Economic Concepts Essay Examples and Topics

Outsourcing in the United States has generated both negative and positive feedbacks. However, scholars and non-scholars talk about subcontracting jobs as causing loss of jobs for the Americans without looking at how it benefits the U.S. economy. In fact, literature shows that outsourcing benefits both the U.S. and foreign economies that are involved in the […]

While having the potential for higher profit attractive industries have a far greater degree of market competition resulting in the erosion of a firm’s economic performance as compared to companies that exist in unattractive industries where through the development of innovative products and services a market-dominant position can be reached with fewer problems related to […]

Introduction The labor market is equivalent to any other market. In fact, it is where labor is traded for wages. Inherently, there are assumptions that guide the labor market. For instance, there is a direct correlation between human resource (labor) and income distribution (wages and profits). Hence, different theories have been advanced regarding labor markets. […]

Introduction The Marxist concept of exploitation argues that the value of an employee’s labour is not similar to the economic value obtained by his employer from the output of the task performed. This creates social and income inequalities in various societies. Karl Marx advanced the notion that the contemporary labour market creates a dysfunctional society, […]

Sustainable economic development refers to the process of utilizing available natural resources for economic development while taking care of resources to ensure that future generations enjoy same resources. Social economic development manifests through four greens, which include green savings, green opportunities, green talent and green places. Green savings refers to the process of exhorting various […]

Fama asserts that in modern financial economics, efficient market hypothesis is perceived as a cornerstone theory. In fact, Fama (1970) in his financial literature defined the efficient market term as one where the security prices ideally reflects each of the accessible information (Fama & French, 1988, p.249). That is, a souk is deemed efficient when […]

Circumstances Encouraging Businesses to Open Up Coal Minds and Exploiting These Resources The coal industry in Europe has recently been closed because the revenues received from coal mining did not justify the costs needed to sustain the production. Specific problems are connected with impossibility to meet environmental standards, as well as development of green economy […]

In his exploration of the organization of complexity, Herbert Simon brings out the understanding of economic rationality in, “The sciences of the artificial”. The book is more of Simon’s conception of complexity in terms of how it can be studied, adapted to and understood by human beings. With knowledge from diverse fields such as social […]

Introduction After the rising costs of inputs and the prices arraigned by the opponents are taken into account, price-cap regulation is launched to guard the buyers while making sure that the businesses continue being cost-effective (Alexander & Irwin 1996). There is a trial by the income cap to employ the same procedures, but it does […]

Abstract Inelastic products are those whose prices are not affected by demand and supply. For companies to ensure that their products are as inelastic as possible, they must differentiate them. The government can intervene in a free market economy through regulation of taxes and establishment of policies which govern such things as minimum wage, licensing […]

Introduction The economies of most countries were affected badly and left in a struggling state after the World War II. The International Monetary Fund (IMF) was initiated in the year 1944 and then formally established in the year 1945. Initially, the organization consisted of only 29 countries (De, 2011). The major objective of the IMF […]

Total Revenue and Total Cost Curves Any firm aims at maximizing the quantity of profits made from any business deal. However, amount of profits that a firm can get from production of commodities is determined by the difference between total revenue and total costs. The higher the difference between total revenue and total costs, the […]

Law of Diminishing Returns The law of diminishing returns states that “an increase in one input without making adjustment to other inputs results in a reduction in the total output” (Talent, 2010). In the case of studying late in the night, time is the only input being increased. Concentration may diminish as a student extends […]

Introduction Corporatism, socialism and capitalism are the main economic systems in global operations today. Socialism is defined as public ownership and control of resources. On the other hand, capitalism is private ownership and control of resources. Corporatism is described as an economic system that allows private ownership and political influence. The difference between corporatism and […]

Theoretical framework Economic entrepreneurship theories are essential in the analysis of entrepreneurial individuals. One theory that is highly relevant in today’s marketplace is the Austrian Market Process model, which Joseph Schumpeter initiated in 1934. In this model, adherents assume that an entrepreneur is essentially a driver of a system that dwells on market economics. An […]

In this book “the Shock Doctrine”, the author (Klein) concentrates on the imperfections of neo-liberal economics. The thoroughly studied unconventional history, varying from various renowned economists (the likes of Milton Friedman) to a former president George Bush, brings the author’s argument to the present state of affairs. With rousing reportage, Klein explains modes in which […]

Introduction The author’s purpose for writing the book was to demonstrate how developing nations’ political, social and economic institutions contribute to their state of underdevelopment. His method was to establish a theory concerning underdevelopment and then use case study comparisons between strategies in various developing nations (Latin America, Pakistan etc) and the established standards for […]

Introduction Outsourcing can be traced from earlier years of the Roman Empire when collection of taxes started (Duffy 30). With the dynamics and changing times, firms are exposed to different business environments both nationally and internationally. The business environment greatly impacts on its profitability, operational costs, production cost and internal structuring. With improvement of faster […]

It is the goal of any business to be profitable and sustainable in the short-run and in the long run. To achieve this, many firms come up with a number of methods and strategies that tend to utilize their resources and capabilities in an effective and efficient manner. As a result, such organizations tend to […]

Introduction The inherent problem with interruptions to business is that not only does it create problems from an operational cost standpoint but it also causes problems from a labor standpoint since if the company has the same workforce yet has fewer orders this represents a gross mismanagement of human resources. When examining how a disruption […]

Introduction In the past as Albrecht & Sack (2010) point out businesses have relied institutional information like accounting to make choices pertaining the growth of a business organization. Traditionally, information would be compiled and analyzed to make a report that would form a basis for decision making. Before the decision was concluded and implemented the […]

Introduction The eight forces framework is an analysis tool that enables firms to evaluate the effect of the macro-environmental factors of the economy on their performance. It is thus used by entrepreneurs to analyze the suitability of the economies they intend to invest in. This paper will focus on the application of this framework in […]

System’s sustainability entails the creation and maintenance of an effective system that assists in designing, planning, incorporating and implementing its own vision by considering its various components. Since a system entails many different components, there is a need to attach equal importance to the separate parts that make up a complete system. It is therefore […]

In the modern society, people consume products according to the media adverts implying that individuals exist in a state of falsehood because what they expect in life is not what they get. The media is changing the way people behave, as well as their ways of life. For instance, the advertisements made on television, print […]

The USA has been seen as the country of opportunities and the country where equal people live. Nonetheless, researchers claim that American equality is somewhat overestimated. More so, there is an ongoing debate on wealth distribution in the USA. Researchers stress that Americans are unaware of the level of inequality in the country. Notably, average […]

Overview of tourism and economic development Economists are focusing their attention to the tourism sector because of what is seen as positive economic returns from the industry. The tourism industry is proactive and has undergone diversification resulting in further expansion of the industry. The industry ranges from real tourist sites and activities to travel, entertainment […]

Introduction Studies show that the world has been changing at alarming rate. Global warming is experienced, the number of the world inhabitants has increased, monetary systems endure shocks and the supply of water is strained. Organizations have realized the significance of sustaining the innovative green economy. This implies that transformations in the customary modes of […]

Introduction Recession in economics refers to slump in economic activities or contraction in business cycles. This situation is exhibited through reduction in the Gross Domestic Product of a country, increased rate of unemployment, reduced spending, reduction in household income, fall in inflation, reduction in business profit and bankruptcies among others (Pearlman & Sandra 239). The […]

Market Equilibrium refers to a business phenomenon where buyers bid against one another in an attempt to realize the selling price for the product. Therefore, it is to the discretion of the sellers to offer higher or accept lower prices for their commodities. A change in market equilibrium may result from a shift in demand, […]

Introduction Competition plays a pivotal role in determining the profitability and survival of businesses in various industries. However, the level of competition varies from one market to another, thereby leading to different market structures, which affect the market place differently. One of the most prominent market structures is monopolistic competition. This paper shall set out […]

The Idea of Free Market Economy A discussion on free market economy is interesting because it presents the views of various scholars. From classical scholars such as Thomas Ricardo and Adam Smith to recent scholars such as Karl Marx, the idea of demand and supply is believed to influence the prices of goods and services […]

Neoliberalism refers to the ways in which countries attempt to control economic factors by shifting the public sector to become a private sector. The term neoliberalism bases its concepts on neoclassical economists who argue that in order for a country to realize development, its government should reduce deficit financing of projects, limit subsidies, remove fixed […]

Haughton (1) is of the view that community must be involved in any form of development. It ought to be at the center of focus in making regional and local strategies. CED is a well known and holistic approach that focuses on environmental, social and economic improvements. Most importantly, it integrates community members in their […]

Introduction In every economy, the main objective of the policy makers is to achieve development within the country. Many countries have employed various ways in order to achieve their development goals. In their efforts, the main target of the public policy makers is to bridge the gap between the poor and the rich. The gap […]

Christopher (1982) explains that economic development is the improvement in the infrastructure and better living standards. Every government has the sole objective of improving the level of economic development and improving the livelihood d of its citizens. Innovation is the modification of an existing idea or the creation of a totally unique idea to help […]

Introduction International business operates in more than one country, region or continent. The location of international business is an important factor to the performance of any international business. Punnett and Ricks proclaim that the location of any business depends on factors e.g. the raw materials location, the labor force, infrastructure, government laws and regulations, the […]

Introduction Social activist have been trying to determine the relationship between religion and economic growth especially during the medieval times in Europe and America. It has been argued that the emergence of Protestants from the Catholic Church had a positive effect in the economic growth. This is because Protestants had a capitalist ideology while the […]

Introduction There have been many economic systems in history of the world, all formed out of various ideologies but the most prevalent one has been capitalism. It is a system whereby the means of production are in the hand of private owners and its main aim is profits and more profits. Supply, demand, price, distribution, […]

Introduction The lucid facts, logical ideas, mindboggling thoughts and authoritative opinions presented in Richard Sennett’s highly revered book of “New Capitalism” have been increasingly debated over the recent past based on their relevance in the modern day society. A few economic bigwigs have been able to come out in opposition of thoughts presented in that […]

The concept of utility takes an important place in the economic theory. In context of marketing, the theory of utility is used in practice in order to facilitate the sales of the company and to adjust the business plan with the market demand and customers preferences. The concept of utility plays a vital role in […]

Introduction The following essay examines the concept of capitalism in general over the last two decades and explains how the global capitalist system has evolved and the main phases that are involved in the evolution process. Capitalism refers to an economic system whereby the production means i.e. land ,labor capital as well as entrepreneurship are […]

Introduction For people to succeed in their businesses, careers or professional lives, action is an imperative ingredient. However, it matters where people base their action. For instance, if individuals base their action on self-interest, they will automatically act in response to inducements. In other words, they will start monitoring costs and benefits closely. The two, […]