For example, this figure is equivalent to 9% of the German and 8% of the United States’ per capita GDP. Furthermore, in terms of nature of resources, China has somewhat a small holds of resources based on per capita criteria, which is not even comparable to a developed country of a modest character. These facts reveal the extent of the economic gap between China and the developed countries, which sets it trailing behind (Wolf, 2005). To sustain the country on an economic growth path, the Chinese Government has the responsibility of making significant policy adjustments. These policies should be aimed at transitioning the country from middle-income to high-income status. This includes finding measures to address the social and environment imbalances, improving the access to healthcare and education, setting targets to reduce pollution, expanding social protection, and increasing the country’s energy efficiency (Wolf, 2005). The government should also make efforts to discover a new road to industrialization, and modify the approach of economic development by developing a circular economy, changing the industrial structure, improving the traditional industries and supporting the strategic and emerging industries. ...Show more
Principle of Economics Question one Despite the tremendous performance of its economy, China is still a developing country because of several reasons. In terms of per capita GDP, China is yet to achieve a developed country status because it does not exceed US$10,000 that is required of a developed country status…
You own a local sub shop in a college town. You primarily serve two groups of people: local residents (both students and other local residents) and visitors to your town. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy.
It is rational to argue that an economist is concerned with the optimal distribution of scarce resources. Concerning the issue of alcohol abuse, an economist will try to sculpt the action or behavior. The main purpose is to find patterns and apply this to predict potential results of alcohol abuse.
In the past, people used to indulge themselves in such practices without having the basics on the principles of economics. As a result, economic development was not achieved which necessitated the improvement in the approach to the operation of business by individuals as well as institution.
The fists solution to economists is to have the price of alcohol increased. From the theory of demand, an increase in price would lead to a decrease in the quantity of a commodity demanded. To increase the price of alcohol, economists would formulate policies that increase the excise tax charged on the alcohol.
Economists’ way of approaching this problem would be trying to establish costs brought about by alcoholism. The second approach would be trying to understand all costs involved into alcohol consumption. This is because alcoholism costs cannot be measured directly since a dollar cannot be easily placed on any loss of production.
The economy is continually growing at a rate of 1.8 percent annually (World Factbook, 2013). The country is currently on its way to recovery from a recession although the present situation is better than it was in 2007 and 2008. The unemployment rate to date is estimated to be 9 percent which is high as compared to the recent past (World Factbook, 2013).
Economics also focuses on money - how it is made, lost, used and misused. Adam Smith was considered to be one of the first one's to study the historical development of industry and commerce in Europe. His 'Inquiry into the Nature and Causes of the Wealth of Nations' was one of the earliest attempts to study the economics part.
sales) of the produced good and the opportunity cost of that good. A choice is non-improvable if the direct reward is higher than the opportunity cost. There is an equilibrium between these two.The PPC is a very useful diagram as it can be used to demonstrate many economic concepts such as opportunity costs, Pareto efficiency, comparative advantage and the law of increasing costs (Rodda, 2005)
Economics is the field of study that deals with such activities as coming up with goods, distributing and usage of the goods. It involves how one uses the resources in the environment, which have a characteristic of being scarce. Individuals or a household have to utilize the scarce resources available in the economy.
3 pages (750 words)Essay
Get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Didn't find an essay?
Contact us via Live Chat, call us at +16312120006or send an email to email@example.com