Essay Topic Examples The Foundations and Implications of Marginal Utility Theory: This essay would explore the basic principles of marginal utility theory, including the law of diminishing marginal utility. It would examine the historical context Continue Reading...
Diminishing Marginal Utility is the basis by which a good gets its value in the marketplace? As part of your answer explain the concepts of consumer's preference and consumer's surplus and how they contribute to the valuation process. The concept o Continue Reading...
Value Theory Economists Ideas on Value Theory: Value theory has been interpreted and described in many different manners throughout the course of history. There are classical theorists, early classical theorists and socialists, and even those who Continue Reading...
War: Vietnam The concept of 'Realism' has been one of the most important and dominating theories that has come into force, especially after the World War II. The theory has not only been responsible for guiding international relations but has also Continue Reading...
They presented the idea that "business firms maximize profit as a means to maximize the utility of their owners. In a word: businessmen maximize profit as a means to maximizing utility, so profit maximization follows from utility maximization" (Orma Continue Reading...
He would be faced with deciding whether he must spend all his available resources on goods or services, or whether he must save some of his income so that he would be able to finance some of his needs of his future. When he is taken as a labor resou Continue Reading...
Social Theory in the View of Phenomenology: Alfred Schutz Who was Alfred Schutz, and why was his work on social theory and phenomenology so important? This is an important question that must be answered here, and will be answered, but there are oth Continue Reading...
At which point, they would consume even more of the different services that are being provided. This would have an impact on spending, as consumers would use the added savings to purchase additional services from the company. This shows that the cha Continue Reading...
Differentiations are always brought up by the contemporary mainstream economists and their theories regarding ontological questions and assumptions or mere recognition regarding conformity of preference structures regarding some rules can be approx Continue Reading...
The red line denotes marginal cost and this also increases as the production increases. The shaded region is the profits of the firm. The price line is also the marginal revenue and the average revenue for the firm. So, the company earns profit only Continue Reading...
Economics of New Ideas and Innovations This research paper discusses the economics of a new idea. Without new ideas and inventions, the economy might very well become stagnant or decline, as predicted by many early economists, who did not understand Continue Reading...
This case does not directly illustrate this, because productivity increased 5%. If in the next quarter that productivity gain shrinks, that would demonstrate more clearly the law of diminishing marginal productivity. This is because, for example, if Continue Reading...
Economic Concepts Purchase of any item may be an ordinary activity for most people, but in economic terms, it is probably one of the most significant activities that govern and shape the business cycle and affects the economic conditions of any orga Continue Reading...
principal of rational choice takes into account the concept of choice and opportunity cost, brought about by the scarcity of economic resources. It assumes that individuals would always prefer that alternative that yields the highest utility. The th Continue Reading...
Supply and demand are two fundamental aspects of economics. It is the combination of these elements that makes up a market. Therefore, it is paramount to understand both concepts in order to appreciate the mechanisms of economic theory. Supply is th Continue Reading...
Singer's goal is a very noble one. Through his article, Singer is attempting to dispel many of the more common notions of moral obligation and charity. His article attempts to provide the reader with concrete notions of moral obligation as they rela Continue Reading...
Robert Nozick's Entitlement Theory asserts that free market exchanges are manifestations of society's respect for people as equal -- an economic phenomenon that is given a moral dimension/explanation. This theory is hinged on three principles: tran Continue Reading...
Politics Predominate in Advanced Industrial Societies? Advanced Capitalism, Social Differentiation, and Politics The focus of this work is to examine the question asking why it is that class politics fail to be predominant in advanced industrial so Continue Reading...
This is what has led to so many foreigners working in the country already. The foreign workers are therefore a symptom of a greater problem. This problem is not macroeconomic failure -- the Saudi economy is robust and creates jobs -- but is simply d Continue Reading...
Until that time, the lower classes, as they were known, would produce most of what they needed at their own homes, and the upper classes would simply employ the lower classes to produce whatever goods they needed and subsequently purchase them, or e Continue Reading...
They see alternatives and their consequences as costlier and pay very little attention to them. Rationality exists less in public than in private organizations. A public agency's ends often compromise incompatible interests and neither occasionally Continue Reading...
security behavior, a concept that touches on the behavior of consumers in regard to information technology systems is an important one to the global IT industry. Johnston and Warkentin (2010) for instance studied the influence of elements of fear ap Continue Reading...
Nevertheless, the company needs to move on its own as well in a continuous process of internal reform and different approach to the market. It is clear than many of the automobile producers, Ford included, have based so much of their production act Continue Reading...
This is one, alternative explanation for the Neoclassical Revolution -- even without Marxism, to help understand the way that producers maximized value in an industrial society, a new way of understanding manufacturing was essential. Still another Continue Reading...
Some may argue that consumerism isn't fueling the rampant consumer debt; the real problem is that wages have been stagnant and consumers just can't keep up with the cost of living. But, following Keynes' line of reasoning, consumption should at leas Continue Reading...
Universal Consequentialism as a Means of Assessing Global Situations Poverty in developing countries is a significant moral issue. In terms of moral frameworks, a universal form of consequentialism most accurately assesses the (in)justice of such po Continue Reading...
Market Equilibration The process of achieving a market equilibrium relies on some basic principles. The principle of demand holds that, all other things being equal, the higher the price of a good the less people will demand of that good (Investoped Continue Reading...
These factors mean that the old economic theories are not always working properly and are not always properly adapted to the current globalization conditions. Following from this, as more importance is weighted towards behavioural economics, the ol Continue Reading...
The main question revolving around childhood obesity is "When does childhood obesity become a child endangerment issue?"(Alexander, 2009) Definitions of "neglect" and "medical neglect" (parental neglect of a child's medical needs) are not universal Continue Reading...
Unemployment on Voter Turnout Rates in Britain's Elections In many countries where voting is a right but not compulsory, voter turnout levels have declined precipitously in recent years, causing a growing number of political scientists to examine t Continue Reading...
Increasing table capacity has further reduced customer wait time and increased profits, but the numbers of lost sales have also increased. In the final scenario, the average waiting time is now 3.45 minutes and the average line length is 2.68. Mario Continue Reading...
Macroeconomics Models The Classical Model (1776-1935) The classical model largely follows the conclusions reached in Microeconomics. The fundamental equilibrium is in the supply and demand for labor. The Demand for Labor and Labor Supply, Income Ta Continue Reading...
Rent vs. Own Housing serves as a shelter for all the people and their family, satisfying their main physical need and holding the equipment people need for their daily routines. Although the necessity of having a housing unit is clear, owning a hous Continue Reading...
Role of Economics Economics asks what commodities are created, how these commodities are created, as well as for whom they are created. Economics is the study of capital, banking, money, as well as wealth. Economics is the study of commerce amid n Continue Reading...
philosophical approaches to the study of equality presume that equality is an ideal, and suggest methods by which to achieve maximum equality. However, some philosophical approaches deny the inherent value of equality or an egalitarian society. All Continue Reading...
The pioneering spirit of colonialism and of man's ability to make advances in stages of life primarily assigned to nature -- such as the aforementioned innovations in electricity and magnetism -- were all championed by the Enlightenment and carried Continue Reading...
Budgeting; Allocation of Public Resources In 1940, V.O. Key laid out the basic budgeting problem that economists are yet to solve: ‘on what basis do we decide to allocate resources to one program and not another given the scarcity of resources? Continue Reading...
consumer demand as one of the essentials of economics. Shiller's explanation of consumer demand is centered on providing reasons for the tendency of demand curves to flow downward, explaining price elasticity of demand measures, and showing the rela Continue Reading...
Microeconomics is one of those subjects that I knew little about before I started. In the course of studying it, I came to appreciate the value it has, not only for describing elements of how the world works, but for the way I could apply it to my da Continue Reading...
