From basic microeconomic theory, as prices go up, where the demand for a good is elastic, then the consumption should go down (Mankiw 25-27). The implicit assumption here is that demand for cigarettes is elastic
It can also be considered as the lowest wage at which a worker may sell his or her labor. Minimum wage differs from one country to another and from one state to another in the United States. The US federal government has specified a statutory minimum wage that each employer
Today, however, as a result of new regulations and international cooperation to stabilize global and domestic banks, the UK is emerging from this recession. After the UK government spent well over £62 billion to provide banks with new capital infusions the UK improved the majority of its economic weaknesses.
The number of deaths reported to have already come from the Syrian crisis is not accurate, and figures range from as low as 60,000 people to as high as 200,000 people (Black, 2010). This difference in the figures of the number of
Therefore, it could be stated that globalization is the term used to refer to fragmentation of activities between individual states politically, socially and economically to an international sphere. In the oil industry,
Crude oil declined from$ 105 to around $ 82. However, in the second phase, the oil prices for the crude oil dropped further to $ 50 and IMF suggests that a decrease in the oil price was due to increased demand. The estimates reveal that supply outdid the demand during this phase (Zumbruni, Para 1-4).
The number of part-time workers has increased considerably over the past two years as more people are opting for the same. More people are also opting for starting a business such as recruitment agencies which has increased demand at present as more people are approaching such firms to help them secure a job.
There are two groups in the town one group is that of local people and the other is that of visitors to the town. By increasing the price for the visitors by 25% than that of local people revenues can be increased. When a law restricts the seller to charge any product or service to a certain limit, it is called the price ceiling.
Monetary currency involves impaction of the government on value of currency by involving a vital bank such as the Federal Reserve Board in order to gain control over value of currency and cut down on inflation. This way, the bureau changes the way
It defines a good economist as one who sees secondary and general effects and a bad one as the one who only sees the primary effects. The fact that the public are not interested in listening to the long boring facts that happens to be the truth makes it
The police department has to be innovative in nature. They should develop new methods of tackling crime. The criminals are up to date with the various trends in the world. The council has to be aware of these trends and formulate policies that would easily tackle crime
Externalities occur when the decisions arrived at by a party fail to factor the costs and benefits likely to be imposed on other parties and the environment. From society’s viewpoint, the presence of externalities can make people undertake too much or too little of a given activity.
ousing sector that has not registered the expected results, an occurrence that has been attributed to the high housing rates in recent past (Timiraos).
Personally, I share the same ideology as Nick Timiraos that stakeholders in the housing sector should consider reviewing the
Construction is one of the major industries that greatly contribute to the gross domestic product of any country. The latest economic crisis that started in 2008 had daunting implications for leaders in the construction industry. Not only did they have to cope with the usual challenges in the inherently risky construction business.
While third world nations drag social, economically and politically, developed and developing nations are making remarkable progress in these realms. For this reason efforts need to be made to ensure that these nations experience
According to Leegin Incorporation, this was bound to promote competition between the retailers in product promotion and customer service. However, Leegin later discovered that one of the retailers, PSKS, was selling its products at a discounted price (Roberts et al., 2007).
sulting in higher prices of tobacco products like cigarette will result lowering the smoking rates and the social benefit of lesser chance to passive smoking and its dangers is achieved. Moreover, the health benefit of quitting smoking and elimination of its injurious effects
When the willingness to work increases in the economy increases then this will result to an increase in the productivity level, under this case, therefore, there will be a reduction in the interest rates in order to stimulate demand for goods and services as more products will be produced in the economy.
Arbitration is a faster and cheaper way of litigation. Arbitration basically implies a way in which disputes are resolved with the help of knowledgeable and learned individuals or a panel known as “Arbitrator”. The arbitrator can even be a third reliable party between the two opponents. They make a decision outside the court of law.
The male labour force underutilisation rate increased 0.1 pts to 10.7%. The female labour force underutilisation rate increased 0.2 pts to 14.7%.
Labour Force estimates from July 2008 to October 2012 have been revised to align the labour force
The dynamics facilitate the creation and organization of an effective workforce that is able to make a valuable contribution to the increased output and improved performance outcome of the organizational. The workforce needs to be looked upon as valuable human capital whose potential needs to be exploited for gaining leverage in the market.
Passing the exam is also a step towards the achievement of one’s dream career which has a good pay.
It is possible to exchange diamond for other items because despite the fact that it is a rare commodity, there are other metals that
relation to the economic growth by the year 2018.The Mexican GDP is focused to rise to about 9.4 percent by the elapse of President’s Enrique regime. According to the minister for tourism Claudia, the industry that employs up to seven million Mexican is destined to witness
Among the expected merits and therefore payoffs of democracy was that it establishes and protect the freedom of the people, in terms of individuality and as a nation. Democracy therefore gives the public a chance to participate as well as be represented in the
It is for this reason that China has come out as a nation that is synonymous with far reaching products, services and processes. This paper explores how China has improved its basis over the years and how it
ired negotiations on a set of different issues, including both the so-called Singapore issues (investment, trade and competition, government procurement, trade and the environment, labor market linkages to trade, improvements on trade facilitation) and basic market issues
The recent trend of global oil prices and the reaction of the U.A.E. government in recent times are however not following the conventional equilibrium theory of demand and supply. In a recent article that has been published in Gulf News states that the global
when the government is honest and friendly to its people as it happens at the beginning of a dynasty, taxation obtains large returns from small valuation. Ibn Khaldun clearly envisages the effect of tax on enticements and productivity that he appears to understand the concept of
This was followed by the export of Sugarcane in the 16th and the 17th century. In the 18th century precious metals and other gems was the main export commodity. In the 19th century the commodity that was exported was coffee (Embassy of Brazil in Wellington,
Goldman’s role in the Tech stocks bubble is evident in the internet era where it took advantage of the investors not knowing about the changes in regulations regarding control of quality standards. It did not observe the new underwriting guidelines and often manipulated
The value also represents the total number of variations of the model used. For instance, the coefficient of determination for the econometric model in quest is 0.958026537. This shows that there is 95.8% of variation of outcome of the econometric model. The
20 – 22)3. The New Deal is considered to be the defining moment during the Great Depression of 1930s and the government spending is viewed as the major step that improved the situation as many economists agree that at the point inadequate government spending led to the
It is double that of northern Europeans. Despite having plentiful supplies of coal, enough to last 250 years, and being the biggest producer of nuclear energy, American is overly dependent on oil for its various industries. For instance, over 96 percent of its transportation is dependent on oil (Montgomery 140).
Gross Domestic Product (GDP) is the monetary value of all the final goods and services that are produced within a country. In the paper, the data was obtained from the World Factbook. According to the records in the book, it is clearly seen that the Gross Domestic Product of the 22 Arab League members was 2649.6 billion US dollars.