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The economic growth of China was never affected and its GDP never sunk below 6 percent. However, some countries including Australia was worst affected especially in its first quarter where it registered no growth. Additionally, economies including Mexico, the United Kingdom, and Japan were adversely affected by their annualized GDP.
Free trade fosters increase global trading activities, enhances technology transfer and leads to high economic incomes. At the same time, free trade leads to market externalities such as pollution thus forcing domestic economies to implement environmental standards on goods. Environmental regulations create an incentive for domestic economies.
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The contemporary world is now, more globalized than before. The transformation lasts to see this as a unique opportunity for adaption and cooperation for nations and an increasing cultural interaction from all sides. With proper use and guidance, the world is set to transform into a more globalized place.
Creating customs unions that have common external tariffs can alter the pattern of trade flows in existence. In this case, the assumption made here is that before joining the union, countries that are members of the union imposed differential tariffs on different nations with a view to protecting their internal industries.
The financial crisis the country is trying to come out from was the creation of the Federal Reserve. However, the politician has been attacking each other and blaming the Bush administration for poor policy. It is worth noting that the collapse of the mortgage market was necessitated by Fed's laxity on the money market.
The Chinese retail industry has a very bright future of growth ahead. However, it does face a number of challenges. Fragmentation is a challenge in China’s retail industry. Consolidation should be a top priority for China if they want to enjoy the economies of scale or be efficient. The Chinese retail market is however very fragmented.
While both in the US as well as in Australia the rates of participation in the labor force are 49% for each of the countries with the rate in Australia a little higher than that of the United States for a Quarter the figure is much higher at 64% (Australian Bureau of Statistics, 2013). The percentage of the population in agriculture is extremely low.
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Despite the objections from some quarters on charging of interest, the major issue relating to usury relates to the moral administration of the interest. This means that the concern tilts towards charging of unreasonable interests, instead of generally condemning interests.
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One of the notable social issues that are affecting the economic development of any country is poverty. In their efforts to mitigate economic obstacles such as unemployment and low demand of products and poor quality of education, developing countries are faced with a high level of poverty. Poverty, a state that is defined as a lack of a certain amount of vital materials or money, is categorized into absolute and relative poverty.
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.
Nevertheless, the article notes that a better assistance program will replace the expiring federal unemployment insurance. The federal and state government finances the federal unemployment insurance where retrenched employees get cash assistance on a weekly basis until they find a new job or up to 26 weeks (Mulligan 1).
According to Varian (2010), the two-part pricing is widely practiced by firms because it enables a firm to make larger profits than they would have made by just charging monopoly prices. In fact, such firms are extracting more of the consumer surplus, which is then converted into direct profits.
Despite the price reduction for the other set of consumers resulting in a decrease in dead weight loss, the welfare improvement`s sufficiency condition is still not met. This is because the necessary condition for welfare to rise is that the total output should increase, which is not likely to be the case in this situation.
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World War II had a far-reaching effect on the world fashion industry; this was after the Nazis took over Paris (which was the center for fashion in the world) back on June 14th, 1940. This saw the closure of many fashion houses and top designers either retired or went into exile. In France, full skirts, high-heeled shoes and silk blouses were only available to those who could afford them.
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America has long been perceived as an economic powerhouse. The country, after all, is considered to be the ‘Land of Opportunity’, and has been home to countless immigrants through the years. These individuals have left their own country in search of new opportunities and promises. They desired a land where they could follow their dreams and achieve true economic freedom.
The Gross domestic product refers to the market value of all formally accepted final goods and services manufactured in a nation over a given period. The GDP per capita is considered as a pointer to a nation’s standard of living. The GDP should not be bemused with the Gross national product, which means the allocation of production on ownership.
People have started considering themselves not only citizens of their countries but global citizens, impacted by the global happenings. The internet and the economy have played a leading role in bringing people closer (“Wise Geek” par. 1). It is worth mentioning, that globalization has removed the distances of time.
Industrial Revolution and Unemployment in UK. Introduction Industrial revolution was dependent on the ideologies of scientists in developed societies. During that period, the UK society embraced the radical revolutionary dynamics in the global society while focusing on technological advancements, and its essence in the assurance of positive acquisition of success in advancements.
Opportunity costs take into consideration how many of the firm's resources used in this project could have been used differently and how foregoing an alternative investment or project affects the overall firm's profit margin. The difference between accounting and economic profit lies in the opportunity costs.
Complexities in international trade in the recent years have increased complexities in businesses due to globalization drive pursued by the countries. The market structure in various economic systems has undergone significant change due to the impact of the convergence of technology.
Moreover, it is in order that the property rights owner is accorded the privilege to transfer the property rights to the highest bidder. The failure by the economic systems to assign property rights to resources gives rise to externality (Stern, 2006). The lack of clearly defined property rights means that externalities cause market failure and hence by allocating property rights to the use of natural resources, regardless of who holds these rights, will protect these resources better than government intervention.
Soros is really affecting the United States in one way or the other. If the world no longer used the dollar as the biosphere reserve currency, the demand would actually evaporate and there would be an excess of dollars in the world. Its value would even drop to near zero. He has shown that he can take advantage of economic instability.
Recall the arguments for the distribution of income according to the neoclassical theory. If CEO compensation relative to average worker pay is vastly different in the US from the ratio in other historical circumstances and countries, what does this mean about the arguments for the distribution of income?
Over the last couple of years, the Asian region has undergone a significant revolution in terms of its economy. The region mostly composed of third world countries has developed to become among the world's economic powerhouses competing with nations such as the United States of America, the United Kingdom as well as other European nations.
Areas in economics that uses the concept is in marketing and dealing with competition. Companies would try to dominate the market by advertising their products. As explained earlier, the Nash equilibrium would balance the odds and put each company at the same level in the market, limiting foul play. Balancing the forces of demand and supply is a major illustration of Nash equilibrium.
It is important to state that India’s international debt has been rising in the recent past, according to 2012 figures, it stands at 390 US dollars. The greatest contributor to this debt is external commercial borrowing, which was intended to spur growth among Indian companies and to help them meet their import costs.
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From the political and economic perspective, the first major changes with regards to the way in which China’s economy integrated with the outside world came during the 1970s; as Henry Kissinger, special envoy of Richard Nixon, sought to engage China as a means of driving away between the People’s Republic of China and the Union of Socialist Soviet Republics (USSR).
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Form the initial stages, Apple was the dominant iOS manufacturer and supplier within the United States tablet PCs markets (Taylor and National Bureau of Economic Research, 1984). However, Android tablet PCs are emerging and are expected to surpass Apple in the coming year.
The generic drug industry entails the exploration of markets and selling of medication containing similar active ingredients and dosages as brand name drugs that are manufactured under the umbrella of the pharmaceutical industry. Generic drugs are prescribed to whoever is in need of it. During prescription, chemical name is used rather than looking at the individual specific pharmaceutical name or brand.
Simply put, it is a unit-free measure. Price elasticity of demand is an integral part in pricing of goods when conducting business. In effect, the price elasticity of demand is a distinct demand curve. The demand curves are grouped on the basis of the size of price elasticity of demand.
Singapore had Briefly joined the Malaysian Federation in 1963 and then a quick separation followed in the year 1965 (CIA, 2013). For a concise period in the 1960s, Singapore followed a protectionist policy. Since 1970, it had followed a free trade policy enhancing market competitiveness and deregulation of government intervention (CIA, 2013).
The New York Times and the Wall Street Journal are two of the most respected newspapers in the U. S., that reports on various activities in the nation. This print publications cover national and global economic events with a different style and approach. The normative statements in two newspapers on different subjects are identified and analyzed.
While creating companies and organizations legal laws and recommendation dictate major inclusions in an organization’s constitution. For instance, legal laws dictate that a company should have property rights that dictate ownership of company ownership (Peter, 2007).
Boeing Company was founded in 1916 by William E. Boeing in Seattle, Washington, United States of America; the company is currently headquartered in Chicago, Illinois. The company came into being as a result of five men, William Boeing who began building float planes near Seattle, Wills Douglas who was building bombers and passenger’s transports in Santa Monica, James Smith who was building jet fighters in St.
The present US economic environment has mixed implications for different fiscal and monetary policies. On one hand, policies such as tax benefits and quantitative easing have posed the desired impact on the recovery of the economy; on the other, there is a fear of great inflation. Again, there is a high possibility of persistent economic growth.
The policy is set to make the economic situation improve and in the long run to be able to have attained economic sustainability. US being among the world superpower run a heavy budget and therefore would require proper planning to ensure that the deficit gap is kept as low as possible or it does not exist at all.
In recent years, most states have increased taxes on tobacco to assist in reducing their budget deficits. Economists have viewed this effect as a win-win situation as it has positive health effects and also a budget effect. There is a general agreement among policymakers that raising taxes on tobacco would result in a reduction of consumption.
Monetary policy in the US has mainly been to maintain stability in interest rates and money markets while on the other hand the fiscal policy has been aimed at increasing revenue for the government while encouraging investments. These two forms of policies in the US work together to in ensuring macroeconomic stability.
In conclusion, the paper has explored China’s economic and environmental issues. This discussion involved an exploration of the main challenges experienced in China, which resonate around economic development and environmental pollution. This was followed by a discussion on the reason for discontinued export led growth in China
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The financial crisis affected almost all sectors of the U.K. economy. This has resulted in a sluggish economic growth marked by high unemployment rates, high inflation, high interest rates, a decline in the balance of payment and depreciation of the pound. This paper provides an in-depth economic analysis of the current U.K. economy with the aim of showing what lies ahead of the country in terms of economic performance.
Mexico is in agreement to initiation of various WTO work programs in studying the existing relationship between competition and trade that includes in an analysis its terms of reference of addressing the anti-dumping measures through competition policies that ensure due access to various markets based on stability.
The main focus of the essay is on the increased effectiveness of the free market system, compared with mixed type of economy. Among all the types of the economic system, free market economy is proved historically to be the most productive and efficient. In free market economy the government has no hand in the market.
Game theory is a theoretical framework that is used to explain how decisions are made between parties. It was coined by Jonny Neumann who tried to explain how decisions can be made when people have concerns about other people. Game theory involves players making the decision that benefits themselves jointly or maximizes individual payoff.
While for teens and young adults big discounts may not sound financially significant, a 40% markdown on the prices of goods is surely an early Christmas bonus for mothers who are trying to fit the paycheck for the rest of the week. But regardless of how one would view discounts, the fact is you did not really save anything.
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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.
In addition, the wider community is affected and this leads to the adverse universal economy of a nation, particularly, when the unemployed population is too high. It is imperative to note that, unemployment effects may be long lasting and this is a dangerous situation as it affects the living standards of people.
Colonization, in this case, refers to the process of one country gaining control over another due to superiority. The British Empire is one of the European powers that colonized most countries in the world. Other notable European colonizers in the world include Germany, Italy, Portugal, and other countries.
Scarce resources where there exists a free economic system are allocated using price mechanisms. In this case, consumer spending decisions and preferences, as well as business decisions on supply, combine in the determination of equilibrium prices.
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This is a qualitative paper drawing its conclusions mainly from quantitative analysis done by institutions such as the Bank of Thailand and the Asian Development Bank. The research strategy is mainly deductive in nature. The findings from this paper suggest that Thailand has experienced a steady surge in GDP over the years.