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Economics Essays

Aboriginal Employment Strategy Redfern

Introduction Indigenous people are empowered by Aboriginal Employment Strategy (AES), a national recruitment and training agency, which provides work opportunities and helps job seekers thrive in their careers through mentorship, training, and specialized support. In addition to being a place of employment, AES is a place of learning (Aboriginal Employment Strategy, 2022). Local inhabitants, as ... Read More
Pages: 4       Words: 1098

The Wealth of Nations

Adam Smith on the Relationship between Town and Country Most people, Smith believes, would rather “invest their money in the development and cultivation of land than in industry or international trade.” Keeping one’s money inland, he claims, brings it “more under one’s sight and command.” Furthermore, “the magnificence of the country, the delights of country ... Read More
Pages: 4       Words: 1075
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The Use of Incoterms in International Trade

International Commercial Terms (Incoterms) refer to the globally-recognized set of standards or regulations used to import and export goods. They were introduced by the International Chamber of Commerce (ICC) to help importers and exporters understand parties responsible for every aspect of the shipping process, such as preparing certificates of origin, packaging and labeling of shipment, ... Read More
Pages: 5       Words: 1351

The Unfairness of Low-Wage Work

The United States is a society that prides itself on its working population. Having a job is valued in American society and is associated with social and financial competence. However, the reality of many workers is jarring since some jobs pay very little and the connection between having a job and decent living is non-existent ... Read More
Pages: 4       Words: 897

The Impact of NFTs

In the article, Laurence explains how NFTs bring a positive change in the arts/cultural/creative economy. NFTs will ensure that artists and creatives will have their products copyrighted hence will eliminate the duplication and use of their work without consent. NFTs are transactions that take place under block chain technology, which offered a credible way of ... Read More
Pages: 4       Words: 940

Perfectly Competitive Markets

A perfectly competitive market is a market where businesses sell identical products, and there are no barriers to entry and exit. Perfectly competitive markets are advantageous to new market entrants who are trying to minimize the risk of the business. The new market entrant will reduce the risk of failing because the business deal in ... Read More
Pages: 8       Words: 2059

Overview of the Current Economic Situation (US)

The United States economy is one of the most developed economies in the world, and the nation also has one of the world’s most advanced financial systems to cater for their fast-paced economy. The U.S. economy has major significance on a global scale, since it is one of the richest nations, thus, a decline in ... Read More
Pages: 3       Words: 705

Summary and Evaluation of the Article “Underemployment in the Australian Labour Market” by Chambers et al., 2021

Summary Chambers et al., 2021, examine Australian underemployment, and they offer recommendations on how to increase employment in Australia. When there is a surplus of labor, employed people prefer to work longer hours, which drives up the number of people employed part-time. Labour markets have been adjusting to changes in demand over the past few ... Read More
Pages: 3       Words: 766

Impact of Micro Small Businesses to the Economy

A micro business refers to a small business that functions on a small scale. It often employs fewer than 10 employees and functions as sole proprietorships. The earnings of a micro business may be less than $250,000 annually. According to research, many owners of micro-businesses have reported having started their businesses with less than $ ... Read More
Pages: 5       Words: 1244

Yet Mercantilism Continues To Have Followers

Mercantilism is an economic system that promotes self-sufficiency through a favorable balance of trade built to acknowledge national power. The mercantilism system is focused on accumulating resources and wealth while maintaining a positive trade balance with other nations. The economic system is based on minimizing imports and maximizing exports, and therefore it is regarded as ... Read More
Pages: 7       Words: 1720

Visualization of the Impact of COVID-19 on the Gross Domestic Product (GDP) in the UK

1.0 Knowledge Building The COVID-19 outbreak in the United Kingdom has had substantial socioeconomic effects on the community, which must be acknowledged to motivate rapid governmental actions. School closures, movement restrictions, social gathering bans, and limitations on economic activities have all impacted the socio-economic status life of the United Kingdom, resulting in stress such as ... Read More
Pages: 12       Words: 3263

The Voluntary ‘Real Living Wage’ In The UK

A real living wage is the smallest sum of money necessary for a worker to fulfil their daily needs. A livable wage is regarded as compensation that permits a worker to maintain a basic but acceptable standard of life without the need for state support. Because the phrase “needs” is so ambiguous, there is no ... Read More
Pages: 7       Words: 1780

Post Brexit Effects on Logistics and Manufacturing of Goods

Introduction The current economic climate and the impacts posed on the trade and logistics industry has affected almost every part of the world, by the increased restrictions and outweighed immediate economic impacts. Further, it is evident from the market studies of different companies that Brexit effects in the overall economic harm posed to the organizations ... Read More
Pages: 3       Words: 781

Gross Domestic Product and Its Components

The gross domestic product commonly abbreviated as the GDP is an index of a country’s entire economic output. It is the total value of everything produced within the boundaries of a particular country irrespective of whether it is the production of the citizens or foreigners. The nominal GDP measures the size of the economy in ... Read More
Pages: 3       Words: 776
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