Aggregate demand

1.5 stratification (15 points) (1) Weber’s conception of stratification is derived from his analysis of economic activities in relationships. He said that economic relationships are decided by individuals’ chance of using their material property for exchange on the market. Thus, people sharing similar material conditions are classified into groups. In Weber’s view, the inequality between different groups is associated with not only the economic dimension but also social, political, and…

Michael Porter’s 5P model: In order to determine market attractiveness, in 1979 Michael Porter invented 5P model. These 5 forces he thinks are crucial in determining market attractiveness. This help us in doing the competitive analysis of market. This also helps us in MESO analysis of the market. It determines competitive intensity among the market. Competitive intensity depends on certain factors such as lots of/less competition, industry growth potential, product differentiation, exit…

Cost, Efficiency and Productivity – Neal “Efficiency, productivity and competitiveness are linked. Better productivity means increased efficiency which results in a higher level of competitiveness” (GCSE, 2014). This is currently not the case for the California division of Railex, and will need to be to create a more competitive company. Due to a lack of internal accounting information it will need to be assumed that an investigation is necessary. This is to find the root cause of the costs…

Economic anthropology In the past, anthropologists have studied a variety of economic systems. Subsistence economies are some of the simplest forms of economic systems and can be divided into groups such as food foragers, horticulturalists, pastoralists and agriculturalist. The context of this essay will compare and contrast food foragers and horticulturalists. Economic anthropology is the study of the social and cultural basis of economic behaviour(Wolf, 1997). It is also the study that looks…

The classical competitive equilibrium theory assumes that there is centralized market where buyers and sellers of labor can meet and trade at a single price. In reality the supply-and-demand approach seems poorly suited for some questions that arise in the labor market. Particularly questions such as why identical workers in an identical job position are paid differently? How are wages determined? Is there bargaining between firms and workers? Equilibrium search theory provides a rigorous but…

assistance through the aid of the government, should workers revolt (I.8.13). Smith theorized that as long as there is a demand for wage workers, there is an “increase of revenue and stock of every country,” which leads to an increase of national wealth (I.8.21). Luckily for the wage workers, this results in the demand for their employment (I.8.21). Consequently, when there is a demand for wage workers, there is no need for action to be taken by laborers to have their wages increased because…

undocumented people willing to pay? To most of them it is a luxury to have health insurance not a necessity. Meaning that most of them earn less than minimum wage, and paying for coverage is not their first priority. This leads to supply and demand. The demand for private insurance is there, and also the supply is there as well; with more than one private insurance company out there. This fundamental economic equation results in price equilibrium. However to reach this price point where…

problem of detecting and deterring deviation from the agreement. Firms can only observe the market price, but do not know the actual production level of another firm. Unexpected fall in prices may account for deviation from the colussive output or bad demand shock. So firms can deter deviation only by threatening to set Cournout quantities, which are above monopoly quantities, during a period of a price below agreed one. The equilibrium of the model is that firms want to maximise their profits…

1.0 The Warehouse Layout and Design According to Thomas L.Freese, nowadays the strategic of warehousing is changing rapidly. It is because, the number of shipments is creasing while the number of inventory is decreasing. Therefore, now the warehouse layout and design is different if compare to the past, such as now we need bigger assembly areas for the shipment, picking ares and pick slot but smaller the storage areas. (Freese, 2000, p. 1) 1.1 The Important of Warehouse Layout and Design The…

4.2.4 Effect of Feed flow rate (Fgr) on Product Distribution An increase in the flow of gas oil means an increase in the velocity of the gas oil feed, also a decrease in the residence time of the gas oil in the riser; hence a rise in the conversion of gas oil and yields of the products is expected(Akpa et al. 2010). When the flow rate of gas oil is increased, there is an increase in the heat inflow into the reactor, rate of cracking reactions are high, feed also spends less time in the reactor…