Economic Concepts

Universal Basic Income Concept and Its Implementation Essay

Introduction Universal basic income (UBI) is a non-contingent and non-withdrawable form of social security that establishes “income floor below which no eligible individual is expected to fall” (Wispelaere 17). UBI schemes guarantee that all citizens of a country will regularly receive an established sum of money regardless of whether or not they have other sources …

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Positive Externalities in Production Report (Assessment)

Introduction According to “an externality exists when the action of one person directly affects the utility of another individual in the absence of well-defined property rights” (Moss & Schmitz, 2013, p. 402). In other words, externalities are regarded as beneficial and adverse consequences of any economic activity on third parties unrelated to the performed activity …

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Cost Minimization vs. Cost-Effectiveness Analyses Report (Assessment)

Types of Cost Analysis: Comparison Type of Analysis Measurement of Consequences Cost-minimization analysis It is used to assess the differences in costs between similar interventions. This tool provides a partial economic analysis because it does not take into account the consequences of interventions. However, in terms of calculating the initial expenditures, cost-minimization analysis can become …

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Setting Interest Rates According to a Fixed Formula Essay (Critical Writing)

Introduction In the article under discussion, the investigation of the contradiction between rules and discretion is applied to the problem of setting interest rates. The author describes major aspects of financial policymaking, employing Taylor’s model as an example of a strict and determined approach to fixing the interest rate. However, the disadvantages of this model …

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“Undercover Economist” by Tim Harford Essay (Book Review)

Introduction This paper will present an appraisal of Undercover Economist written by Tim Harford and first published in 2005 by Random House. The analysis of Harford’s work has shown that there five different topics that should be discussed in better detail since they directly relate to the nature of modern economics and provide readers with …

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Easterlin Paradox in Leonhardt’s Article Essay

Introduction In his article entitled “May Be Money Does Buy Happiness After All” a critical writing in the New York Times, David Leonhardt contends the significance of Easterlin theory in elucidating the absence of a relationship between economic growth and happiness. The contention holds that money significantly contributes to individual happiness. On the contrary, Easterlin …

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Real Life Applications of Game Theory in Economics Term Paper

Introduction Game theory is a model for investigating how multi-person decisions affect various parties in relation to the payoff one agent garners from the decision of another. In the course of game theory, several decision factors are analyzed, including conflict, communication, and cooperation. Consequently, game theory has found relevance in various practical fields, including politics, …

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Unemployment Reduction Strategy for Chesapeake, VA Essay

Summary A comprehensive unemployment reduction strategy implemented within Chesapeake, VA, would drive the current unemployment rate of 4.4% out of its state of deadlock. The strategy should be based on a clearly communicated vision, should align available resources with its primary goals, and should be measurable at every stage. Issue Chesapeake’s current unemployment rate is …

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Brazil and Venezuela: Economic and Political Environment Essay

Both Venezuela and Brazil are associated with complicated economic and political environment and significant barriers to sustainability of foreign enterprises. According to Cardenas (2014), in Brazil, the major issues are of the structural and infrastructural character, i.e., the “cumbersome” tax system, high labor costs, high cost of production and some other bottlenecks which may not …

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The Meaning of “Off-Shoring” and Its Issues Essay (Critical Writing)

Introduction The growth of globalization has led to a remarkable transformation in the international economy. One of the notable changes is an increase in the intensity of competition. Consequently, organizations are experiencing different challenges in the quest to achieve sustainability. An example of such challenges entails the increase in the cost of production. To overcome …

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Import Demand Function: Australia and Argentina Report

In order to estimate import demand function for Australia and Argentina, it was necessary to convert raw data into natural logarithms. The variables, in form of natural logarithms, are available in excel file. To establish a relationship between dependent and independent variables, the data was subjected to multiple regressions. This resulted in the following estimated …

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“Labour” and “Labour Power” Concepts Comparison Essay

Section six of the Clayton act asserts, “the labour of human beings is not a commodity, or article of commerce.” This doctrine of labour, in a capitalistic environment, is as cosmetic as it can be. Capitalism has intentionally refused to acknowledge the demarcation between “products” and “producers,” “labour” and “the labourer.” For as long as …

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Sustainable Organizations and Human Factor Essay

In the realm of the 21st century global economy, sustainability is considered one of the essential principles that any organization must be based on. However, maintaining a consistent balance in the use of the resources available, the relationships between the staff members and the communication with customers, partners and competitors creates a rather stressful environment, …

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Price Discrimination Concept in Economics Research Paper

What is price discrimination In capitalist markets, commodity prices are controlled by supply and demand forces; other than demand and supply there are a number of other related forces that determine prices, social status, perception, quantity, location and social stratification also play part in price determination. Social status, perception, quantity, location and stratification in the …

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Business Cycles: Theory, History and Indicators Term Paper

Business cycle refers to the contraction and expansion of aggregate economic activities for several years. This phenomenon is measured through total employment, real income, and real expenditure. Economists have noted that the phenomenon involves the interaction of several economic processes. The roles of these processes vary and evolve over time. Business cycle occurs nationally, and …

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Speculative Growth: Hints from the U.S. Economy Research Paper

To understand the role of the correlation of surpluses and deficits in the economy of the United States, it is necessary to analyze the researchers’ findings in this field while paying much attention to the economists’ conclusions and possible economic predictions. In their article “Speculative Growth: Hints from the U.S. Economy”, Caballero, Farhi, and Hammour …

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Competition Authorities Role in the UK Correcting Market Essay

Introduction Competition in any sector of the economy is beneficial both to the consumer and to the government. It is through fair competition that consumers are provided with choices and hence increased quality of products. However, companies always want to dominate the market share. To achieve this goal, some companies use unfair practices to edge …

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Common Pool Resource Allocation: Legal Perspective Research Paper

Introduction In economic terms, common pool resources can be viewed as natural or artificial systems. The characteristics and size of these systems make it hard to exclude potential beneficiaries from their exploitation (Auer 217). As a result of their nature, they are often referred to as common property resources. Classic examples of such resources include …

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Impact of Volatility in Oil Price in GCC Economy Research Paper

Introduction The Gulf Cooperation Council (GCC) has six member countries. The countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. These economies have developed as promising markets. Bahrain has many foreign investors; the remaining five countries are not so much popular among the foreign investors (Balaz and Londarev 510; Neaime 235). …

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Minimum Wages and Its Effects on the Hospitality Industry Research Paper

In his “Statement on the National Industrial Recovery Act“, President Franklin Roosevelt (1933) outlined the main aim of minimum wages law as protecting the workers from exploitation: “No business which depends for existence on paying less than living wages to its workers has any right to continue in this country” (par. 2). Since that time …

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For-Profit Public Companies Challenges Term Paper

Introduction With the capitalism that prevails in the United States, for-profit organizations have to implement efficient strategies for their survival. Furthermore, with the rising competition between the public and private companies, most managers focus on improving the companies’ image in a bid to attract as many investors as possible. In most cases, attracting investment requires …

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Demand, Supply and Their Interaction on Markets Essay

The article called “Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory” by Richard R. Nelson explores the neoclassical perspective on the curves of supply and demand, the prices within markets, and the allocation of resources. Firstly, the author mentions that the prices within markets used to be …

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Attractive and Unattractive Industries Coursework

While having the potential for higher profit attractive industries have a far greater degree of market competition resulting in the erosion of a firm’s economic performance as compared to companies that exist in unattractive industries where through the development of innovative products and services a market-dominant position can be reached with fewer problems related to …

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