The White House along with the past and present presidents of the country has always had a strong stance against the legalization of Marijuana due to the perceived ill effect the Cannabis plant can have on the health of people. Regardless of the official position of the White House though, 16 out of the 50 states have already legalized the use of marijuana within their borders to hugely positive results.
The main forces of the market are the forces of demand and supply. The interaction between these two forces develops the price mechanism in a free market economy. The price mechanism refers to the method interaction occurs between the decision of buyers (consumers that make consumption choices) and sellers (businesses that take decision about allocation of scarce resources among different productive uses).
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2) Emphasize our exports by lowering our dollar value or forcing our trade partners – China – to regulate more accurately its currency.3) having a balanced budget amendment. i) Identify the notable political advocates of all three positions. The first political advocates for all the above three position discussed above were the republicans followed by President George W.Bush, president Obama in 2010/2011 and members of republican.
Over the time ‘money’ came into existence and was used as the medium of exchange for all the goods and services. With the rise in the commercial activities the concept of ‘market’ came into subsistence. A market is simply a place where the buyers and the sellers come in contact with each other for the exchange of products and services.
The Economic and Monetary Union is a set of policies, that stipulates some economic and monetary measures for the member countries as decided upon by a Governing Council and implemented by the European Central Bank. The main area of the working of the Union is the formulation of the larger monetary objectives of the Eurozone.
Two separate regressions are run for each hypothesis. In each case this paper tests to see has there been a structural break in both data sets from Q1 2004 - Q2 2011 at the point of the policy implementation. Using a dummy variable when regressing the time-series data, results show that as forecasted.
Since, customers are now in a position to compare one service or product provider with his rivals, they can engage in negotiations, bending in their favour. This shift in paradigm has made businesses more customer and competitor oriented, whereas, previously these businesses were more internally focused.
Generally, the Mind Tools (2012) explains that generic strategies are in place purposely because of the presence of competitors. Having made this point, it would just be right to signal that Carnival Corporation as a global company has its own generic strategy because the company of course has its own competitors.
Given the criticisms and the contradictory relationship of what the fair trade, World Bank, IMF and Washington Consensus aim for and what their impacts are the fair - trade is only constituting to a real alternative to Washington Consensus if the trade liberalisation is really fair for both the developed and developed countries.
IKEA is conducting business in more than 41 countries with (Ikea, 2012) and sales from stores worldwide generated 26 billion euro in 2011, and this figure has increased from 22.5 billion euro in 2008 and almost 24 billion euro in 2010 (LaFranco, 2012). At IKEA, the heart of every activity has goal to ensure the availability of well designed functional home furnishing products.
Daily profit in China on the same basis without imposed tariff would be Ł 546,67, while with imposed tariff would only be Ł 373,33. However, as probability of imposing import tariff is 30% I calculated 70% of the number without tariff and 30% of the number with tariff and come to bigger final number than if production is based in Scotland at Ł 465,33.
In economics, competition is mainly described as the power that an individual firm has to influence the price in the industry. In perfect competition, no single individual firm has the power to influence the price set in the industry. According to Bilas, “the perfect competition is characterized by the presence of many firms.
The idea of punishable by death; however, is one which is now questioned because of the belief that one doesn’t have the right to take another life. While the death penalty creates questions on the morality and terms of the penalty, it is also impossible to determine whether this justification is right or wrong.
The target market of Toyota is customers who have average income and want buy durable and reliable cars. Toyota caters to the demand of the medium income group people. Toyota sells its cars in a number of countries all over the world and also has manufacturing plants in many countries.
Due to this severe economic stagnation, this period is also known as the “Lost Decade” of Japan. While it would not be correct to say that the Japanese government did nothing to spur growth during this period, strictly taking into account the resultant GDP, it does seem that whatever the government did was probably not enough.
Fig. 2. Shift of demand In Fig. 2, we see a new demand curve that is a result of substitute of soya milk. Here we see that the original demand for milk is DA, and a shift to substitute milk leads to a new demand curve which is DB. This means that the demand for milk will be reduced.
Barack Obama who signed the bill after four days of passing it and formed it as a law. The act was formed with the purpose of direct response to the crisis that America was facing then (Environmental Protection Agency, 2011). The objective of this paper is to study the goals and objectives that were set to be achieved through successful implementation of this act.
It shows how a research was performed and analyzes the results in form of tables, illustrates the trends in parking on hourly basis. The study was preformed in the month of June because in the beginning the financial year, the results were later compared with other year’s reports to bring out a basis of comparison in relation to price elasticity.
In the past, people used to indulge themselves in such practices without having the basics on the principles of economics. As a result, economic development was not achieved which necessitated the improvement in the approach to the operation of business by individuals as well as institution.
Consumer choice is a basic way of analyzing how equilibrium between preferences and expenditures can be achieved by consumers by maximizing utility in regard to their budget constraints. Two important terms to understand here are utility and budget constraints.
Broadly, rises in the overall price level of an economy is called inflation. The term stems from the fact that such rises in the price level increase the nominal market value of the real output and thus inflates the nominal GDP. Inflation is typically measured through changes in price level indices of an economy.
Using demand management policies to promote economic growth in the United Kingdom
There are some reports citing evidence that the economy will fall drastically in the initial four months of 2012. On another note, this may change to an increase in the coming months.
Unemployment might be defined as the number of person searching for job with their full initiative yet not getting one. People averse of working at any existing wage rate, for any reason what so ever, are considered as "economically inactive". Hence these people do not fall amidst the domain of Unemployment.
In order to achieve the objective or aim of this discussion, the paper uses questions and answers method with respect to the March 2012 budget. Questions and Answers 1. What is the macroeconomic situation? Despite the long span of economic stability, the financial crisis or 2008 and 2009 exposed an unbalanced as well as unstable economic growth in the United Kingdom.
The author states that the recession of 1920-21 declined as unemployment jumped from 4 percent at the beginning of the year to 12 percent at the end of the year. The GDP plummeted 17 percent the same year. President Harding took severe measures in 1920-22 and cut the budget in half. Tax rates were also drastically cut for all income sectors.
A Critical Evaluation of the Inside Job.Inside Job is a documentary based on the 2008 global economic crisis and delineates the reasons for one of the most devastating financial crisis of the history. The movie contains interviews of various personalities such as Hank Paulson, the former US treasury secretary, Dominique Strauss-Khan, the head of IMF and Christine Lagarde, the French finance minister (Bradshaw).
The preparation and production of the Human Development Report is done by the HDRO.1 Building a HDI involves the creation of dimension indices and then aggregating the sub-indices. In calculating the dimension indices, minimum and maximum values (also referred to as goalposts) are determined for the key input variables that are the life expectancy, education, and income level.
In the theme and basic knowledge explicitly outlined by the economist, he visits the availability of knowledge and the use of it thereof in modern society. Whiles doing this, the economist related economies to social science by making the assertion that the provisions that make social existence possible form the basis of the rational economic order.
The first person I got a chance to talk to was Kenneth Lay. Kenneth Lay was the CEO of the global enterprise Enron. The Enron Corporation came to its demise due to the greed and corruption of its executive management team. Mr. Lay was at the forefront of one of the biggest accounting scandals of the 21st century.
In this case, there is the thought from one school that socialism can only be possible through the presence of private property and other factors of production. This is the Mises theory on socialism, which advocates for the presence of these factors to allow for economic calculation to take place.
According to the paper, inflation has a direct effect on investment, it causes distortions in the economy, a lot of money is spent on buying the goods due to the increase in the prices, this, discourages savings because the money is worth more in the present. The reduction in savings leads to the amount of funds available for investments.
Every individual is concerned about their own or others health as it is one of the important aspects of the lives of human being. In this regard, health care system is quite crucial. It has been observed that the health care system of the United States of America is considered as one of the best and advanced in the world.
These include tariffs, which increase the price of imports; quotas, which are physical limits on the amount of goods that can be imported; and other non-tariff restrictions like legislation and regulations that make it hard for foreign competitors to export goods into another country.
“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.
The Enron Scandal Enron ranked seventh among world’s leading American energy companies before it went bankrupted due to its poor management strategies and financial reporting (Miller & Fusaro, 2002). Enron and its audit firm - Arthur Andersen, which was one of the five largest audit and accountancy partnership in the world, got bankrupted (Benston, 2003).
Name: Student Number: Short Essay: Macro & Micro Economics 1. Write a paragraph explaining why a “technology-based” water pollution-control standard might not be the most economically efficient (or cost-effective) way to achieve a given level of reduction in water pollution.
Three main aspects that make up fiscal policy include consumption, investment and government spending. The three aspects add up to determine the equilibrium level of the gross domestic product. On the other hand, monetary policies entail the strategies that are undertaken by the central bank to control money supply.
Poverty is a state where one is not in a position to cater for his basic needs and those of his family. When a person is not able to eat well, dress well, access basic education, access medical care and live in a good sanitized surrounding, then the person is said to be poor. Poverty is one of the major global social issues..
However, concerns are that the renting programs fail to meet long-term security need for the general population of the country and in particular the family members. Private sector renting has been acknowledged to provide alternative to housing problems within the country especially to young who are limited in financial power.
The author states that multilateralism is a necessity in amalgamating countries to fight for human civil liberties and freedom, and guarantee that egalitarianism prevails in the countries. Further, multilateralism in Australia promotes international justice globally, therefore, fostering peace and harmony.
1) A single-price monopolist's demand curve A) Is the same as the market demand curve? B) Is its marginal revenue curve. C) Shows that demand for the good is perfectly inelastic. D) is horizontal. E) Shows that demand for the good is perfectly elastic. 2) Expenditures on advertising A) Are variable costs so do not affect the average total cost.
This will factor in the different economic aspects of any economy which include the political institutions, social organization and the overall economic policies or the overriding political ideology. It has even established and agreed over a common currency which is the euro.
It pulled out of the global recession much sooner than did the United States, due to a myriad of factors. Moreover, the people of China still lag behind the rest of the world in terms of wealth, therefore China is reliant upon the world market for its growth.
According to the theory, it is assumed that capital allocation is quite significant for the development of economies. Capital allocation is defined as the strategic alliance to augment the means of production in a country which can further be identified as the physical infrastructural inputs, such as factories, warehouses, transports and other elements excluding human and financial variables (Kaldor, 1962).
Assignment Title By Your Name Class Name Instructor’s Name University Name Due Date Answer 1 The essentials of a valid contract include offer as the first and most important constituent. An offer is a clear statement of the terms on which one party (the offeror) is prepared to do business with another party (the offeree).
Although perfect competition is almost never found, the closest thing to perfect competition is the small businesses which sell street food in developing countries. The reason why they are a part of perfect competition is that the cost of entry and exit are very low, so any person / firm who see the existence of profit in the market can enter the market with comparatively very low costs.
Developing economies are impacted by various factors; one of the factors that have impacted almost all developed economies in both positive and negative manner is globalization. Certain economists believe that globalization impacts governments and nations only in a negative manner, other economists have a completely positive view of globalization.
The research delves into monopolistic competitive market. The mere mention of monopolistic competitive shows that there are many small competitors in the same market. The competitors sell different products that can fill the same need. For example, the grocery store sells different brands of cheese.
It is argued that obesity is avoidable not only through physical means, but also through behavioral changes (Youfa and May 8). In this regard, it is true to argue that law and economics play part in dictating individual behaviors.
From a microeconomics perspective, there is enough supporting evidence that minimum wage increases maintain negative outcomes to the economy. In similar accord, thinking from a macro perspective, minimum wage increases create similar negative economic conditions.