Economics is often called as the dismal science, for different reasons than is thought. As it is furthest from being dismal; as in more than one ways is responsible for making the world as livable as it is. Economics can be described as the study of the nature of economic exchanges between human beings. Study of economics would make one well versed in how society operates and sustains itself in more than one ways. A subject who is as interesting as it is confusing for someone trying to take a hard and fast or direct approach towards understanding the world. Economic theories are only useful to a person who can determine principles and relationships in effect in everyday life. With a field of study as broad and as intuitive as economics, assignments can become a challenge for most students who have only a general idea of what economics is. To avoid such a setback in one’s college career, economics assignment experts seek to offer their help.
Economics is so widely respected and liked because of the amount of perspective and insight it offers into everything. It can explain human consumptive habits, just as much it explains how prices soar or rise. And economics achieves it by drawing simple sensible relationships between these things. These relationships can be drawn on to understanding things on a larger scale just as well in a microcosm. Relationships between demand and supply, how prices are determined, Production possibility curve, are few of the things that economics helps us understand. Economics makes these fairly available to people in common parlance as it only draws relationships from common sense logic of interactions.
Studying economics at an advanced level though produces the challenge of having to understand things on a rather vast level, where many more determinants and variables are involved. Where making definitive claims can become difficult because of not having easily reducible or simple models. Predictive or theoretical economical claims are floated around the newspapers in daily news articles but are usually just misunderstood or misappropriated/taken out of context for the sake of hype. But economics is more than just that and it is incredibly useful in every way. Considering the difficulties of studying economics on an advanced level, you may need the aid of economics assignment help.
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Predatory Pricing and Strategic Entry Barriers
The classic definition of predatory pricing is pricing below cost with the intention of running a competitor out of business. In more general terms, predatory pricing is a price reduction that is only profitable because of added market power the predator gains from eliminating, disciplining, or otherwise inhibiting the competitive conduct of a rival or potential rival (Bolton, Brodley, & Riordan, 2000). Claims of large companies preying on their smaller competitors are commonplace, starting during the formation of trusts during the late nineteenth century up through charges against Wal-Mart today.
beyond Make-or-Buy: Advances in Transaction Cost Economics
Both a resource-based view and transaction cost economics perspective point to firms deciding to either make-or-buy an input. In practice, this tends to result in low-skill functions being outsourced while those of higher value are retained. In this article, we explore a situation counter to the prevailing literature. We study a highly creative industry – fashion – and discover the relationship between core competence and outsourcing is not as simple as previously conceptualized. Creativity, fashion’s assumed competency, rather than being guarded within a firm is instead often outsourced or borrowed. More mundane tasks such as marketing and logistics are what each firm rather develops. The effects of resulting co-dependencies are mapped and analyzed in order to offer managerial insight as well as contribute to discussion within the outsourcing and resource-based literature.
World Development in Historical Perspective.
The 1920s marked the end of a century of mass migration from Europe to the New World. This paper examines analytically this pre-quota experience. The discussion is divided into two parts. The first deals with the character and dimensions of overseas emigration from Europe chiefly from the mid 19th century to World War I. The traditional literature has far more to say about the first than the second. Here we deal with the evolution of global labor markets, first as they were directly influenced by the migrations, and second as they interacted with the evolution of world commodity and capital markets. The paper argues that the impressive economic convergence which took place between 1870 and World War I can be largely explained by these forces of economic integration, rather than by technological convergence or differential human capital growth.
Twentieth-Century Economic Methodology
The systematic study of the political economy begins with the recognition of two seemingly contradictory observations about commercial life. The first observation is that individuals pursue their self-interest and do so as effectively as they are capable of doing. The second observation is that commercial society exhibits a strong tendency to produce outcomes that enhance the public welfare in terms of material progress and betterment of the human condition more generally. Squaring these two observations is how the discipline was born.
Supply, Demand, and Equilibrium
The logic of the model of demand and supply is simple. The demand curve shows the quantities of a particular good or service that buyers will be willing and able to purchase at each price during a specified period. The model of demand and supply uses demand and supply curves to explain the determination of price and quantity in a market. The supply curve shows the quantities that sellers will offer for sale at each price during that same period. By putting the two curves together, we should be able to find a price at which the quantity buyers are willing and able to purchase equals the quantity sellers will offer for sale.
Costs of Production: Short Run and Long Run
Economic producers are no different; they too have to plan for both short-run production and long-run production. Short-run production is the production that must be completed in order to satisfy existing contracts. Another way of thinking of this that you’ll often see is that short-run production applies to situations where one factor of production, such as the factories needed to build something, is fixed. On the other hand, long-run production is that planning that attempts to find new contracts. As you might imagine, this means that there are no fixed factors of production. As you can imagine, both are vital to a company’s success. Having short-run vision without long-run plans can put an expiration date on a company, whereas having long-run vision without short-run action can mean a company runs out of gas.
Role of Labor Unions in Labor Markets
Labor unions are organizations formed by employees for the purpose of using their collective strength to improve compensation, benefits, and working conditions through bargaining; to bring fairness to the workplace through the provision of due process mechanisms; and to represent the interests of workers in the political process. Economists have traditionally viewed unions as functioning as labor market monopolies. Because they raise wages above the competitive levels set by the market, economists argue that labor unions create inefficiencies resulting in the loss of jobs and in greater income inequality in the workforce. For this reason, economists view unions as an undesirable interference in the operation of the market.
Portfolio Theory and Investment Management
Modern Portfolio Theory (MPT) had its origins in the U.S.A. during the 1950’s, and grew out of attempts by researchers (most notably Markowitz 1952, 1959 and Tobin 1958) to find mathematically ‘efficient portfolios’, that is, security combinations which resulted in maximum expected returns for given levels of risk (normally measured by the variance of investment returns). Unfortunately, the excessive computational requirements, as well as the sophisticated mathematics underlying MPT, prevented this academic work from reaching the investment community for most of the 1950’s and 1960’s. Fortunately, the increasing availability (and decreasing costs) of both financial information and computational capacity of computers has now resulted in the widespread use of MPT by academics and practitioners alike, especially in the U.S.A.
Economic Instability and Macroeconomic Policy
Macroeconomic instability and the business cycle are generally understood as changes in output or gross domestic product (GDP), unemployment, and inflation rates. The economy has a long-run growth path that is subject to short-term macro-economic demand and supply shocks that push GDP away from its long-run potential or trend growth rate. Smith and the classical tradition that followed believed a hands-off approach was the correct policy stabilization to pursue when such short-term output disturbances arose. This reflected classical emphasis on long-run growth as a supply process that was best left to private entrepreneurial activity. Furthermore, private market economies would automatically self-correct through appropriate wage and price adjustments. Recessions, characterized by “gluts” of commodities and workers, would produce downward pressure on market prices and wages. Deflation continued until the economy had returned to full output.
International trade comparative and absolute advantage and trade restrictions
Economists disagree about many aspects of economic policy. However, few topics garner as much support in the field as the potential for free trade to make individuals and societies better off. At the same time, protests of World Trade Organization meetings and labor union opposition to free trade agreements continue to make headlines. This chapter presents the theory underlying the conclusion that trade makes people better off and discusses conditions under which certain individuals or groups may not share in these gains from trade. Empirical tests of trade theory are also discussed.
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