Essay economic - 1155 Words

Consumer expenditure Mini Case John Hawksworth â€Å"Opinion: Economic Trends - Saved by the consumer?†, Accountancy, London, Mar 2002 (with minor editing) How long can the UK economy buck the global trend just because our consumers keep spending money? Have we avoided the recession that has gripped the US, Japan and Germany over the past six to 12 months or are we just postponing the day of reckoning? And are we storing up worse problems for the future as a result of rising household debt levels and a widening trade deficit? Driving force A good starting point is to consider what drives consumer spending. In the long run, economic research indicates a stable relationship between household spending, disposable income and wealth (all†¦show more content†¦They may also feel more confident about borrowing against the value of these assets to finance big-ticket purchases of cars and household goods. However, we need to distinguish between different types of assets and their implications for consumer spending. In general, changes in the value of liquid assets, such as cash in the bank, are likely to have more impact on spending than changes in the value of illiquid assets, such as pension funds, at least in the short to medium term. Direct household ownership of shares in the UK is still relatively low compared with institutional holdings through pension and insurance companies. This may have dampened the impact of share-price falls over the past year or two on UK consumer spending, at least relative to the US. But house prices are likely to be more important for UK consumer spending than the stock market. This is partly because higher house prices seem to be closely related to the feel-good factor, even if this is not entirely rational given that you can only realise these potential capital gains by trading down. On the other hand, the possibility of borrowing against housing equity through re-mortgaging means that property is not nearly as illiquid an asset as it used to be 20 or 30 years ago, creating an important direct linkage between house prices and consumer spending. As noted above, Bank of England estimates put mortgage equity withdrawal in theShow MoreRelatedEconomics And Economics On Economics Essay1142 Words   |  5 PagesWhen we talk about economics we must first defined the word. Economics is a social science that studies human behavior and how to allocate our limited (scares) resources, efficiently and effectively to meet our unlimited human wants. Now as we dive deeper in to the field of economics we realized that there are two separate categories that the study of economics breaks off into. The first is macroeconomics, macroeconomics is the study of the whole picture when it comes to economics. Macroeconomics willRead MoreEconomics : Economics And Micro Economics1238 Words   |  5 Pages Economics is the study of how our unlimited demand of certain things can be met by our limited amount of supply. For instance, if there was an unlimited amount of money for everyone, then everyone would have everything they had always wanted and would not have to work to get the money. Everyone would have billion dollar homes and the nicest cars in the world. Unfortunately, we do have a limited amount of money, so the economists find ways to get around that. There are two types of economicsRead MoreEconomics : Economics Of Business1361 Words   |  6 PagesHND Accounting Economics FINAL REPORT: The Economics of Business DUE DATE: 20 May 2015 Catherine Macintosh 11006620 For the attention of Sarah Sutherland Word count: 1,243 (Excluding Acknowledgements, Abstract/Executive Summary, Terms of Reference, References Appendices TABLE OF CONTENTS Page 1.0 Costs 3 1.1 Total costs 3 1.2 Average costs Read MoreEconomics1291 Words   |  6 Pageshis profit. Do you agree? Use a graph to illustrate your answer. The argument is incorrect. As the graph shows, a reduction in marginal cost will cause a monopolist to reduce his price. 2. Economist Harvey Leibenstein argued that the loss of economic efficiency in industries that are not perfectly competitive has been understated. He argued that when competition is weak, firms are under less pressure to adopt the best techniques or to hold down their costs. He referred to this effect as x-inefficiencyRead MoreEconomics1444 Words   |  6 Pagesresource is inefficient it means the resources are not used in the best distribution by firms or organizations. An ETS is executed when the environment has been polluted and the government intervenes in order to control the pollution by providing economic encouragements towards the firms and organizations to reduce the amount of pollution emitted in the environment (Brown* 2001). When ETS is implemented it reduces the pollution of the environment caused by different firms thus making it its main goalRead MoreEconomics1654 Words   |  7 Pagesï » ¿1. What is the ‘economic problem’? The fundamental economic problem is related to the issue of scarcity. Scarcity means that resources are limited and short in supply in the world (e.g. diamond). Because of limited resources and unlimited demands, society needs to decide how much to produce and distribute these relatively scarce resources. The basic economic problem can be define as what to produce, how much to produce and for whom to produce. Some countries are lucky to have great naturalRead MoreEconomics999 Words   |  4 PagesManagerial Economics MIDTERM Exam What changes can you envision to the real economy, should Rifkin’s vision of a zero marginal cost society, become reality? For me, Jeremy Rifkin is a great social theorist. I’m mostly agreeing with him, with his conclusions and visions of the future economy. They looks like perfect and definitely it’s a â€Å"think big† way of delivering the information. His book â€Å"The Zero Marginal Cost Society† is must read, of course. Trigger is a zero marginal cost. I’m completelyRead MoreEconomics1000 Words   |  4 Pagesconsumer change, there will be a much greater change in the production output in the capital equipment required to make those consumer goods. This change in the production of capital equipment, that is , investment spending speeds up the rate of economic growth or slump Since we are focused on short-run business-cycle fluctuations here, it is reasonable to ignore changes in K/Y that may be associated with long-run advances in technology. 15 – 10 proportional to the level of output in t, Kt Read MoreEconomics1134 Words   |  5 PagesMF 7701 Managerial Economics Quiz #1 Fall 2014 Instructions: 1. You may work on this quiz alone or with as many other students as you wish. If you work with other students, please submit only one (common) answer. 2. You may not talk about this exam with anyone outside of the two managerial economics sections. 3. You may work with people from the other section if they are taking this course. In all cases, please submit only one, common answer. 4. You must e-mail your finalRead MoreEconomic Growth And Economic Development917 Words   |  4 PagesEconomic growth refers to an increase in the capacity for an economy to produce goods and services as compared from one period of time to another. It can be measured either in nominal terms which include inflation, or in real terms that are adjusted for inflation. It is mainly influenced by unemployment, inflation, technology levels, rate of investment, population growth rate, among other factors. These factors are used further to explain the differences in the varying level of output per capita

The Danger of Knowledge (Comparative essay Frankenstein vs...

The Danger of Knowledge Aaron Rudyk 6/18/2013 Mr. Brown ENG 3U In Shakespeare’s play Macbeth and Mary Shelly’s novel Frankenstein it can be said that both protagonists come to an unfortunate end. What leads to Macbeth and Frankenstein’s premature demise? Victor Frankenstein and Macbeth both demonstrate that acquisition of knowledge is dangerous and to seek it for the purpose of power leads to destruction of life. Macbeth’s and Frankenstein’s knowledge leads to overwhelming ambition, to immoral decisions and the destruction of their reality. Firstly knowledge leads to overpowering ambition. In the first act Macbeth is well-liked, King Duncan gloats: â€Å"He is full so valiant / and is a peerless†¦show more content†¦Secondly knowledge blinds their moral compasses. The witches say to Banquo that â€Å"Thou shalt get kings, though thou be none. / So all hail, Macbeth and Banquo!†(1.3.58-59) the witches state that even though Macbeth will be king Banquo’s sons will be kings following Macbeth’s reign. Before the prophecy was made it is perceivable that Macbeth would have given his life for Banquo in combat but the knowledge of his rein encourages Macbeth to over throw Banquo. If Macbeth does not react to the Witches information then it is possible that Macbeth gives Banquo’s sons the throne by free will. Nowhere in the text does it state that Macbeth and Lady Macbeth are capable of reproduction. Macbeth does not think of these scenarios and instead reacts to this information by killing his dear friend Banquo and attempting to kill Banquo’s son. Similarly Frankenstein gains the knowledge necessary to reanimate life, but acts without thinking of the consequences. Once Frankenstein finishes creating his monster he says: â€Å"No mortal could support the horror of that countenance. A mummy again endued with animation could not be so hideous as that wretch† (Shelly 43) after looking at the monster Frankenstein runs away in horror. In the following months Frankenstein immorally does not attempt to contact the monster and leaves him alone in the world without any guidance. The wretch then goes on to kill innocent people. If Frankenstein had raised

Radicalism In Employee Relation - Theories of Industrial Relations

Question: Discussion:. Radicalism is no longer relevant to understanding capitalist countries today.Discuss Answer: Radicalism in Employee Relation The thinking on the part of the Employee relations has taken a dramatic shift in a globalized environment. Managers of even the capitalistic countries have paved way to more liberal ideas of managing the organizations. Marxist frame of radicalism marked that the there has to be a command disparity between the labor and the capital. Marx has been of the view that in capitalistic countries there were power struggles and the inequalities persisted in the wealth and even in the ownership (Marx 1978). Capitalism asked for ruthless attitude and exploitation of labor to survive in the business. However considering the case of todays environment it has been witnessed that the radicalism is a basis of the extra costs that has to be accounted for in some form or another. Take the case of the capital controls where the tariffs of the state result in increasing the cost of inputs (Rose, 2008). Employee Relations in Australia Considering the case of Australia, it is witnessed that the state has played a crucial role in removal of the disparities that existed in the Marxist system or Radicalism. The state policies have been framed so that the employee interests are protected. The studies from Lewis et al. (2003) mentioned that the legislative framework by the Australian policymakers was prepared especially taking into consideration the employee relations. The segregation by the Australian system has been on the basis of three segments, employer, employee and trade unions. The trade unions have been legalized so that the workers interests are safeguarded and they are not taken for an undue advantage. The claims settlement process is legalized so that the undue advantage is not taken for by any of the stakeholders (Australian Government, nd). Employee relations and their demands are also measured as per the laws and undue advantage and false claims are checked so that ethical values are restored in the emplo yee relations. The policy makers are also indulged in laying the hours of work for the workers, health and safety standards to be maintained in the organization and the wages are set by the state of Australia itself. As per Rose (2008) state is not just the arbitrator, what it helps in setting the terms between the employers and the employees. These kind of set norms that are followed in Australia is certainly change of stance from the radical approach followed by the capitalistic countries. Conclusion Wealth and property concentration of capitalistic countries created opportunities that lead to exploitation of labor and employees. The capitalistic concentration of powers as per the radical perspective has been transformed into a system where the concentration of powers is used to provide equal opportunities. The case of Australia was discussed where the state owns the responsibility that the wealth and power should not be exploited by a section of capitalists for their benefit. The segregation of powers in between the employees, labor unions, and employers is an example of what can be done in order to save the idea of employee relation. References Australian Government (nd). Consultation and Cooperation in the workplace [Online]. Retrieved from: https://www.fairwork.gov.au/about-us/policies-and-guides/best-practice-guides/consultation-and-cooperation-in-the-workplace. Accessed on 23 March 2015. Marx, K. (1978). Wages, Labour and Capital in R. Tucker (ed), The Marx and Engles Reader, Penguin, London. Lewis, P., Thornhill, A., Saunders, M. (2003).Employee Relations: Understanding The Employment Relationship.New York: Financial Times Prentice Hall. Rose, E. (2008).Employment Relations.New York: Financial Times Prentice Hall.