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Economics Essay Topics & Paper Examples

Why the World Should Be Living Smaller

Why the world should not be living smaller. With an ever-changing world, we cannot afford to be living smaller for the sake of others, let alone ourselves. Our economy is already unstable as it is. If people decide to live smaller, the rotation of money will slow down, only aiding the cease of the economy. Wants drive the economy. People buy what they want, and that keeps money in circulation. The world survives on the economy, and having a slow circulation of money is not going to continue this. When people stop buying maybe excessive, but enjoyable goods they are supporting you, as well as others. But if they stopped doing this, you wouldn’t receive the income. 9. 1% (roughly…

Difference Between Monopoly Pricing and Competitive Pricing

Congress is discussing the possibility of removing patent protection for life saving drugs in order to reduce the cost of the Medicare and Medicaid systems. Discuss both the short-run and long-run implications for the economic situation of the drug industry. Include in your answer the impact on prices, new development, etc. of drugs. Include appropriate graphs showing the difference between monopoly pricing and competitive pricing. The drug industry currently takes on both monopolistic and competitive market structures. When a drug company develops a new drug, there are patent laws that allow the company to have a monopoly on selling the drug. In the short-run, the company is able to charge the monopoly price (above marginal cost) and maximize profit by…

Caledonia Products

There are a lot of factors that Caledonia must consider when they are thinking about buying versus leasing a property. Leasing brings many positive savings in a company; there are many incidentals that may come up while owning a property, such as the unexpected repairs. Leasing can help with long term savings for a company; it provides the comfort of trying new areas out. If Caledonia starts to branch out, opens up new locations in different states, leasing the building will be a lot smarter of an idea than it would be to buy. Not knowing how well the company will do in that state, will provide tons of savings if things do not go as planned. Along with saving…

Business Economic – Macroeconomic

Question 10: a) Which of the following are final goods and services and which are intermediate goods and services? Please explain why in your answer. i) A windscreen purchased by a motor vehicle spare parts supplier; Intermediate goods – by national accounts (GDP) windscreen primary production value has already been accounted. It is being resold at a deflated value as second hand goods. ii) A new bulldozer to be used by a construction company; Final goods – when a construction company buys and uses a new bulldozer becomes intermediate goods when it is used in the production of their products services in subsequent periods. iii) A household cleaning service purchased by a family from a domestic cleaning service company; Final…

Business, a Practical Introduction

1. Scarcity increases the demand for a product, and increases the price that consumers are willing to pay for it. Scarcity of an item allows a seller to raise prices, while a surplus of an item means prices will decrease. 2. Macroeconomists would be concerned with issues such as job growth and unemployment, growth in industrial production, and the consumer price index. 3. Under a socialist economic system, businesses and industries can be state-owned or privately owned, depending on the country. 4. A downside to capitalism is the issue of income inequality. There is a considerable difference between the highest and lowest incomes, as indicated by the 2010 income information reported in the textbook for this course. Median pay for…

Japan – United Arab Emirates Economic system

The economy of a country is hugely pegged on Energy and Agriculture among other facets that characterize the growth of an economy. Energy is the dynamic indicator of the developmental level of countries. Eastern Asian countries are currently at acceleration in economic growth. Energy has been a key factor especially on the issue of renewable energy versus the crude oil use in fueling these economies. The UAE is currently contemplating the development of peaceful nuclear power energy that will be safe and secure. In fact, the US supports the UEA nuclear energy use. Japan imports 99% of its crude oil. Japan’s dependence on imported Fossil oil illustratively shows that in 2001, 50. 1% of all energy sources came from oil,…

What Extent Should Government Intervene in the Economy

An economic system is an organized approach to producing and distributing goods and services. It is an organize way to answer the three economic questions of what, how and to whom to produce. Although every country must have an economic system to answer these three economic questions, their method of producing and distributing largely depends on the country’s historical experience, form of government, objectives and ideologies. To some people, government intervention in the economy are consider significant to protect against the worst elements of capitalism while others think that such regulations are unnecessary invasions of their freedoms. To what extend should the government get involve in the economy. The government should take a limited role in the economy while allowing…

Key Sectors of Economic Growth in Kenya

Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product i.e. real GDP. In Kenya the key main sectors to achieve economic growth are agriculture which is the mainstay economic growth drivers, energy sector, manufacturing and industry, service sector which is mainly tourism, financial services and banking and also the private sector. All of these sectors are in line with the Kenya Vision 2030, the economic pillar. The key sectors are as discussed below: 1. AGRICULTURE: Agriculture has been the key factor of economic growth of Kenyan economy. It continues to be the key factor that…

Economic Liberalism

Economic liberalism was the prevailing economic philosophy in much of the nineteenth and early twentieth centuries, and the U. S. economy developed within its framework. Economic liberalism promoted freedom of action for die indivi¬dual and the firm through the doctrines of free trade, self-interest, private prop¬erty and competition. According to this philosophy, individuals were free to seek their own occupa¬tions, to enter any business, and to act as they saw fit to improve their economic welfare. Economic society was held together by mutual exchanges founded on the division of labor and prompted by self-interest. Self-interest was thus the motivat¬ing force of the economy. For example, to increase personal economic welfare, an individual might decide to produce goods and sell them…

Absolute and Comparative Advantage

An individual, a firm, a region, or a county may develop an area of specialization naturally, but frequently choices must be made to determine what to produce for exchange or trade. Producers should concentrate on the activity in which the)- have an absolute advantage. An absolute advantage is the ability to product a good or service using fewer resources than other producers use. In the United States, this situation occurs when one region of a country is more suited than another for producing certain pro¬ducts. Florida can grow oranges using fewer resources than Iowa, where heated green¬houses would be necessary. Iowa has vast, flat acreage and can produce corn much more efficiently than could Florida. Thus, Florida specializes in oranges…

Economic Growth and Development

During the beginning of the evolution of economics of development, no distinction was drawn between the economic growth and economic development. During the seventies, the economists thought of distinguishing the economic growth and economic development. When it comes to economic development, there are two different views. The traditional view has been to interpret it in terms of changes in the structure of national product and the occupational pattern of labor force and the institutional and technological changes that bring about such changes or accompany such changes. In this view, the share of agriculture in both national product and employment of labor force declines and that of industries and services increases. Various strategies of development which were suggested until seventies generally…

Relationship between productivity and the cost of production

What is the relationship between productivity and the cost of production? The relationship between productivity and the cost of production is your cost per day or per hour compared to your productivity. By examine these two things together. The productivity which is your output for the amount of hours worked compared to the total cost of a certain item – you will be able to reach a “break even analysis” showing you how much you need to a make minus the total coast to make a certain amount of money. Why is the demand of labor a derived demand? The request for labor is derivative from the production and demand for the item that is being demanded. If the demand…

Sara Lee Corporation

The five competitive forces for Sara Lee Corporation have overall caused an increase in competition. The threat of substitute products and buyer bargaining power are both a result in this increase. Sara Lee negotiates with the buyers so that their products are able to get more shelf space in the supermarkets. The five most important key success factors for Sara Lee’s various industries are distribution, low cost, capacity utilization, brand recognition, and product differentiation. Distribution is the most important because Sara Lee is widely globalized corporation, good distribution is necessary to remain competitive. Low cost is vital when competing in foreign markets against local and regional competitors with fewer costs. Higher capacity utilization will lead to improvement in economies of…

Differentiating Between Market Structures

Using the virtual organization of Kudler Fine Foods, evaluations will be made to determine market structure and competitiveness. Kudler Fine Foods current strategic plan for 2003, marketing overview, and market surveys will provide information to evaluate how Kudler competes in its market and where its strengths and weaknesses are located. Based on the evaluation of Kudler Fine Foods an applicable market structure will be determined and the structures effects on the organization and its long-term profitability. Recommendations will be made for Kudler Fine Foods while comparing real-world organizations. Kudler Fine Foods Located in the San Diego area, Kudler Fine Foods has three locations offering imported and domestic specialty foods. Founder, Kathy Kudler found the joy of gourmet cooking to be…

Ge Pestel Analysis

Politics highlight the role of nation governments, as the large global company, the firm has to deal with national political systems differently. The difficulties to negotiate with government conditions including tax systems, regulations and restriction which the firm has to adjust the service conditions and product requirements to get into the nation markets. These will be the huge impact which the firm has to be considered properly in order to work well with the governments and reach customer goals. However, The political conflict might have an effect on investment decisions of new entry. For example, according to Dibb and Lyndon, the research say that annually, firms in United States have to hand in tax returns to The Internal Revenue Authority…

Ge: Five Force Analysis of Case Study

The threat of new entry of the firm is somewhat small because the firm is the large company with long and specialized experience. It is difficulty for new entry to complete with existing products and services which need a large amount of investment and cost in order to run the business and develop the products and services. It is very difficult for the new entry because GE has a very strong brand and reputation as well as patents and know-how that has the new entry cannot be done in the short period in order to compete with GE and other major competitors in this industry. The power of buyers The bargaining power of the buyers is high. This is because,…

Case Write-Up: Galanz

This case shares with us about the story of Galanz Enterprises Group Co. Ltd. (Galanz) had transformed itself from a manufacturer of down feather products into a world class manufacturer of microwave ovens producing more than 50 per cent of the global output in 2007. This case describes the competitive and operational strategies that Galanz used to achieve such a meteoric growth. The company started out with a clear competitive strategy based on cost leadership. It designed and implemented operations system to help achieve lower cost through economy of scale, the transfer of production capacity from developed countries and full utilization of the available production capacity. Case Analysis & Problem solving 1. What were the order winner/order qualifier for Galanz…

Homework

Chapter 18 p534 1.What is the key assumption of the basic Keynesian model? Explain why this assumption is needed if one is to accept the view that aggregate spending is a driving force behind short-term economic fluctuations. The Keynesian model shows how fluctuations in planned aggregate expenditure can cause actual output to differ from potential output. This method is necessary because if it were not used companies would have to change prices every time there was a possible change in demand or quantity shift in inventory. With this method short term economic flux can happen when the a company does shift their price to meet demand. 3. Define planned aggregate expenditure and list its components. Why does planned spending change…

Sustainability Strategies Used in Woolworths

To analysis the environmental sustainability we must first understand the concept of Sustainability to help us preform a successful environmental analyses and define the key problem of Woolworths sustainability and recommend correct and fast result solutions so the Sustainability is a strategic plan that help’s companies to develop their economic growth over the long term through their interest in environmental and social problems and connect them to the business model of their company. The difference between corporate social responsibility and sustainability as sustainability involves forward path of the business profitability and changing the cultural of the company while social responsibility deals with issues retroactively and looks at the past actions that has been taking. Environmental sustainability Is a percentage of…

Adam Smith the Father of Modern Economics

The article, Adam Smith and the Invisible Hand by Helen Joyce, proved to be interesting reading. Although it was written about three years ago and the man himself lived more than 300 years ago, the man and his theories live on through the 21st century. Before I read the article, I had never heard of Adam Smith, but it appears his ideas have penetrated time. I started doing more research into the man and his theories. In order to understand his theories and how he thought about processes, one must understand his beginnings. Adam Smith was born in Scotland. He attended Glasgow University then Oxford University. It was his experience in this stay at Oxford that was the basis for…

Introduction of Shipping Containers

Until the 1960s, shipping had not changed much in decades. Handling cargo was a labor-intensive activity, and transportation costs and times—whether by land or by sea—were huge obstacles to trade, often making transcontinental, let alone global, and trade economically unfeasible. However something happened that changed that. That was the invention of the shipping container. The birth of the shipping container dates back to April 26, 1956 when a crane lifted fifty-eight aluminum truck bodies aboard an a ship called the Ideal-X docked in Newark, New Jersey. Five days later, the ship sailed in Houston, where fifty- eight trucks waited to take on the metal boxes and take them to their destinations. This heralded the beginning of a new era. Decades…

Dehavilland Inc

With the current production and upcoming product development and contracts up de Havilland Inc. decided that that the flap shroud and equipment bay door vendor arrangements needed to be reviewed. With no solid contracts in place and the request to review vendors and reduce costs. Creating long term relationships and multiple contracts gives the flexibility de Havilland requires. Issue Identification Immediate Issue Changing vendors for the supply of the flap shrouds and equipment bay doors due to the unwillingness of Dollard reducing their costs by 25%. de Havilland Inc. believes that their could be significant savings in total manufacturing. Some vendors are working without any contracts and any possible savings they could be losing without having contracts in place. The…

Major Challenges Before Indian Economy

This report has been an honest and dedicated attempt to make the analysis on marketing material as authentic as it could. And I earnestly hope that it provides useful and workable information and knowledge to any person reading it. During this period, I had the pleasure of working closely with accomplished organization people who shared with me their experience and helped me in completion of my research. I express my sincere thanks to my project guide Mr. Pranav Nagpurkar Lastly I am grateful to my parents who been my mentors and motivators. I am also thankful to all my batch mates who have been directly or indirectly involved in successful completion of this project. Indian economy is the tenth largest economy…

First Principles Of Economics

Trade offs are the costs and benefits obtained by taking a particular decision. Trade off analysis provide with the best decision to implement when comparing different activities. Each activity undertaken by an individual has costs and benefits. But the amount of costs and benefits differ and it is the discretion of an individual to determine the best activity to undertake (Krugmanwells, 2008). A trade off involves foregoing one activity which has more costs and pursuing another activity with higher benefits. In real life experience, a manufacturer may decide to install a new machine with higher production efficiency. As such, a cost will be incurred to establish the new system but the benefits of installing new machines supersede the costs. Opportunity…

Interrelationship between at least two problems

The economy of a state is very important and connected to many things in the life of each and every person. This paper will show that the economics of California affects the education and the immigrants in California. These three things are connected because both education and many things about immigration need money and money is a part of the economy. One of the things that connects the economy with education is Proposition 13 and government budgets. What connects the economy to immigration issues is their contribution to the economy and also their status as workers in the country. Proposition 13 was a move to limit property taxes by voters in 1978 and increased taxes in other places such as…

International Economy (Eu)& UK Construction Sector

When John Maynard Keynes, father of modern microeconomics, first formulated the theory of how to increase national product, brass domestic production, and address the issues of inflation and unemployment, government spending was the example that he drew upon as one of the economic solutions in order to escape such problems which had significantly impacted the United States in many European countries and even resulted in the economic Great Depression. This is important especially for the topic of construction and infrastructure in the United Kingdom because, as the economist had place it, construction and infrastructure projects are the largest government spending economic activities (Begg et al. 2008). Therefore, in the question of economic development for the UK, construction in such public…

International business

Global or regional integrator strategy would be the dominant market player in Asia and Latin America. The aim of this strategy is to give strength the strategic relation between regions in the social political and economic sphere. It helps in encouraging economic relations through investment which will help in innovation, technological development, and competitiveness in the industries and it also helps the industry to become efficient and earn profits (Frank 2007 p98). By Asia and Latin America adopting the regional or global integrator strategy in air line and telecommunication industries, it will lead to revival of trade in the regions or globally which will result to sustained growth, creation of jobs and elimination of poverty. Regional integrator strategy leads to…

International Business in Emerging Markets

The global exchange of capital, goods and services also referred to as national trade is the pre-dominant part of all economies. Advancement in time of transportation, transnational corporations, globalization and outsourcing practices have led to the growth and importance of international trade (Anderson et al, 1993). This importance accrues from the amount of revenue this trade generates. The importance of this trade is apparent in the amount of money, time, human and other resources that go into the planning of global trade affairs (Bhagwati, 1992). Entire ministries and budgets are dedicated to prepare transnational trade efforts. Memberships to regional trade bodies such as the European Union receive higher priority than political alliances while negotiation of trade treaties takes more of…

Accounting Analysis

Michael Burton has recently been hired as the CEO of Tesca Works, Inc. Previously he had been the marketing manager for a large manufacturing company and had established a reputation for identifying new consumer trends. Tesca Works Inc. is a California-based generator manufacturing company. The company is well known for manufacturing large, heavy-duty generators at a reasonable cost. One of its greatest achievements is that its generators can be easily modified or customized for different applications. Also, Tesca Works currently builds commercial appliances. The company is considering an expansion of its current product line to include refrigerator and maybe, sometime in the future, consumer appliances. Mr. Burton feels that due to high energy prices, consumers will be more willing to…

Essay on India—an Emerging Power in the World

Rare are the moments in history when a nation suddenly captures the imagination of the world. For India, those rare moments have arrived. The country is achieving a high economic growth of over 8 per cent of its GDP annually, on a consistent basis. In fact, India’s economic growth rate is second highest in the world-next only to China. The developed world has been left behind. The two Asian giants-India and China have today turned the leaders of growth of the global economy. One can get the measure of India’s resurgent economy from the fact that the world GDP growth is around 4 per cent. For advanced countries, the growth rate is around 3. 5 per cent, while India is…