Induced demand

Should Minimum Wage go up? Do you think minimum wage should go up or should it stay the same? Everyone has mixed feelings about this topic and if it minimum wage should go up or not. In this essay I will be talking about the pros and the cons of minimum wage as a hole. To me it depends on the situation for the pay of minimum wage, if it should go up or not. There are some real world examples and stories that help determine the pay of minimum wage. Some examples of why minimum wage should not go…

The economy is the different values of different items, goods, or companies. When the economy changes the prices of those goods, items, and value of companies change. A change in the economy can impact many things such as money, debt, jobs, and almost anything involving money. Some of the things that impacted the economy were bi and monometalism, Westward Expansion, and World War One. Currency is the money used in each country, some currency is worth more than others. In the US some people…

In the following text, I will compare the Mary Poppins book and movie. The book was written by P.L. Travers and was first published in London in 1934. The movie is a Walt Disney production from the year 1964 and was directed by Robert Stevenson. The movie and the book are about the children Michael and Jane who experience many little adventures with their new nanny, Mary Poppins, who appeared flying with an umbrella. The main story of the book and the movie are similar but they contain some…

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…