Health economics

Scarcity is a key concept in economics and it is viewed as being a huge problem within economics. Scarcity refers to a situation where demand exceeds supply and this can apply to anything from consumer goods to raw materials. (financepractitioner). For example, scientists suggest that crude oil can run out in the near future due to the high demands for it but a lack of supply of it which suggests that crude oil is a scarce resource. Another example could be housing in the UK. There are high…

One of the greatest contributors of economics, Adam Smith wrote “The Wealth of Nations “in which he argued the economic trading system of mercantilism during the 16th and 18th century. In “The Wealth of Nations” he presented his idea of the free market, which is commonly known as Laissez Faire that focuses on free trade and free competition of products without any interventions of the government. Learning about Adam Smith’s “The Wealth of Nations” there are some pros and cons if we put it in a…

In the chapter “Economic Control and Totalitarianism” from the book The Road to Serfdom, the author F.A. Hayek, talks about the differences between an unplanned and planned economy. Hayek goes on to explain how a planned economy could hinder people’s opportunity to be individualistic and part of a sound society. Hayek talks about how in an unplanned economy, everyone can make it and have the right to be individuals. He also scrutinizes planned economies for being too over bearing. With these…

government dealing with structural problems in the South African economy. Evidence was gathered through primary sources and compiled in order to accurately answer the questions at hand. Hassen believes that no matter which policy is taken in light of the economic crisis, the region will not see extensive results in either the employment level or in the reduction of poverty. Hassen observes that the main poverty trap in South Africa is the structure of its economy, specifically the lack of…

process has make changes on many things, like: the environment, culture, economic development, political systems, societal problems… All the things have two sides, globalization also has advantages and disadvantages. Globalization is not a new topic anymore. During the Middle Ages, the Silk Road across Central Asia and connected China and Europe. At that time, the economic…

In the global economy, the growth and development of stock market of any country depends on the financial system and economic fundamentals. The well established financial system provides the necessary financial inputs for the production and services. The strong economic policies and economic indicators are support the standard of living of people and influence the growth of an economy. Before, liberalization, privatization and globalization, most of the economy as consider as closed economy, the…

being a developing country to being a middle-income country with an increasingly important role in the world’s economy. At the start, it suffered an unstable economy and currency for years until the 1990s when the government attempted to introduce economic reforms. Using trade, Brazil was able to attract foreign investors that in return helped with stabilizing the economy. Brazil also faces a great deal of inequality and poverty that is still an ongoing and growing issue. Up to the present…

which leads to sugar trade being the base of the economy. It has been a push for diversity in the country of Cuba, however it has been very hard to bring in diversity because cuba is so constricted and has no market. Basically, this push for new economic growth is kinda impossible due to the customs and history of Cuba. To maintain the survival of Cuba's economy due to the different blockades they had to push for a political reform. The political reform was applied in a new way, in a way…

Bank (1984), and National Research Council (1986 cited in Kelley, 1988), I argue that the underdevelopment of Africa (as measured by per capita output) is caused by rapid population expansion. The negative effects of rapid population's growth on economic growth and development occurred in situations where arable land and water becomes scarce or costly to acquire, rights to land and natural resources are poorly defined, and government policies are biased against labor. It is obviously and…

Additionally, the leaders of any country are significant in the relationship of the role of the economic standpoint. Different leaders bring forth different experiences for the country and the global political economy. Similarly, China’s role in the past depended on pervious leader named, Mao Zedong and had many influences that impacted China. During the year, 1949, Zedong came into power for China and his intentions were driven by the method of communism (Yu, 2014). Thus, for communism to…