Economics Paper Samples

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The Main Demand and Supply Factors

What have been the main demand and supply factors that have determined the general increase in global food prices over the last four years? To start with, the prices of major food commodities such as grains and vegetable oils have increased dramatically in recent four years, and to record highs...

Identifying a Developing Country

This paper attempts to explain the characteristics that can be used to identify a developing country. It also discusses the aspects of development (social, political, and economic aspects) It finally explores the relationship between democracy and development and also the three aspects of development. A developing country according to most...

Factors Affecting the Demand and the Supply for Products

Factors affecting the demand and the supply for products Demand and supply of the products and services are the two factors that are responsible for determining the price. It generally depends upon the quantity of the products consumers want to buy or the quality of products they can buy and...

Regulation of Market Structures

Industrial Regulation Industrial regulation is a set of governmental activities aimed at controlling and influencing market economies of industries, firms, and enterprises. Such activities may include “reforming company law, promoting unified markets, enacting mergers legislation, and a variety of other measures” (Sugden, 1993). Such kind of regulations, consisting in imposition...

Oil and Gas Prices in World Economy

The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization established at Baghdad, Iraq in September 1960 that coordinates the petroleum policies of eleven oil-producing member nations. Its founding members are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960 and 1975 the organization expanded to include Qatar (1961),...

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Impacts of Shift and Price Elasticity of Demand and Supply on Paper Industry

The world paper industry is dominated by the US, Canada, Finland and Latin America. “The US is the world largest paper consumer, and is home of the three world’s largest paper companies” (Paper industry.com). Demand and supply are the forces determining extend of resources allocation in any industry. In market...

Monetary Policy: Factors of Influence, Role of a Central Bank

The purpose of this study is to have a look into the factors which affect monetary policy. The study also involves bringing to light the role of a central bank in stabilizing an economy and economic indicators like unemployment, poverty, interest rates, and inflation. Role of the Phillips Curve Phillips...

Subprime Mortgage Crisis

Abstract The world economy is probably going through its worst phase right now, the subprime mortgage crisis and many other factors have impacted the world economy. The period of recession is going on and there is very little growth. The scope of growth is minimal. This paper will throw light...

Is There a Bubble in China’s Economy?

The meaning of a bubble in the economy Over the last few years, there has been tremendous growth in the Chinese economy. Financial analysts the world over have likened this growth to a bubble waiting to explode. The person who set off this “bubble debate” was the perceptive financial mind...

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Gross Domestic Product as Good Measure of Social Welfares

Normally a country’s Gross Domestic Product (GPD) is one of the ways used in measuring how to size the economy is. The simplest definition of the Gross Domestic Product of a country is that it is the market value of possibly all final products and services produced within a given...

Monopolistic Competition and Oligopoly’ Differences

Economists have differentiated among four different types of market competition: perfect and monopolistic competition, monopoly, and oligopoly (Collins 2012, p. 27). However, the dominant types among these are monopolistic competition and oligopoly, types that have some similarities, differences, advantages and disadvantages for potential clients. Monopolistic Competition Versus Oligopoly The structure...

Structuralism, Neo-Marxism, and Neoliberalism

Key Ideas in the Three Theories of Development: Structuralism, Neo-Marxism, and Neo-Liberalism The structuralist theory of development has fallen down the pecking order as a theory explaining economic development. However, it is still used in economic development debates, and it has a long-lasting impact. The structuralist theory proposes five key...

The Price Elasticity Concepts

Introduction The concepts of price elasticity of demand of a commodity is of great essentiality in economics as it shows how much the demand of a commodity will change as a result of price deviations. In other words it shows how the demand of the commodity responds to a price...

Gross Domestic Product and Its Growth Factors

Financial Calculations In the first place, it is essential to understand the mechanisms of GDP growth, as it defines the country’s wealth and recognition in the global arena. According to the case, it is vital to calculate the growth rate if real GDP was $13.1 trillion in 2013 and $13.3...

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Natural Resources and Successful Development

Introduction Natural resources are regarded as a principal factor that influences the development of an economy. When discussing natural resources, it is important to understand the term “land.” In economic terms, the land is seen as that part of the earth that encompasses forest wealth, minerals, climate, and water resources...

Gross Domestic Product of Estonia

Introduction The data exercise entails collecting and analyzing data for Estonia. The data analysis is carried out for a three year period, that is between 2009 and 2010. Some of the data that will be collected and analyzed are GDP, components of GDP, inflation, unemployment rate, and alternative measures of...

Global Inequality and Less Developed Countries

Introduction Globalization can be defined as the mass movement of people, goods and services resulting in greater interaction of people. Globalisation has actually resulted in opening trade and less restriction on trade since it can be seen as though people are living in a borderless world. With globalization, you find...

Kenya’s International Trade and Economic Development

Introduction Economic development is the visible, measurable and quantifiable aspects of progress and growth of any given state or nation. The visible aspects of economic development involve: Infrastructure like roads, housing/buildings, reacreational facilities, medical facilities, educational facilities, scientific innovations and technologies. On the other hand, the measurable and quantifiable aspects...

Economic Development in Theory and Real World

Economic Development: Definition and Understanding Economic development means different things to different people. It also signifies distinct and variable aspects to governments and economic scholars. However, they all boil down to almost the same conclusion. Economic development encompasses growth and incremental measures in many fields of the economy. Economic growth...

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The Great Recession Effects and Inflation Targeting

The great recession, whose deleterious effects were felt in the last decades, saw individuals and families lose their jobs and homes. The adverse effects have not completely been eradicated; recovery though slow is still in progress. Poverty levels in America increased, new individuals and families entered poverty. The aftermath of...

The Role of Immigrant Trends in in Metropolitan Areas

In recent years, researchers have concentrated on discussing the median household income as an indicator of success in relation to the development of the metropolitan areas’ economies. The other factor which is discussed as influencing the progress of the U.S. metropolitan areas is the factor of immigration because its rates...

Causes and Effects of Australians Current Low Unemployment Levels

Unemployment is a major issue that is affecting economic development of various countries. A country that is facing low levels of unemployment faces the problem of poverty. Before looking at causes and effects of low unemployment levels in Australia, it is very important to define what low unemployment means. Basically...

OPEC and Its Effect on the International Markets

Since after the WWII oil became a principal energy source, there aroused a need to regulate its production and consumption. With this aim, five countries supplying oil founded the Organization of the Petroleum Exporting Countries (OPEC) in 1960 to be joined by other members in the following years. The primary...

Low Oil Prices and Their Effect on World Economies

Summary The article deals with the issue of low oil prices and explores its effect on world economies. According to the author, the majority of the models offered by economists regarding the decline in the oil supply are based on the oversimplified premise and do not predict the development of...

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2008 Economic Crisis, Solutions and Policies

Introduction The latest global financial crisis is a severe fiscal and monetary crisis that has been experienced globally since the 1930s Great Depression. The significant decline in economic growth and practices of financial institutions in 2007 and 2008 was mainly blamed on the subprime mortgage crisis, where it enabled the...

China’s Role in the 21st-Century Global Economy

The 21st century has been a century dominated with economic growth and the rise of super powers such as the United States, china and Britain. Such powers play dominant roles in shaping the trend and nature of the global economy. This significantly affects the other nations still struggling with development...

International Trade and the US Economy

Countries pursue international trade to achieve their intended national objectives. Notably, international trade services without restrictions and barriers provide countries with numerous economic benefits regarding consumers, producers, the government, and the world economy (Jackson, 2010). In reality, however, trade restrictions and barriers exist because countries use them as political policies...

Rapidly Rising Oil Prices and Their Economic Impact

Introduction Oil prices determine the strength of the world economy and are an important determinant of the global economic performance. In the early years, the upward and the downward movements in the oil prices could be predicted more easily. But now due the increased speculation in the commodities market and...

Demand Analysis, Estimation, and Forecasting

The theory of demand refers to the economic principle associated with the connections between the demand of customers for products and services and prices established for them. The more there are services and goods available, the lower is the demand as well as the equilibrium price. Demand theory, therefore, underlines...

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Organic Foods Market in the United States

Introduction The United States is a country with one of the largest organic food markets in the world. Containing almost no pesticides and other harmful substances, organic food is believed to possess numerous advantages over conventional products. The report focuses on factors determining demand and supply for organic foods in...

Chinese Economy’s Exports and Future

Introduction China has been one of the countries that have experienced unprecedented growth over the past couple of years. It has been a great achievement for China to become a global economic power, which currently ranks second after the United States of America (Guo, 2012). There are a number of...

Oligopoly Economics: Coca-Cola & Pepsi Competition

The soft drinks sector is considered one of the most competitive markets in the food industry. It has a relatively low barrier of entry, wide availability of technologies that enable local producers to compete with international brands, and low requirements for research. Due to relative parity in taste and quality,...

Global Economy: Australia and the US

The Concept “The Business Cycle” The business cycle refers to the different periods through which an economy undergoes alternating phases of booms and contraction in the economy. Business cycle is characterised by various aspects. Throughout the business cycle, the economy undergoes through the periods of contraction and expansion. This comes...

Effects of International Trade on Qatar’s Economy

Introduction The international trade is a form of trade that comprises a number of countries, which import or export their products. The trade usually involves sell or purchase of finished products or raw materials and employs the use of foreign currencies among the involved countries. Initially, the trade was not...

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Kuwait’s Economy and Measurements

Introduction The prosperity of every country depends on its social, political, and economic development. It equally refers to both developed and developing states, with Kuwait representing the latter group. Located in the Middle East, this state has a small but relatively wealthy economy. The country is located in a desert,...

Australia Economic Analysis

The economy of Australia can be considered as amongst one of the largest capitalist economies of the world with an average gross domestic product of 1.5 trillion dollars annually. Australian economy has been rapidly expanding over the last few decades (Nieuwenhuysen et al., 2013). The development in its infrastructure, import,...

International Economy. The UAE’s Business Profile

Economic Overview The UAE is a major player in the world energy markets and it has third rank in world’s largest conventional oil reserves and fifth rank in largest natural gas reserves. It is the Middle East’s second largest economy after Saudi Arabia. The UAE economy is relying on its...

The Russian Market: Currency and Financial Risks

Executive Summary The Russian market is very attractive for investors because of the size and purchasing power of its consumers. The recent government policies that opened the Russian market to international society have a positive impact towards having a strong economy. However, the financial system of the country has remained...

Demand and Supply as Fundamentals of Economic Analysis

Introduction Demand and supply are the fundamentals of economic analysis as the interaction of the two forms a market. The law of demand and supply works in opposite ways in the sense that, when the prices of commodities change, demand and supply also change in opposite direction holding other factors...

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China’s Economic System

This present essay outlines China’s reformed economic system from a purely planned economy to a partial market economy, which includes certain Chinese characteristics. Also, the reasons for the change in the economic system are discussed. Finally in the end different challenges are mentioned that China is facing today to sustain...

Role of China in World Economics

Introduction Today China stands as one of the most important countries of the world because it is China that has not only participated in the world economy but also contributed in bringing social and political growth in the world economy and has contributed as a significant participant in the world...

Capitalistic Economy and Market Failures in Austria

Arguments in favour of a free market system of resource allocation Free market of system is also referred to as the capitalistic economy. In this kind of market economy, the resources are controlled by private sector (Zhang & Zhao 2011, p.106). This further implies that the government has little control...

International Credit in Contemporary Economies

Introduction Ever since the Second World War ended, a majority of the countries that were affected by the war have had to rely on other governments and international banking institutions for funds to be able to handle their economic problems. For this reason, the problem of international credit has intensified....

Economics. War and the Economy

Introduction The term war refers to any violent conflict that is often large scale and occurs between two groups of people or alliances due to their different views about an issue or issues. Different wars have occurred with varying motives (Kelly, R. p 48). Several factors have motivated wars between...

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Microeconomics Principles: Global Oil Consumption

“Economics is the social science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants.” (Robert Schenk). Global oil consumption has been increasing steadily over the years. Therefore there has been increasing demand for this vital but yet scarce commodity globally. Its...

British Economy Over the Past Two Years

Introduction The economy of the United Kingdom (UK) started to recover in the third quarter of 1992, and in the first quarter of 2008, the UK economy went through a period of sustained economic growth, averaging 3 percent a year (Dunnell). But since 2007, the GDP growth has been declining....

Supply and Demand Principles

Explain what happens to the price and quantity of milk when the following events occur A scientific study shows that the consumption of milk is beneficial for healthy bones. If a scientific study shows that the consumption of milk is beneficial for healthy bones, the demand for the commodity will...

Managerial Economics

Introduction Demand and supply of goods may be affected with the consideration of price fluctuations. If the goods are competing for the market, the changes in the demand and/or supply of either commodity will depend on the management decisions made by producers, with respect to countering the competition edge introduced...

The GDP and the S&P 500: Correlation Analysis

Introduction Economists have developed numerous parameters that they use in assessing economic performance of a country, a stock market, or a company. The gross domestic product (GDP) is an economic parameter that measures economic performance of a country whereas the Standard & Poor’s 500 (S&P 500) is an economic parameter...

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Thailand’s and the Pacific Rim Economic Policies

Early July 1997, the world awoke to heightened fears of a worldwide economic meltdown, the IMF crisis. This was a financial contagion that threatened to wipe out the entire Asian economy and had its origin in Thailand. A decade later questions have been asked whether the recovery of the Asian...

Services Industries and Building Economic Growth

Introduction Any economy is driven by the returns gained from the exchange of goods and services. Both goods and services are contributors to the revenue in an economy. Trade-in goods are slightly different from trade in services. Many scholars and analysts continue to support the idea that; trade in goods...

Economic Depression in Germany and USA 1920s

Introduction Considered as one of the most important factors that determine the living standards of each country, the level of economic growth plays an important role in ensuring independent, secured, and well-improved services in a country. In order to measure the level of economy in a country, it is vital...

China’s Economic Imbalance as a Development Threat

Introduction This paper focuses on China with the view of detailing the major issue that may present a challenge to the country’s future economic development. In the coming ten years, the Chinese political, financial, and international relations will be among the various issues that the economy will need to address....

Brazil’s, Russia’s, India’s China’s Economies

Background The BRIC nations include a set of four big states, namely Brazil, Russia, India, and China, which are emerging. These states are differentiated from a collection of new upcoming and promising markets through their fiscal and demographic potentials. Such potentials could be used to rank the BRIC states amongst...

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The Economy of Germany

Introduction The economy of Germany has emerged gradually from the impacts of the financial crisis experienced in the world from 2007-2008. Within the past decade, Germany has remained an influential player in the economic and political affairs of the European Union (EU). The government of Germany safeguards the rights of...

Business Environment in Japan

Country Information Background Japan is located on the Asian continent and has one of the most stable economies in this region. The annual average population growth rate in Japan stands at 1.9%, and this is projected to reach 130 million in 2018. The annual average GDP growth rate is 2.8,...

Argentina’s Monetary Policy During Recession Period

Introduction Theoretical frameworks are aimed at presenting courses of actions for countries faced with various economic situations. However, there may be a number of challenges and limits to practical applications of macroeconomic policy. This report will seek to investigate Argentina’s monetary policy during a recession period and derive lessons to...

Global Financial Crisis and Its Roots

Introduction Over the past few decades, the world has been trying to recover from the 2008 economic recession, which affected many economies around the globe. The recovery process has been slow to the extent that many countries around the globe are still struggling with high unemployment rates coupled with low...

Hardcore Cartels in Market Competition Terms

Abstract Cartels are amongst the gravest market rivalry breaches. Literature and other market structure reports claim that the formation of cartels is an offense both internationally and domestically. The competition authorities have globally intensified their efforts to track down hard-core cartels. However, industries could probably create hardcore cartels compared to...

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The 2007 US Financial Crisis Causes

Introduction This paper focuses on explaining the underlying causes, effects and policy response to the 2007 financial crisis. There is an increasing volume of literature on the subject matter. This paper will attempt to overcome the lopsided and idiosyncratic explanation of the crisis, which attributes it almost entirely on the...

Impact of Financial and Economic Crisis

A financial crisis involves massive changes in the credit value and prices of commodities in the market. A financial crisis affects the majority of a nation’s firms, sovereigns, and liquidity of assets. Two major factors that drive financial crisis are macroeconomic imbalances and changes in the internal or external market....

Microeconomics: Demand and Supply in Curves

“An increase in demand causes a price increase, but an increase in price causes a decrease in demand. Demand increases, therefore, largely cancel themselves out.” Based on classical theories of economic and the real-world situation, an increase in demand can be attributed to an increase in prices. It implies that...

Credit Crunch and Federal Reserve Bank Policy

Credit can generally be defined as the transaction amidst two parties in which, one party, such as the creditor or the lender supplies goods or money or other services or securities in return for a promised future payment by the other party, the borrower or the debtor. Payment of interest...

Lessons from the Financial Crisis of 2008

Introduction In 2008, the financial crisis hit the country. Many enterprises and financial institutions went bankrupt, while ordinary people lost their property due to the inability to payout loans. Nowadays, it is easier to analyze the reasons that have led to this major drop in the state’s economy. The housing...

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Immigrant Workers’ Influences on the US Economy

Introduction In a globalized economy, immigration has become a contentious issue. In highly industrialized countries like the United States and United, Kingdom immigration is seen as a problem especially when viewed from an economic perspective. According to a basic understanding of economics, resources are limited, and therefore the greater the...

Global Economy: Global Financial Crisis Influence

Presentation of the data in tables for each variable Table 1: Real GDP. Australia (Billion) China (Billion) Greece (Billion) 1999-2000 416.923 1198.47 124.418 2000-2001 380.428 1324.81 129.842 2001-2002 397.239 1453.83 146.05 2002-2003 468.469 1640.96 192.85 2003-2004 615.276 1931.64 227.95 2004-2005 696.034 2256.90 240.076 2005-2006 749.316 2712.95 262.053 2006-2007 856.816 3494.06...

Sweden’ Development and Economic Performance

Sweden is a Scandinavian country found in the northern parts of Europe and is widely known for its welfare state. The country is divided into 25 provinces with a total population of 9.3 million people. Sweden is Europe’s fourth largest country and covers an area of 449964 square kilometers. By...

The U.S. Economy vs the Global Economy

Introduction The US economy is in a recession. The US economy is headed for a recession. The US economy is at a standstill. Such is the proclamation of doom that is being directed everywhere by media houses, politicians, economists and institutions involved in research. Events on the ground indicate that...

Fiscal and Monetary Policy in Australia

The ‘medium term framework’ of fiscal policy and its relation to government finances The main element when managing public expenditure is the allocation of resources in relation to the economic priorities. This is the main idea behind the establishment of the medium term framework in reference to fiscal policy that...

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National Economic Policies and Principles

Assume that the policymakers in a closed economy want to increase output without changing interest rates. What kind of policy mix would you recommend and how would your policy mix affect the components of GDP? Explain your answer and the adjustment processes that take place with the help of an...

National Policies in the Closed Economy

A closed economy is that which is not influenced by external factors of demand and supply. Some of the external factors are international interest rates and international inflation rates. This economy’s GDP is dependent on consumer income and expenditure, government income and expenditure and taxation. It is however not affected...

Monetary Policy and Its Effects on the Economy

Introduction Monetary policy involves the management of the money supply in a country’s economy. This is carried by the central banks, government, and monetary authority. In the United States of America, the Federal Reserve is responsible for monitoring and managing the money supply. The money supply is carried to help...

Controlling the Rate of Unemployment

Introduction Natural rate of unemployment can simply be defined as the equilibrium rate of unemployment. This rate normally comprises both structural and frictional unemployment. The government can only slash the natural rate of unemployment by cutting the horizontal distance between the supply curve of labour and the labour force curve....

Australia’s Economic Growth Relies on Asia’s Resource Demand

Introduction The Australian economy is largely based on the mining industry and other raw materials, with Asia being a key market. As regards the issue of whether the country’s economic growth relies on Asia’s continuing demand for resources, this is an issue that warrants further exploration. In this paper, the...

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Credit Crunch: Business Analysis

Introduction: General View on Credit crunch Any large business house, consumer expenditures or governmental schemes may borrow public money in the form of selling shares.1 It is the function of large financial institutions, such as banks, to issue or generate credit transactions. A smooth inflow of credit between the borrower...

Internal and External Economic Balance

Introduction An open economy is an analysis of an economy where we consider the foreign sector, by considering the foreign sector we mean that the economic performance of a country depends also on other countries in terms of imports and exports. Open economy the model is Y=C + I +...

Sources of Energy Review

Introduction Energy supply refers to the total quantity of usable energy that mankind can utilize. The main sources of energy are Fossil Fuels, Water Power, Wind Power, Nuclear Power, Tidal Power, Biomass Power, Solar Power, and Geothermal Power. Fossil fuels Fossil Fuels come from decaying plants and animals for hundreds...

International Debt Crisis and Development Economics

Introduction The international debt crisis refers to the inability of developing nations to repay sovereign debts borrowed from international market, development institutions and sovereign governments (Gall 17). Traditionally, the crisis has been associated with developing nations, most of which are in Africa, Pacific and Latin America. Those being the debtors,...

OPEC and Non-OPEC Crude Oil Supplies With OECD and Non-OECD

Definition Crude oil, also called petroleum is an inflammable substance that is found beneath the earth’s crust. Petroleum is a Greek word, which means rock oil. So it comes from rocks, in two forms – liquid and gas. The liquid form is called Crude Oil while the gaseous form, which...

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Minimum Wage and the Poverty Gap

Introduction According to the Union of International Associations (2007), the lack of minimum wage fixing escalates industrial conflict and impedes the development of stable collective bargaining relationships. Likewise, levels of wages not enough to maintain family life, long hours of work, women’s night work, industrial homework, sweatshop methods, and child...

Detailed Macroeconomic Study of the United Kingdom

Introduction Macroeconomics This is a branch of economics that deals with the aggregate factors in the economy, it entails factors such as unemployment, inflation, foreign exchange, and investment unlike microeconomics which deals with is mostly involved in setting prices for the scarce resources. Macroeconomics tries to explain the reasons for...

Theory of Demand and Supply of Houses

How the Theory of Demand and Supply Affects the Supply and Demand of Houses The theory of demand and supply tends to explain the behavior of sellers as well as buyers as far as the price and quantity of goods supplied and purchased is concerned. This model encompasses two scenarios...

Comparison of Market Reforms in China and Russia

Introduction China’s market reforms began under the administration of Deng Xiaoping in 1978, whereas market reforms in Russia started in 1985 under the Gorbachev’s administration (Barry N, 1995 pp. 17-380) (Moore T, 2002 pp 78-105). During this period many economists and experts were optimistic that Russia would effectively achieve a...

The Economy of the United States: Micro and Macroeconomics

Introduction Economics is a social science and that deals with structure and performance of national economy as a whole. People who seek to understand the trends of economy are known as economists. Macro economy is also a branch of economics and the specialists of macro economy are known as Macro...

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US Economy in the Sixties Analysis

Introduction The African Americans and other minor groups in America were not seen to have any rights as compared to the whites and these people were discriminated in terms of education, economic and social conditions, political; conditions. This meant that such groups were highly affected by poverty and problems of...

How Successful Is the Theory of Comparative Advantage?

Introduction The concept of comparative advantage is central to the international trade discourses that are driven by perspectives of competitive advantage. In a bid to place organisations’ goods and services in the global market, price is an important factor that enhances the competitive advantage of an organisation in comparison with...

Economic Development and Population: Malthus and Ricardo’ Views

Malthus and Ricardo, a Comparison and Contrast of their Views Development and Population Research ascertains that most of the economic theories that were developed in the 19th and 20th centuries were focused on the way the market economies functioned during that period. Among the prominent economic theorists during this period...

Economic Indicators and Country Comparisons: the UAE and UK

Economic indicators are statistics about the performance of a country’s economy. These indicators are used in the analysis of economic performance and are vital in the predictions of future development performance of countries. Economic indicators are vital tools in studying business cycles (Clark 26). Economists have used economic indicators to...

The Contribution of Adam Smith to Economics

Introduction Adam Smith was a philosopher, political economist, and a major enlightenment figure from Scotland who lived between the years 1723 and 1790 (Berry, Paganelli & Smith, 2013). He is known for authoring two literary works that catapulted him to fame as both a political economist and a moral philosopher....

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Market Societies in the Economic Theories Context

Introduction The market society also has a close reference to the term “commercial society.” Market society overrides a materialized system of trade. The system offers originality and an accessible means of integrating the modern market social thoughts with the aim of changing people’s concepts regarding trade. The market system arguments...

Internalization Theory and Eclectic Paradigm

Introduction The life cycle of a product has three stages. The first stage relates to the initial location of production. When the product is new it is produced in the home market because of the need for efficient coordination between different units of production as well as local demand. In...

Adam Smith Contribution in Economics

Introduction Adam Smith was a philosopher, political economist, and a major enlightenment figure from Scotland who lived between the years 1723 and 1790 (Berry, Paganelli & Smith, 2013). He is known for authoring two literary works that catapulted him to fame as both a political economist and a moral philosopher....

Different Market Structures Analysis

Introduction Market structure is defined based on the number of businesses operating in the market. These businesses may be producing identical products or operating in different lines of products. Based on the number of competitors in the market, various market structures have different amounts of market control. If competition is...

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Supply and Demand Roles in Economics

Introduction The significance of both supply and demand in a business setting is that they determine the level of sales or revenue. Thus a firm must understand the factors that affect the supply and demand for its goods. The concept of elasticity is used to predict the influence of variables...

Complementary and Substitute Products: Demand and Quantity

Demand and Quantity Demanded There is a clear distinction between demand and quantity demanded; furthermore, they have their own significance in the economics arena. In economics, the term demand refers to the will associated with purchasing a product, which one can afford, meaning that the price must be contained within...

Minimum Wage Effects on Economies

Introduction Income inequality remains to be one of the key challenges to the attainment of economic development in the United States, other developed economies, the emerging economics, and the underdeveloped economies. More often than not, the issue of minimum wage has come out strongly in economic forums that are meant...

Why Raising Minimum Wage Is a Good Idea?

Introduction The subject of raising the minimum wage is very emotional and often attracts confrontational debate between those who oppose the idea and those who support it. The proponents of raising the minimum wage argue that it would pull more people above the poverty line, increase the morale of employees,...

South Korean Economic Development and Its Factors

Introduction South Korea has had an impressive reputation in economic success based on sustained economic growth and industrialization, despite being among the poorest countries in the 1960’s. Generally, South Korea’s industrial transformation was aided greatly by the U.S government, which had high hopes that South Korea would become a model...

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