Introduction In studying the history of the United States, we come to learn of its rise as a worldwide power. The Global economy has weakened in recent times, especially due to wars and unhealthy banking, leading many economies to major financial setbacks and crisis. China has long been a critical player and worldwide force in the economy, and still stands strong today despite the economic […]

What is the relationship between a firm’s total revenue, profit, and total cost? Each of these has an effect on the other, which will cause them to go up or down based on the output of the business. A firm aims to keep costs down, while increasing total revenue and profit. 2. Give an example of an opportunity cost that an accountant might not count […]

We stand in the beginning of the twenty first century with new groups in positions of great power within our economic. One would think that, with this peak strength, American man would be secure, ready to move forward. An uncertainty, however, seems to be besetting us. We are unsure of ourselves. Internally, we are ill at ease and suspect one another – so much so […]

The most recent and economically crippling factor that has influenced the airline industry is the Global Financial Crisis (SGF)(Unguided, 2011). This presents a potential weakness or threat for Santa who may come to feel that their premium price for quality service is not enough to get the customers to fly with them. The number of people using airlines to fly to holiday destinations has increased […]

At this price, a firm can sells any number or quantity of the homogeneous commodity. In case of monopoly market, a monopoly firm is a price maker. It is also because there is no close substitute of its commodity. Depending upon the kinds of elasticity of demand of the concerned commodity, a monopoly firm may change different price from different buyers. In the case of […]

“Many Economists have tried to establish why the economy performs as it does and want to have a basis for predicting how the economy will perform when circumstances change”. (Nagel, S pg 1 1999) Economists are just people after all, who have lived through different times and experiences in their lives, thus leading to different values and views. George Bernard Shaw once said that “If […]

Assessment (Demand and supply) Answer the following 1. Distinguish between a shift of the demand curve for a product and a movement along the product’s demand curve (10 marks) 2. With reference to two different determinants of demand, explain why the demand curve for bicycles might increase. Use a diagram to support your answer (10 marks) 3. Distinguish between a shift of the supply curve […]

India had its rendezvous with fate on 15 August 1947 when it got independency after about 200 old ages under British regulation. India started its procedure to construct up the state so by following the policies of socialism, be aftering committees. However it was marked by ruddy tapes, controls, bureaucratism hurdlings, and authorities intercession. For about 40 old ages India grew at a slow gait […]

1. Perfect competition maybe described as a theoretical form of market wherein no buyer or supplier has the capacity (or what is termed the ‘market power’) to control the market price. Regular definitions of perfect competition in economics describe it as a situation in which there is absolutely ‘efficient outcome’. The hypothetical situation of ‘perfect competition’ is primarily conjured to build the fundamentals of the […]

Vidalia. Talk Kumar, India was a latecomer to economic reforms, embarking on the process in earnest only in 1991, in the wake of an exceptionally severe balance of payments crisis. The need for a policy shift had become evident much earlier, as many countries in east Asia achieved high growth and poverty reduction through policies which emphasized greater export orientation and encouragement of the private […]