Introduction The industrial revolution provided opportunities that created jobs and increased production greatly boosting our economy. During this time, most workers in the United States were blue-collar workers doing physical work in factories. This has however changed with time as our economy has increasingly moved towards a knowledge-based economy. Most...
Executive summary United Arab Emirates nationals have overtime preferred to work in government related job opportunities rather than working in privately run enterprises. This tendency of the Emirate population of ignoring jobs under the private sector has been triggered by the various factors facing the job market within the Asian...
Introduction Social ecology can be understood by considering the troubles emanating from social struggles. Social ecology covers the ethnic, cultural, economic, as well as gender aspects of human beings. How human beings treat each other is important in helping one understand how to address environmental emergencies. The market structure today...
Introduction The Post-Keynesian economics appreciates the importance of the effective demand principle in the short and long run economic adjustments towards full employment. Led by Paul Davidson and Hyman Minsky, the Post-Keynesian economics has positive contributions towards overall economics growth in the world. Their basis goes beyond the theory of...
Introduction War in the Middle East We begin by focusing on the war in Iraq which resulted in diverting resources to finance one of the most unprecedented wars of our time. This directly affected capital expenditure and recurrent expenditure. The monetary resources could have been used for useful development or...
Introduction Brazil has an annual gross domestic product growing at the rate of 5% and this makes it one the fastest developing country in the world in terms of the economy (Waddell, 2004). The gross domestic product of Brazil was projected to the tune of 2.9 trillion using the Brazilian...
The following discourse is an analysis of Rudiger Ahrend’s article concerning the economic status of 21st century Russia. Unless otherwise stated all the ideas are taken from Ahrend’s work. In the said article, Ahrend argued that Russian economic development is in peril unless it will adopt drastic measures to remedy...
Introduction There are some terms commonly used that may not be confusing but are not very clear. Unless these are understood it will be difficult to parley into the impact of the economic downturn on the sales of inferior goods. What are meant by recession and depression? A familiar joke...
Overview Various countries have enacted smoke free laws to protect people from the impacts of second hand smoke and United States of America and the Great Britain have not been left behind. These laws cite scientific evidence to assert that smoking of cigarettes is harmful to both the smokers and...
Introduction A period of Global economical slowdown is economically termed as “Global Recession”. Global Recession is defined by the International Monetary Fund, and they consider a lot of factors before terming a period global recession. One of the most important aspects of global recession that is when the total global...
The trauma of the global financial crisis has clearly not alleviated from the Asian region, particularly if we talk about the East Asian economical condition, this region is prepared to collaborate with the West to reap the benefits of integrated financial systems. The Hong Kong Monetary Authority, being at the...
Introduction According to (Tanzi, 1999) an Underground economy is the market where trade regulations are not followed, and taxes that are supposed to be paid are avoided. It covers various activities which are carried out in large countries with a high rate of corruption and legal monopolies but the rate...
Overview The 2007-2009 global financial crisis was initially referred to as the credit crisis and it was first felt in July 2007 in the United States when secured mortgage investors lost trust and confidence in the financial institutions. This resulted in a liquidity crisis which then led the central banks...
Executive summary As an emerging market in the Latin American region, the nations’ mining industry in general, and copper production in particular is of great significance to this country. Towards this end, Chile has managed to maintain the position of a leading global producer of copper. The Chilean government through...
Opportunity Cost Opportunity cost is defined as the cost of the forgone alternative. We, as consumers, make several choices every day and sacrifice something to gain the other. We may choose one alternative at the cost of the next best alternative which is then referred to as opportunity cost in...
Introduction Economic profits can be defined as total revenues – Total opportunity cost or as total revenues less explicit and implicit costs. Then, why will a firm continue business when it is making zero economic profits? The answer to this question will be explored using many avenues. To begin with...
Introduction The European Union is a collection of 27 European countries who have come together to form a common economic as well as political union. The Second World War left a great destruction of the infrastructures as well as the economies of the European countries. These countries decided to come...
Introduction The identification of physical and environmental risk factors includes the identification of sound and noise, vibration, climate, lighting, air quality, and their influence on work performance. All these physical and environmental characters can cause problems to the worker with diseases leading to absenteeism and poor work performances. “The Health...
Introduction Background From the fourth quarter of 2007, many countries around the world started to experience an economic downturn that grew by the day to earn the unpleasant connotation of being the worst recession the world has ever experienced since the Great Depression of the 1930s. Starting from the well-established...
Introduction The past century, has clearly shown us that there is more to life than possessing material goods and having reliable services. The valuable pleasure derived from drinking clean adequate water, breathing free and fresh air and enjoyment of nature’s splendorous beauty provides the human species with a costless sustainability...
Introduction The processes and tendencies associated with the variations of the oil price are regarded as the key ruling forces of the global economy. Originally, oil is regarded as one of the strategic resources, and it is one of the most expensive goods in global trade. The changes in the...
Introduction It is a common economic argument that cash transfers are better than in kind transfers when deciding how to assist the poor. This statement is based on certain assumptions and can be rendered invalid if the assumptions do not exist. The paper shall look at the traditional economists’ argument...
Introduction The use of non-original components has become very rampant in industries today. The firms believe that the use of non-original components will save them a lot of costs because they are obtained cheaply. Every firm in any industry aims to maximize profits subject to cost constraints. Profit maximization is...
Abstract The economic crisis is a situation where there is downfall or sluggish growth in all the economic sectors coupled with the increasing rate of unemployment. Previously the economic crisis was viewed to be the problem of the less developed countries but currently, it’s the problem of all the countries...
Asia- Pacific countries consist of a large number of countries of which Australia is amongst them. In this region, there have been diverse developments that have taken place over the past decades. This has impacted the rate of economic growth of the member countries. Economic growth refers to the positive...
This reports on an effort to test the exogenous and endogenous theories of economic growth employing OLS regression on a sample of time series data from the Penn World database. The trial run was only partially successful owing to the limited variables in the dataset and because preliminary test runs...
Introduction There has been a lot of debate among politicians, environmentalists, activists, scientists, and other people concerned about further decisions on the matter of offshore drilling of oil. Naturally, every disputable issue is discussed in the press and public; some people are interested in developing the oil fields in the...
To start with innovation is the ability to create something new. Contrary to popular belief innovation is not only preserved for genius individuals or those people with an extraordinary brain capacity. In fact, innovation can be done by any individuals provided they are equipped with enough knowledge regarding a particular...
An oligopoly is a kind of market structure wherein a few sellers (oligopolists) control the proceedings in an industry or a certain market segment. The term is derived from the Greek word oligo meaning ‘few’ and the word opoly is like in monopoly or duopoly. Since there are only a...
Introduction This work aims to achieve multiple objectives; on one hand, it serves to identify two papers of research on any topic pertaining to the hospitality industry, and critically evaluates these in light of the research objectives, methodology employed for the research, it’s philosophical roots, justifications on the validity of...
The Economy is experiencing the worst economic condition since the great depression of 1930, the credit facility is experiencing a freeze, liquidity has eroded, and already 2 million jobs have been lost in the last year with the forecasts of another 3 to 5 million jobs being lost this year....
Introduction Oil sands are also known as tar sands or extra heavy oil. It is a type of bitumen deposit. This is a mix of sand or clay, water and petroleum is called bitumen. Large quantities of oil sands are found in Canada and Venezuela. In Canada the vast majority...
Introduction Socialist planning is being used to minimize the control of the markets and help in stabilizing the economy. In this way, the markets play a role in the promotion of democracy. Socialist planning involves the less privileged people in the society in which case authority is exercised from the...
Introduction The current economic recession has caused unprecedented turmoil for many economies of the world. The recession came soon after a boom leading to understandable confusion among the business as well as national governments across the globe. Elements of globalization, modernization as well as the development of international markets have...
Introduction The current recession is a result of several factors, but the fiasco in subprime mortgages in the United States and high or fluctuating prices of crude oil are some of the key issues (IMF 56). The crisis in the subprime mortgage sector has had significant consequences on both banks...
Introduction Minimum wages and their relationship with employment and/or unemployment have been of great interest to economists. Theoretically, minimum wages, if set above the market-clearing wage rate, will reduce employment and increase unemployment. Most of the empirical results also tend to support this theoretical assertion. The effect of minimum wage...
Introduction Historical materialism is a term that refers to a methodological assessment of economics, society as well as history. This concept was for the first time articulate by Karl Marx, although on his part, Marx termed this approach as “the materialist conception of history.” (Ritzer & Smart, 2001). The concept...
The term Keiretsu is a Japanese word that refers to ‘series’ or affiliated companies with significantly strong ties that bind them together (Hudec& Bhagwati, 1996). The relationship between the Keiretsu groups and the banks seemed too complex for the foreigners. This is because the network was vastly inflated with overlapping...
Recent corporate scandals have enhanced financial reporting especially of Enron, Worldcom, Tyco, and HealthSouth have collapsed at the beginning of the new millennium, which enhances to enacted of several legislation and financial reporting all over the world. Such as the US law, Sarbanes-Oxley Act 2002 has been enacted to protect...
Asian countries recorded such phenomenal growth and improved standards of living in the 1990s that they were collectively called the Tigers. For these countries, a golden era had arrived and the only way to go seemed forward. The dream of prosperity that the Tigers had in the 1990s would seem...
Introduction In microeconomics, the indifference curve is assumed to be the graph that shows diverse bundles of goods where each bundle is measured as to the quantity in which the consumer is indifferent. The major function of indifference curves is to represent demand patterns for individual consumers over bundles of...
Managerial decision making is important for the growth and success of a business enterprise. The kind of decision made will be affected by among others, the industry and the market that the firm operates in. in this case, the decision made in a perfectly competitive market will be different from...
Introduction Asia, the economic tiger of the globe has recorded an annual growth of 5-10% for the previous decade until 1997. The western as well as US investors were driving their investment in the Asian countries. The donor agencies influenced the Asian countries to create more flexibility and openness in...
Introduction On 6the July 2005, the International Olympic Committee, London was granted the right to stage the 2012 Olympic and Paralympics Games after a competitive bidding process. The competitive biding for London to host the games was represented by various parties; these include British Olympic Association (BOA), government through the...
Outline Democracy and its principles of Commercial society has been coloured by the works of many philosophers. This essay compares and contrasts between John Locke and Jean-Jacques Rousseau’s approach to the dynamics of the modern commercial society. The essay develops the argument by first examining the chronological differences in times...
This essay examines the theoretical paradigms, historical narratives and sociological variations to explain why underdeveloped countries are underdeveloped. The essay first examines issues of underdevelopment through an exposition on the Marxist theory, Two-tier Dependency theory, World Systems theory, Modernization theory and the Globalization theory. Then the aspect of Realism and...
Innovation refers to the process where a firm comes up with new creative ideas on how to produce new products and services that suit customer requirements. In the current business, environment competition has become so stiff that only innovative firms can survive. New products and services are hitting the market...
The validity of the old saying “history repeats itself” can be best illustrated when we compare the causes of American Great Depression in thirties with the current economic crisis. In his article “Main Causes of the Great Depression”, Paul Alexander Gusmorino provides us with insight on variety of reasons as...
Executive Summary Different analyses have been carried out on the issues affecting the development of most countries in the world and India has been one major country of focus. With the various reports from the World economic surveys and the World Bank, it is clear that India is one country...
Abstract Led by Robert Bruce, the World Bank (WB) is a financial institution that was created as a ratification of the Bretton Woods agreement during United Nations Monetary and Financial Conference in July 1944. The bank was created mainly to rebuild the war-torn Europe after the World War II. Though...
Introduction and background information In the period after the Second World War, the most promising economic giant in Asia was thought to be the Philippines and not current Japan. The country had a stable political environment with major homogeneity in race and language. It also had warm relations with the...
Non profit organizations are constantly exposed to risks of abuse and fraud which are growing by the day. Business news today is reflective about the ongoing array of unaccounted assets, earnings that are restated and repeated instances of fraud in companies. Such cases are mostly represented by some big names...
Executive Summary General Motors is one of the largest automobile companies in the world. It provides all transportation-related solutions. The company has been facing negative profits and sales revenue in 2005-07. There are various reasons which are portrayed to be the main reason behind this problem. One problem that we...
Economic performance Italy’s economy has experienced dramatic changes from an economy based on agriculture into an industrial economy. It has been ranked the 6th biggest economy in the world and is a member of the G8, the most industrialized country in the world. Italy is ranked third among EU member...
Analysis The first issue could be rephrased as follows: “Is decentralization with integration possible or do they contradict each other for Bunge? To have decentralized organizational structure but its value chain managed in an integrated fashion can be a plausible in reality because decentralization does not necessarily mean lack of...
A stimulus package is a government injection of funds to an economy that is deemed as ailing. This occurs when the economy has been on a down turn and is trying to revive its various economic sub- sectors. A stimulus package tries to boost the people’s purchasing power and provides...
The key characteristics of the neoclassical paradigm of the labor market The neoclassical paradigm of the labor market includes the concepts, theories and models of a free market emphasizing on its fairness, flexibility, self-regulating constancy and dynamism. Here, the labor market inflexibilities undermine flexibility as imposed through the interventionist policies...
Abstract The current global recession has impacted every sphere of the economy. Business entities have been hit hard owing to reduced demand for goods and services. Business entities have been hit hard owing to reduced demand for goods and services. Nonetheless, the SMEs (Small and Medium Enterprises) have been the...
Introduction The term “market failure” in economics conveys a special meaning, which refers to a situation when the market left on its own does not allocate resources efficiently. This market failure would lead to loss of economic efficiency. Market failure is identified to exist “when the competitive outcome of markets...
The world of business is full of direct instructions on how to deal with money and all constituent parts, such as partners, customers, goods specifications, and services. This can be also mentioned with a sort of technological approach which helps to fasten the process of making goods or services possible...
Introduction Scarcity of water is increasingly becoming a problem for most countries in the world. It is estimated that by 2025 a very large proportion of the world population will experience physical as well as economic water scarcity. Physical water supply is the supply of water for personal use and...
Introduction The modern Olympics games began in 1896 in Athens. Historically the games have survived many tribulations like wars and boycotts. Olympics are held every four years and the future of the mega event has grown due to the widespread perception that it has a positive impact on the economy...
Introduction Nowadays, many commercial and governmental institutions are being often required to undergo the process of restructuring, in order to be able to address the variety of socio-political and business challenges. As practice shows, such restructuring often comes at the price of organizations facing the prospect of losing employees, closing...
Introduction Game theory is utilized extensively in social sciences especially in environmental science, engineering, biased science, global associations, computer science as well as way of life. It is also considered as a branch of applied mathematics. When Game theory is applied properly, it helps individuals to make the right choices...
Executive Summary Business is now driving factor of world economy. From the ancient time, economic stability followed a centralised system where different countries performed as an organ of world economy. For many centuries, the world economy has been dominated by western countries. However, the functioning of globalisation makes it easy...
What market structure best represents the market for new homes in Australia? The structure of the market is characterized by different features and may be defined by “market boundaries, differentiation, branding and the size of the market” (Búrca, Fletcher, & Brown 2004, p. 265). Australia is one of the countries...
Introduction The Country Analysis Country analysis underlies many a political and commercial decision, not least because of the realities of geopolitical alliances, the globalization of supply chains and markets, and even simple trade in finished goods. Governments, financial institutions, and industries all need to discern or update themselves on the...
Introduction Monopolistic power is a source of profit earner for many companies. Even with the presence of government regulations against the formation of monopolistic power in the market, which brings in deformity in the competitive scenario, prevails. One such example is the monopolistic power Microsoft has enjoyed (Burrows, 2009). A...
Outline Poverty and unemployment are the biggest challenges facing the developing countries since several researches have linked the two with financial crisis and reduction in the overall purchasing power of a nation” (Coleman 2008, p.95). World Bank (1997) defines poverty as a financial condition where people are unable to maintain...
Introduction Since the end of the 1992 economic recession in UK, the country has encountered a significant and uninterrupted growth in its economy. In the recent years the country’s growth has continued declining and major factors have caused this decline in growth. In the year 2004, the country faced an...
Introduction According to Noble price winner economist, Kenneth Arrow, the People’s Republic of China (stated as China from now on) was among the first to have been nominated as the best-managed economies today (Lee). In recent years, the growth pattern of China has been extensive. The Chinese economy has outgrown...
Introduction The Country Analysis Country analysis underlies many a political and commercial decision, not least because of the realities of geopolitical alliances, the globalization of supply chains and markets, and even simple trade in finished goods. Governments, financial institutions and industry all need to discern or update themselves on the...
According to the National Bureau of Statistics of China (2008), China has gained a GDP growth of 10.2% at the end of the financial year 2007 with an average annual growth rate of Foreign Direct Investments (FDI) of 9.1% and an export growth rate of 25.4%. With such tremendous growth,...
India is an expansive country estimated to cover 1.27 million sq. miles. This is about a third of the US land coverage. The administrative capital is New Delhi with a population of 12.8 million. Other major commercial cities are Mumbai, Bombay, Chennai, Calcutta, Bangalore, and Hyderabad. The entire population is...
Introduction A country can realize an overall economic development by linking all or the major sectors of its economy. Because some sectors may have more potential for growth and render desired results than the others, countries may concentrate in the exploitation of some sectors more than others. It is necessary...
Introduction Political development is related to economic development. According to the structural theory of democracy, capitalism is essential for democratization. Capitalism does not depend on the coercive powers of the state in order to survive like does the aristocracy according to some scholars. The growth of the civil society, middle...
Abstract The paper attempts to research on the steps or strategies’ adopted by the global community especially the leading economies to come up with a lasting solution to the global subprime crisis whose effects are adverse and dangerous to the economic growth of the entire continent. The fed, bank of...
Introduction Since 2006, however, a severe financial crisis has developed in the subprime credit market. It is especially rampant in the subprime mortgage market which has experienced an increasing rate of foreclosures. When interest rates rose, this led to adjustable-rate mortgages becoming more popular. But the housing bubble did not...
Executive Summary MM Proposition has for decades been used to explain the connection between firms’ market value and capital structure. The first proposition (Proposition I) states that the market value is independent company capital structure, whereas proposition II holds that a firm’s total cost of equity is the sum of...
Outsourcing is when a company gives out part or all of its operations to a third party, known as an Outsourcing vendor,while enabling the company to concentrate in its core business. The major aim of outsourcing is to improve efficiency within an organization,by surrendering the operations that are within the...
Abstract After the world war had come to an end, the business world experienced a crisis in trade transactions due to lack of the systematic framework to govern trade. As a result in the year 1944, 45 countries within Europe sat in the New Hampshire to structure the An economic...
Introduction Dubai is a very populous city in the United Arab Emirates (UAE) and is one of the seven Emirates in the United Arab Emirates. The city lies on the Persian Gulf located in the Arabian Peninsula. Historically, it is believed that the city has been in existence at least...
Minimum Wage law is legal body that protects employee’s rights from being exploited by employer. The laws protect workers by making sure that they are paid hourly, daily or monthly wages according to the required laws. The issue of globalization has put a critical view on the existing minimum wage...
Introduction Any large business house, consumer expenditures or government 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 and the lender is what...
Introduction There are various market structures in the economy, which affect the prices and the nature of goods that are available. Scholars have come up with different market structures and according to the, each of these market structures are based on particular assumptions. According to Arrow (1959) a perfect market...
Introduction to US Economy- Historical Review According to estimation, the economy of US is considered to be the second largest one in the world. But now it seems that the power of the dollar is deteriorating. At the time of Laissez Faire it was considered that modest or low profile...
Any government has the power to regulate the economy of the country and not only does it regulate the economy, it has a vital role to ensure that the economic condition remains stable. It is the responsibility of the government to ensure that all the aspects of the economy maintain...
Reasons for increasing minimum wages and the aftermath in cities of New York and Los Angeles The Government regulates the operations of businesses to ensure fair competition within the market and protect the interest of the consumers. Also the government aims at ensuring that business owners respect and protect the...
Introduction Demand can be defined as a schedule that shows various quantities that consumers are willing and able to buy at a given time, other factors being constant. Below is a schedule of demand and a corresponding demand curve. The Law of Demand The law states that ‘if the price...
Introduction The United States of America and global house market has been encountering problems for a number of reasons. These problems have been negatively affecting business activities in the US and around the world weakening most of the financial systems. The failure of the major financers in America has affected...
Executive Summary Oil is a mineral that since time immemorial has a powerful influence on the political and economical strength of a country. Nations that produce large quantities of crude oil can boast their influence to the way the economy of the world is run because, after all, they are...
The warning signs that were troubling economists since the beginning of 2008 have been confirmed – the US economy is in recession (Schaefer). The signs of the recession that had been widely debated were increasing unemployment, and declining inflation-adjusted household earning, which eventually led to a decline in consumer demand....
Introduction Saudi Arabia’s socio-political development in recent decades cannot be discussed outside of this country’s economy becoming fully specialized to serve the needs of oil consumers in Western countries. Saudi Arabia’s export of oil accounts for 45% of the country’s GDP and for 90% of actual revenues, associated with the...
Introduction This report is an assessment of the U.S fiscal policy, economic indicators, current state of the economy, the changes that have occurred over time that are responsible for the current state of the economy. It also highlights the different recommended initiatives to ameliorate the current situation. This paper is...
The theory of comparative advantage is the most important concept in international trade and has been one of the major reasons behind the existence of WTO and its worldwide success. The theory in the context of international trade explains the benefits of trade between two countries without any barrier even...
Introduction Economic policies are built of structured principles and theories. In the process of drafting these policies, economists base their arguments on theories and models. Policy formulation has become more systematic and procedural. Aside from these established mechanisms, policies are developed to be flexible (Rodrik, 1996). The presence of time...
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...
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 Demand and 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 also on...
