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Economics Essays

Minimum Wage in the USA

Introduction The federal minimum wage in the United States currently stands at 7.25 USD per hour. This standard has been enshrined in the Fair Labor Standards Act. A minimum wage is crucial for low-income families to make ends meet. Statistics show that an hourly wage of 7.25 USD for a family of three would still ... Read More
Pages: 8       Words: 2140

Market Structures and Pricing

Abstract Market structures play an integral role in society due to the determination of how people will create, offer or exchange products and services of value. Hence, the structures describe the competitive landscape for the commodity or service. The market comprises the firms and customers willing to sell and buy the actual product or services. ... Read More
Pages: 12       Words: 3207
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Implementation Plan for a New Economic Opportunity

The economic initiative proposed to Northwell Health is the establishment of a cafeteria with healthier and organic options to improve the health of patients, employees, and visitors through a partnership with Whole Foods Market. Whole Foods Market is a USDA Certified organic grocer that sells products free of hydrogenated fats and artificial colors, flavors, and ... Read More
Pages: 6       Words: 1616

Impacts of Losing a Job on Standards of Living

A job is a fundamental aspect of life. As of 2021, 59% of the US population relied on their jobs for individual basic needs and providing for their children (Statista 1). Besides, nearly every individual is introduced to education and other activities necessary to provide adequate and relevant skills to help them get a decent ... Read More
Pages: 3       Words: 694

Hyperinflation in Argentina

Introduction In the economic world, most countries at one time have experienced Hyperinflation, which has had a significant economic impact on a country’s growth. Hyperinflation is defined as an excessive increase in prices in an economy. Hyperinflation can be confused with inflation, but these two differ. As inflation focuses on measuring the pace at which a country’s ... Read More
Pages: 11       Words: 2753

Grocery Sector in New Zealand

Executive Summary The report represents New Zealand’s study of the retail grocery sector. From the report, it is evident that groceries are a vital part of household consumption. The report indicates that over $22 billion was spent in 2021 purchasing groceries from supermarkets. The study’s main outcome was that competition has not been effective among ... Read More
Pages: 12       Words: 3107

Economic Inequity in Australia

Background Economic inequity is the unequal distribution of income and economic opportunities between different people and groups in a society. Economic inequality is a concern for all nations all over the world. Considering the world wealth distribution, the majority of wealth is held by a few nations or individuals, with a good number of the ... Read More
Pages: 6       Words: 1596

Does Technology Wreck the Middle Class, or Do We Reap the Benefits of Mechanization?

Mechanization encompasses moving from a traditional society to an industrialized and urbanized society. In agriculture, the process increases productivity, efficiency, and quality, reducing labor, human drudgery, and cultivation costs. Despite its advantages, mechanization wrecks the middle class. It disheartens them, renders their services monotonous, and the work environment intolerable. Mechanization reduces the employment rate of ... Read More
Pages: 3       Words: 606

Development Approaches and Best Approach for Economies of Developing Countries

Introduction Development in economics refers to improving the standard of living of a country’s citizens. Economists have been on their toes to study the economy and growth of a nation. This can be done through various approaches such as economic growth, structural theory, development economics, and poverty alleviation. Development is a complex issue, and economists ... Read More
Pages: 5       Words: 1347

Applying Economics to the Real World

Case1: Government Spending and Taxation The government finances its spending through treasury bills, borrowing, and taxation. Different forms of taxation are the main sources of government revenues. Taxation allows the government to collect a common pool of funds to finance social projects which are sensitive to be left in the hands of private investors. The ... Read More
Pages: 8       Words: 2082

Import Substitution Industrialization (ISI) Policy and the East Asian Economic Model in Pakistan and Afghanistan

Import Substitution Industrialization (ISI) is a business-based program for development-oriented on protecting local infant industries through protective tariffs, exchange rate controls, special preferential licensing for the import of capital goods and subsidizing loans to local infant businesses. Protectionist approaches have epitomized the policy stance of the economies of Afghanistan and Pakistan. At more theoretical level ... Read More
Pages: 3       Words: 661

Analysis of Market Structures and Related Pricing Strategies

Abstract In this paper, I will be analyzing the market structures of Supply and Demand as well as pricing strategies that are suitable for them. I will also compare their strategies with those of a monopoly, a perfect competition, a monopolistic competition, and an oligopoly. To analyze these structures, I will start with an overview ... Read More
Pages: 11       Words: 2779

Africa Is Not a Poor Continent

Introduction Over the past few decades, Africa has been portrayed in various ways, such as a helpless kid in need of development, a growing economic power, an immediate threat, and a tinderbox for terrorism, famine, forced migration, and disease. However, the truth is, like always, more nuanced. Indeed, the continent of Africa has changed drastically ... Read More
Pages: 8       Words: 2103

Adam Smith’s Theory of Economics

Introduction The economic realm forms the bedrock of human existence, and its fundamental role can never be ignored. The continuous phenomenon of allocation of scarce resources, distribution, and consumption has been at the heart of human existence since time immemorial. The economic world has, over the years, witnessed remarkable strides that have resulted in to ... Read More
Pages: 11       Words: 2944

Divestment From Fossil Fuel Companies for a Net-Zero Economy

Introduction For many countries that are committed to the 2015 Paris Agreement’s climate challenge, 2050 is a key deadline in the race to carbon neutrality. By 2050, the United Kingdom and several other European countries aim to achieve carbon neutrality, or net-zero greenhouse gas emissions (Griffin & Hammond, 2021). To reach this point, investors are ... Read More
Pages: 13       Words: 3402
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