Road Congestion Charging.
Road Congestion Charging "Congestion imposes huge costs on the economy. These costs include unpredictable travel times, environmental damage, property damage, delays, and lost production". (Deloitte Research) Congestion is a major problem, it affects important cities all around the world. The average speeds of road travel in many cities aren't much greater today than they were in the days of horse drawn vehicles. Without radical changes congestion is only going to get worse. In Western Europe for instance, it is forecast that gridlock will rise 188% on urban roads by 2010 (Deloitte research). When making a journey a motorist is not likely to take into account the congestion cost of that journey, but will only take into account the price of petrol and the opportunity cost of the time he spends travelling. There can however be costs incurred on other motorists which individual motorists don't take into account, these are 'external costs', these include, pollution, noise pollution and increased risk of an accident. As motorists interact with each other, these affect their personal costs, but motorists ignore them, so drivers don't actually take into account real costs (social costs) of congestion (Griffiths and Wasll-pg260). There are 3 ways to address increased traffic, they are: . Tolerate the congestion 2. Build more road capacity 3. Road pricing (Henry Spurrier lecture
The 1920s saw radical changes across the world in developed countries, possibly none more so than America. The effects of WW1 were far reaching, for example women's role in work and society
The 1920s saw radical changes across the world in developed countries, possibly none more so than America. The effects of WW1 were far reaching, for example women's role in work and society, and the growth of the mass consumer society. America had a wealth of resources, for example raw materials like oil, coal, also wood and food. The war gave a big boost to the economy, with American banks lending huge sums of money to allies, which was then used to buy American made equipment and American grown food. In the early 1900s millions of people emigrated to America to live the 'American dream' and were willing to work hard. Consumer goods began to get produced in America. Things like washing machines, radios, sewing machines telephones and house hold goods. In leisure time people would shop for goods. This meant factories would make a lot of money, which is put back to the factories to make more goods to sell, which consequently would make even more money Advertising played a part in the growth of America's economy. Advertisers talked Americans in to buying consumer goods which weren't always necessary. They used newspapers, radio, billboards and many more to persuade people to buy these goods. How did the Americans pay for al these goods that were advertised then? They would borrow the money. The US lent money to allies in WW1 and that money was then paid back with interest.
Consider a pure exchange economy. Define the concepts of a Pareto efficient allocation and market equilibrium. Carefully explain the difference between the First and Second Theorems of Welfare Economics. What are the potential implications of these theori
Two of the most vital concepts in Welfare Economics are the theory of Pareto efficiency and market equilibrium. This essay is about defining the Pareto efficient allocation and the market equilibrium, as well as explaining the difference between the First and Second Theorems of Welfare Economics. In order though to examine the relationship between the Pareto efficient allocation and the market equilibrium, many essential assumptions have to be made. Both of them can be graphically shown in the Edgeworth Box, particularly while considering the case of a pure exchange economy. There are many potential implications of the First and Second Welfare Economics for government policy. Further analysis of these implications, theorems and assumptions will be made later on. Pareto efficiency took its name by an Italian economist, Vilfredo Pareto, who made use of this concept while studying the economic efficiency and income distribution. Let's assume that there is a set of alternative allocations of goods for a number of individuals. While moving from the one allocation to the other, making at least one individual better off without making the other worse off is defined as Pareto improvement. Nevertheless, an allocation can be Pareto efficient when there are no more Pareto improvements; it is an allocation where no one can be made better off without making someone worse off. According
Determinants of demand and supply of UK Airline Industry
The Airline Industry This report serves to paint a picture of the airline industry with regards to the determinants of demand and supply within the industry and the way in which this affects strategic decision making and prospects of future profitability. One could approach this by analyzing a multitude of factors, both on demand and supply sides, as well as government regulatory and international shock sides, including income and price elasticities, terrorist attacks, environmental factors, oil shocks, retirement ages, labour mobility and so on. With respect to the airline industry, one can notice particular developments of interest following the new millennium. First, there is a higher degree of competition amongst airlines, with a weaker barrier to entry than before, especially for the popular budget airlines such as Easyjet and Ryan Air. Secondly, the September 11 attacks left an almost irremovable scar in people's minds and attitudes towards flying, especially North America and countries that supported the consequent war in Iraq. Political factors have an indirect, yet driving effect on this industry, with this respect. Finally, the issue of climate change and the push by consumers, regulators, and certain producers for cleaner fuel technologies also has an effect on supply and demand dynamics. These all rotate around the core fact, that is, that the Airline industry
Fraser Components Ltd.
Fraser Components Ltd. Fraser Components LTD is in the manufacturing business. They are involved in the secondary sector of industry because they manufacture or make burglary alarms, processors and car alarms. The chain of production which is the various stages, from raw materials to finished products, through which goods pass before they are sold to a consumer, are included in the primary, secondary and tertiary sectors. They fit into the chain of production because they turn raw materials into finished goods, that is in the secondary sector. The method of production currently used by Fraser Components LTD is a flow production because they are continuously making the goods along a production line. The advantage of this is that it is quick and everyone does an equal amount of work. One disadvantage would be that workers might get bored with the job and this may lead to mistakes being made. Another disadvantage is the capital cost of setting up lines of production is enormous. Breakdowns of machines can stop the whole line. This would lead to massive delays in work and would also lead to slow production. 2: Fraser Components LTD are divided into 5 departments. Here are some examples on each department. Human Resources: This department deals with recruitment. They train staff and look after the employees. For example, they deal with
'Real GNP inevitably remains the most commonly used measure of economic activity. Although far from ideal, it is the best measure we have' Explain and discuss.
'Real GNP inevitably remains the most commonly used measure of economic activity. Although far from ideal, it is the best measure we have' Explain and discuss. Gross National Product is a basic measure of national economic health. Governments and businesses use it to make important decisions. GNP is defined to be the total value of all final goods and services produced in an economy in a year. GNP is a measure of one thing- market economic activity, however it can be interpreted in different ways and used for different purposes. GNP is a measure of production; if a can of beans is bought for £1, it enters the GNP, and it is in indication that the economy has produced an extra £1 of output. GNP is also a measure of the additional value that our efforts have produced. An example is in the production of a loaf of bread. There are many people involved such as the farmer, miller, baker etc. Each adds value to the raw material that they started with. The total for GNP also includes the total amount of value added that has been produced, at all stages of production, in the economy in a year. Finally GNP is a comprehensive measure of national income. £1 spent on a loaf of bread will be entirely spent on providing income for the farmer, miller and baker. Every pound of spending is translated into a pound of wages, rent or profits. There is nothing left over. The
The origins of BMW trace back to 1913 when Karl Friedrich Rapp, a Bavarian who had been a well-known engineer in a German aircraft company, formed Rapp Motoren Werke in a suburb of Munich.
HISTORY Although BMW's current fame and reputation as one of the greatest automobile manufacturers can be mostly linked to models produced in the last two decades, the history of the marque stretches back almost 90 years and contains numerous achievements that have established it as a benchmark. The origins of BMW trace back to 1913 when Karl Friedrich Rapp, a Bavarian who had been a well-known engineer in a German aircraft company, formed Rapp Motoren Werke in a suburb of Munich. The company specialized in airplane engines however Rapp found that they were problematic and suffered from excessive vibration. Nearby, Gustav Otto, also an airplane specialist, set up his own shop, Gustav Flugmaschinefabrik, building small aircraft. Because of the faulty engines, Rapp Motoren Werke secured a contract with Austro-Daimler, who was unable to meet its demands, to build V12 Aero engines under license. The company expanded too quickly, however, and by 1916 Rapp resigned from the company because of financial troubles. In his place Franz Josef Popp and Max Friz, two Austrians, took over the company. In March that same year, Rapp Motoren Werke merged with Gustav Flugmaschinefabrik to form Bayersiche Flugzeungwerke. It was shortly afterwards renamed Bayersiche Motoren Werke (Bavarian Motor Works), or BMW, forming the company we know today. In 1917, BMW's first aircraft engine went into
"An Economy in which people selfishly pursue their own objectives could never achieve the objectives of a fair society" - "Competitive markets are efficient, so we should not attempt to change them" Provide a critique of these statements.
"An Economy in which people selfishly pursue their own objectives could never achieve the objectives of a fair society" - "Competitive markets are efficient, so we should not attempt to change them" Provide a critique of these statements. Introduction At first sight, it seems like these two statements are almost exact opposites - the first advocates intervention to correct the decisions that individual economic agents make, whilst the second promotes the traditional laissez-faire approach of non-intervention. However, there are significant differences in the possible interpretations of the two statements. The first refers to people pursuing their own objectives - this could be an individual, small agent in perfect competition, or it could be one company in a monopoly market whilst the second talks specifically of competitive markets. The first statement talks of "the objectives of a fair society" whilst the second concerns itself with efficiency. To provide a critique of these statements, I will first start off by considering a number of concepts - concerned with what happens when agents attempt to maximise their own welfare, before deciding what relevance these have to the validity of the statements. What equilibrium is achieved when we use the simplest possible model? - a pure exchange economy A pure exchange economy is an economy with no production - each agent
"Assuming there are two factors of production, explain clearly with the aid of diagrams, the way in which a firm decides on the optimal combination of these inputs to the production process".
"Assuming there are two factors of production, explain clearly with the aid of diagrams, the way in which a firm decides on the optimal combination of these inputs to the production process" Factors of production are inputs which represent costs to the firm; it wants to use the cheapest possible combination that can produce a given level of output. The factors of production are land, labour, capital and entrepreneur. A firm has two constraints on its assumed aim of profit maximisation. Market constraints: these are the conditions under which it can buy its inputs and sell its outputs. For an individual firm, which cannot influence the prices at which it sells outputs or buys its inputs, the market constraints are a given set of market prices. The second constraint is a technology constraint. To maximise profit, a firm must be technically efficient (ie it must maximise outputs from a given level of inputs. Firms must also be economically efficient - ie decide on the combination of the factors of production that produces its chosen output at the lowest possible cost. Firms must also consider those inputs it can alter (variable factors) and those which it cannot (fixed factors). This is largely dependent on the time scale involved. There are two time periods most relevant to the analysis of a firms production process: the short run and the long run. The short run
"Decoding At the Moment of Consumption".
Margarita Banting FDNS 102.002 K2C September 30, 2002 "Decoding At the Moment of Consumption" In "Encoding, Decoding", Stuart Hall identifies with the moment of consumption. In that moment, the process of decoding occurs. Although the process of decoding may seem simple at first thought, it is actually complex. People's different ways of interpreting events is what makes decoding complex. There are social, economical, and cultural differences that should be considered. Thus, rather than simply decoding a message and absorbing everything that the producers wish to convey to the consumers, we must look into the denotative and connotative aspects of the decoding process, as well as "three hypothetical positions" from which the consumer can interpret the message. Once the "sign vehicle" has left the hands of the distributor, it is up to the consumer to decode and interpret the signs, or codes. But before decoding a message, we must take into account the social, economical, and cultural aspects of the consumer. Though there are simple signs that seem to have an almost natural interpretation with most populations of the world, there are also codes or signs that will be interpreted differently. How might the consumer interpret the message, based on their social, economical, and cultural background? For example, a statue of the Virgin Mary is shown to a third class person