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A derived demand is the demand for some substantial or elusive good or services where a market is present for the goods or services under consideration. Derived demand plays a significant role on the market price of the derived good. The determinants of demand are as follows: 1.
This means that even when a particular party or country for that matter has absolute efficiency and advantage in producing the good or service both can still exist and stand a chance of gaining profits through trade given that they have different comparative competencies. A worker in country A can produce two eggs and eight fish every hour.
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Monetary inflation refers to an increase in amount of money in circulation as government prints more money. This further causes commodities prices to rise due to loss in purchasing power of money. On the other hand, price inflation refers to a persistent rise in prices of goods and services whereby, a lot of money can buy only a few goods (Mankiw, pp381-385).
Globalization helps nations to make sound macroeconomic policies and help to educate the workforce. In short, nations who ‘globalize’ experience a wide range of goods and services, low prices, improved health for citizens, better-paying jobs, etc. all initiating an improved standard of living with higher per capita incomes.
China’s increasing foreign aid in the last decade is aimed at the benefits of China. The strategy behind China’s aid expansion policy follows a different model than the other developed countries and the US. While the developed countries follow a subscription policy to offer foreign aid, China has resorted to the policy of financing the volume of foreign aid.
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However, there are critics who claim that maternal employment can be of a negative impact on the well-being of children. This is because an employed mother is likely to have little quality time with their children, fail to perform maternal duties due to stress, and spend too much on childcare and transport.
Marx's explanation for the capitalist transformation compliments Jared Diamond’s argument of European domination of the world, even against the backdrop of colonialism. Diamond attempts to give a historical explanation for the unbalanced power and distribution of wealth in the world. He gives scientific explanations of race in contrast to Marx who gives the socio-political aspect of the disparity
They include growth, peak, recession, trough, and recovery. Whenever the business cycle is in recession, the business's general, economic performance is bad (Elwell, 123). It results in adverse economic elements such as inflation, unemployment, losses to corporations, and a decline in investment levels. The period of growth and peak are desirable.
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The countries’ economy worldwide has encountered financial crisis frequently (Norgren 10). Thus, this phenomenon is not new in the world. Nevertheless, the global financial crisis (GFC) happened in 2006 to 2008 is considered as the most severe recession in history since World War II.
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.
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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.
Indonesia, being one of the top producers of rice in the world, is aiming to become self-sufficient as the demand for quality rice seeds has risen significantly over the years. Moreover, demand for hybrid rice seeds is also growing much faster than that of the composite rice seeds because of the benefits associated with hybrid rice production for farmers.
When the government relaxed its price control and promoted foreign investment, the United States started to invest in PRC beginning 1979 after both countries establish diplomatic relations. With Japan as their fund provider since 1978 through soft loans, PRC is now the fastest growing major economy in the world.
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The industry of banking which is among the oldest industry in the world serves a very functional role to each and every one among the Americans in both the individual and the institutional level. Nonetheless, despite whatever purpose it serves to the Americans, the banking industry is not free from any issue.
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Hyperinflation occurs when a country faces an unstoppable and consistently increasing rate of inflation. When such situation occurs not only the general increase in price levels rapidly occur but the currency of the country loses its real value also.
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This paper illustrates differences in inequality of income across members of OECD and factors behind them, for instance the differences between countries in either wage or inequality in non- wages and differences in worked hours and inactivity The analysis shows the redistributive role of both tax and systems of transfer in the countries.
This essay focuses on the provision of the comprehensive analysis of the monetary situation in the UK economy and determination of the desired monetary policy changes on the part of the Bank of England. It is shown in the essay, that BoE need to gradually increase its interest rates while at the same time allowing lowering of expected inflation.
In such a case, there exists another possible outcome where the market participants’ gains would compensate their losses. Market failure is a serious issue as in consequence it disrupts social and economic region of a particular region or even the whole country.
Retailers such as K-Mart offer its customers extended warranty deals on equipment purchased at the store. A third source of revenues a company can generate are e-commerce sales. E-commerce sales can complement the normal revenues of corporations.
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The present study would focus on neoliberal political economy is central to safeguarding the market as an instrument of ensuring distribution of societal goods. It ensures that the market largely regulates itself without artificial and state interruptions through regulations, legislations and policies that may jeopardize market growth.
Social inequality in Australia Discussion on the ways in which the Immigration Restriction act of 1901 impacted on some aspect of inequality historically, and the ways in which its legacy continues to be felt today in public policy and perception Introduction The Immigration Act of 1901 is an important act in the history of Australia as it provided major guidelines and procedure for any person who wants to enter the soil of Australia (Jupp, 2007).
Internationalization has given rise to the increasing awareness of the managers of the hospital and the tourism sectors focusing on the various related leadership qualities of the people in the organizations. Managers of organizations need to possess the necessary skills as well as knowledge through which they can direct and motivate their staff.
The “modern theory of exchange rate determination” includes the trading account as a determinant of the exchange rate. Economists have further shown that the trade balance can be included as a forecaster of the exchange rate also under the modern asset approach to the theory of the determination of the exchange rate.
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The RST and VAT have proven disadvantages in the U.S or in some other country where they are in force. This a good enough reason for not using them as substitutes. The advantage of simplicity of understanding the RST is offset by the glaring loopholes in the taxation system itself which tax evaders exploit.
The sellers take goods to the market and depending on the demand of the good, a price is set. If there is high demand for the good, the buyers compete for the good pushing the prices up and if demand is low, the sellers compete for the few buyers in the market thus pushing the prices down.
This has led to globalization because countries are able to interact and acquire products that they need for development. Powerful countries contribute a lot to the world trade thereby shaping the nature of interaction that other countries should adopt. Sometimes some countries use their political will to dictate the trends in the world trade.
The Congo region contains mainly four ethnic groups-Bakongo, Sangha, Teke, and M’Bochi- which also include tribal groups like forest Pygmies. These groups tend to stay in their areas of origin despite the changes in Congo’s living standards. The Bakongo is the largest group in the country and they are mainly seen across the southwest Brazzaville area.
Business cycle models are affected by the unprecedented large and perhaps risk premiums, which come during the financial crisis. If not carefully checked and corrected, the country risk experiencing recession and subsequent depression, a situation that poses a lot of challenges in micro-enterprises, especially during moments of economic crisis.
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In the past, Calomiris (1999) analyzed the European Monetary Union (E.M.U.), and came he came up with the conclusion of the union’s impending collapse. Deeper inquiries into the fiscal and political policies in the area were conducted. For Bagus (2011), the euro is already in the brink of collapse.
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Argentina has a strong agricultural base and an industrial background promoting its export sector. It is termed as a growing economy by many analysts. Its chief exports are Soyabean and Soy Products and Vehicle parts with Brazil and China being the main export partners.The overall strong labour force coupled with natural resources, Argentina promises to pave way for future success.
The impact of PATH is determined by the rate at which sanctions are exercised when there is non-compliance with the requirements of PATH. The rationale for sanctions in reduced benefits is a result to fail meeting the requirements in school. However, there were errors that arose from the confusion made by respondents.
Firstly, the manager should consider the costs of additional capital as compared to cost of employing new workers. Moreover, he should also consider whether adding new workers will help increase the output or it will result in falling output. In the short run, the capital is fixed and as more workers are added to the fixed capital, initially with each additional worker the marginal revenue product of the labor will increase as the restaurant will experience increasing returns to scale.
381). Therefore, price of a commodity is what the customers are willing to pay for it in order to acquire the value and benefits that the commodity can serve to them. If the price of a commodity is not worth its utility, customers are very likely not to buy it.
Even with the increasing globalization and economic integration, the economic performance of countries is still significantly different. For instance, in developing economies, the fraction and poverty index increases as opposed to developed economies such as the G8, whose economy is steadily growing (World Bank 2012(14).
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The rise of Chinese investments is a recent phenomenon yet it is a controversial one. The speed and the scale of the surge of Chinese investments in Australia have raised the question among Australian community and policymakers of whether Australia should restrict Chinese FDI.
Money in the U.S. is used as a medium of exchange among many other uses that enable transactions in the U.S. concerning exchange of goods and services. The creation and supply of the U.S. Dollar is controlled by the Federal Reserve with the help of other national banks that include the Bank of America and JP Morgan Chase Bank among others.
In trade, the commodities and services are exchanged for a legal tender that is acceptable to both parties. Legal tender is money that is used to measure and give value to a commodity or service, and it is used in exchange for these items. Before the use of money as a legal tender, trade was carried out through the barter system.
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.
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.
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Tax advantages on buying your own home in Canada Name: Course: Instructor: Institution: Date of Submission: Introduction The research paper puts into perspective the issue of tax advantage of owning a home in Canada. The paper also illuminates Professor Tristani’s view that owning a home may not be advantageous after all.
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.
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.
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.
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The airline industry is a large and booming industry that facilitates growth, international trade, and international investment. It can be considered as an apex tool of globalization occurring in several other industries and developing them as well. In the past decade, the percentage of air travel has enhanced by almost 7% per annum.
The corporation has since then expanded to deal in a wider variety of beverage and food brands, which has seen a merger in 2001 with Quaker Oats in conjunction with the acquisition of Tropicana of 1998. The corporation is centered in Purchase, New York and has major interests in the manufacturer.
The six conditions in which markets fail to lead to efficient outcomes are those in which competition fails, situation in which public goods are involved, market situations in which there are externalities, situations in which markets are incomplete, situations in which information is imperfect, and situations in which there are macroeconomic disturbances
Before discussing whether mercantilism is applicable in the modern world, it is important to understand the assumptions of the theory. Accumulation of wealth is the core idea of Mercantilism. The theory states that a nation’s prosperity is depended on its capability to produce and export more goods than what they import.
Workers make monthly contributions to this system and receive their benefits at due time. Individual saving accounts are not maintained by this system but a group of individuals who are supposed to retire at a particular a time are put together. However, there is been a debate on whether this social fund should be privatized or not.
A bond is a debt instrument through which the individual gives loans to companies as well as the government for a specific period of time. During this period, the investors get a fixed percentage of interest on their investments. The period and the percentage of interest change according to the nature and kind of bond.
Official cash rate is the rate of interest which is used by the central banks of Australia and New Zealand for the purpose of adjusting the national interest rates. Official cash rates are interest rates which are paid by the RBA in the overnight money market to adjust the overall national economy’s interest rates.