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Economics Essay Topics & Paper Examples

Chile’s economy

According to the CIA world fact book, Chile is located in the southern part of South America and it borders the South Pacific Ocean. It is endowed with natural resources like copper, iron ore, timber as well as precious metals. A brief history of Chile’s people in terms of their literacy levels and demographics is vital in as far as understanding any economy is concerned. Chile’s population as at July 2008 stood at 16 454 143 with the highest proportion in terms of age structure being from the 15-64 years category, the dependent age group 0-14 account for 23. 6% and those aged 65 and above account for 8. 8%. This is a plus to her economic growth as a…

Wsj Ways of Possibly Follow Cost Leadership and Differentiation Simultaneously

It is possible for a company to continue a cost leadership strategy and a differentiation strategy simultaneously but it does not work for everyone. Some businesses rather follow the low cost way by striving for efficiencies and economies of scale rather than focusing on differentiating themselves from the competitors in a way other than price. Some companies like Toyota have actually joined both. Porter explains that a company lacking one of the competitive strategies is easily left with no competitive advantage. Businesses that join overall low cost and high quality differentiation strategy offer high quality and low prices which eventually complicates things following cost leadership. Franchising is in a dilemma because their decline in revenue. Many are out looking for…

Why Study Economics

Many times in life we are presented with situations that can alter the way we view things and as a result may alter our decision making process from time to time. The ever-changing global economic situation is one such factor that does affect the way people live their lives from day to day since survival has now become the order of the day. We now have to be better able to evaluate our absolute advantages versus our comparative advantages. Governments, businesses and people can no longer solely rely on the many traditional methods in trying to cope with the many complex issues that we do face in today’s world. Because of this fact, there has been an increasing demand for…

Caledonia Leas or Buy

Describe factors Caledonia must consider if they were doing a lease versus buy Sense Caledonia is thinking of introducing a new product, the company must decide whether to lease or buy. Caledonia is in the 34 percent marginal tax bracket with a 15 percent required rate of return on cost of capital, the new project being a fad will only be a for five years. When deciding to lease, Caledonia must consider how reducing out of pocket cost could benefit the company. Though leasing would mean they do not fully own the product. When leasing, Caledonia must consider the rates that will be used in the cost of leasing. The company’s credit rating will determine if they will receive a…

Principles of Economics

Italy is one of industrial countries in the world in European. According to Central Intelligence Agency (CIA) (28 May 2009), Italy has two sections of economy; one is developed industrial north and less-developed with high unemployment in south. In 2008, the unemployment rate in Italy was estimated with 6. 8%, especially in agriculture. In the current financial crisis, many companies get stuck in financial difficulties so that they could not provide work and pay enough salary for employees. It leads to employees dismissal and workers become unemployment. In some other cases, people lose their jobs by their skills are not enough with work requirement and by many unpredictable reasons, namely natural calamity, earthquake, tsunami. Unemployment is one of the most…

Externalities in Economics

Externality is yet another significant source of market failure. It is owing to the lack of property rights that externality arises. According to Jaen (2005), by externality we mean the situation when the cost or benefits related to a transaction not only affects the transactors but also the other parties which is called party effect. Non-inclusion of such effect in decision making causes externality and hence market failure. Jaen added that an example of this is pollution from factories which adversely affects the health of the people in the neighborhood. But such a cost is not included in the estimation of cost of production; accordingly there is increase supply. This is called negative or harmful externality. Jaen (2005) added that…

Offshoring benefits and advantages

Some businesses choose offshoring to solve the issue of expertise, especially for IT personnel. These companies claim they simply cannot find enough qualified employess in the United States to do certain technology jobs. Do you agree with this assessment? Why or why not? From first glance at this statement, it seems like a line that from businesses to help justify their offshoring practices. This statement is one that seems like it would come out of the PR department when consumers are voicing their displeasure over the company’s choice to offshore their processes. It is definitely not the truth for a company in today’s economy. I have a number of friends that work for Nationwide Insurance here in Gainesville Fl. It…

The Heckscher-Ohlin

The Heckscher-Ohlin theorem of international trade argues that a capital abundant country is supposed to export those goods that are capital intensive while a country that is labor abundant is expected to export goods that are labor intensive, while David Ricardo argued that there should be free trade among countries and also there should be specialization among the individuals in production of any products. Ricardo later assumes that there is mutual benefit in trade between two countries even if one country has the resources while the other lacks the resources. The Heckscher-Ohlin theory assumes that the two countries in trade are identical apart from the differences in their resource endowments. The abundance in capital results in the capital abundant country…

SWOT Analysis of Regis Corporation

Section I – Organizational History Regis Corporation, a Fortune 1000 company, specializes in beauty salons, hair restoration centers, and cosmetology education. The Company owns, franchises, or holds ownership interests in approximately 12,700 worldwide locations (Regis Corporation, 2009). Regis’ corporate and franchise locations operate under concepts such as Supercuts, Sassoon Salon, Regis Salons, MasterCuts, SmartStyle and Hair Club for Men and Women (Regis Corporation, 2009). In addition, Regis maintains an ownership interest in Provalliance, which operates salons primarily in Europe, under the brands of Jean Louis David, Franck Provost and Saint Algue. Regis also maintains ownership interests in Empire Education Group in the U.S. and MY Style concepts in Japan. System-wide, these and other concepts are located in the U.S. and…

The Most Popular Trend in International Economics

Indeed, globalization is the most popular trend in international economics. Increasing integration of world markets and exchanges of information and technology are definitely expected to help the developing world. Thus, the thesis of Bhagwati’s book, In Defense of Globalization, must be agreed with. After all, foreign direct investments are an extraordinary boost for the economies of the developing world. Moreover, by importing and exporting more goods and services than before, a developing nation may very well increase its income and also improve the standard of living of its peoples. However, an increase in international trade is usually accompanied by an increase in income inequality, seeing that the majority of the people in developing nations are poor and cannot afford to…

Competitive Advantage theory

The last decades there is a brand new term going around in the world of business. Its name is Competitive Advantage. As various extremely important executives claim this factor can be the missing key, which will lead eventually a company to success. Allow me to give a first description of what I have understood, so far, of the competitive advantage term. According to what I have read and heard in lectures of the course Business Economics, I consider the C. A. to be the difference a company has from the rest of the market, which will help her to obtain not only higher profits but also longevity. As Michael Porter in his 1985 text says that, it is about the…

Collaborative Fund-Raising Activit

The Phoenix Homeless Agency (PHA) needs to increase funding to continue funding job counseling to qualifying recipients. While they regularly access traditional contracts and grants, the economy has increased the need for services immensely and required them to look for other sources. The Executive Director and Board of Directors have begun their search by using the internet, other agencies, and community networking. They have decided that there are three options that would yield revenue while also keeping costs under control so that they have money left over for their program; appealing to local government officials, contacting local businesses for donations, and holding a strong public donation campaign. First, by contacting local government officials the agency may access information about funding…

Global Economics Stakeholders

Any business organization has to be competitive in the business sector so as to keep in line with other competitors, or else getting competitive advantage over the other competitors might not be easy. The business organization has to therefore satisfy all its stakeholders and be in a better business position. The organization has got to ensure that the human resources are completely satisfied. A human resource which is satisfied will ensure that all the strategies of the organization are undertaken so as to achieve the general objectives. With a dedicated human resource, the organization would be able to develop a culture that is completely accepted to all the stakeholders and thus increase output. In many occasion, the way the organization…

Users Who Will Benefit from Financial Statements

The users of Financial Statements need them in order to satisfy some of their different needs for information. The following are the users and the ways in which they use this information in their decision making. Investors They are the providers of Capital for the entity. They require information in order to determine whether they should buy hold or sell. Shareholders are also interested in information which enables them to assess the ability of the entity to pay dividends. Employees They are interested in the information since they need to know about the stability and profitability of their employers. They are also interested in information which provides remuneration, retirement benefits and employment opportunities. Lenders Are interested in information that enable…

The Feed Resource Recovery

The Feed Resource Recovery concept is simple; to provide supermarket and restaurants with an onsite waste processing system that converts previously discarded food waste into a source of renewable energy and organic fertilizer. Having a great idea is just the beginning, to take this to the market they will have many issues to overcome. Opportunities Issues Time is always an issue for new business, but in this industry it is a little more crucial because the industry is growing very fast. Many competitors with similar ideas can appear with more money overnight so it’s possible other solutions could arise cheaper than R2. There are a handful of new firms with anaerobic digestion technologies, but none of them target the same…

The Invisible Hand Theory

“The Enquiry to the Nature and Cause of wealth and Nation” by Adam Smith is one of the well-known influenced books in the economy. As express on the title of the book, it shows Adam great interest on wealth condition of a nation. He doesn’t locate the wealth on natural resources and climates but in division of labor and the “Invisible Hand” within competition of free-market. In Vietnam, healthcare, education and retirement services are opaque and inefficiency due to State monopolization. So by applying the “Invisible Hand” theory to Vietnamese market, it would be a shift of local economy. The theory “Invisible Hand” In the book “The Enquiry to the Nature and Cause of the Wealth of Nation” by Adam…

The Advantage of Flexible Exchange Rates

Under flexible exchange rate system, a country is free to adopt an independent policy to conduct properly the domestic economic affairs. The monetary policy of a country is not limited or affected by the economic conditions of other countries. Solutions to Balance of Payment Problems: The system of flexible exchange rates automatically removes the disequilibrium in the balance of payments. When, there is deficit in the balance of payments, the external value of a country’s currency falls. As a result, exports are encouraged, and imports are discouraged by establishing equilibrium in the balance of payment. Shock Absorber: A fluctuating exchange rate system protects the domestic economy from the shocks produced by the disturbances generated in other countries. Promotes International Trade:…

Pareto Principle

The term “Pareto principle” can also refer to Pareto efficiency. The Pareto principle (also known as the 80–20 rule, the law of the vital few, and the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes. Business? management consultant Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who observed in 1906 that 80% of the land in Italy was owned by 20% of the population; he developed the principle by observing that 20% of the pea pods in his garden contained 80% of the peas. It is a common rule of thumb in business; e. g. , “80% of your sales come from…

Utilitarianism

Section One: 1. What is, “Utilitarianism” and why is it important to the study of businessgovernment relations? Utilitarianism is a usually described as the greatest happiness for the greatest number. It reflects the action that produces the most happiness for people; meaning that an action is good if it produces a higher ultility of happiness. The thoery treats all members of a society equally, balances the inequalities in wealth between rich and poor people and justifies human acts. For example, consider a single mother stealing baby formlua. In this case, the mother is not harming anyone else and her baby is getting the food it needs. The happiness of the mother is justified because her actions did not harm anyone,…

Pest: Investment and Insurance Industry

PEST analysis (Political, Economic, Social and Technological analysis) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. Insurance is one of the service factor that are expected to continue to drive growth in the economy. Thus the insurance sector play important role in supporting economic ,social and technology development. Economical factor Interest rate at bank very much affect to insurance industry, because people always attract by higher return. Therefore, they do not prefer lower return policy. Unemployment also affects insurance industry, because the unemployment people will not have earning, so saving also affect to life insurance sector. Life insurance industry will directly affected by Earthquake, Monsoon, and Natural calamity. Because of these events turns…

Rational Choice Theory

“Man is a rational animal who always loses his temper when he is called upon to act in accordance with the dictates of reason. ” As seen from Oscar Wilde’s famous quote, rationality is one of the most crucial and controversial subjects in studying human behavior. To study and examine this rationality, numerous scholars have tried to establish their own theories and generalize their explanation with empirical evidences from real world, which ultimately produces so called, the theory of rational choice. Rational Choice Theory is an approach to understand human behavior. The approach has long been the dominant paradigm in economics, but in recent several decades it has become more widely used in other fileds such as Sociology, Political Science,…

Location Decisions

Deciding on the best location for a new business or relocating an existing one is often crucial to its success. Location decisions choosing new sites for expansion or relocation of the business are some of the most important decisions made by management teams. Selecting the best site will have a significant effect on many departments of the business and, ultimately, on the profitability and chances of success of the whole firm. Location decisions have three key characteristics: They are strategic in nature as they are long term and have an impact on the whole business. •They are difficult to reverse if an error of judgment is made due to the costs of relocation. •They are taken at the highest management…

Motivation Letter

Economics, as a field, had always fascinated me right from my school days. As I grew up, I gradually came to appreciate the importance of economics in the modern world. In the university, I was fortunate to have been exposed to many interesting and challenging fields. However, I ultimately chose to major in Accounting, which provides me with fundamental knowledge of many economic-related theories and concepts, as well as familiarity with statistics and data analysis. I also learned the basic tenets of Economics in courses such as Finance, Management, Accounting and Public Finance. Subsequently I enhanced it with CMA Certificate courses right after graduation in 2006 These courses revealed to me the importance of the economic sector in the society,…

Problem in Rising Price of Commodity in World

India is faced today with one of the most critical economic situations. At no other time did Indians witness the horrible phenomenon of spiraling prices as they do today, prices are soaring like rackets and each day one finds a rise in prices of more or less all essential commodities. Inflationary pressures are doing plenty of mischief and the people of middle class families are finding it a Himalayan task to make both ends meet. In a developing economy, prices usually display an upward trend. But if prices keep rising persistently, they cause great hardship to the people. They spare neither the rich nor the poor, neither the producers nor the consumer. They make a economic activities uncertain and unstable,…

How Do Economic Incentives Affect Social Preferences and Behavior

For decades economic theories have relied heavily on the effectiveness of material incentives (Fehr & Gachter, 2001). According to the traditional exchange theory all people are exclusively motivated by their own material self-interest. It predicts that the introduction of a penalty will reduce the occurrence of the behavior that is subject to the fine. On the other hand it states that introducing a material incentive will lead to an increase of the behavior related to the bonus. Based on economic theory, incentives have become increasingly popular and are used to increase certain behaviors in various fields including environmental policy (Andersen & Sprenger, 2000; Barde & Smith, 1997; Baumol & Oates, 1988; Kahn, 1995; all cited in ThOgersen, 2003), household surveys…

Personal Statement For University

My intended major is Economics. My main interest in Economics lies in the field of macroeconomics and the principles that are involved. Macroeconomics has a way of showing how different policies are intertwined; such has policies in Healthcare regarding retirement benefits to how the world’s interest rate plays a role in our daily banking activities. When I graduated from kindergarten, I lived in Shanghai for a while because of my father’s job. At that time, of course I could not speak Chinese so I faced language barrier. However, I had such as experience so I have been interested in Chinese and other countries’ culture from my parents’ influence. I started to learn English, French (when I was junior high school…

Freakonomics position paper

Freakonomics is an “alternative” look at debunking some of the established wisdom as far as our ideas about life in general and economics in particular go. It is an irreverent and funny book about some of the truths that we take to be self-evident. It is one of the books in the new genre of non-fiction that attempts to question some of the academic theories that all of us take for granted. There are other books like “Black Swan”, “Undercover Economist” and “Tipping Point” that have tried to explain social phenomena in terms of going beyond the academic dogma. The topic for this essay is the “Perfect parent” hypothesis that deals with some of the myths concerning child rearing and…

International Business Finance

1.Introduction This report is specific for JKX Oil & Gas. She is a petroleum company focusing on exploration and production in countries of the ex Soviet Union and the Ukraine. Her management is considering weather following her competitor expansion into Far East and Oceania. In this report I am going to show analysis in two sections. The first section is analysis on motivation of cross border investment in using FDI and find out the reasons of home countries & host countries encourage company to FDI. The second section is evaluating any key causes of a financial crisis and show how financial crisis affect the international trading. 2.Motivations of using FDI as cross border investment Basically FDI could be divide into…

CEO of Ventura Electronics

Financial statement analysis is done by every successful corporation, as your team at Ventura Electronics very well knows. “Comparisons within a company are often useful to detect changes in financial relationships and significant trends” (Kimmel, Weygandt, and Keiso p. 653). Financial statement analysis is done by horizontal analysis, vertical analysis, and ratio analysis. “Horizontal analysis, also known as trend analysis, is a technique for evaluating a series of financial statement data over a period of time (Kimmel, Weygandt, and Keiso p. 54). If Ventura Electronics is interested in determining any increase or decrease in, for example, net sales (as an amount or percentage) than horizontal analysis are appropriate. Vertical analysis analyzes more specific data on the financial statement. “Vertical analysis,…

China Economy

The rapid rise of China as a major economic power within a time span of about three decades is often described by analysts as one of the greatest economic success stories in modern times. From 1979 (when economic reforms began) to 2011, China’s real gross domestic product (GDP) grew at an average annual rate of nearly 10%. From 1980 to 2011, real GDP grew 19-fold in real terms, real per capita GDP increased 14-fold, and an estimated 500 million people were raised out of extreme poverty. China is now the world’s second-largest economy and some analysts predict it could become the largest within a few years. Yet, on a per capita basis, China remains a relatively poor country. China’s economic…