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The paper concentrates on factors that influence demand and supply and discusses the price elasticity of demand that produces a kinked demand curve in the oligopolistic airline’s service competition and the point of equilibrium. It also describes the benefits of intellectual property, and how it protects the owning airlines in their operations.
In addition, the components of these factors are elaborated and illustrated how they influence economy. Circular flow of income is also analyzed to provide the components, importance to the economy and a diagram of the flow is also given. Factors of production Definition: Factors of production refers to the resources that are needed for the creation of goods and services.
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The concept of poverty is a confluence of social, cultural, political, and economic paradigms which may have marginalized a minority group, deprived a populace, are unable to economically empower a nation, are suffering a dysfunctional government, or maybe of social injustices brought by the disparity in the access of resources and governance.
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It is known to be the densest country in the whole world with around 6500 people per square kilometer. This is majorly caused by the high rate of immigration with a low death rate.The economy of Singapore is among the fastest growing economies in Asia with its GDP growing by 8% between the years 2004 and 2007 on average.
Patten lived between 1852 and 1922 (Magnusson 83). He developed an economic view that was contrary to other economists regarding the availability of resources. Abundant production would result from advancement in manufacturing techniques to the extent that people will have more than enough for their needs.
Inflation is an increase in the average level of prices in an economy over a period of time. When the general price level goes up, each unit of currency purchases fewer goods and services. Inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.
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Accordingly, rather than viewing these processes in something of a one-dimensional aspect, it will be the purpose of this author to discuss and analyze both the pros and cons of outsourcing as a means of providing a more realistic and nuanced understanding of how this practice impacts the economy as well as the individual shareholder within society.
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Unemployment is one of the most important macroeconomic indicators, along with interest rates, gross domestic product, consumer price index, and monetary policies. All of these are factors that exhibit interdependence and interaction to influence the society. Unemployment refers to a section of the population that is not doing productive work.
All of them offer Chinese foods and other restaurant services on their menus (native foods). This industry is competitive since there are many players but each restaurant is able to attract clients. In addition, each restaurant has a group of loyal customers.
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The author compares two countries involving in international trade - Brazil and Japan. Trade between these two countries has winners and losers. When Brazil exports its products to Japan, the winners are the consumers buying the products in Japan. The losers involved in this example of trade are the producers of the similar type of imported products in Japan.
Financial markets are imperfect markets (Heremans, 1999). “A disruption to financial markets in which adverse selection and moral hazard problems become much worse so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities” is defined as a financial crisis (Mishkin, 1992).
The paper derives insights and conclusions relating to all of these considered factors and makes recommendations moving forward. The general assessment is that of a coffee market on a global scale that is tilted towards the intermediaries being able to extract most of the value for coffee production from farmers, with the exporting countries themselves just getting a small percentage of the total value of their crop.
“Africa’s equity markets are hot, with investors attracted by the sub-Saharan region’s GDP growth rate of more than 5% over the last three years” (Harare & Johannesburg). The main markets of two African countries, Nigeria and Kenya, have risen over 50% over the last year.
Theoretically, the Federal Reserve Banks influence the supply and demand for money supply with the intention to maintain maximum employment and economic stability, facilitate the government’s effort to achieve steady growth in terms of Gross Domestic Product (GDP), and control inflation or price increases of prime commodities.
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The macroeconomic conditions existing globally play an influential role in setting the international demand for liquid fuel. In this era of globalization, the International Energy Agency has put forth that high prices of oil, in general, create a considerably adverse effect on the economic growth of the global economy.
Money supply increase will always have various effects on the price level, GDP nominal wage rate, and real wage rate depending on whether it is in the short run or long run. When the money supply increases, the interest rate is pushed down since people's need for near cash things is changed by changes in the demand for money.
Consumption goes beyond the mere act of buying and the subsequent consumption. As Mcnall (1990) notes, the latent function of consumption engenders some form of signaling effect of uniqueness and exclusivity: consumers actively involve themselves in purchases not only to consume but also as a way of 'telling' others who they are, or who they wish to become.
Income inequality can mean distributing income to people on the basis of their social class that is the rich earning more than the poor in a society. Income inequality and wealth inequality have been worsening in the US and around the world in the last three decades. Brooking institutions researched and found out that income inequality in the year 2013 was rising to alarming rates and negatively affected US social mobility.
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.
In any case, the choice is not merely limited to controlling money supply or financial regulation. In monetary policy, discretion is normally essential in offsetting output fluctuations often realized in Keynesian frameworks. In this respect, most monetarists usually propose the use of a fixed rule in ensuring price stability in the economy.
Most of the time when a country suffers from inflation, the central bank of that country takes several steps to stop severe inflation and tries to minimize the prices of the goods and services (Hudson, 1982, p.67). The central bank of the United Kingdom is known as “The Bank of England”. In the year 1694, the bank was established and on 1st March 1946, it became nationalized.
With increased concerns about the fluctuation of the world’s economy, governments have been on focus on the way they have handled these shifts. Borrowing and taxation have been largely used by various governments through fiscal policy to offset the imbalances that have been created by constant economic downfalls.
Federal marketing orders have been imposed on fruits, milk, vegetables, raisins and other agricultural products. Marketing orders are said to have originated as early as 1920s with farmers trying to impose regulatory controls on crops voluntarily (Christensen 17).
Economic growth was pegged on private sector's response to consumer demands. A country's economy is influenced by different factors ranging from policies to current financial conditions in the market (Bureau of International Information Program para 3). The government affects the economy through its policies it, that either attracts or discourage investors at both local and international fronts.
The company should introduce a high-end system that incorporates major technological tools that are vital to the cars produced. These are in line to ensure that the customers get maximum comfort while using the car while at the same time being easy to operate. This company should major in the interior system of the car as it is the most important for customer satisfaction.
The model reviews clusters of industry players, particularly a group of small industries, where the competitiveness of one of the corporations is influenced by that of other companies and the factors that are related to its value-added chain – within the regional and local market or when reference is made to customer-client relationships (Rugman and D'Cruz, 1993).
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.
The act lays down the roles of this bank a puts it that this is not a profit acquisition bank. The bank introduction has seen many improvements in the economy of Australia. It has also been seen that the market and business of the country get to have a sense of decency and accountability. Its major role is to regulate the money or the Australian currency.
The author contends that much of the damage that was done to the economy was as a result of the systematic undermining of the principles of good corporate management and the twisting of financial policies in ways that served the short-term interests of banking institutions and other connected players in the money market (Ferguson 26).
Ultimately, it led to downturn in economic activity, reduced consumer wealth, and the subsequent 2008-2012 global recession. As a result, there have been variant explanations to the causes of the financial crisis of 2007–2008. Michael Lewis is one of the financial analysts that seek to explain the financial crisis of 2007–2008 through his book called The Big Short.
The Czech Republic, located in Central Europe, was a communist country until 1990 with low per capita income; however, one and half decade long reform process accelerated the FDI flow in the country with substantial increase in GDP growth rate and per capita income.
China’s economic breakthrough has had a number of challenges dating back from its early trade with the rest of the world in the pre modern trade; before the end of the Dark Ages. It pre-modern this time that China’s success in commerce also expanded to its military base, owning the world’s best navy at that time.
The price of coffee in Cote d’Ivoire will tend to be high locally while in Vietnam, the prices will be low as much will be imported. The law of one price will hold in the case of rice traded freely in the US and Canada. For the law of one price to hold, the market should be free from any trade barrier. The relative price is less than one (1/1.04=0.9615).
Chinese companies are mining and processing raw materials at the expense of Europe. The stability of world economy is going to play an important role in the Sino-EU economic relations. Pressure from EU and United States should cause the Chinese government to act upon fiscal and structural international policies responsibly.
Discussion Question-1 Economics is indeed a broad field which has its recognition in almost every aspect of life. There are basically two different types of economics which predominantly are microeconomics and macroeconomics in total (WIERENGA). Microeconomics is the field of economics that denotes with the economics of the individuals whiles the economics of the country as a whole found as macroeconomics in total.
The order is further implemented by the Raisin Administrative Committee. In the case of raisins, the committee comprises of 47 raisin farmers and packers, as well as the sole members of the raisin-eating public. It is worth noting that the government is not come up with the market orders without consultation but the orders are issued by USDA.
John Maynard Keynes is a very prolific contributor to modern macroeconomics. He played a very big role in the development of macroeconomics theories that are in use up to date. The keynesian general theory of macroeconomics states that in the short run, economic output is strongly influenced by aggregate demand.
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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.
Usually, we think of measures of the money supply in a well-developed economy as partial and indirect indicators of the valuable demand for services and products in the economy. This is because a lack of demand for goods and services causes a shortage of new money creation or net credit creation.
Protectionism, a term usually closely associated with trade, is a way of ensuring that local industries are buffered from competition from foreign manufacturers and can be implemented in several ways. These include tariffs, which increase the price of imports; quotas, which are physical limits on the number of goods that can be imported.
According to this lending scheme the banks giving cheap loans to small and medium sized businesses will be given more incentives. But unfortunately this scheme has not really produced the results which were expected as lesser then expected loans were provided.
Unconventional monetary policy refers to economic tools employed by Federal reserves in a situation where discount rates and other interest rates cannot be reduced further in order to stimulate economic growth (Glick and Leduc, paras1-4). Among unconventional policy, tools include; purchasing a large number of assets with an aim of reducing interest rates.
According to the paper higher education plays a major role in social, human and economic development. The role of institutions providing higher education is not only important but also complex. The higher education institutions show a number of different abilities and scope and can have impact on the processes of development through research, teaching and service.
Borders Group has been a renowned name when it comes to brick and mortar stores in bookstores industry mainly in western countries. With hundreds of bookstores opened worldwide, Borders group had managed to emerge as one of the market leaders in this industry.
Microeconomic Essay Name Institution Factors that affect the long-run rate of economic growth When factors of production are increased in terms of quantity and quality, there is a resultant Long-run economic growth. These factors of production are: natural resources, capital resources, labor resources and Entrepreneurship.
Classical economic theories focused on consumer welfare, introducing the concept of utility maximization. Chapter 14 offers an in-depth coverage of the ideas propagated by classical economists. The chapter offers readers a glimpse of the radical transformation that capitalism underwent in the 18th century occasioned by the rapid industrialization and emergence of giant corporations and cartels.
The purpose of this paper is to explain the advantages and disadvantages of having an automatic trigger for discretionary fiscal policy. Specifically, this paper seeks to look at how fiscal policy will affect the economy when there is an IS or MP shock. The benefit of this new policy is that it can help the economy to maintain the level of output in the presence of an IS or MP shock without suffering from time lag.
Mankiw’s book provides the reader with detailed research with learning and reinforcing principles on how to calculate GDP and why it is an important indicator. The book has various tutorials that help the readers to understand the significance of GDP and why foreign investors should to invest in countries that have positive GDP growth.
Many banking sectors have been stricken by banking crises for the past decades due to the worldwide financial crisis. Although world wars impacted the banking system, the 21st century has thus far been more stable. The increased competition in the monetary markets has been among the main debating issues over financial volatility across the globe.
Benefits of Privatization.
The term privatization is used to refer to the process of change of ownership of an organization that is owned by the government sector to organization’s ownership by the private sector. Privatization can be conducted in several forms, in several cases, the entire organization is privatized and in other instances certain departments and functions of the organization are conducted by private organizations and individuals.