It is important to note that bartering made sense 200 years ago because the markets were small, and there was no product diversity. The simplicity of such a structure did not require money to make the transactions easier since it would be an unnecessary and additional step in the exchange...
Introduction For ages, commerce has existed, with science and creativity altering the form and size of the market. Because no country has an absolute advantage of exactly enough of each product to meet its demands, nations participate in international trade, resulting in the global economy. When a country engages in...
Gross domestic product is a measure used to capture the total market value of all goods and services in a country. For its calculation, goods intended only for the final consumer are considered without considering raw materials for production. GDP is combined from the financial fortunes of various sectors of...
A market-based system is an economic system that is controlled by the supply and demand of goods in the market. This type of economic system is not regulated by a central authority such as a state government. However, it is established by voluntary exchange. A lot of countries are undergoing...
China was one of the most coronavirus-influenced countries from both perspectives. On the one hand, many people experienced social instability due to the significant number of deaths and strict lockdown measures. On the other hand, China critically changed the attitude to international counteragents from “the third-world country” to equal trade...
Introduction Since the end of 2019, an unexpected illness referred to as coronavirus disease, or simply COVID-19, has spread across the globe. The first case was registered in December 2019 in Wuhan, which is China’s central city. The Wuhan Health Committee confirmed more than 40 cases of viral pneumonia at...
The factor endowment matrix is a representation of how many resources a country has available for use in manufacturing. The resources in the matrix reflect the factors of production that influence business and how it is done. It is closely associated with resource allocation with respect to how they are...
Many countries today are faced with an inevitable challenge in the path of progress. While the country’s population is increasing, it needs to create more and more opportunities for work and self-realization. While many believe that the free market can regulate itself, this is not entirely true. Russia, with its...
COVID-19 pandemic negatively impacted most of the companies globally. In early 2020, steel mills experienced a reduction in demand for still products, and due to the economic recession and depression, the demand for steel decreased (Lambert, 2021). Most companies that rely on steel for production and manufacturing reduced their demand...
When the rate of money demand becomes inelastic, it signifies that a buyer’s demand for a product does not change in proportion to the change of the product’s price. For instance, in a situation in which the price increases by a rate of 20% while demand decreases by the rate...
“China’s rise” refers to a political movement directed to enhance ideological belief, faith in the CPC, and confidence in the future (Xia, 2006). The rapid economic growth of China increased its impact on the international arena in many aspects. Turning into the second large economy globally, China has an ultimate...
Introduction It seems reasonable to state that both the United States and Canada are among the most developed countries in the world. They have walked a long path on their way to economic prosperity and significant socio-political indicators that imply a decent level of life for the citizens. It might...
The problem raised by the authors of the article touches on a highly relevant topic in the context of the current pandemic. With the arrival of COVID-19, many store shelves were empty, while city dwellers were buying up vast stocks of antiseptic, toilet paper, and food supplies. Unfortunately, the sellers...
Introduction The decade of the 1970s was one marred with inflation in the United States. On average, the inflation rate during this period was capped at 6.8%, which was triple the rate recorded in the previous two decades and double the long-run historical wage (Bredin and Fountas 147). Moreover, the...
Historical Summary of Events The term “Too big to fail” is an underlying concession and a popular metaphor used in reference to almost all private company bailouts by the government. The label became famous in the 1980s following the financial crisis that involved the Continental Illinois National Bank. The idea...
Introduction Growth is a term that is used to describe the general positive nature of active facets of a society. In economic terms it’s categorized as either actual or potential. Economic growth refers to the steady increase in the GNP/GDP that is normally measured annually. Okun, (1962) says, “It provides...
In a country where poverty and economic inequality is so rampant, it is essential to find ways to help the economy recover. A recovering economy means more jobs and a better standard of living for the masses. One way this could be achieved is by supporting the arts, which will...
The phenomenon of community economic development (CED) is a rather recent one due to the comparative novelty of the idea of collaboration in promoting economic growth. Nonetheless, several studies have already explored the benefits and opportunities of the specified concept, the paper by Clay and Jones (2009) being a recent...
This article states that in the economy, there is a bad tendency to use collected data from a small window of time to understand economic experiences. It says that instead of using a small time window dating back to 1980 to understand these experiences, the window should be extended to...
Introduction A financial institution is seen as any institution that provides financial services to its members by acting as an intermediary in most cases. There are a variety of financial institutions depending on the type of services each offers to its customers. Some offer general services while others specialize in...
Economic resources such as oil and gas are expected to generate wealth. However, in some cases, countries endowed with these resources suffer from a ‘resource curse’1. For that reason, these resources bring conflicts and instability instead of peace and development. A large body of empirical research has found out that...
Introduction Canada has a generally favorable climate for doing business due to the lack of state overregulation and the business-friendly taxation system. The country’s laws and political climate are conducive to attracting investment. Federal and local governments interact effectively and within the framework of the law. This paper aims to...
Introduction Public-Private Partnerships (PPP) are projects that have received much impetus in the infrastructure industry both in developing and developed nations in the recent past. That is has been the case in the international scene involving developing and developed countries. Analytically, PPP projects are characterized by a partnership between the...
Introduction Health care economics is an economics division that concerns itself with matters that regulate the scarcity in the provision of health and health care services. In other words, health care economics is the universal term this is considered to be the study of health care system operation and private...
Money works as the medium of exchange through trade.People use money for food and housing in different forms like bank deposits, cheques, credit cards and cash etc. Credit markets grow through the interaction of lenders and borrowers for balancing income and spending. Banks create the market with the joint cooperation...
Introduction After progressive and sustained economic growth during several decades, the economy of the UAE plunged significantly in 2008. The inability of Dubai World to repay its debts and its request to delay the payments for half a year caused a further downturn of the economy (see fig. 1). The...
Implementation of expansionary fiscal policy can have both positive and negative consequences for the economy. It can be an effective tool in reducing the unemployment rate and boosting business investment. However, it is also associated with certain macroeconomic risks, most notably inflation. The correlation of inflation and unemployment rates is...
Introduction The international monetary fund was established in 1945 after the Bretton woods agreement of 1944 to fulfill three obligations. It was intended to serve as a common forum for multilateral economic cooperation; this was to create a level playing ground as well as cushion other countries from an individual...
Introduction The fields of economics and sociology offer powerful concepts for studying communities and how human beings engage in various activities to generate income. In some regions, cases of inequality and injustice are usually prevalent, thereby affecting the experiences and outcomes of the affected citizens. Different scholars and philosophers have...
When studying the nature and dynamics of the social movement, it is essential to investigate the division of society into classes more in-depth. Doing so provides the researchers with a clear understanding of how exactly social movements and revolutions occur and what triggers their advancement. The American economic class system...
The article “Why the Student Loan Crisis Is Everyone’s Problem” by Joseph Orsolini shows how the money led to the learners helping fund their education has adversely impacted all people’s economies. Orsolini is a financial planner who helps families regardless of their income level to plan for colleges, retirement advice,...
The future can hardly be predicted accurately; to reduce losses likely to be caused by fluctuation of prices, the business engages in hedging transactions. Hedging is defined as the process of using derivative products to manage the risk of loss caused by fluctuation of financial prices; financial prices managed through...
This paper primarily targets to analyze an article devoted to the concept of Open Book management. Since the beginning of the century, this idea has been implemented in the management of enterprises all over the world. Within the complexity of the modern market, it is necessary to recognize the competitive...
Introduction The economy cannot be considered as a stable phenomenon without fluctuations and changeable factors that affect a plethora of actors. It has both booms and slumps that are to be taken into account while undertaking any strategic management activities. History shows that the perception of the economy that contradicts...
Nay, an American national of Hungarian origin, once had a chance to settle in Chicago. Due to the economic instabilities in the 1930s, he lost several jobs but finally settled in a brokerage firm. After working two years for Ryan-Nicholas & Company, he became the organization’s president. This earned him...
Nowadays, the impact of COVID-19 on countries’ economic and social lives cannot be neglected. Some organizations are able to make necessary transformations and survive the associated crisis. However, in the majority of cases, negative impacts on economies are observed. In Toronto, Canada, job uncertainty (for small business and self-employed individuals),...