Economic shortage

A command economy is “a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.” This type of government has some upsides and downsides, and it is a key part of any communist society. A plus of a society using this economy is that companies can quickly and effectively mobilize its economic resources to complete huge projects and attain its goals. Another is that…

the most fundamental concepts in economic climate. In microeconomic, the supply and demand are a specific goods or services between individual buyers and sellers, while the supply and demand in macroeconomics are discussed in terms of all goods and services at a level of nation or region. The supply and demand simulation provided an example of the market conditions by an apartment management company in the city of Atlantis that is impacted with numerous economic factors. The microeconomic…

1. Please explain inelasticity and elasticity of demand. What happens when there is a tax on luxury items? In economics, elasticity is the measure of responsiveness towards the demand for a product when its price is changed. The basic formula for calculating the elasticity of a product is to divide the percentage change in quantity demanded by the percentage change in price. When the value of elasticity is greater than one percent, it indicates that the demand for the good is sensitive to…

The money barrowed that was supposed to be a bailout was mostly to pay off international loans. Currently Greece is under very strict rules and their relationship with Europe can be easily broken. In the Article nine things to know about Greece’s economic crisis by Katrina Lamansky, it talks about in July of 2015 after Greece failed to make a payment to the International Monetary Fund Greece’s banks had shut down for three weeks. The people of Greece were not allowed to access their money in…

Human Capital theory conceptualises the economic value of an individual’s knowledge, skills and dispositions. It is an extension on Adam Smiths work investigating differences in wages that suggests how much money a person makes is largely influenced by the degree to which that individual possesses skills, knowledge and dispositions that are valued by employers (Oxford University Press, 2014). Indeed there is a strong relationship between education and economic benefits to individuals which in…

silver had many effects on the multitude of societies that participated. There were many economic effects, such as the heavy global economic involvement of many Asian nations in this trade (Documents 2,4,6,7,8) and greater monetary pressure in China during the Ming Dynasty (Documents 1,3,5), and some social nuances because of this trade, such as a greater European desire for Asian goods (2,4,8), but the economic effects had a greater historical impact because this was the first time a global…

glasnost significantly contributed to the fall of the USSR. From an economic perspective , perestroika - meaning "economic restructuring", was introduced and launched in 1986. This policy included several radical changes that would better improve the economy. Unfortunately, perestroika was almost a disastrous failure, and arguably the biggest one of the Gorbachev's reforms. An important aspect of this economic crisis was the growing shortage of consumer and agricultural products. Food became…

globe. States started to cooperate with one another in terms of politics, economics, and security in order to promote the prosperity and peace of their territories. Particularly, The Kingdom of Cambodia, one of the countries that suffered from experience of colonialism, has strengthened the international relation with one of the superpowers known as the People’s Republic of China. Thus, analyzing about the politics, economics, and security between both countries is the significant implication of…

REVIEW OF LITERATURE Economic literature is well documented with causes and effects of capital flight and external debt. According to Walter (1986) and Kindleberger (1987), capital flight is a capital that flees. When these resources are being lost in form of capital flight, there are various long term effects. Owing to out flow of capital there exists a shortage of liquidity in the economy which leads to the exertion of upward pressure on the interest rates. Similarly, the shortage of…

BACKGROUND OF JAPAN Japan is one of the major economic powers of the modern world, it currently has the third greatest economy in the entire world right behind The USA and China despite the fact that it is a small area country. Among the long history of Japan, it has had three particular economic and political periods. The first period is Edo period which began in 1603, and ended in 1868. The Meiji period began right after Edo period with enthroning of Emperor Meiji. After the unconditional…