Microeconomics

Defining the Market The four major purchase transactions worldwide in the consumer payment industry are done by Visa, MasterCard, Union Play and Amex. In 2014, together Visa and MasterCard represented about 84% of the market share (Visa with about 58% and MasterCard about 26% of the market share) (see appendix I). In the Notably, Visa and MasterCard are set up as a cooperatives of banks. According to mainstream economics, when firms instead of competing decides to collude. They may jointly…

The library in Roger Williams University is in the center of the university; directly in front of the Gabelli School of Business. The library is open from 7:30AM-2AM on Monday-Thursday, from 7:30AM-6PM on Friday, and from 10AM-8PM on Saturday and Sunday. In the library, there is 3 floors; each floor has their own purpose. The first floor is the main floor; where there is computer and printers and technological services for assistance. The second floor is the tutor center; where students can get…

The research question that I have is one that evaluates the economic foreign policy within in Canada. In particular, the question could focus on sub-topics around its operations with international organizations, economic conflicts, or economic sanctions imposed on foreign states. A potential research question could be “Is Canadian foreign policy effective on imposing economic sanctions in conjunction with local laws and rules of international organizations?” The purpose of this research…

QUESTION ONE Identify and discuss any five microeconomic drivers of economic growth.  Efficiency This is when available resources are used to a maximum potential and wasting is not an option. This occurs when they are skilled and resource conscious people are involved in manufacturing process.  Equity This takes places when resources, income and wealth are sincerely and equally distributed within a community or state. This is a result of fair and followed principles, regulations, stable…

After fifteen weeks of a microeconomics class who would have knew that the ideas of economics are all around us. If you just focus your hearing you can find some type of idea in every song, some more than others. In 1978 Rush released the song The Trees. This song is about two trees the maples and the oaks fighting over the sunlight. Already we have some economic ideas like supply and demand. I have a few specific lyrics that I relate to more than others. The first sets comes at the end of the…

Buchanan’s and Tullock’s publication of The Calculus of Consent (Buchanan and Tullock, 1962) unified and set forth James Buchanan’s contractarian and individualist views. In The Calculus, Buchanan and Tullock proposed an analysis that applied microeconomic thought to the realm of political science by theorizing that political agents, no different than ordinary individuals, are utility maximizing and self interested. With this assumption, Buchanan and Tullock analyzed political organization and…

This means the focus in on monetary policies and fiscal policies, seldom does the U.S. over commit to microeconomic policies that concerns the individual consumers. Economic policies strive to raise the level of gross domestic product (GDP) and increase inflation (Greenberg and Page 2007, p. 416). Government’s tools of fiscal and monetary policies are to manage…

The microeconomic effect include low tourism, less long term investment in agriculture and other sectors, low enrollements in school and minimum job and substantial opportunities. POSITITVE SOCIAL AND POLITICAL IMPACT OF NAXALISM The point that naxalite movement…

It was the U.S. Senate that passed the “Public Health Cigarette Smoking Act” on April 1, 1970, which required warnings to be labeled on cigarette packages. The labels stated that “the Surgeon General has determined that cigarette smoking is dangerous for your health.” This act was designed to limit the practice of smoking, prohibiting any form of advertisement on television or radio. There were predictions at that time that the Tobacco companies would suffer greatly, as they had flourished on…

The question on whether increasing the minimum wage will cause a surplus of labor, hence unemployment has been debated for many years. If we look at the fundamental principles of microeconomics, we would see that theoretically, raising the minimum wage will cause more people to be out of a job. However, these principles are just a theory. In reality, economies are not as clean cut and simple as they appear. Some may believe that increasing the minimum wage will ultimately lead to Armageddon. On…