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International Baccalaureate: Economics

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  1. LDC Essay Economics Barriers to Growth

    At the outset, The Harrod-Domar model is unavoidably named after two 19th century economists, Sir Roy F. Harrod and Evsey Domar, who were working in the l930s. The model identifies the rate of growth for an economy through time that allows savings-investment equilibrium to be maintained. This is known as the "warranted" rate of growth.1 The two innovative economists consequently solidified their model majorly on the foundation of investment, savings and technology as the main agents of economic growth. Purely summarized, the more an economy can save and invest, the higher will be its own fiscal growth.

    • Word count: 2123
  2. Market Failre Portfolio

    Large cigars will be taxed 40 cents a piece, up from 5 cents... The majority of the tax increase will be used to pay for a $32.8 billion expansion of the Children's Health Insurance Program, which will provide coverage to an additional 4 million children. Healthcare advocates say they support the tax, believing it will lead more smokers to quit. According to the Coalition for a Tobacco Free Louisiana, each 10 percent cigarette tax increase means 7 percent of children and 2 percent of adults quit smoking." Looking at this situation intimately, this article and situation can be directly related to the economic theory of market failure.

    • Word count: 833
  3. Privatization in Bolivia

    According to Jim Shultz, the Bolivia-based director of the Democracy Center, water rates soared by as much as 300 percent, while del Tunari maintained that the increases were no more than 35 percent. Yet, for thousands of families, the hiking rate of water diminished sometimes half of their monthly incomes; for a developing nation such as Bolivia, also the third poorest country in South America, this was a complete calamity. At long last, on April 10 the protesters were heard and President Banzer announced the termination of its contract, restoring the people's water rights.

    • Word count: 655
  4. Buffer Stocks

    These vast stockpiles have dwindled to nothing as the EU tried to drop its reputation for spending much of its budget propping up farmers, but moves to scrap the provision for emergency buying and subsidies were blocked by the French government last year. The re-introduction of hand-outs for farmers to top-up the market price of butter and other dairy products could also be the final death-knell for a new world trade deal to open up markets, especially if the new US administration decides to follow suit and further protect its farmers.

    • Word count: 1306
  5. Steel EconomicsCommentary

    Thus, as a result of the leftward shift in demand for steel, due to reduced consumer incomes, supply has been forced to the right. Price Quantity Due to the decreased demand for steel, there is an excess amount of the commodity (Homogenous goods that are raw materials in critical industries)1. One solution for dealing with this excess amount of steel is by controlling supply (the quantity of goods and services that producers are willing and able to produce for a given time period, ceteris paribus)2 to fit the new level of demand (the quantity of goods and services that consumers

    • Word count: 811
  6. The aggregate demand depends on various variables, here referring to components of aggregate demand. The two main concepts that describe changes in the aggregate demand are expenditure and output.

    The two main concepts that describe changes in the aggregate demand are expenditure and output. Expenditure is further classified into consumption, investment, government and net exports. Again, going back to the definition, we can say that aggregate demand is: AD= C+I+G+(X - M) C =consumption I=investment G=government spending (X - M)=net exports The next part of this question shall examine the changes of the components of AD, particularly investment. As I mentioned earlier, investment can be mentioned as the addition of capital stock to the economy.

    • Word count: 622
  7. Economics Assignment

    The governments have become a lot more leneant alowing following investers in, in order to stabilize the economies, by diversifying into new areas. This constancy is also significantly thanks to better allocation of resources, and leaving less for chance on oil prices and more on growth and investment that is being seen. The state control can also prove a problem because the regions currencies remain weak, thanks to bad and inefficient economies. This is because the governments often converts dollars to local money as they receive it, this bad balance of payment means leaving currencies not capable to reform.

    • Word count: 5798
  8. Outline briefly- with a diagram, the key economies and diseconomies of scale, both internal and external. How useful is the whole concept of Economies of Scale?

    3000. Thus the average cost per unit is (3000/100) = Rs. 30. The company then imports a machine costing Rs. 2500 which increases the rate of production. Now, in the same Rs. 3000, it can produce 150 units of the soft-drink. Now, the average cost per unit becomes 3000/150 = Rs. 20. As seen, the average cost per unit has decreased by Rs.10. Here we can say that the company has succeeded in achieving economies of scale. What about the Rs. 2500 incurred in machinery? In the short run, though it may appear as if costs have risen due to extra investment, it is only a one-time investment and will lead to increased production and efficiency, and decreased costs per unit in the long run.

    • Word count: 1415
  9. Production Possibility Frontier (PPF)

    Factors of Production: another intimidating term? Factors of production in simple terms refer to the four main resources used while producing goods. They include 1) Land 2) Labor 3) Capital 4) Enterprise PPF and Opportunity Cost Opportunity cost is the value of what is foregone to have something else. Due to limited resources, if more of a certain product needs to be produced, less of another must be produced. The opportunity of enjoying one product is lost when less of that product and more of another begins to be produced.

    • Word count: 1481
  10. Evaluate the view that governments should always prevent firms from being monopolies.

    So the corner shop has no competition and can decide what he wants to have for different things the people need. But often a local corner shop does not play on his position and the prices are consumer friendly. The government should always prevent firms from being monopoles because it wants to have a fair price competition in the market. Competition is always good for us consumers because if the firms are in a 'price war' they try underbid each other and the consumer has to pay less.

    • Word count: 635
  11. economics

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  12. eco2

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  13. Commentary 1: The article deals with the OPECs decision to keep production quotas unchanged as the market is oversupplied with crude oil. Abiding by the fundamentals of supply[1] and demand[2], the worry of the OPEC member states involves

    The meeting's closing communique said "whilst there are signs that economic recovery is under way, there remains great concern about the magnitude and pace of this recovery," especially in the West. The group noted uncomfortably high crude and refined product levels, which reflect that refiners are not eager to churn out additional product. "Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, (OPEC) once again agreed to leave current production levels unchanged for the time being," the statement said.

    • Word count: 1270
  14. Evaluating interest rates

    The level of consumption is the consumer's expenditure or in other words, the purchase and use of goods and services by consumers, or the quantity of these purchased. The level of consumption will decrease for simple and obvious reasons: if interest rates are raised the banks will charge more for their loans and credits. This reaction from the banks will send a disincentive to the borrowers; a borrower will have to pay more interests for a loan therefore there will be less borrowers.

    • Word count: 1121
  15. Inequalities associated with the global trading system + Letter to Mr David Walker.

    One example can be seen in The United States, the USA spends 2-4 billion dollars annually subsidizing American cotton farmers which have severe repercussions for African farmers (Clapp, 2006:565). In 2003 US agricultural exports sold for anywhere between 10 percent and 50 percent below the cost of production, similarly, The European Union also exports key commodities for less than the cost of production. In other OECD countries, agricultural subsidies rose from US$271.2 billion in 1986-88 to US$330.6 billion in 1998-2000 (Clapp, 2006:565).

    • Word count: 666
  16. Winners and Losers of Inflation and Deflation

    One of the government's macroeconomic goals is a low and stable rate of inflation as there are many consequences of high levels of inflation. High levels of inflation rates are often followed by recessions when demand plummets. Inflation affects people differently. The most obvious consequence associated with inflation is the consumers' loss of purchasing power. Consumers who have fixed income experience a loss of purchasing power because as the average price level increases consumers real income falls. This means consumers can now purchase less than before with the same amount of money.

    • Word count: 1387
  17. Economics Commentary - Tax cuts make a cross-party comeback, thanks to economic woe

    This would set the scene for the pre-budget report (PBR) on November 24th, which will reveal details of the government's plans to lower taxes and borrow more to pay for it. These could include bigger tax credits and more help for losers from the abolition of the 10% income-tax rate. Bringing forward spending is also likely to feature. The Conservatives' plans, announced on November 11th by David Cameron, their leader, eschew any tax cuts that are not matched by cost savings.

    • Word count: 1822
  18. Economics Commentary

    The benefits of share holding companies were determined in preceding times to maximize profits by jointly agreeing in a fixed price which will avoid "price wars" and therefore substantial revenues4. Also assuming the interdependent behaviors, cross-shareholding companies act together to establish high barriers of entry to the industry in order to preserve ascendancy and evade competitiveness to have a high indices of demand.

    • Word count: 721
  19. Transition economy: Georgia. Transition economies are the economies that have changed from one kind of economy to another.

    However this proved unproductive and therefore most of the former communist countries are developing a more capitalist perspective. These countries, which are going from command to a more free market economy, are the transition economies. One of these transitional economies is Georgia. Georgia was one of the countries that made up the USSR before its fall in 1992, when Georgia regained their independence. Georgia is a country in Europe which is on the borders of Russia and Turkey and is classified as a transition economy. The table below shows statistics from 1995 concerning Georgia's economy. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 GDP % Change 2.6 10.5 10.6 2.9 3.0 1.9 4.7 5.6 11.1 6.2 6.8 Inflation (consumer Price Index, CPI)

    • Word count: 845
  20. Economics Commentary

    Therefore if the price of air tickets increases of a particular airline, its demand will decrease as the consumers will divert to the substitutes. Furthermore this shows that the demand is fairly elastic, which means that if there is a small amount of increase in the price of the air tickets, the quantity demanded will decrease more than proportionately. This is seen in the graph below, where price increases (b) from P1 to P2 and leads to a more than proportional (a)

    • Word count: 835
  21. Unemployment rate in Japan reaches 9- year low. Discuss.

    Price Level AD2 AD1 O Real GDP The above increase in Aggregate Demand causes an even greater change in the national income. In this situation, the Keynesian Multiplier2 effect is bound to take place since, this increase in Investments and Consumer Spending would increase the incomes of those firms where the money has been invested or spent, this would in turn boost the spending of those firms who receive this extra income, and they would go ahead and spend it too.

    • Word count: 787
  22. Economics Macro commentary

    If the government doesn't concede the ferry operators demand then they would be left with two options: 1) Cut in wages cost: Ferry operators would have to reduce working hours from two 12-hour shifts a day to two 8-hour shifts which will result in a decrease in wage costs. Otherwise some workers will have to be laid off due to cost cuts causing unemployment. The other aspect to this is that some people might not get the service they want at that particular hour. 2) Cut on maintenance cost: 34% of the fare income is spending on maintenance of the ferry, and a high part of the income is spending on spare parts.

    • Word count: 768
  23. What are Elasticities?

    in price leads to a larger change in demand; if price is changed, the demand will fall more by comparison; if a firm has an elastic product, they should not raise the price of the product o Unit Elastic Demand = value is equal to one; a change in price will lead to a large, opposite, change in the quantity of demand; if the price is raised by a certain percentage, then the quantity demanded will fall by the same percentage, meaning the revenue will not change o As the price of a product goes lower, so does the value

    • Word count: 1130
  24. 'Cigarette tax hike would benefit Tennessee residents' discuss.

    Nevertheless the producer will also suffer from the tax raise; its total revenue was has shrunk. "In Tennessee, studies show 14,500 youths become regular smokers every year." This new legislation is thought to bring this number down and decrease the market for cigarettes. If there are less people who begin smoking than those who quit or die, then the market for cigarettes will gradually decrease until there is no demand for cigarettes left. 3) Because the government is raising tax for cigarettes, they are also lowering tax for food.

    • Word count: 779

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