Fundamentals of Microeconomics Essay Example for Free

Fundamentals of Microeconomics Essay Macroeconomics defined as â€Å"the study of the economy as a whole, which includes inflation, unemployment, business cycles, and growth† (Colander, G-5). There are many fundamentals that affect the economy in both a good and bad way. These fundamentals affect the economy, and they also show the growth of the economy. The fundamentals are gross domestic product (GDP), real gross domestic product, nominal gross domestic product, unemployment rate, inflation rate, and interest rate. Defining the fundamentals Gross Domestic Product is â€Å"the total market value of all final goods and services produced in an economy in a one-year period† (Colander, G-3). GDP calculation is very important because it calculates the growth, decline, or stand still have the economy. When the GDP is calculate, it is base on previous numbers not future numbers. For example, the GDP is +2%, which means a growth of 2% for the previous year. Real Gross Domestic Product (GDP) is â€Å"the market value of final goods and services produced in an economy, stated in the prices of the giver year† (Colander, G-7). Real GDP is an inflation measure of the production of goods and services in the economy. It reflects price changes throughout the year. The real GDP is base more on realistic numbers instead of a guess. The calculation is more accurate concerning the gross domestic product for the previous year. Nominal gross domestic product is calculate at existing prices. Nominal GDP does not reflect inflation and is known as â€Å"current dollar GDP.† Nominal GDP can either be higher or lower than the GDP. When nominal GDP is calculate without reflecting inflation, which can show a higher growth in the economy when it is lower or at a standstill. Unemployment rate is â€Å"the percentage of people in the economy who are willing and able to work but who are not working† (Colander, G-9). The unemployment rate is calculate every month, and it shows the people who are looking for work. This rate does not include individual like the elderly, people working only a few hours a week or people who do not send resumes into different business. The unemployment rate shows that based on the number of people in the United States, a certain percentage is actively looking for work but has not found work. Inflation Rate is the percentage rate of change in price over a certain period usually a year. The inflation rate is calculate using last year price for a particular item to determine how much it will cost. Inflation rate determines the price of many things that include the price of the dollar. When individual calculates the inflation rate, it can help others determine if it is better to buy certain products today or later. Interest Rate is â€Å"the price paid for the use of financial asset† (Colander, G-4). Interest rate is a certain percentage that an individual has to pay on borrowing money or purchasing something. The interest rate is base on the credit score and the item purchase. The rate can go from being a very low number to as high as 10 percent. Purchasing of Groceries The purchase of groceries affects government, households, and business daily. The government determines the tax placed when household purchase groceries. Every household in the United States purchase groceries to survive. The businesses are affected by grocery purchase through the purchase. The business is affected by the purchases made because it shows what is being purchase more and what is being purchase less. The flow of resources take place in continues circular motion. The groceries are receive by the business from the local food processing plants. The employees at the local business placed the items on the shelves and groceries are ready for sell. The household members purchase the groceries from the business and pay the taxes government placed on the items. This continues to take place daily and will always continue. Massive layoff of employees The flow of resources takes place, and it affects businesses in both good and bad ways. Most business can employee the previous laid-off employees to allow taxes to be paid. When businesses are not able to employ more employees, unemployed do not demand good and services. When employees are layoff, there is no income coming into the household. The household is affected because there is no income, which in return means less good and service that can be purchase. When massive layoffs of employees take place in the economy, it affects government because they are paying unemployment benefits, Medicaid, and giving food stamps and more welfare to those eligible. Decrease in taxes When the government decides to decrease tax, it affects everyone differently. Government is affected in a good way, but it occurs in the long-run supply and demand curve. The government is losing more because taxes are lower but more money is being receive. In the long-run supply and demand, the government receives more money because the household is purchasing more good and services. The household is excite because more money is coming into the household because taxes are lower. The lower the tax, the more income, which mean more good and services are being purchase. Businesses are excite because more goods and services are being purchase. The flow of resources occurs and is affected in the long-run supply and demand curve. References Colander, D.C. (2010). Macroeconomics (8th ed.) Boston, MA: McGraw-Hill/Irwin.

American Colonies :: American America History

American Colonies When settlers from England came to America, they envisioned a Utopia, where they would have a say in what the government can and cannot do. Before they could live in such a society they would have to take many small steps to break the hold England had on them. The settlers of America had to end a monarchy and start their own, unique, form of government. They also had to find a way that they would have some kind of decision making power. The most important change that the colonies in America had to make was to become a society quite different from that in England. By 1763 although some colonies still maintained established churches, other colonies had accomplished a virtual revolution for religious toleration and separation of church and state. During the mid-1600's England was a Christian dominated nation; the colonies, however, were mainly Puritans. When Sir Edmond Andros took over a Puritan church in Boston for Anglican worship, the Puritans believed this was done to break their power and authority. The Puritan church in New England was almost entirely separated from the state, except that they taxed the residents for the church's support. The churches in New England had no temporal power, unlike the church of England. Many seaport towns like Marble head and Gloucester, became more religious as time pasted. This show of religious freedom was a way in which the colonies had religious toleration and differed from the Christian church in England. Unlike the well-defined social classes of England, the colonies had a streamline class structure, which gave individuals the chance to rise on the social latter. New settlers living on the coast could become rich by fishing and selling what they caught. If fishing was not a settler's strong point, then they could try their hand at farming. Getting the land to farm on was the easy part. The 'head right' system gave each male 50 acres, and 50 acres to each indentured servant he might bring over. England could not do this because England so defined the social classes and they did not have enough land that they could give to every male and his indentured servant. In a similar economic revolution, the colonies out grew their mercantile relationship with England and developed their own expanding capitalist system. The idea of a set amount of wealth in the world and that if one were to become wealthy, he or she had to take from someone who is already wealthy, is basically what mercantilism means.

Guide to Tailoring

What you have to keep in mind are the characteristics of a tailored garment, what a jacket always has: a rolled collar, lining, a straight-cuffed sleeve, and a lapel (which is the front of a coat; a continuation of the collar). After understanding what a tailored garment always includes, being familiar with the quality of standards always helps. First off, it should be fashionable and have an attractive fit on you. Having the proper waistline, length, sleeve fullness, and sleeve length appropriate for you and your style. The jacket should fit smoothly over your undergarments but have an appropriate amount of ease for the body movement; making sure that the neckline and the armholes fit your body without gapping or straining. Dart and design details should be properly placed as well as the shoulder length, unless your pattern calls for a dropped shoulder. Besides the fabric, choosing a pattern may be one of the trickiest parts because of the many styles and trends out there. Avoid styles that you have never worn before, choosing one that suits you in a flattering style, length, and fit and select a pattern designed for tailoring, Make sure to buy the same size your normally would because companies already add in the ease for people sewing with heavy or thick fabrics. If you want to be extra cautious you can add â€Å"in-case† seams on the existing pattern. There are other fitting techniques and alterations you can do if your jacket doesn’t fit right. If it is too big, you can include or increase the size of the darts, fold out excess fullness/fabric to make an area smaller, redraw darts and/or seam lines, or slash and overlap the fabric to decrease dimensions. If your jacket is too small, you can slash and spread the fabric to increase dimensions, decrease the size of the darts or take them out altogether, or just add fabric. Although if your jacket is too small, it may not have the desired look that you want after the alterations, so be careful. Lastly is the fabric, another hard part. The very first thing that you want to do is choose a fabric that is appropriate for the style you have chosen. You want a fabric that is heavy enough to give your garment body and shape but one that can also be molded (can be tailored easy). Be aware of fabric nap (so stripes/prints/patterns). You can use these fabrics but make sure you buy enough so that everything matches. Keep in mind that when all the fabrics are put together, you want your garment to look natural and not to stiff.

Introduction Globalization - 960 Words

Introduction Globalization is an ongoing process integrating economies, industries, markets, cultures, societies and policies around the world. Whether globalization is good or bad is a question that people around the globe are constantly debating over. The answer depends on which part of the world you stand on, for globalization have different impacts on every ‘participant’. The Good The good side of globalization is that it promotes open markets which allows businesses to communicate effectively and efficiently between partners; manufacturers, suppliers and customers. It enables local producers to venture into other markets, increasing in profits. It gives opportunities for countries to work with other countries; businesses can†¦show more content†¦American workers have lost family supporting jobs due to flawed trade policies such as the North American Free Trade Agreement (NAFTA). It results to a skills gap in which demand for new skills outpaces supply of local workers and hence increases the demand for foreign workers. When this happens, the population of immigrants will increase to vie with the locals to fill up jobs positions. This causes friction and millions of US citizens are left jobless. This will be a social challenge for the US Government as poverty increases whilst income decreases. America being an advance and developed country, the costs for globalization outweigh the benefits she reaps. Conclusion In conclusion, globalization can be good and bad at the same time. It comes down to whether you’re enjoying more benefits from globalization or you’re paying higher costs for globalization. REFERENCES: Thangavelu, Shandre. Making the Most of Globalisation. The Straits Times, Review, September 23, 2010. Srinivasan, T.N. Globalization: Is It Good or Bad?. lecture., Stanford Institute for Economic Policy Research, 2002. . Jeffery, Simon. The Guardian, What is globalisation?. Last modified October 31, 2002. Accessed September 23, 2013. http://www.theguardian.com/world/2002/oct/31/globalisation.simonjeffery. Colin, Stief. Geography, Globalization - An Overview of Globalization and Its Positive andShow MoreRelatedAn Introduction to Globalization Essay2500 Words   |  10 Pages Globalization is a historical phenomenon that has been happening for decades now, and whether it generates growth or not is a matter of whose point of view it is. The western countries, especially America and some European nations, are the ones taking full advantage of the benefits of globalization. On the other hand, some experts say that globalization is not doing much for the developing countries, or that it may be even worsening their scenarios of poverty and social inequality. But, I willRead MoreGlobalization : A Very Short Introduction1372 Words   |  6 Pages There are many ways to look at and understand modern globalization. In general terms, globalization means that the world, as a whole, is leading to a more utopian society, meaning that the globe is become very interconnected and similarities are growing between different regions and cultures of the world. Globalization is a phenomenon that has been evolving since before 10,000 B.C. This constant evolution can cause many problems, but it can also solve many issues positively as well. DevelopmentRead MoreGlobalization : A Way Short Introduction928 Words   |  4 PagesThe Book Globalization: A way short Introduction by Manfred B. Steger was a great book. Out of all the books I have to read for classes and etc. this one was one of the best reads. I learned so many things that I never have thought about in globalization. Generally people just know it as spreading one’s ideals into the world. But after reading this book I was able to really learn about the effects and consequences of the globalization. I also learned that globalization really affects everyone aroundRead MoreHybridity As The Cultural Effect Of Globalization- Introduction1563 Words   |  7 PagesHybridity as the cultural effect of globalization- Introduction According to Avtar Brah and Annie Coombes, the term hybridity originated as a biological term that was used to describe the outcome of a crossing of two or more plants or species. It is now a term that is used for a wide range of social and cultural phenomena involving mixing, and has become a key concept within cultural criticism and post-colonial theory (A. Brah and A.E. Coombes. 2000.). Marwan Kraidy defines the term as theRead MoreBusiness Etiquette3296 Words   |  14 Pagesbackground, age, and degree of experience in todays business, creates a clash of standards and behavioral expectation. Not only is these differences internationally a concern, but also a concern among the relationships of Americans. Finally globalization has changed the way we do business, demanding new levels of expertise in dealing with people (Klinkenburg.) Rude business etiquette goes on daily in our country. Sometimes it is so common, people start to perceive it as normal behavior of ourRead MoreIntroduction. In Recent Times With The Advent Of Globalization1556 Words   |  7 PagesINTRODUCTION In recent times with the advent of globalization and open markets there has been a significant rise in the number of Multi-National Companies. The reasons why companies are going global are to access and expand their market, to access resources, to access new talent pool, et al. This enables to the companies to create greater value to their shareholders and compete effectively. As companies expand and build their workforce around the world, more often than not team members are in differentRead MoreIntroduction To Tqm: -. Globalization Has Resulted In Transformation1095 Words   |  5 PagesIntroduction to TQM: - Globalization has resulted in transformation of businesses from craft production to mass production. Due to globalization, there is fierce competition in the market where cost and quality are the deciding factors. Quality is something what the customer expects and pays for. And managing and continuously improving the quality of the product/process to maximize an organization’s competitiveness where all members of an organization are involved is called as Total Quality ManagementRead MoreEconomic Impact Of American Fast Food Upon Developing Countries Essay1736 Words   |  7 Pages Economic Impacts of American Fast Food upon Developing Countries Amanda Lee Arkansas School for Mathematics, Sciences, and the Arts Introduction Developments leading up to the 21st century are best characterized by the economic advancements found in countries all over the world. Regardless of the level of these advancements in a country, achieving higher living standards, financial stability, and overall growth of the economy are the perpetual goals for a countryRead MoreGlobalization and the Art Market605 Words   |  3 Pages2015 Globalization and the Art Market The expression globalization is universal and loose. In any case, it is important to consider what it implies for the craftsmanship market and the most extensive circle of aesthetic creation. According to Manfred B. Steger’s book, Globalization: A Very Short Introduction, the term globalization refers to the â€Å"expansion and intensification of social relations and consciousness across world-time and world-space† (Steger). In other words, globalization appliesRead MoreGlobalization : What Is Globalization?871 Words   |  4 PagesWhat is Globalization? In order for my readers to fully understand the objective of this paper, I first need to make clear what globalization actually means, not just with the NFL, but to society in general. In society today, you hear the word â€Å"globalization† thrown around, but what does it actually mean? I looked to many sources and there were many different definitions. One source had a definition that really seemed to me to be the best description of globalization, particularly for the purposes