Informal economy

21st century is a significant time frame for the entertainment industries in the South Korea. During the 1990s, South Korea was under pressure to liberalise their market, particularly the media industry (Shim, 2008). Eventually, the economic globalisation facilitated the blooming of its entertainment industry (Shim, 2008) by exporting their popular cultural to the world, which known as the Korean wave (Ravina, 2009). Entertainment industry is an important industry in South Korea, together with…

to countries or places outside their usual environment for personal or business/professional purposes’(UNWTO, 2014). The tourism industry has expanded rapidly worldwide over recent years and progressively become an essential element of the world economy. There are many reasons for the expansion of the tourism industry such as the vast improvements in transport technology and infrastructure, allowing more and more people from geographically diverse regions to travel and explore with greater ease…

industries with international tourism accounting for 9% of the total GDP and one in every eleven jobs are related to tourism (Meleddu, Pulina, 106, 67). However, tourism by itself leads to various negative externalities on the environment, socio-economy, and local culture (Meleddu, Pulina, 106, 67). For this reason, ecotourism is important and is slowly gaining momentum. Ecotourism can be subdivided or classified into various categories such as sustainable tourism, scientific tourism, nature…

Mineral resources is a concentration of naturally occurring solid, liquid, or gaseous material in or on the earth’s crust that can be extracted and processed into useful materials at an affordable cost. Mineral resources are essential to support sustainable economic growth and our quality of life. Therefore, it is important to have sufficient supply of materials to provide for infrastructure, buildings, energy and goods. However, since mineral resources are nonrenewable natural resource, and…

The great Reverend William Lawrence of Massachusetts once said, “there is a certain distrust on the part of our people as to the effect of material prosperity on their morality.” In Mohandas Gandhi’s speech, “Economic and Moral Progress,” Gandhi’s focal point is differentiating between the monetary growth of society and the chastity that one embodies. Throughout the course of time, mankind has proceeded to tie itself to the concept that our progression and prosperity as human beings in the field…

During the industrial revolution emergence of consumption has shifted almost everything.Now, we live in a capitalist society which is forcing us to consume more.Therefore, people were divided into two groups under the question of does consumption make people happier? This is an ongoing debatable topic on the relation between consumption and happiness.However, the typical approach to consumer action in economics takes utility to be a supportive activity of the level of consumption of goods and…

Population further increased to 740,000 in 2013 . Besides, the economy has changed. According to official census on labor force, in 1994 to 2004, gross regiona product has shown a five-fold increase. Proportion of primary production on GDP decreased to 9.04%, that of secondary sector dropped to 24.32%, and that of tertiary sector increased to 66.64% . While tertiary sector became the major source of income, dominance of agrarian economy declined. The actual production in each sector, however,…

the respondents. Therefore, the credit limit is used as a proxy to quantify cash constraints (see Table 5.4). According to Diagne and Zeller (2001), the credit limit is the maximum quantity of credit the household is able to borrow from formal and informal sources. 5.3 Calibration of the Model Models simplify reality; therefore…

Economies of scale Flow 1) Examples how economies of scale is helpful, 2) New technology and economies of scale. 3) Critic of economies of scale. 4) Economies of scope(From PDF) 5) Govt initiatives to achieve economies of scale. Economies of scale: The change in long run average cost as output increases is the basis of economies of scale. A firm enjoys economies of scale in a situation where average cost goes down when output goes up while if the average cost increases with…

space demand. This industry ranks third among the 14 major sectors. 1.1.1 Growth drivers The factors which are driving the industry are: • Urbanization • Growth in Tourism • Policy Support • Easier Financing • Epidemiological Changes • Growing Economy 1.1.2 Challenges The Challenges face by the industry are: • Lack of clear…