Price Elasticity of Demand
PED Price elasticity of demand (PED) is the responsiveness of quantity demanded to the changes in the price given. The main factors that affect PED of good are the number and closeness of substitutes, necessity of the product and how widely the product is defined, and also time. One of the most important determinants of PED is the number and closeness of substitutes; it can briefly be explained as when there are more substitutes for a product, the demand will become more elastic. Also when the substitute available is closer, the demand would be more elastic too. For example, there are many different brands of sports wear available on the market and if one of the brand increases the price of their product, this will lead customers to a change in demand to another brand. Generally products such as sports wear, food, house products tend to have elastic demand whereas products like oil have inelastic demand since there are very few substitutes for it. The necessity of the product and how widely the product is defined also affects the PED of a good. If we take food as an example it is a necessary product and food is very important to our lives so it is inelastic. However if we define food more deeply (chicken, beef, pork etc...), the demand would become less inelastic since there would be substitutes. Basically the more the product is narrowed, the less inelastic it gets. Time
Bailey's Irish Cream and International Demand for Alcohol
Bailey's Irish Cream and International Demand for Alcohol Bailey's Irish Cream and International Market Demand of Alcohol The global liquor market has changed immensely in the last 20 years. Since the early eighties, people have discovered that it is better for their health if they drink in moderation, as opposed to heavy drinking. Due to this change in consumers drinking habits, people generally drink less liquor than they used to. According to our text, the per capita consumption of liqueurs (liters per person over 18) dropped from 1 liter in 1986 to 0.90 liters in 1990. In addition to consumers drinking less, liquor makers, like Baileys, were faced with increasing tariffs and taxes. At the time of this case study, the tax margins between retailer and distributor were fairly close in the US: 15-20% for retailers and 10% for distributors. The United States also imposed a $22 per case import duty, and state excise taxes were as high as 20%. If you were a foreign liquor producer at the time and you sold a case of liquor at a price of $150 to a retailer in the US, you would see $128 after the import duty, which forces liquor makers to greatly increase their prices up to $177. For example, the retailer has $177 case of liquor that he has to pay a 20% Paddington tax, which makes the case cost him $212.40. Now the retailer gets to add his or her profit margin to the case of
How I use ICT
How I use ICT Whether we like it or not, ICT and technology has a huge impact upon all of our lives, whether in business or our personal lives. The technology that is incorporated in everyday domestic appliances is enormous. The majority of homes have telephones, televisions, microwaves other kitchen appliances. These all have macro processors to control their function. Almost every home nowadays has a fridge or a fridge freezer. Macro processors and thermostats control the temperature of the fridge freezer. Before these inventions, food could not be kept for any significant period of time. Disease and illness, due to the consumption of rotten food, was very common. In my house I have access to digital television. The menu system and programming guides that are built into the system allow me to select the programmes that I want to view with ease. Within my system I can interactively play games and look at the latest news and sport headlines. Without this technology this information was not readily available. I have a personal computer at home. This has many applications available to me. I use Word to produce documents, such as this. Use of this technology allows me to concentrate on the content of this essay rather than writing it out. Also, the use of the computer allows me to make corrections and changes to the work easily without having to write it all out
Larry Craig - Idaho Rests On His Shoulders
Larry Craig Idaho Rests On His Shoulders PS - 3330R50 Brian L. Hansen Larry Craig was born July 20, 1945, in Midvale, Idaho. The son of Elvin and Dorothy Craig, Larry worked on the family ranch until he went to the University of Idaho where he became student body president. This was his introduction into politics. He pursued graduate studies before returning to the family ranching business in 1971. Just a short three years later he was elected to the Idaho State Senate in 1974 where he served three terms. Then in 1980 he was voted to the U.S. House for the first of five terms. Representing the 1st Congressional District. In 1990 Larry ran for the U.S. Senate seat. He won and has been there ever since. Today he serves in the leadership of the United States Senate as the Republican Policy Chairman. This is chart describing the committees upon which he sits. Republican Policy Committee, Chairman Committee on Appropriations Subcommittee on Agriculture, Rural Development and Related Agencies Subcommittee on Energy and Water Development Subcommittee on Labor, Health and Human Services and Education Subcommittee on Military Construction Subcommittee on VA, HUD and Independent Agencies Committee on Energy and Natural Resources Subcommittee on Energy Subcommittee on Public Lands and Forests, Ranking Member Subcommittee on Water and Power Committee on Veterans'
''HIV/AIDS is the biggest halt to economic development of LEDC's in Africa''.
''HIV/AIDS is the biggest halt to economic development of LEDC's in Africa'' In Africa about 6,500 people die each day due to AIDS related illnesses and AIDS is now the leading cause of death in Sub-Saharan Africa. Latest statistics show that over 29 million of the 42 million people in the world who are HIV positive live in Africa. But how does this effect economic development? Development is the act of improving, by expanding, enlarging or refining- is AIDS/HIV the biggest halt to this in LEDC'S (Less economically developed countries) in Africa? For extra information I will be looking at Zimbabwe and Ethiopia for statistics and graphs. Economic development requires a strong working-age population for agriculture, education, industrial work and other sectors of economic activity. The impact of Aids is unique because it does more than prey on the elderly and the young, instead AIDS is most threatening to the working-age population (18-45) depriving families, communities, and entire nations of their young and most productive people. In Ethiopia about 90% of AIDS cases are between 20 and 49 years old. The economic impact is severe- in terms of loss of skills (teachers, health workers, professionals, skilled workmen and farmers). Infrastructure in Sub-Saharan Africa is not well developed, only 13 percent of the roads are paved, and less than 3 percent of the population have
How do communities seek to exclude those who are different?
How do communities seek to exclude those who are different? Looking over this question it seems easy enough but when thinking into it deeper it became a lot harder. Firstly the definition of a community, - being a place where a group of people may live close by in one district or a group with shared origins in interest. and secondly how do we define those who are different? A person who is different to me may be seen as normal to you. But then, what is normal? I've identified groups as best as possible which may be classed as different in my eyes and who may have difficulty fitting into an average community. People are excluded when they are not part of the networks which support most people in ordinary life - networks of family, friends, community and employment. Others groups include poor people, ex-prisoners, people with AIDS, people with learning disabilities or psychiatric patients, homeless people, different religious groups, immigrants or refugees and even the elderly might all be said to be at risk of exclusion. All may have difficulty fitting in as the 'not in my back yard' view applies where nobody wants to live next door to these 'different people'. People believe these groups will make the area they live in less attractive to others, and devalue their houses which may have a knock on effect on businesses and services in the area. Social Exclusion is a major
Is it possible to reduce unemployment without increasing inflation
Is it possible to reduce unemployment without increasing inflation? This question is one of the most exciting and important in macroeconomics and economic policies. Unemployment and inflation are the two most salient features in the evolution of the business cycle and that have the most direct effect on social welfare. Low inflation and low unemployment, both in the short term and in the long term, are the key indicators of good economic conditions in a country and how successful the national macroeconomic policies are. Beyond the economic sphere, inflation and unemployment have a significant impact on the overall welfare of the society: both economic phenomena affect negatively the average citizen to a degree which might become unacceptable for certain individuals, like structural unemployed workers or hyperinflation. To answer the question of whether it is possible to reduce unemployment without increasing inflation it is important to analyze the causes of unemployment and inflation. As economics is a non-experimental discipline, where a solution can be proved wrong or right through an experiment, different and seemingly valid answers can be given to solve the same economic problem. In the case of inflation and unemployment, the policies to reduce them are well summarized by the Keynesian versus monetarist respective approaches. The monetarist approach views unemployment,
Explain the social changes that occurred in Britain from 1914 to 1918
Explain the social changes that occurred in Britain in the years 1914-1918 World War One had an effect on Britain in a way that no other war had done before. It was described as 'total war' meaning "all available resources are channelled into the war effort; total war makes a huge impact on the lives of everybody in society, not just on those directly involved in the fighting." This essay will describe the different ways in which British society was affected in the years 1914-1918 by looking at the changing role of women, the Defence of the Realm Act, the food supply crisis, the working class and the attitudes towards the war. The government passed an important law during the war: The Defence of the Realm Act (DORA) was set up in August 1914 for two reasons: the first was to ensure there were enough resources to fight the war; the second was to make sure the people were in a fit state to fight and/or support the war effort. With the creation of DORA, the government could implement rationing (supplies were short), initiate conscription (men of a certain age had to join, those who didn't were deemed conscientious objectors and were sometimes imprisoned), censor newspapers and letters from soldiers and even stop people from discussing the war itself. In the beginning, over 1 million men had volunteered to fight, believing it would be an adventure, that Britain would win
Post-war developments of travel and tourism
Post-war developments of travel and tourism Since the Second World War, which ended in 1945, the worldwide travel and tourism industry had grown so much that it is considered as the largest industry in the world. In the past 40 years the developments of the industry has been shaped by a number of factors. These factors can be divided into four categories, which are: * Changing socio-economic conditions * Developing technology * Product technology * Changing consumer needs Changing Socio-economic conditions This is the term given to the combination of social and economic factors. These factors have contributed to the growth of the travel and tourism industry since the Second World War. Leisure time has increased greatly in the past amount of years for people in the UK. One of the reasons it has increased is because of the introduction of paid holidays. Now people feel at ease to go on holiday without of being short for money when they come home. Theses paid holydays have increased seaside holidays significantly such as Brighton, Blackpool or Benidorm. The entitlement of four to five weeks paid holidays has helped UK domestic tourism industry by encouraging consumers to take a short holiday breaks in addition to their main holiday. The length of the working week has also been reduced largely. In the 1950's the average working week in the UK was 50 hours. The
Discuss the likely advantages and problems arising from the introduction of genetically modified agricultural crops
Charlotte Seaman. (General essay style). Discuss the likely advantages and problems arising from the introduction of genetically modified agricultural crops. Genetically Modified food (GM) is most commonly used to refer to crop plants created for human or animal consumption, using the latest molecular biology techniques. These plants have been modified in the laboratory to enhance desired traits such as increased resistance to herbicides or improved nutritional content. Genetic engineering can create plants with the extract desired trait, both accurately and rapidly. For example frost can destroy sensitive seedlings, an antifreeze gene from cold water fish has been introduced to plants such as tobacco and potatoes, and with this anti freeze gene these plants are able to tolerate the cold temperatures that would normally kill unmodified seedlings. Crop losses from insect pests can be staggering resulting in devastating financial loss for farmers and starvation in developing countries. Farmers typically use chemical pesticides annually. Consumers do not wish to eat food that has been treated with pesticides because of potential health hazards. Growing GM food such as Bacillus thuringiensis (B.t) corn could eliminate the application of chemical pesticides. B.t is a naturally occurring bacterium that produces crystal proteins that are lethal to insect larva; B.t crystal protein
