Economics Essays

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Economics Essays Page 439

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Types Of Determinants Of Price Elasticity

Determinants of price elasticity of supply have two type, the first one which is input substitutability factor and the second is time period. Input substitutability factor in the last production is a known about by a lot of people movement for noncontention input producers to combine with their customers. In models that characterize the noncontention input industry as a pure monopoly, whether such combine would increase or decrease final production is slippery. The analysis here breaks the total output effect into factor substitution and market power parts and found that the output slippery is sensitive to the specific model of...

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Some Developing Countries Tend To Focus On Cash Crops

With trade liberalization, some developing countries tend to focus on cash crops which will have export value, rather than favoring the production of food crops for the local consumption. The consequence of this reorientation is that the country becomes dependent on its imports to be able to be able to feed its population. This makes the country’s economy vulnerable to price changes on the international markets, for instance if there is a rise in price of imports, the country may face balance of payment deficits and may also be unable to afford enough food for its population. Another vulnerable aspect...

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The Relationship Between Inflation And Economic Growth

This section of the paper provides literary evidence on the relationship of inflation in the economic growth and helps in the understanding of any causal relation between them, if there exists any. We start with the conclusive evidence provided by Min Li (of the University of Alberta). We extract this support from the research conducted by Li on the Inflation Threshold Effects in the Finance-Growth Nexus and Transmission Mechanism Analysis. During the course of this research, the author examined the relationship between the inflation and the finance and economic growth, utilizing data collected from 90 countries. The author’s research...

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Impacts Of Foreign Direct Investments On Russia

The issue of the attractiveness of foreign investments into the economy of Russia has existed now for many decades and continues to have scientific and practical importance....

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The Strategic Rubber Products

The manufacturing of automobile tyres as an essential ancillary for the development of automobile sector came into being in India during the 1930s when the Dunlop India Ltd., the first tyre manufacturing transnational company started its operation in 1935 at Sahaganj in West Bengal. During the early period the overseas tyre manufacturing companies were having major equity participation in the Indian manufacturing companies. After 1970's there was a change in the policy of Government and it decided not to sanction any foreign equity The setting up of joint sector projects with multiple foreign collaboration was considered feasible....

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The Important Characteristics Of The Contemporary World Economy

Economic globalization is one of the important characteristics of the contemporary world economy (Lable, 2010), but also as an important trend in the development of the world economy. The economic globalization process has already developed, especially after the 1980s, the process of the globalization of the world economy greatly accelerated. The goods and services have increased at the incredible speed of nearly 5% in real terms in world exports between 1980 and 2007. The world exports of goods and services increased more than doubled and the flows of world foreign direct investment (FDI) increased more than fivefold from 1980 to...

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The Role Of Small And Medium Enterprises

The term SME covers a heterogeneous group of businesses, ranging from a single artisan to sophisticated engineering firms (Fischer and Reuber, 2003). Several different criteria can be used to distinguish between an SME and a large firm. Mostly used criteria are: the number of employees, turnover, profitability, the value of sales and the value of production equipment. Even though, there is no single, uniformly acceptable, definition of a small and medium firm (Storey, 1994). The first attempt to overcome this definition problem was by the Bolton Committee (1971) when they formulated an “economic” and a “statistical” definition (see Quartey &...

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Sales Tax And Service Tax Regimes

Goods and Services Tax (GST) is also known as value-added tax. It is a tax on consumption, an indirect tax charged on imports and on the value added to goods and services sold by one business to another, or to the end consumer. In simplest form, it means people will pay tax each time they purchase a good or service. GST is to be adopted because it is widely considered as a more efficient system compare to the Sales and Services Tax. This is because more tax can be collected with a lower rate because it is broad based....

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The Case Of Turkey

A new page in the history of the European Union (EU) was turned in December 2004 when the current 25 European member states set the date for Turkey to start accession talks....

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Comparison Of Mauritius And Madagascar In Cost

The doing business index ranks economies according to the ease businessmen have in carrying out their businesses in the different economies. It takes into account different topics which affect business activities. These are starting a business; dealing with construction permit; getting electricity; registering property; getting credit; protecting investors; paying taxes; trading across borders; enforcing contracts; closing a business and employing workers. The report also analyses reforms undertaken by governments in order to make their economies conducive for carrying out business. It encourages reforms in the sense that governments have to continually improve their business environment in order to achieve a...

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Causes And Demographics Of Homelessness In America

The homeless population in America is nonspecific, anyone can end up homeless. Each year, more than 3 million people experience homelessness, including 1.3 million children. Although there are subpopulations at higher risk, the fastest growing population is Families. Other Subpopulations include veterans, persons with severe mental illness, persons with chronic substance abuse problems, Comorbidity, HIV/AIDS, persons with are victims of domestic violence, or unaccompanied youth....

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The Central Provident Fund Of Singapore

Two social surveys conducted in 1947 and 1953/54 (Department of Social welfare,1947 and Goh,1956 respectively), attempted to gather empirical evidence and information on social conditions to evolve public policy. It has some findings such as the household structure to be dominated by single persons due to the migrant population,and,the level of accommodation was poor and overcrowded. These all reflect poverty which plagued Singapore before World War II.In order to diminish the poverty, a commission was appointed in 1955 to enquire into the desirability of ensuring payment to wage earners on retirement (Singapore,1952). Firstly,it was recommended a pension scheme rather than...

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World Bank Conditionality

It has been evident that human capital in africa is very low. ...

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Housing Affordability In Australia Issues Implications And Policy

In the United Nations of Human Development Index, Australia was classified the second in 2009; and in 2005 it is ranked sixth in The Economist worldwide quality of life index. As a result, Australians’ demands about housing are increased quite high. Australia has a reputation for a high quality of housing and averaged prices compared with many other countries. However, the prices of housing have been raised quickly in over 60 years especially between 2004 and 2008. Prices for more affordable dwellings have continued to rise in most markets....

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The Key Facts Of Sri Lanka

Bangladesh offers opportunities for foreign investors in important sectors, including power, steel, fertilizer, hotel, tourism, and petrochemicals....

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Micro Financing In An Interest Free Economy

Interest is prohibited in all monotheist religions; however, it features as an essential element in practiced capitalism. Interest based financial system has created two major havocs in last two decades i.e. in East Asia in 90s and in the Great Recession since 2007. With interest at zero bound in U.S since 2008 and with unemployment at 11% level, scarcity of capital cannot solely explain this. However, interest based Microfinance has had mixed results. Interest based lending at Micro level is usually carried out at very high interest rates, more so when the lending takes place informally without institutional intermediation. Institutional...

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We Shouldnt Judge Wellbeing By Gdp Alone

This article discusses the relationship between economic well-being and trends in gross domestic product (GDP). GDP is the amount of all final goods and services obtained in open market produced within a country in a period normally one year. Most of the countries are using GDP as the indicators to assess the economic well-being of their country.   At the same time, it is used to compare the living standard and economy’s performance across countries. However, GDP fails to reflect the economic well-being of a country. As stated in the text book, economic well-being is a general idea derived from...

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The Perspective Of Crop Insurance In India

The farming community in India continually faces risks in crop production due to natural calamities right from the time of sowing to harvesting. Floods may wash away the growing fields, droughts may wither plants, diseases may attack during crop growth and hailstorms may wipe out months of farmers' labour and likely production in a single stroke. The yield uncertainty prevents farmers from maximizing production and discourages credit institutions from advancing loans for agricultural purposes. Further, the risk bearing capacity of majority of our farmers is limited due to scarce resources and small holdings. They cannot withstand risks which are disastrous...

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Benefits And Drawbacks Of Foreign Direct Investment

Foreign Direct Investment (FDI) is the single most important mechanism for the globalization of the international economy. FDI is the investment of real assets in a foreign country, it is acquiring assets such as land and equipment in another host country, but operating the facility from the home country. FDI is viewed by many as necessary to stimulate the economies of both developed and underdeveloped countries. The global economy experienced a decrease in foreign investment flows. Developing countries have been hit the hardest by the decline in FDI as foreign investment is being redirected to more developed countries. It is...

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The Amount Of The Bidding Object

The bidding, as the recent favourite allocation method, is seriously used in the public purchases. Since the bidding methods are transparent and efficient, they widely used in practice. As a result of the efficient bidding method, either bidding makers or participants will come out better off. However, there are some situations against the competition like the cartel formation, predatory pricing implementations and bidding participation limitations. It is aimed to terminate such situation by varying the bidding methods or facilitating the bidding participation. Nonetheless, these implementations are not enough, alone, therefore a well prepared competition law and competition authority which will...

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Gampaha District Of Sri Lanka

This proposal discusses the factors that hinder the small scale entrepreneurial development in Gampaha District. Small scale businesses are key for any economy and it encompasses small retail shop to industrial production units under the small scale business criteria. The study is mainly based on the primary data gathered on randomly selected small scale entrepreneurs in the very district. The data will be gathered using structured questionnaires, interviewing the small scale entrepreneurs and various SME supported organizations. Secondary data will also be supplemented to this particular research....

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Value Addition Strategies In Asia

Africa must find ways to avoid simply exporting its precious natural resources and commodities abroad without much value added and increase its position in the global value chain. In the past decade, Africa has registered on average an annual growth rate of over five per cent. Primary commodity exports and expansion of extractive industries are believed to be the main factors behind. However, this growth mode has been recognised as just unsustainable and hardly beneficial to the welfare improvement of most African people. Besides, the continent has less than 20 per cent of its GDP from manufacturing value added, much...

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In This Hyper Competition World

Firstly, politics refers to the degree of intervention of government in an economy. There must be a interdependence between business and government so that economy of a country can continuously expand and grow. Market failure occurs when price mechanism causes an inefficient allocation of resources which lead to a net welfare loss in society. To prevent market failure, government should restrict production of demerit goods, increase production of merit goods and ensure provision of public goods. To eliminate negative externalities generated from demerit goods, government should levy tax on demerit goods depending on its demand elasticity . This in turn...

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Benefits And Costs Of The Emerging Global Economy

Globalisation has an impact is jobs, wages, the environment, working conditions and national sovereignty. Leading business people, economists and politicians have hotly debated the costs and benefits associated with the emerging global economy. This essay aims to look at both the arguments for and against globalisation and the benefits and costs of the emerging global economy on the associated nations. Recognising that the benefits of globalisation include lower price of goods and services, economic growth as well as job creation, compared with the costs of globalisation being industry loss in certain countries, lower wages for the unskilled and the avoidance...

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Medieval And Modern History

First of all, England was in a deep economic crisis, with the first oil crisis of 1973, which had compounded the difficulties evident in the late sixties. Since the mid-1950s, the United Kingdom in fact loses ground against its neighbours, its average growth rate was around 2.8% annually in the 1960s, while France and Germany experiencing annual growth close to 5%. Between 1973 and 1979, growth was 1.5% lower, even negative in 1974-1975, “unemployment rose to 1.3 million in 1978” (Norman Gash, Madsen Pirie, 1989, p1), the inflation increased to 25% in 1975. England was ranked to 15th position of...

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The Arguments In Favour And Against The Minimum Wage

Minimum wage is the lowest level of earnings for employees set by government legislation....

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Economic Growth In Uk

United kingdom had been trying to achieve its macroeconomics objectives and maintain high economic growth with high GDP rate, full employment, low rate of inflation at certain level and reduce the difference in balance of payments between imports and exports to maintain a favorable trade balance. By achieving all of these objectives united kingdom will succeed in it' s mission towards the economy and will be able appreciated by all of the citizens in the country, as one of the main tasks that a state should do is the economy as a whole ....

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The Problem Caused By Demand And Supply

Mixed economy is controlled by the market and government intervention in the economy. In this kind of economy system, decision making are dispersion and focus. At the same time, they will through the price and the plan to do everything. In the mixed economy, through the market system, economic and production community to decide what is produced and how the production and for whom for the production of basic problems, but an error occurs in the market mechanism, through the use of government intervention to promote resource efficiency promote social equality and the maintenance of economic stability and growth....

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Keynesianism Could Not Succeed In Context Of Recession

In the decades immediately following the end of the Second World War, macroeconomic policies in the United States as well as the rest of developed capitalist nations were influenced by the works of John Maynard Keynes. Sullivan and Sheffrin explain Keynesian economics as policies which argue that private sector decisions sometimes leads to inefficient macroeconomic outcomes and therefore advocates active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle. Keynesian policies were popular immediately after the war due to the enormous...

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Fixed Exchange Rate System Vs Floating Exchange Rate System

An exchange rate is the price’s rate at which one country's currency trades for another on the foreign exchange market. This rate differs from country to country and it is depends on many economical variables, the main of which are the general balance and imbalance of economy, monetary and fiscal policy, the state of the budget, international policy, the condition and development of the country’s economy compared to the world situation and dominating countries, purchasing power of the currency, and other internal and external factors....

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Globalisations Impact On British American Tobacco

There are many definitions and understandings of the term “globalisation” which can be found from many sources. The writer’s understanding of the term “globalisation” is that operations all around the world are growing more and more interdependent on goods and services in a way that nationality doesn’t serve as a boundary any more. The actual and potential, positive and negative impacts of globalisation can be limitless and are depending on which views are taken and what operation it is applied to. It is easier to limit the amount of data viewed through a PESTLE analysis on the subject company....

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How Has The Global Financial Crisis Effected Latin America

The world was hit by the worst financial crisis in 60 years in the summer of 2007. The International Monetary Fund has estimated that the total loss to both American Markets will be close to 8 trillion dollars by 2010 (Krugman, 2009). The effects of this crisis are at play even today and the economic regions are only now showing growth patterns. Each region has been hit in a different way. Some have undergone major turmoil in their financial system while in others the effects have been much less (Foxley, 2010). In this essay I exhibit the situation and policies...

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Can A Buyer Be The Biggest Bully

Can a buyer be the biggest bully? The classical theory of monopsony answers this question. It envisions a market scenario with only one buyer, who can use his leverage to reduce the quantity of product purchased, thereby driving down the price that he has to pay. Seldom does a monopsonistic situation arise in the market, so much so that little has been thought till date about the potential adverse impact of such a scenario on market competition. Another reason for the antitrust analyst’s apparent neglect of the power on the buyer’s side of the market may be that such power...

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Analysis Of Ukraine Metal Industry

Materials/Goods Cage, ACCESS platforms, folding access platform, balances single wheel barrow, bin handling trolley, shaft handled general purpose truck,...

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The Federal Minimum Wage Law In The Us

“Do not let any calamity-howling executive with an income of $1,000 a day, who has been turning his employees over to the Government relief rolls in order to preserve his company's undistributed reserves, tell you -- using his stockholders' money to pay the postage for his personal opinions -- tell you that a wage of $11.00 a week is going to have a disastrous effect on all American industry.” – FDR...

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