These factors mean that the old economic theories are not always working properly and are not always properly adapted to the current globalization conditions.
Following from this, as more importance is weighted towards behavioural economics, the old theories and rational behaviours of population are believed to weigh less now and thus give misleading guidance to the market players.

4. a. I believe that economic terms can be used for both examination of political actions and such notions as discrimination, marriage, fertility, divorce and the like, or in general the sociological actions. The reasoning for this is the situation in which the economy is currently. Though the business cycles theory have been criticised heavily, I believe that when economy is booming and people have generally positive expectations to the economic development and their personal well being, they are driven away and treat any sociological phenomenon (such as decision to have kids or…...

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References

Scott, J. Rational Choice Theory, Available at  http://www.essex.ac.uk/~scottj/socscot7.htm 

Dugger, W. Veblen's Radical Theory of Social Evolution, Journal of Economic Issues, Volume XL, No. 3, September 2006.

A economists

For example, if apple prices are higher than orange prices, consumers are likely to buy more oranges, since the fruits are virtually substitute goods for one another. So long as the apple growers can still make a profit, they will very likely lower their prices to meet consumer demand, until demand for apples increases again. Another example is that of gas prices. hile gas 'gouging' certainly exists, it is difficult for one gas station to have prohibitively high costs for its product than other nearby suppliers, given that consumers will vote with their dollars and go to the more inexpensive station right down the highway.
Fully explain what is meant by the concept of transfer payments and how the government uses transfer payments to redistribute income in society. Give a concrete example of how the government is doing this.

Transfer payments are often thought of as the government taxing the wealthy…...

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Works Cited

Consumers in a market economy." (2007). U.S. State Department. Retrieved 11 Oct 2007 at http://usinfo.state.gov/products/pubs/market/mktec3.htm

Litchka, Peter. (2007). "Toxic waste in Grand Banks." Lesson Plan. Retrieved 11 Oct 2007 at  http://www.fte.org/teachers/lessons/prize/toxic_waste.htm 

Opportunity cost." (2007). Investopeida. Retrieved 11 Oct 2007 at  http://www.investopedia.com/terms/o/opportunitycost.asp 

Transfer payments." (2007). Investor Words. Retrieved 11 Oct 2007 at  http://www.investorwords.com/5050/transfer_payments.html

Economists
Explain the theory of Social Darwinism. hat elements of truth are in the theory? How do you refute it?

The theory of Social Darwinism is simply asserts that only the fittest survive in the wild or in society as it exists today. Thus, this theory was based heavily on the ideas of Charles Darwin and his views on plants and animals in nature. Thus, this theory specified that the weak would ultimately not flourish but diminish, whereas those who were naturally possessing fortitude of strength and mind would exert influence and ultimately flourish. The ideas of Charles Darwin are view life as essentially a battle for existence which was ruled by the law of the common phrase, that most have heard which is "the survival of the fittest." Darwinists believed that nature would simply select those who were meant to survive, and those who were not -- hence the term…...

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Works Cited

Hayek, F.A. Heyek's Transformation. 1988.

Value Theory
Economists Ideas on Value Theory:

Value theory has been interpreted and described in many different manners throughout the course of history. There are classical theorists, early classical theorists and socialists, and even those who are categorized as late Ricardians. This essay will focus on the definition of value theory as defined by the following theorists: Marx, Menger, Ricardo, Say and Smith. Each of these economic theorists presented a slightly different take on how value is derived in an economic environment. For some, value is created from labor exerted by workers. For others supply creates demand and subsequent value. Some have argued that value is created in the marketplace, as consumers exchange goods and services; buyers and sellers create demand supply and demand, and any good is only as valuable as the time the producer puts into it. All of the theorists explored have both positive and negative aspects related…...

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Bibliography

Appleby, J. 1978. "Economic Thought and Ideology in Seventeenth Century England." Princeton: Princeton University Press

Arestis, P. & Sawyer, M. 1992. "A Biographical Dictionary of Dissenting Economists." Aldershot: Edward Elgar

Bonner, J. 1995. "Economic Efficiency and Social Justice: The Development of Utilitarian Ideas in Economics from Bentham to Edgeworth." Aldershot, UK: Edward Elgar.

Brumback, Nancy. "Labor, Nature and Value Theory." {Online}. Available: http://csf.colorado.edu/matfem/working-papers/brum.html

Deficit and Economy
Today, economists generally agree that high budget deficits reduce the ability of the economy to grow in the future. So, the general question is, why do high budget deficits matter? In order to understand this, we need to understand the concepts of economic growth and decline. What is economic growth: "Economic growth occurs primarily with the increase in value of goods and services produced by an economy" (Case et. al, 2009) while growth measurement" happens through the computation of the percentage increase in inflation adjusted, real growth in Gross Domestic Product" (Case et. al, 2009). Furthermore, the GDP is "the total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports" (Case et. al, 2009). Therefore, we can define an economic slowdown in opposite…...

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References

Case, K.E., Fair, R.C., and Oster, S.E. (2009). Principles of Macroeconomics. (9th ed). Upper Saddle River, New Jersey: Pearson Prentice Hall.

Bureau of Labor Statistics. (n.d.) Retrieved from http://bls.gov/

June 17th 2010 CNBC Stock Market Squawk Box - Jobless Claims & Consumer Price Index [video]. Retrieved from http://stockmarketlive.org/june-17th-2010-cnbc-stock-market-squawk-box-jobless-claims-consumer-price-index

Schuster, H. (Producer). (2009, June 7). The Chairman Part 1 [video]. Retrieved from  http://www.cbsnews.com/video/watch/?id=5069647n&tag=related;photovideo

Liberalism1: Chapters 1-3IntroductionThe Industrial Revolution changed the rules of the game in England in the 19th century. Zevin shows that the aristocracy had ruled in the past; but by the 1840s, a new order had emergedone in which a rising middle class now had a common voice and an interest in controlling or at least shaping markets. This paper highlights how those who started and edited The Economist were in league in terms of wanting a liberal marketa free marketone that was not pre-determined and subjected to the whims and will of the aristocracy.SynthesisThe Economist was born out of the Anti-Corn Law League that rose up to challenge the aristocratic tariff that kept foreign competition in wheat out of the country, and domestic prices high (Zevin, 2019, p. 22). Its founder was James Wilson, a Scottish hat manufacturer and author, whose powerful vision of a free trade world, first set…...

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References

Zevin, Alexander. (2019). Liberalism at large: The world according to The Economist.

London: Verso.

Economic
Economists prefer to advance many reasons for the push from centralized planning to market mechanisms. First, centralized planning often worked well in the early stages of developing industry, but with the enormous growth and complexity of economies and technologies, centralized planning falls short in taking into considerations all of the variables that may affect the economic system (Alchian and Demsetz, 776). In such a complex economic system, therefore, centralized planning becomes inherently flawed because it cannot acquire all of the required information for the decision-making. The centralized planning cannot deal with the self-interest of people, so people do not feel motivated. However, public services are never better performed than when their reward comes only in consequence of their being performed, and is proportioned to the diligence employed in performing them. Therefore, capitalist market is considered to be superior not only to planning in the socialist countries but to all kinds…...

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References

Alchian, A. And Demsetz, H., Production, Information Costs, and Economic Organization. American Economic Review, 1972, 62, pp. 777-795

Kornai, J. The Socialist System: The Political Economy of Communism. Princeton: Princeton University Press, 1992.

It is useful to look at the general state of the economy and assess how this could impact the entity of interest. The general theory is that "in the absence of evidence to the contrary, […] the business will continue to trade in the normal way into the foreseeable future. This enables the account to assume that stock will eventually be sold, that fixed assets will continue to be used, and so on" (Alexander and Britton, 2004).
A relevant example for this scenario is given by the situation encountered throughout the past two years within the American automobile industry. The market was on the one hand characterized by a growing customer focus on small size vehicles incorporating fuel efficient engines. This situation occurred due to the impending occurrence of a global crisis and the scarcity of natural resources. At an industry level, the Japanese manufacturers were able to foresee these…...

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References:

Alexander, D., Britton, a., 2004, Financial Reporting, 7th Edition, Cengage Learning EMEA, ISBN 1844800334

Tracy, J., 2008, Accounting for Dummies, 4th Edition, for Dummies, ISBN 0470246006

International Standard on Auditing (UK and Ireland) 570, Going Concern, the Institute of Certified Public Accountants in Ireland, Retrieved from   on October 15, 2009http://www.cpaireland.ie/UserFiles/File/Technical%20Resources/Auditing/International%20Standards%20on%20Auditing/ISA%20570 (1).pdf

2009, Nike Inc., Reuters Website,   last accessed on October 15, 2009http://www.reuters.com/finance/stocks/ratios?rpc=66&symbol=NKE 

They state that the FOEX market represents "the market in which participants are able to buy, sell, exchange and speculate on currencies. The forex markets is made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors. The currency market is considered to be the largest financial market in the world, processing trillions of dollars worth of transactions each day" (Investopedia, 2009). Otherwise put, the foreign exchange market represents the place where one currency is being sold and another is being bought, such as an American selling his dollars and buying euros in exchange.
The foreign exchange market is the largest single market on the globe. Its median trade is of $1.5 trillion per day, almost 100 times more than the daily trades of the New York Stock Exchange. Upon entering the Forex market, the investor has to meet several criteria, such…...

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References

Casu, B., Girardone, C., Molyneux, P., 2006, Introduction to Banking, Pearson Education

Fabozzi, F.J., Mann, S., 2005, the Handbook of Fixed Income Securities, McGraw Hill Professional

Lewis, M., Davis, K., 1987, Domestic and International Banking, MIT Press

Miliaresis, D., 2005, Foreign Exchange Markets, Teen Analyst, accessed on January 13, 2009http://www.teenanalyst.com/advanced/forex.htmllast

As economic crisis in the United States has caused families to save rather than spend, which will cause exports from these countries to decline. While these economists certainly understand the concepts of demand, the article suggests that economic pain for developing countries might not necessarily be the case. Instead, the article suggests that countries who have the ability to stimulate their own economies through savings will be able to better cope with the decreased demand from the United States. Finally, the article suggests that, in the long run, the forecasts for emerging economies are positive, speculated to grow at an annual rate of over four percent from 2010 to 2015. Thus, while developing economies rely on American demand to some degree, their ability to grow economically is left, in the majority, to their own volition.
eferences

Stumble or Fall? (2009, January 8). The Economist. etrieved January 12, 2008, from: http://www.economist.com/finance/displaystory.cfm?story_id=12896793....

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References

Stumble or Fall? (2009, January 8). The Economist. Retrieved January 12, 2008, from:  http://www.economist.com/finance/displaystory.cfm?story_id=12896793 .

This is one of the fears that many people share, and that the Economist article deftly points out.
The Fed's argument about keeping interest rates low as a mechanism for job creation has also been rather unproductive. The Fed argues that by offering low interest rates on borrowed money that businesses will take loans to grow. But in this recession, there is no reason to grow when there is decreased demand for goods and services. One reason for this decreased demand is that the unemployment rate is so high, and people are unwilling to buy things they don't need. Also, as banks shrink available credit, people have less money to spend on credit cards and other instruments of credit. The Fed has also tried to keep interest rates low while fighting what it calls a major threat to economy and jobs stability, which is deflation. Deflation is the lessening of…...

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References

Economist Magazine. (2010). "The Fed and its Discontents." The Economist. Accessed online 9 Dec. at:

 http://www.economist.com/blogs/democracyinamerica/2010/12/federal_reserve_criticism .

The author noted that this was an important step to help ease the problems created by the collapse of non-bank funding.
The author concludes by noting that the proposed package's tremendous size combined with its lack of clear details or forceful regulation leave the program open to criticisms that it is both too vague and too timid. Furthermore, he points out that the plan's failure to fully account for the disposal of toxic debt may have helped contribute to recent sharp falls in the stockmarkets. The author noted that it was not only that the plan was insufficient, but that Geithner had led people to believe that the plan would be both bold and detailed, and that the dissonance between the promised plan and the plan unveiled by Geithner helped contribute to a decrease in confidence. The author clearly disagreed with Geithner's failure to really consider the issue of nationalization…...

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References

Still seeking a way out. (2009). Retrieved February 11, 2009, from Economist.com. Web site:  http://www.economist.com/daily/news/displaystory.cfm?story_id=13095259

economist Approach
The production and sale of alcoholic beverages contribute a small share in national product in the United States and in other advanced economies. However, the damaging effects of alcohol consumption on health and safety constitute a very significant economic burden, reducing our overall standard of living. Chronic heavy drinking causes organ damage that result in disability and early death. Other possible consequences include cognitive impairment, addiction, reduced productivity, neglect of family responsibilities, and birth defects. The acute effects of alcohol abuse are still more costly: traumatic injury and property damage from accidents, criminal victimization, domestic violence, unwanted sexual encounters and venereal diseases, and hangover. In sum, alcohol is not just another commodity. Around the world, historically and currently, public concern about the consequences of excess alcohol consumption for individual health and community well-being has been incorporated in cultural norms, which are often reinforced by private rules and government…...

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Bibliography

B.Tucker, I. Survey of economics. In I.B.Tucker.

Frank J.Chaloupka, M.G. The Effects of price on Alcohal Consumption and Alcohal Related problems.

Frank J.Chaloupka, p. G. (n.d.). National institute on Alcohal Abuse and Alcohalism. Retrieved from The Effects of Price on Alcohal Consumption and Alcohal related problems:  http://pubs.niaaa.nih.gov/publications/arh26-1/22-34.htm 

J.Moore, P.J. (n.d.). Health Affairs. Retrieved from The Economics of Alcohal Abuse And Alcohal Control Policies:  http://content.healthaffairs.org/content/21/2/120.long

3. At its heart, this editorial promotes the underlying principles of free market capitalism. Trade is assumed to be a net generator of wealth by the authors; therefore the reduction of trade will result in a reduction of wealth. One of the key points they authors make is with regards to capital flows. Economic nationalism, they point out, will alter and in some cases diminish global capital flows to the detriment of the nationalists.

Global trade, they argue, needs leaders that strongly support its institutions and mechanisms. They advocate the completion of the Doha Round, and reduced trade sanctions. Such sanctions are the inevitable consequence of economic nationalism, and will reduce trade overall.

The issue of sovereignty also comes up in this piece. Each nation must deal with its own crisis, but to put sovereignty and local interests ahead of global economic development would be a mistake - sovereignty itself is not…...

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Works Cited

Editorial. (2009). The Return of Economic Nationalism. The Economist. Retrieved February 9, 2009 at  http://www.economist.com/opinion/displaystory.cfm?story_id=13061443

reporters from the Economist discuss the possible effects of climate change on corn crops. A researcher from Stanford University, David Lobell, entered into an accidental collaboration with the International Maize and Wheat Improvement Centre in Mexico. The latter organization had been researching the potential for expanding corn production into parts of southern and eastern Africa. In particular, the International Maize and Wheat Improvement Centre "had been running an ambitious set of field trials designed to look at what sorts of maize (corn, to Americans) grow best in various parts of southern and eastern Africa, paying special attention to drought resistance," (The Economist). Lobell and the Stanford University team provided the financial and human resources to help the International Maize and Wheat Improvement Centre compile data by amassing and aggregating results culled from over one hundred different research stations in the field. The project morphed into one larger than either…...

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Reference

"One Degree Over." The Economist. 17 May 2011. Retrieved online:  http://www.economist.com/node/18386161

Marketing's Essence: Shaped by the Evolving Landscape

The body of literature on marketing has undergone a profound transformation over the decades, reshaping our understanding of its essence and its role in driving business growth. From the traditional focus on product-centric approaches to the contemporary emphasis on customer-centricity, the literature has provided a rich tapestry of perspectives that have enriched our comprehension of marketing's multifaceted nature.

The Transactional Paradigm:

Early marketing literature, particularly in the 1950s and 1960s, portrayed marketing as primarily a transactional process, emphasizing the exchange of products and services for monetary compensation. This perspective, influenced by economists like Adam Smith and....

Adapting Financial Strategies to Navigate Economic Uncertainties

In an era marked by heightened volatility and constant disruptions, the ability of financial managers to adapt their strategies is paramount to navigating the uncertainties of a rapidly changing economic landscape. By adopting forward-thinking approaches and implementing agile measures, financial managers can mitigate risks, capitalize on opportunities, and drive business growth even amidst market turbulence. Here are key strategies to consider:

1. Enhance Risk Management:

Develop comprehensive risk management frameworks that identify, assess, and mitigate potential risks.
Utilize stress testing and scenario planning to evaluate the impact of various economic conditions.
Diversify investments across asset....

Capitalism and Financial Stability

Capitalism, an economic system characterized by private ownership, competition, and market forces, is often credited with fostering financial stability. The profit motive encourages businesses to minimize risk and maximize profits, which can lead to a more stable financial system. Additionally, market competition promotes diversification and innovation, reducing systemic vulnerabilities. However, critics argue that capitalism's focus on profit can create incentives for excessive risk-taking, leading to instability.

Capitalism and Inequality

Capitalism has also been criticized for exacerbating economic inequality. The profit motive can lead to wealth accumulation by a small group of individuals, while workers may face stagnant wages. The....

How Does Wealth Affect the Overall Well-Being of Individuals in Society? Introduction Wealth is a topic that has been studied by economists, sociologists, and psychologists for centuries. It is a complex and multifaceted concept that can be defined in many ways. In general, wealth refers to the abundance of valuable possessions or resources that an individual or group possesses. Wealth can include material possessions such as money, property, and investments, as well as non-material assets such as knowledge, skills, and social connections. The Effects of Wealth on Well-Being The relationship between wealth and well-being is complex and varies depending on a number of factors,....