Supply and Demand

Supply and Demand Introduction Demand and supply is possibly one of the major economic concepts and the backbone of free market economy. Demand is the quantity of services or products needed by consumers (Mankiw, 2012). The amount of products desired at a particular price is referred as quantity demanded; the relationship between quantity demanded and price is referred as demand relationship (Mankiw, 2012).Advertising We will write a custom critical writing sample on Supply and Demand specifically for you for only $16.05 $11/page Learn More On the other hand supply is what the market can provide and quantity supplied by firms is the quantity of particular product manufacturers are ready to supply at a particular price. The connection between quantity supplied and price is referred as supply relationship; thus, price is the expression of demand and supply, which underlies the forces impacting on the distribution of resources (Mankiw, 2012). Demand and supply The demand law sta tes that â€Å"if all other factors remain equal, the higher the price of a good, the less people will demand that product† (Mankiw, 2012). To be precise, higher price attracts less demand because as the price of the product increases, the opportunity cost increases as well. Thus individuals will not acquire goods that will compel them to decline the utilization of anything else that is of significance to them (Netmba.com, 2010). For instance, if the price of oil increases consumers will look for substitutes such as bicycles or bus instead of using their private vehicles to place of work. Therefore, the demand for the cars will reduce and the demand curve will shift from D1 to D2 reducing the quantity demanded to Q2 as shown on the graph below. Graph 1 Source: Netmba.com, 2010. The shift in demand can also be caused by change in income, for instance if income increases consumers buy less of inferior good and the demand curve for this goods will shift from D1 to D2. While, if the price of the oil reduces consumers will be induced to purchase more (Q3) cars for instance, this implies that the demand curve will shift from D1 to D3. In the same way if the consumers’ income decreases the consumers will consume more of the inferior r products thus shifting the demand curve from D1 to D3 as shown above.Advertising Looking for critical writing on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conversely, similar to demand law the supply law shows the amount of products that can be put up for sale at a specific price but unlike demand law, supply relationship indicates a positive slope. Therefore, the supplier supplies more products at a high price because trading more products that are priced highly normally raises income (Mankiw, 2012). Consider the increase in price of drilling and refining the oil, this makes the suppliers to reduce the amount produced and supplied (Q2), thus th e supply curve will shift from S1 to S2. While if the production cost or price reduces the oil producer will produce and supply more oil (Q3) to the market therefore, the supply curve will shift from S1 to S3 as shown below. Source: Mankiw, 2012. In conclusion, supply and demand relationship tries to describe macroeconomic variables like price levels and amount of quantity in the economy. It also indicates how various variables like substitute goods, compliments goods, income, consumers’ preferences, advancement in technology and sector growth among others affects the demand and supply of a particular product in the market. References Mankiw, N.G. (2012). Principles of macroeconomics. (6th.). Ohio: South-Western, Cengage Learning. Netmba.com. (2010). Supply and demand. Retrieved from netmba.com/econ/micro/supply-demand/Advertising We will write a custom critical writing sample on Supply and Demand specifically for you for only $16.05 $11/page Learn More

Democracy and Industrialization Essay Example | Topics and Well Written Essays - 1250 words

Democracy and Industrialization - Essay Example The reason why it has become a common strategy for change is that is allows the people to express their views and makes them motivated because their voice is also being listened for the required solution or achieving a specific goal.. In democratic system the people have the right to speak and think independently and it offers people freedom of speech and freedom of media which are essential parts of a powerful democratic system. There are two main principles for a successful democracy. The first principle is that all peoples in community have equal access to power and the other one is that all peoples enjoy universal freedom and liberties. There are different forms of democracy, some of which provide better representation and more freedoms for their citizens than others. (Amacom, American Management Association 1998) The Real and very essential advantage of democracy is that it fixes a regular ongoing process and allows people to find a better way of doing things which is comfortable for them. Tolerance is also one of the key factors of democracy which gives people to have patience in them and allow everyone to speak about their views. Democracy takes ideas from different peoples so that everyone can learn and get experience from one another. One of the characteristic features of democracy is Majority rule but at the same time it also focuses on the rights of minorities. Democracy also gives an independent judiciary system which gives a right to every citizen to be treated equally and provides justice to everyone without any racial discrimination. It gives protection to all citizens and it is compulsory for the Judiciary to provide equal justice to every citizen. People feel comfortable because they know that their safety needs as well as social needs are been protected by the law. Every person has the right to file a petition for demanding justice. Democratic system also gives Human rights to every citizen as it is core responsibility of government. (Ernest Dale 2007) EXAMPLE: Democratic System has been helpful in many countries very it has been fully recognized as a big source of change. One of the key successes is India where democracy has made them so stronger that India has become one of the biggest democratic countries in the world. Freedom of media has been given them and their has a powerful judiciary system for the safety of people and to provide equal justice to everyone and therefore there is boost in foreign investment since the law is powerful than the government. (Stephen R Hiatt, Richard L. Daft 2000) INDUSTRIALIZATION INTRODUCTION Industry can be defined as one of the major assets that really help your country to groom with a very rapid speed. Today in this fast moving competitive world every country is trying their level best to reach the top ranking and industry is one of the source that can lead them to a good position. (Gary R. Heerkens 2001) INDUSTRY IN GENERAL Generally, industry is the very important for any country because it has the ability to generate many resources that can be converted into any goods. With the help of industry it

Managerial Finance (topic in instruction) Essay Example | Topics and Well Written Essays - 750 words

Managerial Finance (topic in instruction) - Essay Example Examples here include venture capital businesses that require consistent capital. However, the investors are allowed to limit their liability due to the massive outlay of capital and investments in the company’s operations. Another example that benefits from limited liability partnership are firms employing and owned by attorneys and accountants that offer professional services (Steingold & Bray, 2001).. A good example is the McGladrey & Pullen Limited Liability Partnership, a mega accounting firm in the United States. Evidently, a 1% investment acquired by partners in the company accrues a liability that limits their exposure to their personal amounts invested. 2. When does insider trading occur? What government agency is responsible for protecting against the unethical practice of insider trading? Explain by giving examples. Insider trading occurs when an individual in a company or associated with an employee of a company accesses pertinent information, and illegally uses it to purchase or sell stock (Macey, 1991). Evidently, such information is used by the individual to gain unfair advantage in the trading of stocks compared to the general public. Example of an insider trading is in reference to the case of Rajat Gupta, a prominent New York based businessman. Evidently, he is accused of acquiring insider from a board meeting of Goldman Sachs. The information revealed that Warren Buffet was planning to make a huge investment that would in effect raise the stock pricing of the firm. Consequently, Rajat Gupta collaborated with Raj Rajaratnam, a hedge fund manager and to purchase stocks from Goldman Sachs when the price was still down. To this end, the government agency in the United States charged with protecting against insider trading is the Securities and Exchange Commission. Its mission is to protect investors, ensure orderly, fair, efficient markets and oversee capital formation. Evidently, the Securities and Exchange Commission enforces the law aga inst insider trading through its division of enforcement. The enforcement division commences investigations against insider trading plus a host of other unethical issues. These include investigations against theft of customer securities or funds, manipulation of securities market prices, sale of unregistered securities, omission or misrepresentation of pertinent information concerning securities. An example of a successful conviction by the SEC in insider trading relates to the case of Rajat Gupta and his collaborator Raj Ratnaman, the hedge fund manager. Evidently, Rajaratnam was investigated by the SEC and found guilty of insider trading. 3. Explain how the tax code allows depreciation to contribute to cash flow. An innate understanding of the tax deductions of businesses offers an appealing opportunity for business proprietors to enjoy individual benefits from business expenditures. To this end, the tax code provides an opportunity for gross income deductions that minimize income taxes. Moreover, the increase of tax deductions minimizes income taxes and taxable income. Consequently, an understanding of how to maximize the deductible expenses of a business enables the proprietor to lower the taxes. Evidently, the tax code allows for tax deduction on expense depreciation. Consequently, it results to tax shield or tax saving that increases the operational cash flow by default. However, this action is based on the premise that a taxable income is present. In effect, if taxable income was not

Anne the Bag Lady Essay Example for Free

Anne the Bag Lady Essay Anne the Bag Lady Every afternoon you can count on seeing Anne right at one oclock at the park, pushing her grocery cart full of her treasures. A cart overflowing with heavy-duty black garbage bags as well as an array of duffels and suitcases. The black garbage bag an ambiguous container the contents within cannot be seen or known. As she pushes her cart, the constant rattling of a wheel competes with the clanging of aluminum cans that she collects hanging in a bag on the side of her cart. Anne roceeds to her bench, constantly aware of everyone around her, but never making eye contact. She arranges herself at her bench under the old oak tree, not far from the playground. She places her cart so it is never out of her line of vision. Her eyes are constantly moving looking, watching darting likes that of a small animal sensing danger. Anne begins to eat her regular sandwich, ham and cheese on wheat that she gets from Father Tim at the local Catholic Church. As she eats her sandwich, you otice how grimy her hands are hands she had Just used digging in garbage cans for her precious aluminum. Today Anne is wearing her best dirt caked Jacket, once a bright Kerry green, now a faded sickly green, with a tear on the sleeve. Her mousy blonde wig that once may have been styled in an attractive shoulder length bob; now a tangled, grimy mess. Do you know how hard it is to get a wig to keep its shape when you carry it around in a plastic bag? Anne has put on her newest shoes, old tan olored work shoes one without laces. Her dress looked like the old flowered snap front cotton house coats, my grandmother used to wear around the house. Hers is worn, dirty and the color is faded beyond all recognition, peeking out from under the hem of her dress is an old black slip, the lace at the bottom torn. Anne is wearing stockings that go to her knees held up by some kind of yarn or string. Over her stockings she is wearing socks that are used and worn the color again impossible to know. Anne always sits alone, a solitary fgure, watching, looking, wary. She very rarely speaks to anyone except for maybe Father Tim; even then short, cryptic remarks. She is rather small in stature, not more than five feet, two or three, bent and the shoulders from age. Anne does not look fragile or tiny maybe old and rigid, but never fragile. Anne has been a part of this community for as long as can be remembered, almost a historical monument. She is a part of the community that most do not notice, but seems to miss when is not there.

Night Elie Wiesel :: essays research papers

Night In the book Night by Elie Wiesel, it talks about the holocaust and what it was like being in it. The Germans were trying to make the German race the supreme race. To do this they were going to kill off everyone that wasn’t a German. If you were Jewish or something other than German, you would have been sent to a concentration camp and segregated by men and women. If you weren’t strong enough you were sent to the crematory to be cremated. If you were strong enough you were sent to work at a labor camp. With all the warnings the Jewish people had numerous chances to run from the Germans, but most ignored the warnings. The numerous chances the people of Sighet had to leave was significant that if they would have just left, none of this would have happened to them. One of the first warnings they had was when Moshe the Beadle came back from escaping the train. He was telling his story to everyone that would listen. The story was about how they made "the Jews get of the train and climb into lorries." (page 4) He also talked about how they murdered people for no reason at all. But most of the people in Sighet just ignored Moshe and thought he was making everything up. The second warning was that the people of Sighet ignored was on the radio. The first radio announcement said "the Fascist party had come into power. Horthy had been forced to ask one of the leaders of the Nyilae party to form a new government." (Page 6) The next day there was another radio announcement that said "German troops had entered Hungarian territory." (Page 7) this made everyone a little bit scared for a few days but not for long. Optimism was soon revived. The people were saying that the Germans wouldn’t get to there city. When the Germans arrived in Sighet the people didn’t realize what was going to happen, they just thought that they were in Sighet for something else.

Slavery vs Indentureship in the Caribbean

Slavery and Indentureship can be described as two of the most horrible historic happenings to occur. They share numerous differences as well as Similarities, which make us, question whether Indentureship was disguised as a form of slavery or not. Chattel slavery, otherwise known as traditional slavery is a system under which people are treated as property and are forced to work. Slaves could be held against their will from the time of their capture, purchase or birth, and deprived of the right to leave, to refuse to work, or to demand compensation. In some historical situations it has been legal for owners to kill slaves.The conditions in which the slaves resided and worked can be described as horrible. Indentureship, on the other hand, specifically East Indian Indentureship, was the arrival of East Indians from India to the Caribbean to replace African labor under a contract which they open-mindedly agreed to. In theory, as described by some historical references and using the previ ously stated definitions it can be stated that Indian Indentureship in the British Colonized Caribbean between 1845 -1917 was not a form of chattel slavery but the conditions however were reminiscent of the past system of slavery which it succeeded as a means of labour.One of the major aspects which differentiated slavery form Indentureship was the legal ownership of the workers involved. Africans were captured from their native homelands and forcefully enslaved via five ways, as prisoners of war, payment of debt, victims of kidnappings and raids, as gifts given to tribal owners and European slave traders alike and through birth. This meant that the human beings being enslaved for their whole lives were legal properties of the humans and their generations enslaving them, comparative to the ownership of animals.When immigrants landed in a Caribbean colony they came under the control of the local immigration department which was headed by a protector of immigrants called the Agent-Gen eral. In 1837 John Gladstone, father of British Prime Minister & the owner of two plantations in British Guiana, applied to the Secretary Of State for the colonies to import Indian Labourers. In 1838 396 immigrants arrived in British Guiana the great flood on Indian Immigrant Workers begun; it was deemed a success by British Guiana.The Anti-Slavery Society revealed that many of the immigrants were dying quickly, some were e being flogged  and wrongly imprisoned while others were not paid what they were owed, therefore in July 1838 the Indian government suspended all emigration while a Commission of Enquiry, made a thorough investigation of the conditions in British Guiana. Immigration resumed officially in 1844, and lasted until 1917. In 1840s the Planter’s demand for Indian Immigrant Labour was strong, as was the case British Guiana where the government was spending $50 000 per year on Immigrant workers the colony was almost bankrupt in 1848 but a loan of $200 000 from the British government help to keep the scheme alive.But for this demand to be supplied a large amounts of immigrants were needed, Indian Immigrant Labourers were sourced from the poor streets of Bombay, Calcutta & Madras. These cities were also ports of embarkation. After 1848 they were drawn from the provinces of Agra, Oudh & Bihar which suffered from terrible frequent famine. Many of these immigrants were peasant farmers. Immigrant workers saw immigration as a means of starting over to escape from religious tribulation, to end their poverty Indentured laborers were not by law the property of their employer.Between indentured laborer and plantation owner was the existence of an employer-employee relationship. Their children were in no way bonded by the contracts signed between parent and employer. The contracts ran usually from 3-5 years and could be renewed later for 5-10 years. The contracts were voluntarily signed but however the circumstances surrounding the signings were not alw ays truthful. Some Indians were fooled or misled and there was miscommunication because of the different tribal tongues. The contracts signed in some cases were misrepresentations of the true situation in the British colonies.They were misled and received not what they bargained for; this was partly due to their illiteracy. Some Indians may also have been kidnapped form the poorer areas. Both the East Indian Indenturers and the enslaved Africans were shipped from their home lands to various European colonies. They are comparable in that many East Indians were kidnapped and taken against their will just as the enslaved Africans were. Nevertheless, the lengthy journeys these two groups of people embarked on contrasted significantly in terms of treatment and conditions.For instance, East Indian Indenturers had agents that tried to make certain that the ship had ample crew, sufficient medical personnel, sweepers, cooks and also drugs and warm clothing, they ensured that the crew looked after the welfare of the Indentured the immigrants were given 2 square meters with one adult per bunk. Also, planters paid much attention to the medical well-being of the emigrants and supplied accommodation and entertainment to make the extensive voyage more endurable for them.Although at first there were some problems the Immigrants were only allowed 1.5 square meters on deck this was very cramped for a journey wish lasted between 93-113 this led to high death rates for example the Salsette left from Calcutta to Trinidad landed with only 124 passengers 199 had died of Cholera, Dysentery and Sea Sickness. On the other hand, the enslaved Africans were also crammed onto large ships by the hundreds in inhumane conditions which led to a high death rate. The Hannibal was loaded with 200 slaves by the time the shipped had reached American water 320 slaves had died .The women were victim to rape as well, they were given minimal food, left in their own waste and only given little time on d eck to exercise & get some fresh air, because of these poor conditions along the middle passage they were often revolts on board. When immigrants landed in a Caribbean colony they came under control of the local immigration department . It was headed by a protector of immigrants who was also known as the Agent General. Each year planters sent in requests for Labourers and the immigration department divided the immigrants among the estates.When this was done the Agent General was in charge to ensure the many rules and regulations were enforced such as sound housing, watertight roofing and proper drainage to ensure the laws were enforced he had a staff of clerks, travelling inspectors and interpreters. A special corps of surgeons were also assembled headed by the island’s Surgeon General, since it was found that many new immigrants died within the first year . Every three months the Agent General’s staff had to prepare a report on each plantation listing the number of da ys lost through sickness, all fines on Labourers, and the number of births and deaths.When African slaves came to the Caribbean upon reaching the port the slaves were prepared for sale. Captains tried to make their cargo as attractive as possible . Slaves were stripped and shaved to remove grey hairs that lowered the selling price. Palm oil was rubbed into muscles to give a healthy firm appearance, some captains tried to hide to scars & wounds with cosmetic mixtures which included gunpowder, lime juice and iron rust.The final sale was carried about in two ways, a ‘slave scramble’ or an auction. Slaves would be herded into a pen, surrounded by  eager buyers, pushing and shoving in order to position themselves to grab hold of the finest specimens. A starting gun would be fired, and the buyers would surge into the pen to try and collect the best individuals. Often, fights broke out among the buyers as well as startled slaves would jump into the water. Following the scram ble, buyers lined up with their â€Å"captured† slaves and paid for them. A male slave cost about 200 guilders which was about the yearly wage for a sailor, women and children cost less in the 18th century the price went up to about ne 700 guilders.After this; slaves would be branded with the initials of their w owners. Unlike Indentured servants slaves were seen as property of their owner and therefore had little to no rights. Only those with special skills/talents were given special privileges. They were given insufficient rations and sometimes had to steal to gather enough food as well as food obtained from their own gardens. They were given inadequate amounts of fresh water. As well as worked long hours with little time for rest.Their health was a main concern but only because in order not to lose their value as workers through sickness. On large plantations it was a common practice to provide a hospital, and to engage the services of a doctor on a regular basis. Unfortun ately slaves were afflicted with many illnesses which the doctors couldn’t treat. Indentured Indians life on the plantation was not much different, working day was unduly long, the idea of a rest day inconceivable; the laborers found their movements severely curtailed, and indeed they were caged within the walls of the plantation.Discipline was enforced with an iron hand, and the whip cracked generously: as a number of Indian laborers in Surinam were to state in a complaint in 1883, â€Å"if any coolie fails to work for a single day of the week, he is sent to jail for two or four days, where he is forced to work while day and night kept under chains. We are tortured very much. For this reason two to three persons died by swallowing opium and drowning themselves. † Over the period 1834, when the first batch of indentured Indians arrived in Mauritius, to 1917, when the indentured system was brought to a halt, nearly 1. 5 million Indians had sold themselves into debt-bond age.About 240,000 Indians had been sent to British Guiana (now Guyana), 36,000 to Jamaica, and nearly 144,000 to Trinidad, to mention only some of the Caribbean nations. As the Barbadian novelist George Lamming put it, â€Å"these Indian hands — whether in British Guiana or Trinidad — have fed all of us. † These hands were to contribute, as much as the hands of African slaves and their descendants, to the Caribbean experiment of giving shape to a unique expression of human civilization, and as Lamming has recognized, â€Å"there can be no creative discovery of this civilization without the central and informing influence of the Indian presence.There can be no history of Trinidad and Guyana that is not also a history of the humanization of those landscapes by Indian Labour. † Indians are apt, like many other people, to associate the phenomenon of slavery solely with Africans, but it is not realized that indentured labor was only, in the words of Hugh Tinke r, â€Å"a new form of slavery†.If what is most notable about slavery is the fact that it allows the master or the capitalist to extract labor without paying the price of labor that is precisely what was achieved through the system of indentured servitude. There is, in this abominable exercise, a salutary lesson for those who have been the victims of European domination with its characteristically merciless, self-aggrandizing, and malign features, for when Europeans saw fit to bestow ‘freedom' upon a certain people, they could only do so by chaining others.The history of the white race, in this respect, is no fundamentally different today than it was before. But there is also, in the history of Indian indentured migration, something that rekindles hope. From the ashes of the painful and degrading experience of indenture, Indians were able, over the course of the last 150 years, to build anew their lives, and to give themselves an inestimable and indispensable place in t he countries to which they had been brought.

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