Essays on National Income

Data Exercise

Part 1 As the table above shows, the Nominal GDP is always higher than real GDP (Bureau of Economic Analysis, 2016, Table 1.1.5). The difference is attributed to the inflation that is accounted by real GDP. Thus, in other words, real GDP is a nominal GDP adjusted for the inflation. This adjustment is measured by GDP deflator that reflects the price change in the current year comparing to the base or previous year. The percentage change of the nominal GDP in the last quarter analyzed compared to the previous period was 1.2 %, while the percentage change of the nominal ...

Part 1: Expenditures Approach to Calculating GDP

2. The process of inflation significantly influences the value of nominal GDP. The real GDP is calculated with a view to present real economic situation on the basis of GDP and other financial indicators of particular year. The real GDP presented in the table is calculated on the basis of chain-type quantity index as well as 2009 current-dollar value of the corresponding series. Therefore this index weights more than one period simultaneously being more reliable determinant of economic development. The nominal GDP of all the periods is greater than the real GDP that proves the phenomenon of inflation comparing ...

Introduction. Short mentions of the history of Samuelson Multiplier-Accelerator Model or the Hansel-Samuelson Model and the idea of the paper. Thesis statement. Models based on the interaction between the accelerator and multiplier are models of Keynesian sense and describe the process of economic transition from one equilibrium state to another when exogenous parameters change. Samuelson Multiplier-Accelerator Model is a model of the business cycle, in which the mechanisms of market fluctuations are explained on the basis of the principle of acceleration and the multiplier concept.

Main body.

Basis of the Samuelson Multiplier-Accelerator Model: Samuelson Multiplier-Accelerator Model includes only the market of ...

Federal Taxation Paper Analysis

Section one – Summary of Article one: Taxation has been an important topic for researchers and policy makers as well and has been an important source of revenue for the government. In multiple courtiers, it has been a source of economic growth (Palomba, 2004). The aim of this assignment is to determine the two tax related articles and present the summary of those articles. This section presents the summary of the article “Effects of Income Tax Changes on Economic Growth” written by William H. Gale and Andrew A. Samwick in 2014. The paper analyzes the ways in which the imposition ...

Organizing and managing multiple suppliers

Starbucks is a coffee company that deals with providing coffee drinks and products in its dispersed chain stores. Considered the leading provider of second wave coffee, Starbucks’ products are distinguished for their taste, customer satisfaction ratings and quality (Sacks 2014). With a big market capture production is inevitably high which in turn leads to high supply of the needed materials. Due to the ranging chain stores in different parts, the procurement department needs to have rigid procedures for efficient purchasing and supply management. A good costs and quality consideration PSM practice translate into positive financial outcomes (Evi, Dietar & Michael ...

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The economic development of Vietnam after the end of long-lasting war was quite complicated and controversial. The infrastructure destroyed during the war almost to the full extent and the human capital lost due to the same reasons constituted additional difficulties for the communist authorities that tried to foster its economic development. In general, modern statistics reveal unsatisfied results of their policies because it seems that Vietnam did not reach the vast majority of the goals estimated in the Second Five-Year Plan. This plan adopted in 1975 became the first plan aimed ...

Country Economics: A Case Study of Malawi

Basic Facts and Information on Malawi Malawi, initially called Nyasaland, is a landlocked sub-Saharan developing country located in the South Eastern part of the Continental Africa, bordering Tanzania to the northeast, Mozambique to the east and Zambia to the northwest with a capital at Lilongwe. It is primarily an agricultural country but this is mainly done on small scale basis and, coupled with its warm and hot climate, it is considered as among the least developed and poorest countries in the world according to the latest World Bank and IMF figures (Chin, 2010). Moreover, with a population density of ...

Human development is a process of providing mechanisms through which people can flourish and attain self-actualization in their lives. The rationale of human development as a process goes beyond focusing on economic development as an indicator of people’s wellbeing. It therefore incorporates other dimensions which are crucial in establishing the extent to which people would describe quality life. Traditionally, most economists have used quantitative indicators such as GDP Per capita as a measure of people’s wellbeing in a particular economy. The reality is however, different because quantitative indicators such as these are limited to assessing economic success ...

The IS LM model or the Hicks –Hansen model is the macroeconomic tool that shows the relationship between the interest rates and the real output of goods and services and the money market. The intersection of the investment - saving curve or the IS curve and liquidity preference curve or the money supply curve is the general equilibrium in both the markets .This model explains the changes in the national income when the price level is fixed in the short run and also shows the reason for the shift in the aggregate demand curve. It was first developed by ...

Three methods exist for measuring national income – the output, income, and expenditure approaches. The output approach measures the value added or intermediate output at the industry level in a year (Yin). Nations estimate the gross output in various sectors, the intermediate output, and the decrease in the value of assets from depreciation. The GDP then results from either adding up all the different components of intermediate output or subtracting the value of depreciation from the gross output or the intermediate output. For instance, if the cost of pig iron, rubber, steel, and other components used in making a car ...

Introduction and background information

The underground market is a precise example of free economic activity at work. The markets are entirely unregulated except by the participants themselves. No taxation takes place, and it is possible to pursue activities in the underground market which are illegal. The market can be very popular. Indeed, the smugglers (the earlier form of underground markets) were sometimes, known as ‘free traders ‘in medieval Europe. The major factor influencing the growth of the underground market is high taxation by governments. The increased tax is because of the ever increasing public expenditure with dwindling resources at the disposal. Reversal is ...

The concept of economic development is the expanded reproduction and gradual qualitative and structural positive changes in the economy, productive forces, factors of growth and development, education, science, culture, level and quality of life, human capital. Speaking about economic development as a process, it should be understood that it is characterized not by directness of its motion, but lack of uniformity, i. e. the periods of growth and recession are inevitable. It means an increase in the scale of the total production and consumption in the country, which is characterized above all by such macro-economic indicators as gross national ...

Introduction

Decolonization happened as a response to independence movements in various colonized countries. Todd Shepard, in his book, Voices of Decolonization, explores why and how mid-twentieth century process of decolonization changed societies as well as cultures in a way that shaped today’s world. Shepard explores decolonization as an aspirational movement as well as a historical era. He provides a rich collection of primary sources to highlight the voices of the colonizers and colonized in Africa, Asia and other parts of the world. The documents he provides reveal why and how formal decolonization, became quickly inevitable to the imperialists. From ...

Human Development is the concept of enhancing the experience of human existence in terms of several factors that affect the lives of humans. Different people have different interests, needs, strengths, weaknesses, and capabilities. Thus, human development is not just about creating multiple avenues for humans to develop their lives, but also to make these avenues for development very accessible to any human being. Human Development emphasizes that good economic status is very important but is simply a means to a much more important end—the wellbeing of humans. The goal of human development is to make every human being ...

Countries around the world are classified into three broad categories purposely for analytic use. The grouping of these countries is intended to reflect the status of their economic conditions. The countries are grouped as advanced economies, developing economies and least developed according to some criteria. In most cases the countries are grouped basing on their Gross National Income per capita per year. A country is said to be a developing country if her Gross National Income stands at US$ 11900 or less. A developing country is said to be still undergoing industrialization and has low human development index. A ...

Introduction

Gross domestic product (GDP) and Gross National Product (GNP) is the indicators of the general economic condition of a country. These indicators give a description of the general economic and financial welfare of the nation, because the higher the level of production means higher level of the country's well-being. The subject of the study of the GDP and GNP is economic units - residents, producing goods and services for the end-user over a certain period of time (Investopedia, 2003). The indicator of GDP and GNP are very important for the economy as a whole. They are used to describe ...

Item 1: Marketing Strategy Planning

The process of marketing strategy planning involves creating the best opportunities and formulating a plan that provides superior value for target customers thus providing a competitive advantage for the firm. Marketers cannot directly control the environment, but they can influence it. This can be achieved by scanning the environment continually by the marketers and by looking for potential threats and opportunities. Managers in marketing need to understand the competitive environment. There are key issues that need to be considered when understanding the environment. These issues include: analyzing the competitor, this requires an approach that is organized so as to ...

Income and Expenditure

Introduction Income and expenditure contributes largely to economic measures of an individual, country or continent. They determine the credit worthiness of a person or economic stability of a given country. Hence, my report will cover how income of an employee relates with his expenditure in the U.S. What actually am determined to prove is that, when a person gets higher income will his or her expenditure increase or decrease? For instance, I managed to find discrete data concerning income and expenditure from the ‘Economic data for the U.S.: http://www.bea.gov/’. The data had three variables namely, months starting from the ...

Why do total leakages and total injections have to be equal?

Injections and leakages have to be equal because the total amount of money/income that is coming into a sector of the economy must be equal to the amount that leaves that sector so that a state of equilibrium can be achieved for the economy to function properly (Baumol & Blinder, 2008, p.125).

Discuss the limitations of national income accounting

The major limitation of national income accounting is that there are various economic activities that are not included in the national income accounting. These activities includes income from prostitution and black market. In addition, another limitation is that it ignores quality of life by focusing on how much money is ...

According to the Wall Street journal, the U.S Gross domestic product grew by 2.8% in the quarter that ended in September 30. This is according to the data released by the Commerce department. The growth indicates an improvement from the 2.5% growth recorded in the second quarter. According to economists, the growth much of the growth was due to a one-time accumulation of inventory by businesses across the country.

There was reduced spending on equipment and software by business firms in the third quarter. According to economists interviewed in the Wall Street Journal, the government shutdown together with the holiday ...

Question A

According to Gregory Mankiw (2011), trade balance reflects the difference between net worth of exports and imports in a given country. Consequently, positive trade balance suggests in monetary value country exports more than it imports, while negative trading balance (trade deficit) is associated with dominance of imports over exports. Economists argue that trade deficit is not always considered to have a negative impact on the national economy, however it often creates potential risks which may result in harsh economic consequences if they are not addressed properly. For example, if net exports are negative it is assumed that proceedings from exports are ...

Introduction

Ecuador is a democratic nation found in South America. It has neighbors such as Colombia to the north, Peru to the east and south and the Pacific Ocean to the west. The economy of this country is reliant mainly on the exports of bananas, oil, gold and shrimps. The main economic activities of the people of this nation are farming and mining. It is the largest exporter bananas in the world. Most of the shrimps are also exported to major world markets especially in Europe. The country practices presidential system of democracy where the president is the head of state ...

Introduction

Economic growth an increase in the country’s national income measured over a period. Gross National product and Gross Domestic product are the key measuring indicators that define a country’s growth status based on utilization of resources by the population for productivity. Increase in technological infrastructure facilitates quality production, minimizes waste and costs. According to economic theorists, a country is presumed to attain economic growth when their resources are fully employed in sustaining the social and economic welfare of every citizen (Jones 2002). As result, the role of every rational government is to maintain its citizens through allocation of scarce resources ...

If Women Counted

Summary While the work done by men outside the home is always acknowledged and included in the productivity figures of the economy, the contribution of women is always neglected and not cared for. Many economists have termed the neglect of women in the global economic activity as a sexist outrage that needs to be corrected. According to some analysts, neglecting the contribution of women to the society is equal to neglecting the intellectual property of a corporate entity. In both the developed and developing countries, a number of transactions are removed from the active economy and are do not involve any ...

Introduction.

The future of human-kind depends on state’s capacities rights. If this argument is anything to go by then states must focus on the contributions of the corporate businesses and private sectors, and how such interface with public expectations and values. This interface describes how billions of people dependent upon the state must service both in dignity and in an economical perspective. For the last few years corporations operating both domestically and internationally shield their profits from taxation troubling tax payers and governments alike. There has, however, been a limited effort to associate such tax evasion to corporate responsibility in ...

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English [Number]

[Date Month Year]

Marx’s Economic Analysis Theory of Surplus Value Marx’s theory of surplus value proposed that the surplus product (surplus value) remains in the whole social product (net national income) after the production classes (workers) received their compensation (wages) (Mendel n. p.). According to Marx in his theory of classes, it is the ruling class (capitalists and politicians) who appropriates the surplus value that can be found in three different forms: (a) unpaid surplus labor (slave mode of production); (b) goods directly used (product of surplus labor), and; (c) cash.

Fetishism of the Commodity

Created for commodity ...

Introduction

In order to ventilate on whether poor countries around the globe get richer, the author explores the possibility that poverty trips exist, and they ensure that even if the economic performance of poor countries is at par or even better than that of rich countries over a similar period, poor countries remain poor over time. I argue that the possibility of poor countries getting richer is impeded by protracted periods of negative economic growth and stagnation in the national incomes.

Discussion

The economic growth of a country is influenced by many factors, among them, per-capita income. Per capita income is very potent ...

Night Time Economy

The economic activities that takes place at night time hours is referred to Night Time Economy. Post industrialization is one of the major factors which have led to the emergence of the night time economy. Night time economy caters those who wish to spend their leisure time after the working hours. It has contributed a lot in the economy and is emerging at a very fast rate. Many countries especially United Kingdom and Australia are focusing on the night time economy for the betterment of their economy. Research has shown that the economy of any country will boost because of the ...

Components of GDP in the Expenditure Approach

The gross domestic profit can be defined as the value attached to all finished services and goods produced in the confines of a country within a specified time frame and in monetary terms. The GDP is oftentimes calculated annually. It is among the major indicators employed in the assessment of the strength of an economy in any given country (GDP and the Economy, 2014). There are several approaches of calculating the GDP of a country. These approaches include the income approach, the production approach and the expenditure approach. In the expenditure approach, the calculation of the country’s GDP is measured as a ...

The paper will look at how much the use of credit card rises as a result of an increase in the GDP using the. The topic will use the dependent variable of the use of credit card sales. The time period that will be used will be from 2009-2012. This study will be done in the context of the US economy and all the figures used will be from authentic sources and will focus on the US economy. This will help us understand the consumer spending pattern on their credit cards when there are an overall increases or decrease in ...

Income inequality and poverty

Abstract A number of international human rights watchdogs recently commented about the increasing gap between the rich and the poor. They argue that while middle classes tend to be gradually transformed into the rich, more and more people cross the line of absolute poverty. Many analysts advocate the idea that the cornerstone of the poverty is This paper seeks to establish the connections between the concepts of income inequality, operating the regression analysis method. It also discusses the differences between absolute and relative poverty in the context of global campaign for poverty reduction.

Introduction

The concepts of poverty ...

Income and Poverty in Developing Countries: An Examination of Income and Poverty in India

Introduction Poverty represents a chronic issue throughout the globe despite the emergence of extraordinary advancements in technology, communication, transportation, medicine, engineering, and business. Even the most prominent and wealthy developed countries such as the United States hold within their borders a segment of the population that is below the poverty level. Certainly those that are poverty stricken in these wealthier countries experience a much better life than those in undeveloped or developing nations. Most recent economic figures estimate that two-thirds of the work’s population lives on less than $1 dollar a day. For those that have grown up accustomed to the ...

The Gilded age is the period in the United States characterized by time of many social, political and economic problems. The term Gilded age was first established by Mark Twain in his novel to satirized the situation of America during the 19th century using the concept of gold gilding. In the industrial process, gilding refers to the coating of thin layer of gold in any solid surfaces such as wood, metal and stone. It is a process of making the material to become glamorous and elegant which greatly symbolizes the rapid economic growth of the United States. The economic growth ...

Separation of Power in the Construction Industry

The most fundamental transformation in the construction industry could be the unusual sweeping. The shifts in firm structure, technological advances, and changing the workforce structure are some of the current directions in the industry which are deviation from the historical traditions (Gerald, p43). Survey of the Current Business reveals in their report that the long run pattern can be likened to the overall performance of the economy and the graphical representation has been in the upward and outward direction (Survey, 23). Since there is a strong interdependence between the trade and constructive constructions, productivity increase in a given sphere or trade is ...

Describing some of the countries as developed countries means that they are certain defined criteria and features, which are considered as symbol of high development. The criteria, which have been set for such classification of such countries, are sometimes considered as contentious and are debated by different authorities and organizations. However some of the most accepted and frequently used parameters or indicators for measuring development, and which are considered as the common characteristics of the developed countries are high rate of economic growth, high income per capita, a low rate of unemployment, population growth rate, infant mortality rate, literacy rate, ...

Colonialism is an important determinant of post-independence degree of political stability, economic growth, and development as well as the provision of public goods. African connection and relationship with the western countries is asymmetrical that deprived the African continent its positive and sustainable development in politics, economic and social sphere. Though it is arguably true that African poor leadership coupled with corruption, greed and embezzlement of public resources has contributed to its poor performance, colonialism effect is still present over fifty years after the independence of most states. International factors affect the governments, states and the politics in the continent ...

Introduction.3

Reception of Visitors into the Country3 Reception of Exports and Imports into the Country4 Congestion of Containers in the Ports.4 Expected Outcome of Investing in Port Infrastructure4 Increase in Employee Productivity..5

Implementation of Port Infrastructure Development5

Importance of Proper Revenue Collection Mechanism...6

Increased Skills and Competency by Employees6

Importance of Alternative Supportive Means of Transportation.6 Efficient Communication Infrastructure..7 Conclusion...8 Ports are very important to the economy of any nation. Countries that are endowed with ports are immensely at an advantage. This is because ports are an essential source of connectivity with other parts of the world. As a result, countries which find themselves landlocked ...

INTRODUCTION

Economies these days face the challenges and combat with the rising inflation continuously. The structure of the macroeconomic policy encourages the economic growth. The tools used for the stability of the economy are in some of the cases referred to as the expansionary economic policy. The fiscal and the monetary decisions of the economy determine the policies which end recession. These policies are usually formed by the central banks which determine the increasing or the decreasing money supply. The expansionary policy is considered as an effective tool for managing the low growth periods which arise in the business cycle. ...

Stratification is the act of organizing and/or arranging people into social strata or classes. Stratification occurs when people of different social classes, financial means, color, race, religion and other social sphere are subjected to different modes of treatment. Inequality in its basic sense means relational processes aimed at harming or limiting a group’s social standing and privileges in the society. The most common forms of inequality include; denied voting rights, denied freedom of speech and/or assembly, access to education, healthcare services amongst many others. For the purpose of this essay, I will discuss in details how the society itself ...

Introduction

Monetary policy refers to those policy measures targeted at achieving desired economic outcomes through money market operations. Authorities in charge of money market control use different policy instruments to control the money supply in order to achieve suitable market prices as well as stability in the national economy. The key instruments at disposal for those authorities include open market operations, minimum reserve ratio as well as bank rate. However, the policy instruments application does not have a direct impact on market prices and demand but follows a transition mechanism from the authorities’ actions to the desired economic results. In that respect, ...

Implementation of any policy by the government has its benefits as well as its setbacks. However the government should consider revising on the effect(s) of such a policy on various aspects of the economy.

The conversion of vacant urban plots into gardens will have both advantages and disadvantages to the economy. Some individuals or even companies will benefit from such a policy while others will be disadvantaged. Examples of such individuals or companies benefiting from the program would comprise of: - The food processing industries. Urban gardening would increase the amount required in these industries and probably at a lower ...

Interest rates are amounts charged by lenders to borrowers as fees on borrowed assets. The interest rate is the price an individual pays for the use of money they have borrowed; it can be thought of as an economic rent. When a person deposits money in a bank, they receive interest as a percentage of the total amount deposited. Similarly, when an individual borrows money, they pay interest to the lender as a percentage of the total money they owe the lender. The percentage of the principal amount paid as a fee over a given period is the interest rate. Interest rates are macroeconomic variables ...

About South Africa

South Africa is located in the southern part of continental Africa. It is the 25th largest country worldwide. It is surrounded by neighboring countries (e.g., Namibia, Botswana, Mozambique, Zimbabwe, Swaziland, and Lesotho). On its sides and southernmost tip are the Indian and Atlantic oceans. South Africa has three government capitals: Pretoria (executive); Cape Town (legislative); and, Bloemfontein (judicial). Its largest city is Johannesburg. It has nine (9) provinces, eight (8) metropolitans, and 44 district and 226 local municipalities. As of 2011, South Africa is home to more than 50 million natives and immigrants. It also has 11 officially ...

BUSINESS ECONOMICS: THE UK ECONOMY

- Introduction3 - Reasons for Economic Downturn in 2008/094 a). Financial Crisis4 b). Business Cycle4 c). Government Policy before Crisis5 - Analysis of the Effects of the Downturn6 a). Microeconomic Effects6 1). Effects of Households6 2). Effects on Businesses6 b). Macroeconomic Effects7 1). Effect on Unemployment7 2). Effect on GDP and Inflation7 3). Effect on Share Prices and Company Profits8 - Government Policies Aimed at Recovery8 a). Fiscal Policy8 b). Monetary Policy9 c). Austerity9 - Actions/Steps Taken by the Government9 - Expectations of the Government Actions10 ...

Economic development as a branch of economics deals with the economic development of low-income countries. Its focus is not only on ways of promoting economic growth, structural change and economic development but also on increasing of the potential of the citizens for example through education, workplace condition and health through private or public channels. Dwells mostly on improving the standards of living of the people. It also involves formulation of methods and theories that help in the formulation of policies and practices that can be implemented by governments either domestically or internationally. Economic development is best displayed by qualitative and ...

Introduction

Multinational cooperation must retain a strong presence in their homeland. Basing my argument on, first, the role they have to play in their country, two, the historical dimensions of their past and the rules of offshoring, thirdly, the level of development in the investing country, such as learning and experience, technology and capabilities and the possible use of power to control them and fourthly, the domestic political situation. Is there a secure business environment, what is the political outlook of the country? Such questions need answers before making an offshoring decision. Multinational cooperation has a duty to maintain a strong presence in their home. ...

(Instructor’s name)

BUSN 101

Carroll (2009) defines business as an organization that sells goods, services or both with an objective of profit maximization. Businesses play a crucial role in the modern society as they recognize the mutual need to enhance and preserve the physical, political, social, economic, and cultural infrastructures that underpin a flourishing society. Businesses provide services to human beings, and this highlights their importance. Some of the services that businesses provide to society are discussed below: Businesses provide goods and services to society. They produce a variety of products that are supplied to the society. They add value to raw ...

Expected U.S. GDP growth rate going forward <Student’s name> <University>

Abstract

Gross Domestic Product (common abbreviation - GDP) is a macroeconomic indicator that reflects the market value of all final goods and services (that is intended for direct consumption) produced annually in all sectors of the economy in the state for consumption, exports and savings, regardless of the nationality of the factors of production used . For the first time this concept was proposed in 1934 by Simon Kuznets. Allocate nominal and real GDP (English nominal and real GDP). Nominal (absolute) GDP expressed in current prices ...

Introduction

The term “Macroeconomics” refers to the study of the aggregate performance of a particular economy . It is the branch of economics that deals with national income, consumption and investments. Macroeconomics differs from “microeconomics” in that the latter deals with the functions at an individual economic level . Microeconomics looks into how individuals react to variables that follow a behavioural path whereas Macroeconomics looks into aggregate national income and encompassing behaviours. Macroeconomics is what is known to be the type of economics that is reported in the news. Macroeconomic issues are often reported daily, including topics regarding national incomes, changing aggregate consumption ...

Macroeconomics is a branch of economics that deals with the performance, structure, behavior and decision making of the economy as a whole. It examines the economy as a whole and attempts to answer questions such as what brings about the growth of the economy over time, what causes short-run fluctuations in the economy and what influences the values various economic indicators and how these indicators affect economic performance. Macro- economics deals with aggregates such as national income, consumption and investment. There are several indicators that deal with macro-economic which include the GDP (Gross Domestic Product), unemployment rates, and price indices (Forte, 423). ...

Agriculture has always been an important part of Indian Economic Development. With, almost half of the Indian Population dependent on Agriculture for their livelihood, this primary sector employment arena contributed 50% to India’s National Income. However, since the time of Independence, the contribution of agriculture and its allied activities to the National Income has reduced to 18%. Indian Sub Continent has seen a drastic shift, both in Agricultural Technology and Policies related to it since independence. Since, development of other industries and sectors is dependent on agricultural development; it continues to be dominant sector in Indian Economy. Prior ...

In the current competitive global economy with increased globalization, international trade continues to play an imperative role in the US, as well as other global economies. The US has the most diverse and productive economy globally due to its engagement in the international trade. Although the majority of the US citizenry does not recognize the importance of international trade due lack of direct impact on their daily lives, it plays an essential role in the economy. For example, it is estimated that a combination of foreign direct investments and international trade comprise a third of US economy. International trade plays an ...

INTRODUCTION

The aim of this report is to identify that whether or not the GDP has an effect on the level of happiness of the individuals. The economy which has a higher GDP does not show that the people of that economy are happier. Happiness of an economy can be determined by the social factors. This report will discuss the National Income and GDP and whether it determines the social welfare of an economy and practically apply it on UK’s economy. This report will discuss GDP and its limitation in estimating the welfare and happiness of the people. Despite ...

National Income of a country is defined as the sum total of incomes earned by the citizens of the country during a given period of time due to their participation in the production process. This period is usually measured for a year. Individuals participate in the production process by supplying four factors of production- land, human labour, capital and organisation. The payment for the factors of production are rent for land, wage for human labour, interest for capital and profit for organisation.

There are number of ways of measuring national income which include the Output Approach , Expenditure Approach and income Approach.

Output Approach

The ...

The recent legislative problems in Wisconsin prompted their Governor to tell the nation that that Unions are costing them too much and their power to collective bargaining needs requires facing out. Simply he says it is time to do away with them. The Unions facing challenge include those representing teachers, firefighters, police officers and other municipal employees. General Motors echoed this same sentiment when they entered Chapter 11 Bankruptcy and went through their reorganization process that they just completed. Over the last forty years, there has been significant decline in number of people joining unions. In the early 70s, ...

THESIS: There is a link between economic growth and environmental decay since as the countries operate to achieve economic growth by exploiting their economic resources, such growth leads to the deterioration and eventual decay of the environment. - Economic growth and the environment - Economic growth is the increase in the country’s productive capacity. - Higher economic growth requires greater use of natural resources and environment. - Increasing use of resources to increase productivity coupled with increasing pressure caused by increasing number of people decreases supply of natural resources and therefore, degradation of the environment. ...

Introduction

The Great Depression is the most economically debilitating event that has struck the United States (US). It resulted to the downfall of commercial activities, loss of employment and widespread poverty that has greatly affected much of the US populace. There is an understanding that the Great Depression has its roots on various causes, yet the most compelling reason lies on the implementation of the Smoot-Hawley Act. The Smoot-Hawley Act involved the use of higher tariff rates on various imports, most notably those that are from China. Implemented in 1930, the Smoot-Hawley Act imposed ...

Abstract

Making a difference between social development and economic development has proven to be considerably difficult for many people, including scholars. Similarly, people find difficulties in trying to establish the difference between social development and social change. While this has been the state of affairs for quite a long time, it still is difficult for the most learned people to differentiate social development from cultural development. Clearly, social development is a complicated concept. Scholars and authors have constantly given various definitions of social development. Even so, most of the scholars and social scientists agree on the indicators of social development. For instance, most ...

Part 3. Economic Growth

Environmental sustainability in the EU The European Union primary goal is the sustainability development since it remains a great hurdle in the community. Sustainable development is comprised of three parts: economic, social and environmental sustainability. The main objective of EU is to consistently improve the quality of life in the environment for both the existing and future generations. The environmental sustainability is of great concern due to the energy crisis, climate change and global warming. This has led to the EU to develop long term missions and visions to prevent such an incident in the future (Rifkin & Jeremy 2004). ...

Abstract

New advances in medical science and technology have decreased the global burden of disease. However, low-income countries lack the necessary resources to provide for the healthcare needs of all their people. E-health systems have the potential to help low-income countries tap into the richer healthcare resources of more affluent countries, by providing cost-effective tools that can link them to global data management banks, clinical decision support organizations, and care-at-a-distance programs. However, to be effective, these resources must be used with care. The first step in prioritizing healthcare resources is to estimate the burden of disease. High-income countries have reliable ...