the use of brand name by each company to name the product. According to the author, monopolistic competition is favoured by the strict laws governing the brand names of the products.
It can be commentated that the firms in the above market are facing cut-throat competition with each other. The six large producers have an equal share of market demand and they have successfully threatened the entry of other firms in the industry. According to the viewpoint of the researcher, the firms in the above market are in an Oligopolistic market structure. In this type of market structure, there are two to ten sellers in the industry.
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Many legal activities that exist in a society have consequential causes to the people living in the society depending on legal institutions’ decision regarding them. These activities may lie in fields that deal with property, contract, torts, crimes or justice cases.
Theory of Portfolio Choice offers a basis for understanding relationships between economic variables. According to the theory, “demand for assets is positively related to wealth,” derivable utility from the asset relative to other commodities, and relative liquidity, but inversely related to risks in other commodities (Mishkin 560).
The free market and private enterprise are extremely important in determining the success of globalization. Cross-cultural businesses have been increased a lot as a result of globalization. Imports and exports between different countries were also increased because of the liberalized rules affected in many countries as part of globalization.
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As of November 2008, the annual inflation rate was 89.7 sextillions (1021) percent and the highest currency denomination was Zimbabwe Dollars 100 Trillion banknotes. Hyperinflation was caused by inefficiency and drought and poor monetary policy management. This was a result of land reforms and not honoring rule of law by revoking property rights.
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MACRO AND MICRO ECONOMICS Command/ Centrally-planned Economy Introduction A command economy one in which the coordination of economic activities (supply and price) are controlled through administrative means rather than market mechanisms. The economic agents particularly the production organizations operate as directed by the governments in place; the government decides which goods are produced the amount, as well as distribution.
High powered incentives enables employees to achieve their set targets because they would work with vigor to ensure that their goals are achieved. The intensity of the qualitative work done by employees is also increased due to the intensity of punishment that may be levied against one for not achieving their goals or the set objectives.
The competitive disadvantage Florida’s higher minimum wage has already imposed on some businesses is majorly compounded in a few industries where the market share under the multi-state operators is considerable. When choosing new sites for extensive labour business, it is worth considering the cost of labour before making any implementation.)
Relevance of exchange rates in monetary policy making. Monetary policy making is the act of any national monetary authority of a country to establish the size and rate of growth of money supply and, therefore, influence the interest rates in promoting a nation’s economic growth and stability.
This paper focuses on the rational process of decision making by individuals. The main aspects of economic reasoning include that people have to choose because the resources are in scarce quantities. These choices are based on benefits and costs associated with their choices. Thus individuals have to tradeoff between various alternatives available.
Financial increase involves the transformation of the financial system. Forms of banks and bank money change. The alterations that occur if not addressed leave the banking system susceptible to crisis. There is no better test in economics than to recognize and thwart financial crises. The fiscal crises of 2007-2008 provide the prospect to re-evaluate our considerations for the prevention of crises in the future.
Corporate tax protects the integrity of personal income tax and the economic profit tax. According to the United States corporate income tax, the income earned by the United States corporation is subjected to a tax of 35% rate. This is estimated to include $1,000 for the revenues and $800 for the total costs, which comprise of interests, salaries, depreciation, and materials (The Journal of corporate taxation, 1994).
Hansen is known to have developed a technical econometric model to deal with the world’s difficult questions. In his research, Hansen has applied important economic concepts to study the primary determinants of security market prices, savings and consumption.
Health care in the United States is majorly operated by the private sector. Although several distinct organizations have a stake in United States health care, statistics indicate that 62 percent of the hospitals are under non-profit organizations while 20 percent are operated by the government. The rest of the hospitals are operated by profit-making organizations.
Each and every decision of the regulatory agencies should be presented in a clear and transparent manner by properly notifying all the entities and people in the private sector about the process and the time of implementing the policies. The agencies should also state the purpose and probable consequences of the policies to the stakeholders.
According to the paper, the UK will not prosper without seeing the prosperity of London and similarly London will not prosper without progress of the rest of the country. The study has established that even though London’s economic growth performs incredibly well, the city also relies on the other parts of the country in generation of revenue.
Globalization contributes to sustainable prosperity for all people. This can be done by cutting down on poverty and increasing the number of companies competing for the sale of the same good or service through the opening of trade between different countries. This will cause the quality to increase and the prices to drop thus winning the consumers.
It is important for everyone to measure the performance of his/her portfolio to evaluate whether excess returns pay his/her effort and time (Dorsey 42). The owner of the portfolio might be enjoying it, but it is good to know how much it cost him/her. The investors should make a crucial decision on how frequent they monitor their portfolio.
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.
Many changes have occurred over the past many decades in the railway industry, most of which is evident on the technology used in railway transport (Tobin 2012). Technological advancements have ensured that services are improved through better facilities. To ensure efficiency, the government privatised railways services.
However, in this paper we are going to focus on the institution of higher learning as a basic business enterprise that note only serves to provide education to the masses but is also out to make to generate income from the variety of services it offers within its line of duty.
The Wage setting model of unemployment
Particularly it is assumed that the economy is split up into a number of sectors, with each sector producing one good. Each good is however assumed to be solely produced by labour. This means that each good is a final good as opposed to an input into other goods’ production.
This involved investing in a number of assets from the top performing stocks in the market: SOHU.COM Inc, Packaging Corp of America, Intel Corporation, Yahoo Corporation, Cambrex Corp. Diversifying the investment was a strategy towards ensuring that I reduce the risk of investing in one stock which its failure in the market may have impacted my profitability.
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According to the paper the European Union has a history of preventing the importation of GMOs into its territory especially those that are for human consumption, with few exceptions. Most of those that have been allowed to go into circulation are those that are for animal consumption and these are normally highly restricted and regulated to ensure that there is no gene flow between them and similar non-GMO foods.
Technological change is a continuous process that aims at reducing costs of doing business. Invention refers to the creation of a new thing. Innovation refers to the modification of the already invented item by making it more reliable and flawless. Integration is the final stage of technological change and involves diffusing what has already been invented and innovated in the processes of manufacturing so that goods and services made are of high quality and are produced at lowered costs (Beane, 2007).
Water is a birthright of every human being. It cannot be a commodity since it is a requirement for the very existence of life. Without water, all human beings as well as plants and animals will wither and die of thirst. Water is therefore a unique substance due to the fact that nothing else can be substituted for it. Nothing in this world is as universal and as necessary as water. It is needed for every aspect of human life.
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.