John Law (1705) elaborated upon Davanzati's distinction between "value in exchange" and "value in use", which led him to introduce his famous "water-diamond" paradox: namely, that water, which has great use-value, has no exchange-value while diamonds, which have great exchange-value have no use-valu...
Every working day, in mines, factories, offices, construction sites and farms across America, almost 300 million people produce a vast variety of goods and services valued at billions of dollars. Given our unlimited wants and our scarce resources, we are faced with the choice of what to produce and ...
Value of Manufactured Output - US$/person/year Since the beginning of this century the quantitative approach to the study of economic growth and development got an important stimulus from the increased availability of official statistics on income, output and expenditure. The creation of national...
"Overcoming poverty is not a task of charity, it is an act of justice. Like Slavery and Apartheid, poverty is not natural. It is man-made and it can be overcome and eradicated by the actions of human beings. Sometimes it falls on a generation to be great. You can be that great generation. Let your g...
Under a free market system, the task of achieving the most desired economic or social outcomes is relatively complex. Therefore, government intervention is required for an ethical and financial balance. Government becomes a crucial facet of running an efficient economy, as when it fails to do so,...
Living in an Asian society, I have had the privilege to study and explore the diversity of the culture and races in Singapore. While mixing with the Chinese community here, I have learnt a great deal about their culture and homeland. Back in China, for over 30 years, the Chinese government has exerc...
Up until the era of the 1700's the monetary system was dominated with the usage of gold and silver coins as a form of exchange between countries and colonies. Colonial Americans found there to be a limited supply of said coins and the only way to obtain these coins was through importing goods from f...
The international business has a great influence to the daily lives of the people in the society in many ways. The global international business has improved the operations of people in terms of access to the business products. The products through the internet advertisement are exposed to the custo...
Should the Government Regulate the Economy? The free market approach in economic decision-making is based on private ownership of properties and resources, there is no government involvement, whereas the command approach describes a situation in which resources are jointly or publicly owned, everyth...
Throughout the past decades China has experienced rapid growth, despite sometimes challenging circumstances. In its climb to a successful nation throughout the years, China has implemented a variety of strategies. Its leaders have needed to reevaluate certain decisions and strategies, and adjust a...
Capitalism best describes the contemporary economic and political systems in the world. These systems are characterized by private enterprise, that is, a country's economy is controlled by individuals whose aim is to make profits. Such private enterprises can only thrive where government policies pr...
Thus members of complex societies must perform more specialised tasks and as a result of these tasks becoming more specialised, rewards in unequal amounts in order of importance must be given out in order to fill these positions where talents may be scarce and to give people the motivation to fill these positions in society. ...
1 INTRODUCTION Assignment 1 of Media Studies introduces 3 important topics of focus which are media policy and regulation, media and communication markets and media representation. Media policy is the first topic and it emphasises on how media regulated and controlled by using the 5 stages of polic...
Adam Smith was the founder of economics, as we know it today. His thoughts have shaped modern ideas about the market economy and the role of the state in relation to it. Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. Both are ...
This information allows users to make "reasoned choices among alternative uses of scarce resources in the conduct of business and economic activities" or in other words accounting is the provider of "information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of potential users in making economic decisions". ...
When looking at Neo-liberalism, one must understand that it is a political theory that has become predominant only through out the last thirty years or so. Although the term its self is not used often, one can clearly see the effects of Neo-liberalism in a country like the U.S for example. Neolibera...
Corporate Strategy "Sources of competitive advantage rarely yield added value that can be sustained over time." The following essay is going to attempt to assess the above proposition and try to find if it is possible to add value continually over a period of time. I will first discuss what co...
The aim of this paper is to assess the extent to which market maturity influenced the restructuring phase that Caterpillar underwent after it was nearly put out of business in the 1980s. It will be argued that surely market maturity played a central role in the company's restructuring, as the increa...
Spain is located in the south-western part of Europe taking just more than four-fifths of the Iberian peninsula. Spain also includes the Balearic Islands in the Mediterranean Sea, the Canary Islands in the Atlantic Ocean and some area in Morocco. It is located between both Portugal and France. Spain...
Comparative Economic Systems It would be extremely easy to state that economics is an area of study that seeks efficient use of scarce resources to satisfy unlimited wants and that economic systems simply refer to the outcomes of economic activities, which are influenced by social, natural and political settings. ...
Further upholding his moral integrity and spiritual perspective on life, Crusoe comments on his list, saying, "Upon the whole, here was an undoubted testimony, that there was scarce any condition in the world so miserable, but there was something negative or something positiv to be thankful for in it." ...
