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The only possible solution to market failure is laws and regulations, prohibition, taxation and provision of knowledge regarding products. In the OPEC case, the only solution to the cartel problem is the discovery of a substitute, this will create a wider choice and therefore establish a competitive market in the energy industry in the world.
It is one of the important areas of the world economy. The global economic scenario is facing challenges to meet the fast-growing oil demand with depleting oil reserves. (Oil Industry Statistics). The oil industry is showing a higher growth rate due to the higher demand for energy in the industrialized world. The higher growth rate is expected to be continued in the future also due to the increasing demand for energy in various industrial functions.
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As a result of the credit crunch, the UK saw a change in the mortgage market. Mortgages became more expensive. UK Banks continue to face problems too. HBOS (Owner of Halifax) struggled to finance its balance sheet. Like Northern Rock, it financed an expansion of lending by borrowing. Now money markets have frozen up, they couldn’t raise enough money to maintain liquidity. (BBC)
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As there are many substitute products for the consumers, McDonald’s is faced with higher bargaining power which could result in pressures on product quality as well as prices. The global financial crisis could also prompt consumers to use their bargaining powers to push the prices of products in the market.
If competitors are there in the market, the competition will result in better product availability at a competitive price. For a competitive firm, the price of their product will be fixed based on the market condition. But for a firm who has a monopoly can vary the prices of the product by controlling the quantity of the product in the market
The three giants of the US automobile industry namely GM, Chrysler, and Ford, have been asking for billions of dollars in financial support but have not yet been granted the same in full measure (Moore, WSJ). Other major carmakers like Toyota, Jaguar & Land Rover, Daimler Benz etc. are also hit by the current economic crisis.
The public interest groups argue that new accounting standards are necessary for understanding the corporation’s’ factual financial health.’ They argue that the new proposed rules would have made it impracticable for Enron, the US energy company, to shift its underperforming assets into private partnerships, known as special purpose vehicles.
The Appellate Body is a part of the dispute settlement system has not really been able to exercise its power to the full potential. According to Joseph Weiler, the Appellate Body is not referred to as a ‘court’ but it actually is one. This may be justified by the fact that the actions taken by the panels and the body are adjudicative in nature.
American homeowners enjoyed some of the most significant home equity valuation increments they had experienced in their lifetime during the late 1990s into the 21st century. During the ten years starting in 1996 and ending in 2006, the rise in house prices significantly exceeded the consumer price index, which measures price inflation of general goods.
Economic Geography Change is the only constant; which explains why the seemingly robust US Economy, cheerleader for the masses, trendsetter for the rest of the world, and a magnanimous wealth creator for its entrepreneurs, is in the thick of a
Nayyar’s discussion on globalization analyses the historical trend in relation to its implications for development. A picture of globalization during the 19th and 20th century is presented in which striking parallels are revealed. The discussion reveals that rapid growth and economic convergence are not what globalization has trailed.
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Baumohl’s book will serve as a useful reference to average readers as well as veteran economists. The author has achieved his goal of creating a comprehensive, simple to use guide to the complex world of economic indicators. It will be especially applicable as the world economies sort out the dizzying problems and solutions to the global market crisis.
The author states that though Childrenswear has underperformed in the total clothing market from the last 10 years, recently the industry is experiencing a significant contribution to the total clothing market. The value sector in 2006 accounted for 35.9% of all UK childrenswear sales, whereas the total clothing market accounted for 23.6%.
It has been argued that the economic, cultural, social, and political impact of TNCs’ economic activities varies. It varies as modern nation-states have retained the power to be able to pick and choose the TNCs that they wish to accept and those companies that they wish to prevent or restrict.
The demand for cheaper goods from China is another reason for asset deflation. There is more supply than demand in U.S. markets and this is not well and good for the U.S. economy. The main problem is that this excess supply is not because of the excess production in the U.S. but it is the end product of Globalization.
We have seen, globalization as a phenomenon has positive effects on the US economy as well as undesirable effects in terms of job losses. The mitigating factors for the undesirable effects would be to outsource non-key functions and ensure that the core competencies are retained. And there can be training programs and skill upgrades for workers.
A firm incurs both variable and fixed costs, therefore the total cost of a firm is equal to variable cost plus the fixed costs, fixed costs are those costs that do not change when the firm increases or reduces production levels, and however variable costs will change when the firm increases or reduces production
Following the two great wars, Britain’s existence as the prime colonial power and its global dominance met its end. On the other hand, apart from America, all other developed nations suffered the atrocities of the Second World War. This combined with the formation of the Bretton Woods system promoted the US as the leading nation of the world.
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The quantity demanded would be 25 units which would be equal to the quantity supplied assuming that buyers with a reservation price of 25 units make the purchase and the sellers with a reservation price of 25 units sell (and also assuming that each demand or supplies a single unit).
Cross price elasticity in particular measures the sensitivity of demand for a commodity with respect to the prices of other commodities. For example, the demand for tea changes as a result of a change in the price of sugar because of tea and sugar complementary goods. The demand for tea also changes as a result of a change in the price of coffee.
Poverty is the major cause of environmental degradation since the poor turn to overexploitation of the natural resources in order to satisfy their daily requirements. Multinational companies that are viewed by many governments as a solution towards economic development end up overexploiting the domestic resources in an unethical manner.
Japan needs to realize that accepting mistakes is the best way to expect forgiveness. It should not base its relationship with other countries on such weak reasons. Japan needs to find its soul and only then will it be able to maintain a healthy relationship with the US rather than being ruled by it.
Many of us don’t understand the complexity and ambiguity of the term “barrier to entry” that is used frequently as a justification for breaking up companies or creating new regulations. It is the application of the term “barrier to entry,” not so much the resulting market equilibrium that is most debated among economists.
When there is a rise in capital movement within several countries, integration is achieved, leading to financial globalization. Domestic lenders and borrowers take part in the international market with the use of global financial intermediaries. Financial globalization in developing countries is mainly favored by the availability of cheap labor.
Oligopolistic firms have pricing discretion but are interdependent. So they must always consider the reactions of other firms when making pricing or output-level decisions. “Example: Pepsi raises the price of its product: If Coke will also raise its price, both firms will benefit. If Coke does not raise its price, then Coke will benefit
A regressive tax is one where as one’s income rises, the amount that is paid as a percentage of one’s income falls. A higher earner may be paying more of the tax in absolute terms but as a percentage of their income, the amount is falling. These taxes are obviously considered to be unfair as they redistribute money from the poor to the rich
Over the past four decades, there have been two major global environmental concerns that threaten man’s very existence: the thinning of the stratospheric ozone layer over the earth’s polar regions, and the global warming. The former concern is caused primarily by the massive use of CFC or chlorofluorocarbon in refrigerating systems and spray cans.
There are several domains to this inconsistent feature of rationality. The progression of western rationality has to some degree a chief source in the irrationality of the Protestant pursuit for salvation. There is moreover a conflicting association between formal and substantive rationality where substantive concerns of importance are inferior to formal concerns of logic.
The author states that the International Monetary Fund has described America’s mortgage crisis as the largest financial shock since the Great Depression. The US now has four separate bailouts underway, $800 billion for banks, $200 billion for Fannie Mae and Freddie Mac, $85 billion for the insurer AIG, and $25 billion for the U.S. auto industry.
Effect on quantity supplied operates through influencing the costs of production. If the costs of production increase, then the price at which a seller was willing to sell a given quantity rises. Thus the supply curve shifts upwards implying fewer amounts to be sold at each price. This can occur if, for instance, input prices increase.
In contrast to the spot market where payment and delivery are completed on the day the trade is arranged, in futures and options markets payment and delivery are postponed to a specified or optional date in the future at an arranged price.
“…competition de-selects weak organizations and stimulates organizational learning, which in turn further increases the intensity of competition and so further strengthens survivors in an ongoing dynamic of reciprocal causality” (Job Functions). So, the behavior of firms in competition could border on both sides, optimization of performance or underperformance.
Subsidy payments are only part of the total government handouts to ethanol producers. Tax incentives, a special tariff on imported ethanol, subsidized loans, etc. also benefit ethanol producers such as multi-million dollar companies like ADM. Local farmers and investors can’t find the money to build and run ethanol plants, but big corporations can.
National Income or GDP is a quantitative aspect whereas economic welfare is a qualitative aspect as economic welfare takes into account the fulfillment of the basic amenities of life like food, clothe, shelter, and education. In modern times health and sanitary facilities and gender empowerment are also considered to be good indicators of economic welfare.
The company’s buying power is one of the largest in the world, giving the retailer the opportunity to provide products at much lower prices than other competitors in the retail marketplace. Evidence suggests that the business creates more damage to the economy than good, making Wal-Mart a negative contributor to the economic landscape.
The multiplier for consumption, investment, government spending, and net exports is equivalent to 1/(1-b), where b is the marginal propensity to consume. Because the marginal propensity to the consumer is 0.80, the marginal propensity to save is 1-0.8 or 0.2. By dividing 1 by 0.2, we get 5 which is the multiplier for the whole model.
The efforts of the working class in a society must be rewarded once these human beings reached their golden years. The creation of social security in 1935 was a great idea that ensured that the elderly and disabled would have a guaranteed income stream for retirement in order to cover their living expenses.
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Profit is decided by how many products sold and not by what is sold
The profit of a firm in the perfect market is determined by the number of products produced and marketed by the firm. The profit per unit remains the same for all firms and if a firm needs to increase its profit, the only way is to produce and market as many products as needed.
Walter posits that, in general, "regulatory constraints and litigation are relatively blunt instruments" in dealing with financial-services-related conflicts of interest. However, disincentives for crossing important lines of demarcation that are rooted in market discipline can be "substantially more cost-effective and surgical than constraints based on external regulation.
Gross Domestic Product (GDP) is the total market value of the final products produced and the services offered by a country in a given set of periods. This value is equal to the total of the spending by the consumer, investors and the government added with the value of the products and services exported after deducting the total value of imports.
The author of the paper will begin with the statement that Office Depot is currently facing significant challenges in the face of rising competition, poor national and international economic conditions, and an apparent inability to create a solid brand image for the company in the minds of ever-changing consumer preferences in retail.
The purpose of this paper is to show how internet technology has dramatically altered the way businesses operate and how significant e-commerce is for the UK economy and the major inhibitors which may affect the penetration of e-commerce. This paper also presents some workable solutions to tackle such inhibitors.
Type II organizations mentioned in this paper should understand that unethical practices can not be the solution for problems in business in the long term. Organizations should not wait to be governed by ethical codes and rules instead have high moral and ethical values themselves and should have an honest interest in serving its stakeholders.
The crisis has become the talk of everyone in the world and the stock market keeps rising and falling as if it is the breath of life in the world. As Americans, we are faced with a further financial crisis that looks very much like it will put us into a depression that is greater than the one that happened years ago.
The author states that the modern world is full of ambiguity. Given the current turmoil in the global markets, firms have to be very careful in their decision-making process giving importance to the macroeconomic events happening in the outside world. This can be achieved only through the integration of theories of economics with business practices.
Competitive markets, on the other hand, are those where firms will be able to exercise some degree of influence over the market price. This is mainly caused by the presence of only a few sellers, and/or products are differentiated rather than standardized. There are three varieties of markets with imperfect competition.
In a closed economy characterized by the presence of full wage and price flexibility, the equilibrium is supply determined. The factor market determines the aggregate supply of an economy. If we consider labor as the only variable factor of production for the sake of simplicity the labor market equilibrium determines the equilibrium level of employment.
In the present time, the extent of regulation is not that high and deregulation also carries attendant risks. The current global financial crisis that originated in the defaults on subprime mortgages has been caused by deregulation that increased the availability of credit without attendant safeguards.
The GDP treats free time and quality time with family the manner it treats basic human needs such as air and water: as possessing no importance at all (ibid). When the demand for a second occupation curtails the time available for the family or community, the GDP counts this loss as an economic leverage. Then there is the concern of obsessive-compulsive consumption.
Availability of variety in quality rises under imperfect markets and these do have positive effects on consumers' welfare. Most importantly, it is only through positive profit-making opportunities on offer under imperfect competition through technological advancements that arguably motivate the bulk of the innovations.