The relationship typically is that a decrease in supply will result in an increase in price. In this case, there is a rational explanation for the decrease in prices at the same time as the decrease in supply. New housing starts are a lagging indica Continue Reading...
Opportunity Costs How a college education increases one's human capital It is a universal belief that a more educated workforce leads to an incredible human capital. Therefore, the thought of retaining higher educated graduates is important towards Continue Reading...
In the end, those new highways will be just as congested as the current ones. This option appears to fill the benefits of both the stadium and the education options, at least in the short run. The long-run benefits of more highways are questionable, Continue Reading...
Economics Discussions Production Costs Postal Service (USPS) operates at a loss but its closest competitors -- UPS and FedEx -- both operate at a profit. Suggest how fixed costs have contributed to the situation of the USPS. Provide support for you Continue Reading...
Obviously, the concept of opportunity cost is very useful for making decisions (Mankiw, 2008) because at the end of the fiscal year, the person who chose to vacation for five days in Costa Rica would have $1,700 less in his or her bank account that Continue Reading...
Brick and mortar universities offer attractive networking opportunities for students that are not as easily utilized online. Of course, it might be argued by a dedicated University of Phoenix student that the experience of working while attending c Continue Reading...
Human Capital - Opportunity Cost "Human Capital." Gary S. Becker. Human Capital. 1975. The Library of Economics and Liberty web site: (http://www.econlib.org/library/Enc/HumanCapital.html). Purpose of Article: Gary Becker's article establishes that Continue Reading...
Some poor graduate students may decide that they have better things to do than clean. "Outsourcing household tasks meant they had to take on more debt, but they calculated -- correctly -- that spending an extra hour working on a paper was better for Continue Reading...
If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent and the pleasure you forgo by not reading the book. The word opportunity in opportunity cost is actually redundan Continue Reading...
For example, if apple prices are higher than orange prices, consumers are likely to buy more oranges, since the fruits are virtually substitute goods for one another. So long as the apple growers can still make a profit, they will very likely lower Continue Reading...
International Business The first thing that can be concluded is that Spain has an absolute competitive advantage in both boats and trucks. Spain's comparative advantage in boats is 3:2 but its comparative advantage in trucks is 2:1. Therefore, Spain Continue Reading...
Managerial Economics The concept of opportunity cost reflects that when an asset is used, that asset cannot be used for something else. So if she chooses to buy a new car, the resources used to make that purchase cannot be utilized anywhere else. Th Continue Reading...
Economics The production possibilities curve represents the maximum level at which a country can produce. Freer trade, such as what the EU has promoted since its inception, allows countries to do two things. The first is that it allows them to produ Continue Reading...
S. The societal system practiced in France serves as a model towards which the U.S. aspire. President Barack Obama's healthcare reform plan is considered by many as being a socialist experiment that will significantly hurt the economy (CBS, 2009). I Continue Reading...
Economic Principles and Purchasing a House Economics Principles and Purchasing a House This essay discusses principles of economics as they apply to making decisions about purchasing a home. The essay also reviews the decision making process and ho Continue Reading...
We analyze the economy's productivity by calculating the Gross National Product, which is "the market value of the sum of all the goods and services produced in the economy." The economy's productivity should have a constantly growing figure in orde Continue Reading...
This situation is perfectly illustrated by the figures. As one may observe, as the units of produced goods increases, the number of units of produced services decreases. The maximum number of units of goods can be produced only if no units of servic Continue Reading...
Economics of Alcohol Abuse Econcs Of Drugs & Alcohol How an Economist Might Approach Alcohol Abuse One answer would be to raise price by decree. Holding all other factors the same, this artificial price increase would initially reduce quantity Continue Reading...
Economics The situation in the European air cargo industry bears many hallmarks of a cartel, and this was the finding of the European Commission. The OECD (2002) defines a cartel as "a formal agreement among firms in an oligopolistic industry… Continue Reading...
" (Kee, 2001, p. 139) To further this discussion of short- and long-term production and cost one must at least briefly understand the just-in-time model. This model was developed by the Toyota Motor Corporation to mirror the ability of certain suppl Continue Reading...
Economic Value Added (EVA) Accounting Practice Although Economic Value Added (EVA) is not a new concept in economics and financial theory and is based on the 19th century concept of "economic profit," it has only been widely adopted recently by busi Continue Reading...
Even searching the Internet for information has a cost, the opportunity cost of one's time. Thus, one will consider the cost of obtaining information before seeking it out to make a decision. The remaining three assumptions of the economic way of t Continue Reading...
Economic Concepts That Affect Strategic Planning: Comparative Advantage and the Importance of International Trade The concept of free trade vs. protectionism is based upon the concept of securing comparative advantages. A "comparative advantage exis Continue Reading...
Economics Most particularly, I discuss the economic concept of demand and supply and the determinants of both supply and demand. Further, I also discuss in significant detail the meaning of economic indicators as well as monetary and fiscal policy. Continue Reading...
While a cut down in budgets is inevitable, however, libraries should also try to increase their revenues. This can be achieved by promoting more subscriptions and grants through increasing dependency on technology (Budd 2005). A library might be ab Continue Reading...
Economics The labor market determines the price of labor (wages) at an equilibrium level. The number of workers in the market will be determined in part by the opportunity cost of not working. Thus, lower wages will mean that more workers will be vo Continue Reading...
When debt becomes a multiple of GDP, then responsible government is not being undertaken. 16- 3) a. The equilibrium is .016 dollars per peso. b. If the Philippine government set the exchange rate at 50 peso, they would need to sell 20 pesos per mo Continue Reading...
Even though the housing market is slowing, the article speculates that it may take six to eight months before sellers accept that the market has softened and reduce their prices. This demonstrates the economic theory that the supply relationship is Continue Reading...
Not only are they crucial for the movement of people, but they are crucial for the rapid movement of time-sensitive goods. Therefore the government has an interest in the survival of the industry. Government can and has involved itself through monet Continue Reading...
Economic Ideas Economics can be considered as the study of the allocation of scarce resources that have potential alternative uses among the competing and virtually limitless want of consumers in society. The allocation of resources is necessary bot Continue Reading...
However, by utilizing these tactics Apple has been able to build sales and revenue even in the face of rapidly-declining market share. The demand curve for Apple and Android are as follows. Note demand is still high for the iPhone in terms of number Continue Reading...
Economics Growth The retailer sector was lately affected by the back-to-school shopping season, which did not start so well, as midprice department stores, discounters and specialty-apparel retailers announced disappointing sales results during Augu Continue Reading...
Economic Influences In the current budgetary environment, it is difficult to justify any increase in expenditures. In order to do this, especially to the public audience, it is necessary to offer a cost-benefit analysis. In the case of prison treatm Continue Reading...
(Png; Lehman, 2007) As far as supply is concerned, if one were to assume that all the firms within an industry, like for example, in a government holding, are identical, then a market supply curve would be made up of the supply curves of all the su Continue Reading...
Economic Inequalities: Deep-ceded Problems in America New York is a city that is synonymous with America to many people and societies around the world. New York city is a land of freedom and opportunity, symbolized by Lady Liberty in New York harbor Continue Reading...
A most relevant example of a monopolistic competitive industry is given by the fast food industry. There is a great supply and demand for fast food products; numerous companies make the products, from international conglomerates such as McDonalds, t Continue Reading...
Opportunities to Improve Relationship Banking at Al Rajhi Bank In an increasingly globalized and competitive marketplace, many banking professionals today are faced with the need to develop informed and timely responses to changes in consumer deman Continue Reading...
Economic Value Added Statements Improve Financial Reporting There are many potential advantages of using Economic Value Add analysis to improve financial reporting, results and increase the probability of success for specify investment initiatives Continue Reading...
The author makes mention of potential careers in economics, but also points out how one will use one's economics background even if he or she does not ultimately pursue an economics career. The information that the author presents in this section is Continue Reading...
