Economics

Cocktail Party Economics discusses the topics of efficiency and equity within certain conditions and markets. As it says in MEL, efficiency means operating at the lowest possible cost for whatever a company is producing. When an economy is considered efficient, any attempts to make something better off would not be possible without making it worse. Furthermore, production is efficient when the production is produced at the lowest possible cost along with variable inputs of production as it says…

INTRODUCTION Economics is a behavioral science, after all, it has everything to do with the behavior of man and the choices he makes. A human individual reasons in an ambitious way searching for pleasure and happiness. This results in a person with an unlimited quantity of needs regardless of his/her scarce resources. Let me introduce the economic man and his decision making process. ECONOMIC MAN According to Investopedia, the term “Economic Man” was developed to portrait a hypothetical…

OBSTACLES TO ECONOMIC DEVELOPMENT IN PAKISTAN: Since 1947 (the time of partition) Pakistan has struggled to build up infrastructure and productive potential through the process of development planning. Seven five year plans has been completed. The over all result of economic development is not encouraging. Pakistan has strategies to accelerate the rate of economic development but due to some obstacles it could not achieve its targets. The main obstacles in the way of economic development of…

development as follows: First: Tourism and economic development. Second: Tourism and Social Development. First: Tourism and economic development Tourism in developed countries is a major source of economic development, and we find huge investments in the tourism sector, as in Italy, Spain, Greece, Mexico and other countries that have made significant progress in this area. We briefly explain the most important advantages that illustrate the role of tourism in economic development: Many countries…

date one of the major concerns in the world, as it can bring about tremendous economic, political and social impacts to a country. Political scientists thus have been trying to understand the relationship between economic interdependence and armed conflict, as it will have the potential for a great impact on the successful promotion of worldwide peace. Review of Literature The relationship between economic interdependence and armed conflict has been a topic that draws many…

that is seen today. China has had to switch their economic model in order to stay current and relevant in a very rapid and widely changing economic environment. There are many factors that have lead to the change in Chinas economic model and their all out push for growth and prosperity. The changes in Chinese economic model have also been closely linked to changes in Chinas demographic mode as well. One big shifting point in Chinas economic model came around 2003 when china was admitted…

Socio-economic factors Socio-economic is the external environmental factor that related to the values, attitudes and concerns of the target customers and their economic abilities to afford the product. The customer’s needs and the size of the potential markets in every country will influences Sony varies. Other than that, customer’s income, customer attitude, behaviour also will affect the innovation of Sony. It is important for Sony to fully understand and know well about customer. So that,…

Chinese economic growth wasn't always smoothly(satisfactory). Deng Xiaoping struggled with his political regime here. Chinese economic growth was still continuing thanks to successful policies. However, Deng Xiaoping's open-door policy brought social political instabilities. The government considered the economy was the…

Macroeconomic models can be used to show the development of North America since NAFTA was put into effect. GDP has risen 39.3%, 40.3% and 24.1% in the United States, Canada and Mexico respectively. Trade between all three nations has increased from $297 billion to $1.14 trillion. With trade increasing, jobs have increased as well, as 14 million American jobs have been due to trade with Canada and Mexico. As employment has been increased, the frequency of the business cycle has decreased because…

had vast access to academia given his father was a lawyer. Menger grew in economics while reporting on the market and later went on to take what he learned as a reporter to conclude his own theories on the economy. He developed the modern day explanation of money and came to describe marginal analysis and marginal utility. His ideas are complementary to the Austrian school of economics and his book Principles of Economics actually is what the Austrian school was founded on. Carl Menger was an…