Economics

Smiths speech titled, “Economic Globalization and Labor Rights: Towards Global Solidarity” is a speech that is centered among the effects that globalization have had on both workers and unions. The speech has three main arguments imbedded throughout. The first argument is that “economic globalization has essentially enabled markets rather than people to determine how the world’s resources will be used and distributed (874).” The second argument is that “the policies of global economic…

yet irregular upward and downward moment in a financial activity of any business, which is measured by fluctuations in GDP (Gross Domestic Product) and even other macroeconomic variables. The business cycle is also called a boom-bust cycle or an economic cycle. It is characterized by a boom in one period and a breakdown in the consequent period in the financial exercises of a business. These tremendous fluctuations in the monetary activities are actually called phases of the business cycle. A…

The idea of economics has relevant since the beginning of time. Economics is the social science having to do with production, consumption and transfer of wealth in a society or country. Scottish philosopher and economist, Adam Smith, is known as the “The Father of Economics.” Smith is known for proposing many modern ideas such as, the invisible hand, gross domestic product, and the theory of compensating wage differentials. He is also greatly known for his books, “The Theory of Moral Sentiments”…

Economic inequality is when there is an uneven distribution among a population, the United States has a huge gap between the rich and everyone else and this gap is only increasing. Sometimes economic inequality is referring to income inequality, wealthy inequality, or a wealth gap. Economic inequality is increasing by wages, interest on bank accounts, shares of stock, etc. The data that was collected by various studies and economists shows that economic inequality started around the beginning of…

Current Event: The Economic Crisis in Venezuela The economic situation in Venezuela is truly parlous. The country with a population of roughly thirty-one million people is having mass shortages of food, and common necessities such as toilet paper. Yet the reason for this economic crisis is years in the making, and has to deal with very much the political system adopted within the country. According to The Guardian and writer Julian Borger the oil rich country is facing a negative economic…

unemployment, seasonal unemployment, structural unemployment, voluntary and non-voluntary unemployment. These different types unemployment explain why unemployment is not always the result of low economic growth. Furthermore one factor which explains the reason why unemployment is not the result of low economic growth is structural unemployment. Structural unemployment is unemployment due to changes in technology. In the 21st century new products are being introduced and launched to the market…

of the U.S. a struggle for economic power has existed. John C. Calhoun voiced the opinion of countless southern farmers, on the tariff of abominations. “the proposed tariff was in fact little more than “an immense tax on one portion of the community to put money into the pockets of another.” The Northern and Southern states evolved into two very different territories, because of their vastly different economies. The diverse needs of the different economies caused economic policies…

This paper will argue that the process of economic globalization should continue and base this claim on a careful examination of different factors such as peculiarities of modern trade, the current state of global finances, the trends in migration, the opportunities of development; the paper will also present an objective account of advantages and disadvantages of economic globalization, analyzing it from the point of view of countries which are likely to…

In his book, Economics in One Lesson, Henry Hazlitt (1946) told a simple, yet thought provoking, story about a little town and a broken window. In this story, a baker’s window is broken by a young boy who threw a brick through it. Then, after a crowd has gathered to gaze upon the baker’s misfortune, the crowd mentions that at least the broken window created a new job. Obviously, if the boy had not broken the window, the glazier would never have gotten this job opportunity to fix the window.…

1.1 Economic Fundamentals: Identify the factors of production and discuss their importance as the bedrock of the theory of the firm. The factors of production are the inputs used to manufacture products and provide services. These inputs include labor, land, and capital. The theory of the firm is a microeconomic model referring to businesses and corporations and how those entities exist to make profits. Firms interact directly with the market to determine the demand for their goods so they can…