...AP Economics Review Sheet Opportunity Cost- the thing you give up to gain the thing with better benefits. What you give up in order to gain. Absolute Advantage- when a country or entity can produce more of the same item using the same or fewer resources Comparative Advantage- when a country or entity can produce a good or service at a lower OC than another country or entity LAW OF COMPARATIVE ADVANTAGE- EVERYOE CAN GAIN THROUGH TRADE AS LONG AS THEY SPECIALIZE IN A GOOD OR SERVICE Input Method | Output Method | OC FOR X = X/Y IN TERMS OF YOC FOR Y = Y/X IN TERMS OF X | OC FOR X = Y/X IN TERMS OF YOC FOR Y = X/Y IN TERMS OF X | FACTORS OF PRODUCTION: Land – consists of all natural resources Labor – human time spent in the production of goods and services Capital – the tools used for production Entrepreneurship – the organized use of all 3 PPC – shows the different combinations of 2 goods that can be produced at full employment LAW OF INCREASING OPPORTUNITY COST – in order to produce one good, you have to produce less of the other good. Refer to PPC Productive Efficiency – economy is producing maximum output and is at full employment Allocative Efficiency – the economy is producing the best mix of goods and services Tradeoff – an exchange – giving up one thing to get something else Free lunch – a gift – getting something without giving up something else. Positive Statements – statements that discuss what is currently believed or how the world...
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...FYP Project Number: HE_2AY1415_09 NANYANG TECHNOLOGICAL UNIVERSITY SCHOOL OF HUMANITIES AND SOCIAL SCIENCES UNDERREPRESENTATION OF ASIA-FOCUSED ARTICLES IN THE TOP 10 ECONOMICS JOURNALS Roy Athanasius Ang Tjin Shane Teong Xiu Yi Tham Weng Leon U1130138B U1130028B U1130012L A Final Year Project submitted to the School of Humanities and Social Sciences, Nanyang Technological University in partial fulfillment of the requirements for the Degree of Bachelor of Arts in Economics Academic Year: 2014/2015 FYP Project Number: HE_2AY1415_09 ABSTRACT Despite its high growth, positive economic outlook and its GDP accounting for about a quarter of the world’s GDP, there is an underrepresentation of Asia in terms of published articles in the top 10 economics journals. This study highlights this fact and has found tenure to be a likely cause for the lack of Asia-focused articles. This stems from the strong emphasis universities place on the publishing of articles and with the belief that there is a lack of reliable data on Asia, researchers are less inclined to conduct studies on Asia given that top economics journals require accurate and dependable data for publishing. 1 FYP Project Number: HE_2AY1415_09 ACKNOWLEDGEMENTS We, the authors of this paper, would like to express our heartfelt gratitude to Chia Wai Mun, Associate Professor, School of Humanities and Social Sciences, Nanyang Technology University, for her unwavering support and constant...
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...Have you ever wondered how the world does not just keep repeating economic failure over and over again? Well there's always somebody pulling the strings behind it to make sure that it does not in fact capsize. This is called economic policy. Economic policy is the economic decisions that a government decides on . Out of all the economic policies available today, a few stick out. That being supply side economics, demand side economics, and monetary policy. These Policies ensure the security and well being of the nations economy. First, there is supply side economics. Supply side economics say that economic growth is most easily made when barriers are lowered for people to invest in capital, to produce, and supply goods and services. Supply...
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...ECO/372 Week Four Reflection Firstly, the National Debt is passed along from generation to generation which makes it harder and harder to buy basic consumer necessities. As a result, we become a "service based" economy with a dwindling middle class to use those services. Taxes would rise, further disenfranchising the poor, causing our jails to overpopulate. Which puts China in a position to dictate and hold a gun to our heads and threaten to pull the trigger on Washington, D.C. Consumer confidence would be severely injured because this is the engine of our economy. Consumers would worry about the future of the economic stability, holding, rather than spending their money. Only when big debts and deficits begin to show hope of declining will the consumers relax and start spending again. I would establish attainable nation fiscal goals that are ambitious and commit to those goals. “By placing caps on all gov't programs, they would be forced to make budget cuts and to not spend needlessly because they will not be able to exceed the allotted cap without a penalty. I would also limit the size of government programs allowing wages to keep pace with the programs spending.” (Riddix, 2014) There's no clear cut decision to be made here, however, very hard decisions need to be made and some commitments also need to be made. Some innovating and unconventional methods should be deployed since doing the same things over and isn't working. The Richardian equivalence also known as the...
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...Economic Research Paper LeeAnna Horton, Adam Warden, Denise Moyer, Nicoleta Fetrow, Talia Legrande Eco/372 September 24, 2015 Susan Dadres Economic Research Paper Introduction With macroeconomics being the focus on the performance of the economy as a whole, there are a few indicators that we can take a look at to understand better the current status of the economy. Examining indicators like unemployment rate, inflation and the gross domestic product can give economist that necessary glimpse, as we will do now. Unemployment Rate According to the U.S Bureau of Labor Statistics, the "total nonfarm payroll employment increased by 173,000 in August, and the unemployment rate edged down to 5.1 percent." ("Regional and State Employment and Unemployment Summary," n.d.) As indicated by the household study information in August, "the unemployment rate edged down to 5.1 percent, and the quantity of unemployed persons edged down to 8.0 million. Throughout the year, the unemployment rate and the quantity of unemployed persons were around 1.0 rate point and 1.5 million, separately. The quantity of persons unemployed for fewer than five weeks diminished by 393,000 to 2.1 million in August. The quantity of long haul unemployed (those jobless for 27 weeks or more) held at 2.2 million in August and represented 27.7 percent of the unemployed. In the course of recent months, the quantity of long haul unemployed is around 779,000." ("Regional and State Employment and Unemployment Summary...
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...Research paper 2 Summary of U.S. Economy High unemployment and slow growth are still the dominant features of the US economy. Growth during 2011 has been at a very slow pace, and slightly improved Q4 figures just released are likely due to temporary factors. While there has been real, if modest job growth in each of the last five monthsi, much of the drop in the official unemployment rate is due to unemployed workers giving up looking for j obs. There is wide agreement that any recovery is likely to be sluggish over the next couple of years. For example, Paul Krugman writes, "...the state of the economy remains terrible... But there are reasons to think that we're finally on the (slow) road to better times."ii The recovery, at least in terms of economic output, may continue and even strengthen -- eventually. With profits restored at the expense of wages and social benefits1, business investment could continue to increase. With almost no new housing construction and a growing potential demand from multi-family households, there could be a new housing boom at some point. But there is still a strong possibility, in the immediate future, of a new financial crisis and resumption of the downward economic spiral of 2008-2009. This danger comes from: * The overhang of unpayable household debt, particularly in home mortgagesiii. * The global capitalist crisis, most immediately the European crisis, which can destabilize the US financial system, and will reduce the market for...
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...Economic Forecast Paper The discussion in this paper is about Economic Forecast. The different places that are discussed will be The Bureau of Labor Statistics, The Economic Report of the President, The Federal Reserve System, and The United States Census Bureau. Over the course of this paper we will see how each department is important in our economy and what each department does in order to help or hinder the economy. The Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) was established on June 27, 1884 as a division of the Department of the Interior. President Chester Arthur appointed Carroll Wright as the first Commissioner of Labor. Many studies, reports, and statistical ideas developed under Wright’s tenure, “but perhaps his greatest accomplishment was the establishment of the principle that the Bureau would be devoted to ‘the fearless publication of the facts without regard to the influence those facts may have upon any party's position or any partisan's views’” (“History of BLS”, 2013). As the fundamental fact finders for the Federal Government in the area of labor economics and statistics, the BLS collects data from various sources. It processes and analyzes the data before publishing essential statistics for use by the American public; federal, state, and local governments; and businesses. “BLS data must satisfy a number of criteria, including relevance to current social and economic issues, timeliness in reflecting today’s rapidly changing economic...
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...The city of St. Louis has suffered from a deep rooted history of racial tensions, issues and inequalities for years. Businesses that once thrived within the city have left the city for suburban areas. The events in the Michael Brown case in Ferguson, Mo on August 9, 2014 forever changed the face of the city and a Nation. In this paper, the author would like to delve into the economic effects that the city has dealt with prior to, during and after the events of August 9, 2014. This paper will evaluate and examine the economic effects that the events has had on this city and community. This paper will explore the decisions made by government officials during and after the riots that affected businesses in the immediate and surrounding areas. This paper would also look at how and if the city can recover. History of St. Louis St. Louis is a metropolitan city which has 92 suburbs that make up the St. Louis County. The city of St. Louis is divided up into the north side which is predominately African American, the south side which is predominately Caucasian, the central west end which is a mixed group and East St. Louis which despite the fact that it is in Illinois is predominately African American. The counties of St. Louis are also divided by race with North County being predominately African American, South County predominately Caucasian, and West County predominately Caucasian. There are twenty four county school districts and one large school...
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...Is technological innovation the main source of all economic development and change? How might differing research and development systems influence the performance of major nations? Introduction Technological innovation has come to be regarded as a central factor upon which success is contingent (Dodgson and Bessant, 1996: 3; Schumpeter, 1943: 83). Not only has it been considered a promise for generating competitive advantage but it has also been prescribed as a remedy for a broad range of managerial problems such as intense competition, globalised marketplace and technology fusion (Eris & Saatcioglu, 2004). Since the middle of the 20th century many theorists have explored the issue of technological innovation and how it influences performance on the national, industry and firm level. This report will firstly, compare the R&D systems of the USA, UK, Germany, Japan and China and then analyse the automobile and semiconductor industries in relation to these systems to show that technological innovation is not the main source of economic development. Technological innovation Various definitions of technological innovation have been devised as part of existing theories. In addition, technology and innovation are often used interchangeably. Throughout this report, however, technological innovation will be regarded as the usage and knowledge of tools, techniques, crafts or methods in terms of new products and processes (Porter, 1990; Nelson, 1993). Further, a distinction...
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...Challenges Facing Maritime Education and Research in a Changing Environment: Implications for ITMMA Author(s): T. Notteboom and Van Laeken, F. This chapter has been included in the book: Ports are more than piers, Antwerp: De Lloyd This is a PDF file of an unedited manuscript that, in a modified form, has been accepted for publication or has already been published. For the convenience of the visitors of this site, an early version of the manuscript is provided. All legal disclaimers that apply to the book pertain. Please site this article as: Notteboom, T. and Van Laeken, F., (2006). Challenges facing maritime education and research in a changing environment: Implications for ITMMA. In: Notteboom, T. (Ed.), Ports are more than piers. pp. 275-286. Liber Amicorum Willy Winkelmans, Antwerp: De Lloyd. This article was uploaded to www.porteconomics.eu On: 19/01/2010 Porteconomics.eu is a non-profit, web-based initiative aiming to advance knowledge exchange on seaport studies. Developed by researchers affiliated to various academic institutions throughout Europe, it provides freely accessible research, education and network-building material on critical issues of port economics, management and policies. PLEASE SCROLL DOWN FOR MANUSCRIPT Notteboom, Van Laeken – Maritime education and research Challenges facing maritime education and research in a changing environment:...
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...Topic: Economic and Financial Evaluation of oil production in the Ghanaian Jubilee oil field; “Tullow Ghana as case study” 1.0 INTRODUCTION Kosmos Energy Ltd. discovered Ghana’s offshore Oil Jubilee Field in 2007. It was the Biggest and brightest opportunity for Ghana’s socioeconomic advancement in crude oil discovery for that year, coinciding with golden jubilee independence celebration “Ghana@50.” The field is located about 60km off the shores of Cape Three Point in the Western Region of Ghana (Kosmos Energy ltd, 2012). The Jubilee oil field is one of the best oil fields off the coast of West Africa. Besides that, the field is one of the largest offshore oil fields discovered off the West African shore in recent years. The total estimated recoverable hydrocarbon resource is about one billion barrels of crude oil and a significant quantity of natural gas (Africa Region, 2009). The crude in the field is light sweet crude with 37 API. The Government of Ghana is fully committed to the development of the Jubilee Oil Field in order to proportionate and equate its economy to other nations.The Government, in collaboration with jubilee field operators, acquired production facilities to enhance the production of oil in the field. The Floating Production Storage and Offloading (FPSO) Kwame Nkrumah, which is 60 metres wide, 330 metres long and has the same length of approximately three football fields, has been acquired for the production of the oil in the field (Araujo, 2012)...
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...of Introduction of Business Related Discipline Research Articles Qing Tian I. Introduction Business and economics papers have made a significant contribution to the development of the corporations and economics growth. However, it may be difficult for the readers to fully understand the materials if the structure of the papers is very complicated. In recent decades, there is an increasing trend in the complicacy of business and economics papers (Ellison, 2000). This phenomenon will induce more complexity in comprehending profound research papers. Regarding it, some basic models have been invented to give a general guideline of the building blocks of the research papers. For example, for writing an introduction of an article, Swales (1990) introduced a rhetorical pattern called create-a-research-space (CARS) which segments the introduction into three major parts, namely move 1, 2 and 3. The move 1 aims to give a background information of the topic of the research paper, depicting a general picture of which area the paper will fall into. The next move known as niche basically serves to connect move 1 and 3, illustrating the motive and inspiration of the paper (Swales & Feak, 2012). Followed by niche is the main purpose of the article. By presenting in either a purposive or descriptive way, the author can show a ultimate goal of the article. However, although some kinds of standardizations have been made to formalize the research papers, the construction of journals articles...
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...THE ECONOMIC PERFORMANCE OF IMMIGRANTS The Role of Human and Social Capital AGNIESZKA KANAS Kanas, A.M. The Economic Performance of Immigrants. The Role of Human and Social Capital Dissertation, Utrecht University, The Netherlands Cover illustration: Krzysztof Wodiczko, Goscie/Guests, 2009, instalacja wideo/video installation, 17,17 min./minutes. Dzieki uprzejmosci artysty i Fundacji Profile/courtesy of the artist and Profile Foundation, Warsaw. Cover design: Agnieszka Kanas & Sebastian Gryglewicz Printed by: Wöhrmann Print Service ISBN: 978-90-393-5550-3 © Agnieszka Kanas, 2011 All Rights reserved. No part of this publication may be reproduced, translated, stored in a retrival system of any nature, or transmitted, in any form or by any means, electrnically, mechanically, by photocopying, microfilming, recording, or otherwise, without the prior written permission from the author. THE ECONOMIC PERFORMANCE OF IMMIGRANTS The Role of Human and Social Capital DE ECONOMISCHE POSITIE VAN IMMIGRANTEN De rol van menselijk en sociaal kapitaal (met een samenvatting in het Nederlands) Proefschrift ter verkrijging van de graad van doctor aan de Universiteit Utrecht op gezag van de rector magnificus, prof.dr. G.J. van der Zwaan, ingevolge het besluit van het college voor promoties in het openbaar te verdedigen op dinsdag 28 juni 2011 des middags te 2.30 uur door Agnieszka Małgorzata Kanas geboren op 3 februari 1980 te Trzcianka, Polen Promotoren: Prof. dr. F.A...
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...Towards a Definition of Socio-Economic Research for the RESPECT Project A draft working paper by Ursula Huws, RESPECT Project Director Introduction The term ‘socio-economic research’ is in widespread use in the European Commission’s work programmes and elsewhere. In the Fourth Framework Programme, for instance, there was a programme entitled ‘Targeted Socio-Economic Research’ (TSER) and in the Fifth Framework Programme there were numerous calls for proposals to carry out socio-economic research related to Information Society Technologies (in the IST Programme) and to other issues of relevance to EU policy. At national level, there are also economic and social research funding councils in most European Countries. However, nowhere in this documentation, as far as I can tell, is any definition offered of ‘socio-economic research’. For the purposes of the RESPECT project, however, it is necessary to have some sort of functional definition. This short discussion paper is designed as the first step towards the development of such a definition. As the project develops, this definition will be tested in relation to the actual practices of socio-economic researchers, whose activities, qualifications and professional affiliations will be profiled as part of the project’s work. In the meantime, a brief survey of projects described as socioeconomic research projects indicates that they cover a very broad range in relation to the backgrounds and qualifications of...
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...Introduction 2 Research Question 3 Research objectives 3 Literature Review 3 Research Methodology 6 Research Philosophy 6 Data Sources 7 Research Tools 7 Sampling Methodology 8 Logistical and Ethical Consideration 8 Expected Outcomes 8 Planned Timetable 9 Conclusion 9 References 10 Introduction South Asia accounts for over 17 percent of the total world’s population. Although, there are varying definitions of the South Asian region, for the purposes for this research, the focus would be on three countries which are Pakistan, India and Sri Lanka. India, the second most populous country in the world and the tenth largest economy is expected to bypass the US economy by in the next three decades along with Germany, Italy, France and other economic giants. Pakistan, the sixth most populous country of the world with a population of 180 million people out of which 65 percent are between the ages of 18-35, represents great potential of a highly skilled workforce (Bhattacharya, pp. 41-45, 2009). Bangladesh, the ninth most populous country of the world has shown great economic growth and human development over the past few years thus offering great prospects for economic growth (Harwood & International Finance Corporation. pp. 45-49, 2010). Important here to note is that these three countries are a part of the Next Eleven (N11) nations, selected by Goldman Sachs Investment Bank that are believed to the drivers of economic growth,...
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