"I will be honest, there are some kids, I take them into the (kitchen) lab, and they can't even
measure...we are talking basic, basic skills. I think that has a lot to do with the family structure,
how the family has changed" (Wischmeyer). Home Economics was a mandatory and popular class
in the 1980's and 1990's. This class taught more than how to frost a cake, it taught basic and
detailed skills such as sewing a button, measuring and sanitizing skills. In this class learning to
manage a budget and preparing a meal were strong components as well as learning to use basic
tools. Some saw it as a Woman's' class, but it had important skills that all people must know. As
years pass, more schools are dropping the Home Economics programs, but they...show more
content...
Many of the basic skills that women and some men of past generations had are almost extinct.
These skills are simple, and are things that all people should know, and be able to do. These skills
were taught in Home Economics classes, in the past decades, and now it is rare for teenagers to
possess these skills, because they have not learned them. "I think it is unfortunate that home
economics has disappeared from the school curriculum. Learning practical life skills helps students
understand the importance of self–sufficiency. They are more likely to become independent young
adults, able to fend for themselves instead of relying on their parents" (Colombo). Having a class
that will teach you all of these skills and making the class mandatory, will help to learn basic skills
that will help you not only at home, but after high school. Being self–sufficient means to be able to
help yourself without others, and be independent. I believe that with this class the skills you will
be taught could help you in everyday life, from cutting a vegetable to sewing a button. These are
basic skills, and are needed to do everyday activities and repairs. However, these skills may help
students with particular situations in the future, at least one of these skills will be necessary in most
careers for their future.
In Home Economics classes basic skills and more in depth skills will be taught to help with job
searching, and experience. "Real problem solving, the
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Economics Essay
Definition of Topic: Economics is the study of supply and demand. It defines the ways that human
beings allocate resources and how resources are distributed amongst a market. It allows you to see
trends in current market places and predict what may happen in the future. Many different subjects
were once regarded as a part of economics. Political science and even sociology were once
considered part of the field. These subjects still play a major role in understanding economics but are
also completely separate disciplines today. History: Since ancient times, humans have contemplated
basic economic problems. Many great minds have tried to master the subject. Aristotle and Plato were
probably the first to document such studies. Both...show more content...
For Marx, capitalism's fatal contradiction was between improving technological efficiency and the
lack of purchasing power to buy what was produced in ever larger quantities. John Maynard Keynes
was a student of Alfred Marshall and an exponent of neoclassical economics until the 1930s. The
Great Depression bewildered economists and politicians alike. The economists continued to hold,
against mounting evidence to the contrary, that time and nature would restore prosperity if
government refrained from manipulating the economy. Unfortunately, approved remedies simply did
not work. In the U.S., Franklin D. Roosevelt's 1932 landslide presidential victory over Herbert
Hoover attested to the political bankruptcy of laissez–faire policies. New explanations and fresh
policies were urgently required; this was precisely what Keynes supplied. In his enduring work The
General Theory of Employment, Interest, and Money, the central message translates into two
powerful propositions. Existing explanations of unemployment he declared to be nonsense: Neither
high prices nor high wages could explain persistent depression and mass unemployment. Instead, he
proposed an alternative explanation of these phenomena focused on what he termed aggregate
demand–that is, the total

Economic Costs: A Study
1. Economic costs are those associated with economic activity. These costs are those that the
company incurs in the production of a good or service. They can be described in a number of
different ways, including fixed costs, variable costs, direct costs and indirect costs. Fixed and
variable costs are both part of total costs, which often comes into play when firms set prices, for
example. Another economic cost is the marginal cost, which is the addition unit produced for each
additional investment.
Another key about economic costs is that they can include opportunity costs. This stands in contrast
to something like financial accounting, but is acceptable when considering the economics of
something because the company always faces a choice about the decisions that it makes. In
microeconomic theory, these choices do often relate to factor inputs or other attributes that can be
described in terms of their economic costs.
The concept to of economic costs is also important because it helps the firm to understand its own
cost structure, by breaking down the different constituent parts of the cost. Thus, for most companies
there is fairly extensive analysis of the underlying cost structure, and economic cots will often come
into that analysis.
2. This is the situation in which the firm finds itself:
INCLUDEPICTURE "http://i.investopedia.com/inv/articles/site/micro3.8.gif" *
MERGEFORMATINET (Investopedia, 2013).
As we can see from the graph, if the firm increases its capacity

Micro Economics Essay
QUESTION 1
Here is a company's cost data:
|Output |FC |VC |TC |MC |ATC |AVC |
|1 |100 |30 |130 |0 |130 |30 |
|2 |100 |70 |170 |40 |85 |35 |
|3 |100 |120 |220 |50 |73,3 |40 |
|4 |100 |170 |270 |50 |67,5 |42,5 |
|5 |100...show more content...
At this price, the company would make a total of 400 units.
How much profit would it make?
In this case, the company would make a profit of:
Profit: TR – TC
TR: P * Q = 60 * 400 = 24 000
TC: ATC * Q = 67,5 * 400 = 27 000
Profit: 24 000 – 27 000 = –3 000
QUESTION 2
Compare the market structures of perfect competition and monopolistic competition.
What are the main differences?
Monopolistic competition differs from perfect competition in the fact that production does not take
place at the lowest possible cost. Because of this, firms are left with excess production capacity.
Monopolistic competition is a type of competition within an industry where all firms produce similar
substitutable products, all firms are able to enter the industry, all firms are profit maximizers and
finally where all firms have some market power, which means none of them are price takers.
Whereas perfect competition is a market structure where all the firms have to follow those five
criteria: sell identical products, be price takers, have small market share, buyers have full
knowledge, freedom of entry and exit.
Choose an industry with various producers. Draw a positioning map for these companies and explain

how they differentiate their products.
I choose the chocolate industry because it is an industry where they a lot of different brands and
different producers too. The

What is Economics? Essay
Many people think that economics is about money. Well, to some extent this is true. Economics has
a lot to do with money: with how much money people are paid; how much they spend: what it costs
to buy various items; how much money firms earn; how much money there is in total in the
economy. But despite the large number of areas in which our lives are concerned with money,
economics is more than just the study of money.
It is concerned with:
В·The production of goods and services: how much the economy produces; what particular
combination of goods and services; how much each firm produces; what techniques of production
they use; how many people they employ.
В·The consumption of goods and services: how much the population as a...show more content...
There are three types of resources:
В·Human resources: labour The labour force is limited both in number and in skills.
В·Natural resources: land and raw materials The world's land area is limited, as are its raw materials.
В·Manufactures resources: capital
All inputs into production that have themselves been produced: e.g. factories, machines and tools.
One must bear in mind that our wants are virtually unlimited, while the resources available to
satisfy these wants are limited. In other words when society demands more of a product than can
actually be produced to fulfil those wants we have a problem of scarcity. An example of this would
be the OPEC oil price shocks between 1973 and 1980. Yes, it is true that the price of oil rose and
some individuals used substitutes but the economies of oil importing countries like Germany and
Japan fell because OPEC now had more buying power since they had the control over a scarce
resource. We can therefore think of oil as having become scarcer in economic terms when its price
rose.
Earlier I stated that economics is concerned with consumption and production. We can look at it in
the terms of demand and supply. It is simply the quantity of a good buyers wish to purchase at each
conceivable price. Three factors determine demand:
В·Desire
В·Willingness to pay

В·Ability to pay
Whilst supply is the quantity of good sellers wish to sell at each conceivable price. Supply is

Economics for Managerial Decision Making: Market Structure Quasar Computers is a market leader
for establishing their business around the Neutron notebook computer. Competition and the need to
differentiate have required management to make profitable decisions to increase sales and revenue
streams. The company must focus on aligning strategic variables with pricing and non–pricing
options while considering how to rebrand Quasar to sustain marketability and a competitive force.
Strategic Variables
Quasar established their business in 2003, to make the initiative to produce a notebook that took
over worldwide and was considered a monopoly. Consumers will know Quasar's products uniqueness
and the style of the computer once introduced...show more content...
Computers have to be upgraded to make the laptops or notebooks faster and easier to use. The
supply and demand of selling these notebooks to clients incurs a reduction of cost to spike sales.
Once Orion Technologies entered the market in 2006 with a notebook similar to Quasar Computers
the market became oligopolistic which "involves only a few sellers of a standardized or
differentiated product" (McConnell & Brue, p. 177). Table 3 shows the market shares for Quasar
Computers in an oligopolistic market.
Table 3 Oligopolistic Market Shares
Market Shares for Neutron
Market Shares ($) 38M
Revenue ($) 908M
Profit ($) 123M
Quasar Computers can face the competition. In oligopoly's the revenues, market shares, and, profits
depend on both price and the competition while the differential in the price will determine the
market shares ("Economics for managerial decision making: Market structures:, 2013). Both Quasar
and Orion are in deep competition but has to make modifications to earn profits.
Pricing Strategies
Quasar computers will need to choose a pricing strategy that will work otherwise their profit
margins will be impacted. An important step is deciding how Quasar should price their products.
Competition based strategy is one of several

Macroeconomics Essay
"Macroeconomics is a branch of economics that deals with the performance, structure, and behavior
of a national economy as a whole. Macroeconomists seek to understand the determinants of
aggregate trends in an economy with particular focus on national income, unemployment, inflation,
investment, and international trade" (Wikipedia, 2007). Government tends to use a combination of
both monetary and fiscal options when setting policies that deal with the Macroeconomic.
According to McConnell & Brue (2004), governments make adjustments through policy changes
which they...show more content...
dollars into gold at $35 per ounce, has made the U.S. and other countries' monies into fiat
money–money that national monetary authorities have the power to issue without legal constraints.
Money is used in all economic operations; money has a powerful effect every economic activity. The
increase in supply of money put more money in the hands of the consumers and increased spending.
When the money supply continues to expand and the prices begin to increase, particularly if the
output growth reach to the capacity limits as the public begin to expect the inflation, lenders insist on
higher interest rates to offset and expected decline in purchasing power over the life of their loans.
Contradictory results happen when the supply of money falls, or when the rate of growth cries off.
The U.S. money supply comprises currency–dollar bills and coins issued by the Federal Reserve
System and the Treasury–and various kinds of deposits held by the public at commercial banks and
other depository institutions such as savings and loans and credit unions. On June 30, 1990, the
money supply, measured as the sum of currency and checking account deposits, totaled $809 billion.
Including some types of savings deposits, the money supply totaled $3,272 billion. And even broader
measure totaled $4,066 billion

Essay Health Economics
Cost–benefit, cost–effectiveness and cost–utility analyses are forms of economic evaluation which
are useful in health economics for comparing costs and allocating resources. Health economics is
widely relevant to governments and the health sector in implementation of new policy, as it concerns
the allocation of resources in the context of a limited budget, or 'scarcity'. Economic evaluation is a
potential tool for setting priorities in health, though it is only one of many potential criteria,
including overall budget and public attitudes and wants. Economic evaluation is already in use in
some settings, such as in pharmaceutical company proposals for government subsidisation, but there
is room for expansion across the field of...show more content...
Changing factors such as aging populations and new technologies becoming available are increasing
expectations from people throughout the world, and decision makers must make rational choices to
maximise benefits to population health whilst working with limited resources. Yothasamut et al
(2009) summarise this by observing that "health care resources in every setting are always
constrained, while unlimited demand is observed". The 'best' choices in the context of economics are
the ones which maximise utility (individual satisfaction through consumption of goods) and welfare,
the sum utility experienced by all individuals in society. Decision makers often have to seek
satisfactory rather than optimal solutions, also known as working with 'bounded rationality' (Simon
1957 in Williams et al 2008), as it is important to pursue both efficiency and equity in the funding of
health care. Therefore, it may be unsuitable to fund the most cost effective option if it sacrifices the
equal distribution of benefits. Research in health economics can take a normative or positive
approach and this reflects the balance needed between cost control and equity when making
economic decisions. Positive economic research and analysis is concerned with 'how things are' and
seeks to explain economic phenomena, whilst normative economic research and analysis is
concerned with 'how things ought to be' and relies on value

The Global Economy Essay
The global economy is a complex and multi–faceted system. When one variable changes, such as a
dramatic increase in the New Zealand dollar, the spin–off effects can be detrimental to some while
increasing the wealth and living–standard of others. This essay will discuss the global economic
system we have in place today, and the consequential distributive injustices as a result of this
structure. These perceived injustices arise as a result of the ethical debate of reducing poverty via
economic growth versus creating a sustainable environment.
The origin of the capitalist economy we have today can be linked back to the industrial revolution
between the 1750s–1850s. As the economy began to display signs of rapid growth, global population
...show more content...
The idea of the capitalist market is in contrast with that of the socialist market. The aforementioned is
characterised by private business ownership, free entry into the market, profit as the ultimate goal,
consumer choice and the government acting as a type of economic regulator. A socialist market is
more typical of a government–planned economy where distribution of income and wealth is the key
to obtaining social gain. The Washington Consensus is a set of policy based themes its author, John
Williamson, believed necessary for the recovery of Latin America after the financial crisis of the
80s. Williamson provides a set of capitalist ideas which the IMF, World Bank and US Treasury
Department use when setting policies (Williamson, 2002). The Washington Consensus is proof that,
for the most part, the economy is still in a capitalist form. However, recently there has been a huge
push by socialist economies such as China and Russia as they become increasingly powerful in an
economic sense, although in a way they are also becoming increasingly westernised. The problem is
evenly distributing the world's resources when increasing amounts of people want more than they
actually need. Socialist state economic systems but with Americanised consumerism is setting the
scene for an interesting start to the 21st century.
The changing economic landscape comes at the heels of an ever–expanding and expending Chinese
economy – an

Economics End-of-Course (Final Exam)
Name: ________________________ Class: ___________________ Date: __________ ID: A
Economics End–of–Course (Final Exam) Multiple Choice Identify the choice that best completes
the statement or answers the question. ____ 1. Which of the following is the kind of decision
that can be made at the margin? a. whether or not to hire new workers b. whether or not to go on a
vacation c. whether or not to build an extra room on a home d. whether to have a dog or a cat as a
pet 2. How would you describe an economy that uses its resources to make the greatest possible
number of goods and services? a. efficient c. globally aware b. using opportunity cost well d.
underutilized 3. A nation's automakers install new robotic machinery to build cars....show more
content...
marginal revenue. c. total revenue. b. the equilibrium market price. d. quantity supplied. ____ 22.
Which of the following is NOT an example of barriers to entry? a. Cable companies must lay
miles of undergound cable before they can serve a single customer in a new market. b. In some
counties, laws require retail stores to be closed on Sundays. c. An entrepreneur wishing to own a
clothing store must rent a building, hire workers, and buy clothing for sale. d. A person who
wishes to practice medicine is required to attend medical school, complete an internship, and pass
a state exam. ____ 23. You decide to go to a consumer cooperative to buy supplies for your class
party. Prices are cheaper there mainly because consumer cooperatives a. make large purchases. b.
charge annual membership fees. c. require members to work 20 hours a month. d. help members
sell their products. 3 Name: ________________________ ID: A ____ 24. Your cousin tells you
that his trucking company has resorted to arbitration with the trucker's union. This means that a.
strikebreakers will be called in to perform key tasks. b. a neutral third party is reviewing the dispute
and will impose a legally binding decision. c. the trucker's union is on strike. d. the company will
call in a mediator if arbitration fails. ____ 25. Why is using coins as money easier than using gold
bars? a. coins are more durable c. coins are more uniform b. coins

business economics Essay
Table of Contents 1.INTRODUCTION 2.MAIN BODY 2.1THE NATURE OF RESOURCE COST
STRUCTURE AND THE PRACTICAL SIGNIFICANCE OF DIFFERENT COSTS 2.2THE
FACTORS INFLUENCING OPTIMUM SIZE AND THE SIGNIFICANCE OF DEMAND AND
SUPPLY RELATIONSHIPS 2.3UNDERSTANDING OF THE RELEVANCE AND
LIMITATIONS OF ECONOMIC THEORY TO MANAGE DECISIONS 3.CONCLUSION
1.INTRODUCTION: From the economic perspective, there are a full range of wants from
individuals, firms and government but there is only a few number of resources or factors of
production such as land, labour, capital and enterprise. The raw material will come from land,
taking the example of oil, gas. The labour relates to the individuals able to work. The capital covers
machinery,...show more content...
Equipment, everything used to bring all the materials together, for example, cranes, welding sets,
computing time, mobile offices. It is also important to know how much money committed to spend
at any point in time. 2.1.1The microeconomics perspectives: This focuses on the market behaviour
of individual consumers and firms to help understand the decision making process of firms and
households. This is at a level of individual buyer and individual seller, meaning demand and
supply. How much to produce and how much to charge for it. The law of the demand is that the
demand decreases when the price increases and the demand increases when the price decreases.
Also more demand of a product results in an increase of the price the price of that product. (See
graph below). 2.1.2The macroeconomics perspectives, focuses on the big picture of the national
economy as a whole and provides a basic understanding of how things work in the business
environment. The macrocosmic policy goals will be achieved by the monetary policy and the fiscal
policy. The monetary policy is the management of the nation money supply, the decision of the
interest rate and the banking system to promote economic growth, lower unemployment and
inflation. 2.2The factors influencing optimum size and the significance of demand and supply
relationship: The demand and the supply are two main concepts of the economy. Demand is what
quantity of product or service

India 's Economic And Political Structure Essay
India gained its independence in 1947 and its economic and political structure has been thriving ever
since. Now, India is a democratic country that continues to mature as it improves its market–based
system. Its growth can be seen in industrial deregulation, privatization of state–owned enterprises,
and reduced controls on foreign aid and investment. Like the US, it has divided powers between the
executive, legislative, and judicial branches. The current Prime Minister is Narendra Modi, who
leads the Bharatiya Janata Party. India's economy is made up of agriculture, industries, and services
and is the second–largest workforce in the world. Growth slowed in 2011 due to high interest–rates
and inflation, but has continued to move forward in other ways. The United States is a
representative democracy whose market economy is diverse. Under President Barack Obama, the
US is using expansionary fiscal and monetary policy to counteract the Great Recession that began in
2007. There is a trade deficit currently as it imports more than it exports. Services and manufacturing
are a major part of the economy. The US has many natural resources and good infrastructure, which
are some of the contributing factors that allow the US economy to be one of the largest and most
influential economies in the world. Economic system: What works, what doesn't. India has some
problem areas that pertain to its economic growth and development. The lack of functional legal
structure allows corruption

Introduction
Market structure from an economics perspective is defined as the characteristics of the market that
impacts the behavior or way firms operate, which economists use to determine the nature of
competition, and pricing tactics of businesses in the market. Within a market, the market structures
are distinguished by key features, including the number of sellers, homogeneous or differentiated
goods or services produced, pricing power, level of competition, barriers to entering or exit the
markets, efficiency, and profits. The interaction and differences among these features resulted in four
market structures of competition: perfect competition, monopolistic competition, oligopoly, and
monopoly. Economist assembled the four market structures into two groups; perfectly competitive
market and imperfectly competitive market, which are vastly distinct when it come to the different
market competitions that need to be satisfied.
A major issue for existing firms in some market structures is the entry of new competitors, and
this is because of the potentially unfavorable effects new participants might have on the market 's
real revenue and profits. Entry barriers are specifically designed to prevent new competitors from
entering a profitable market freely. Based on the level of barriers, it can be relatively easy or
difficult for new firms to enter the market. Therefore, high entry barriers may have a positive or
negative influence a firm's long–run profitability, cost

A Reflection on the Study of Economics
Part 1
Some of the most compelling topics that I learned in this topic only came into focus at the end of
the course. Economics is a very large and complex study and reflecting on this subject, piece by
piece, requires some patience and ability to put the pieces together. The relationships between simple
choices, such as supply and demand, drives all economic and commercial exchange but only through
the lens of economic models that attempt to layout this system by combing mathematical principles
and psycho–social evaluation. All in all, this was very interesting introduction to some of the
complex drivers that propel society.
Discussions are always useful because we are allowed an opportunity to weigh and evaluate our
own personal thoughts with those of others. This comparison helps gauge where I stand on many
political and social issues that derive from economic theories and philosophies. Knowing where I
stand amongst my peers is a helpful measurement to contrast and qualify my own thoughts. For
example, when the topic of monetary policy came up, I was very shocked to find out the
importance of currency and how it is used in global markets.
What was more revealing is the United States' relationship to the Federal Reserve and that
organization's power of the monetary policy set in this country. It is very difficult to fathom how the
entire economic systems sometimes works without a major disaster every day. The ability of the
economic markets in the world to bring

Essay on History of Economics
Economics 515
Midterm 1
1.Economic growth vs. economic development, define extensive growth & intensive growth
Economic growth is the sustained increase in the output of goods/services of a society.
Economic development is economic growth plus changes in technical and institutional arrangements
by with output are produced.
Extensive growth– increase in output due to increase in inputs (labor force grows, land stock
increases)
Intensive growth– increase in output per unit of input – productivity increases (technological change)
2.List 2 data sources researchers use to estimate historical standards of living; three indicators of
economic development other than National Income measures of interest to economists
Data...show more content...
List 4 contributions of the earliest civilizations (those that eventually formed the Babylonian Empire)
and explain how each was important to continued economic growth.
п‚§Writing– originated in Sumarian civilization o 3500 BCE–Sumarian draw pictograms on clay
tablets o Bureaucratic necessity: records of tax collection/tributes o 3200 BCE– ideograms– symbols
for sun, moon, phonograms, cuneiform script="wedge" writing
п‚§Arithmetic– keeping track of accounts, creation of 0 value
п‚§Weights/measures– standard of trade
п‚§Geometry– measurement of fields/buildings (architecture)
п‚§Code of Law– civilization required development of law, regulate interactions of men/women o
Code of Hammurabi c. 1700 BCE– regulation of contracts, irrigation procedures, regulating lending
parties (max interest

Economics And Economics On Economics Essay
When we talk about economics we must first defined the word. Economics is a social science that
studies human behavior and how to allocate our limited (scares) resources, efficiently and
effectively to meet our unlimited human wants. Now as we dive deeper in to the field of economics
we realized that there are two separate categories that the study of economics breaks off into. The
first is macroeconomics, macroeconomics is the study of the whole picture when it comes to
economics. Macroeconomics will ask questions about how respected countries economies will work
and how and why they make certain decisions. The other category, which this class is about, is
Microeconomics. Microeconomics is the study of the individual. It is the study of individual firms
and households and how they make decisions that affect themselves personally. Another pillar of
Microeconomics is the study of wants. Wants and needs are to totally different things that each care
a different respected weight in economics. Wants are things that can be done without and still
sustain life. Needs are those items that essential to life i.e.: water, food, and shelter. The biggest
difference is that human wants are unlimited and can't all be satisfied. Which leads us to another
major point about economics, economics is about choice. In economics we will ask questions like:
what to produce, what resources to use, and how much to produce. In addition, when we deal with
choices we must deal with the marginal

Perfect Competition : A Market Structure
When trying to top look for a market structure to fit your needs a person should start with perfect
completion, monopolistic competition, oligopoly, and monopoly. These four market structure are
used by business to aid the businesses in producing and selling products. Perfect competition is
described as a market structure that has many sellers and buyers that produce the same product and
they are allowed to leave and exit the industry at any time. Free entry and free exit is a crucial
characteristic of perfect competition because it distinguished it from the other market structures
(Amacher & Pate, 2013). Perfect competition allows for companies to cease production without any
negative recourse. Firms producing a homogenous product is also a characteristic of perfect
completion, this allows one firms product to be no different from another firm in the industry.
Monopolistic competition is another market structure that business will adopt in order to produce
product. In a monopolistic industry model, you will notice that it is made up of a large number of
sellers and each seller will offer a differentiated product. In a monopolistic firm industries like to
put a name with a product, make packaging prettier or just have better credit terms than another
product. A good example is how Nike sells Nike, but they also associate different products or shoes
made by them with a number of different athletes. Like perfect competition, monopolistic completion
is also a relatively easy

A3.
Statement of inter–relationships among economic factors that explains what may cause what, or
what may happen under certain circumstances. Also called economic law.
Although the study of economics has many facets, the field is unified by several central ideas. The
Ten Principles of Economics offer an overview of what economics is all about.
How people make decisions
1.People Face Tradeoffs.
To get one thing, you have to give up something else. Making decisions requires trading off one goal
against another.
2.The Cost of Something is What You Give Up to Get It.
Decision–makers have to consider both the obvious and implicit costs of their actions.
3.Rational People Think at the Margin.
A rational decision–maker takes action if and...show more content...
Market structure
The collection of factors that determine how buyers and sellers interact in a market, how prices
change, and how different levels of the production and selling processes interact. The four basic
types of market structure include oligopolies, monopolies, perfect competition, and monopsony
(where only one buyer is present in the market).
Types of market structure
Perfect competition: Perfect competition happens when numerous small firms compete against each
other. Firms in a competitive industry produce the socially optimal output level at the minimum
possible cost per unit.
P firm P industry
Pc Pc
D Q
Monopoly: A monopoly is a firm that has no competitors in its industry. It reduces output to drive up
prices and increase profits. By doing so, it produces less than the socially optimal output level and
produces at higher costs than competitive

Importance Of Economic Market Structure
Importance of Economic Market Structures
Kevin Green
Economics 204 Principles of Microeconomics
Charles Fanning
8–3–14
Importance of Economic Market Structure In today's economy, before an investor or any
organization makes a strategic decision to begin production of a product, a market analysis is done
to get vital information and to thoroughly understand the domestic or international demand, current
suppliers, entry and exit barriers into a market, and the cost of producing a product or service. From
gathering this information a firm can identify the market structure the product will enter, find out
potential long–run profitability, survivability, incentives and cost efficiency. In this paper I will
describe the characteristics of these four market structures: perfect competition, monopolistic
competition, oligopoly, monopoly while providing an illustrative example of a couple. Also within
this paper will describe the pressures with high entry barriers, preferred selling and buying markets,
projected reaction to price changes for elastic and inelastic goods, government intervention and the
expected effect of international trade on economic markets. The knowledge of knowing how a
product or production firm fits into a particular economic market structure is important to investors
because it influences a firm's opportunities and business strategies for a successful venture. When an
economic analyst is done correctly and successfully, it can identify the

Economic Structured Adjustment Programme Essay
Economic Structured Adjustment Programme (ESAP) It was a World Bank and IMF, 5 year
inspired programme that was used to counter any economic crisis arising in developing economies.
It was a prescription to cure the economic messy especially in developing countries, in my case
Zimbabwe. " ESAP is a top–down economic strategy which is designed to resuscitate an economy
using massive doses of foreign exchange(acquired mostly through loans) and hugely increased
exports" (Coltart, 1992). In 1980, Zimbabwe after being liberated, the government vigorously
invested in all sectors of the economy (health, education, mining, universal access to services). But
to the negative, it led to the government budget deficits in mid 1980s. This forced the government
to look for ways to finance its excessive expenditure. Zimbabwe was then persuaded to implement
ESAP. The programme was to run from year 1991 to 1995. ESAP was a package...show more
content...
The term is also used in a quite different sense, to mean government out–sourcing of services to
private firms. (We are Assist You, n.d.) It led to low and shortages of income, to the people even to
the government as the sources were reduced and it also led to the rise of unemployment rate in the
country of Zimbabwe. It was a song in the country that ESAP retrenched us. "About 60000 people
lost their jobs. This was an increasing figure to the unemployment rate of the country "(Newsrescue,
2009). Devaluation and inflation really affected the low incomes and job satisfaction. The result was
brain drain, Zimbabwe lost many doctors and nurses for greener pastures among other professions.
Countries like Botswana and South Africa positively benefitted from such

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