I agree with Shapiro and Varian’s statement of technology changes, economic laws do not. I would say economic principles do not change but evolve as technological advances take place and have a significant influence on shaping our modern-day economy. As the technology that surrounds us and is immersed in our daily life advances, it changes the efficiency and level of production for the most part, in a beneficial form for the consumer and the producer, but at the cost of...
3 Pages
1199 Words
The demand for OSVs is strongly connected to the number of rigs employed by the exploration and production companies. The demand for certain specialized OSVs may be driven by factors other than the oil prices, but those are the exception rather than the rule. According to Clarksons Research, since the oil price slump, rates for rig have fallen more than 50% furthermore 300 rigs are laid up in June 2016 (Clarksons Research, 2016, pg. 9). As a result, this affected...
3 Pages
1577 Words
Having sufficient energy can support for the country in the stage of developing country like Myanmar. This is focuses on estimation of electricity demand & supply rate for future which can be supported to reduce the energy gap in long-term. Based on the methodologies and framework constructed to define what action and plan should be taken to fulfill the electricity demand for our country Myanmar. In order to make the research problems more specific and to find a solution based...
3 Pages
1432 Words
Smartphones market is a good example to show that the advances in technology that can reduce the input cost of production easily by shifts in a supply curve. In this 21st century, technology became advances that can improve the efficiency of production and this will cause the supply curve shift to the right. The lower the cost of production goes will affect the consumer demand more smartphones at the lower price. Based on my research from Evalueserva, Nokia, one of...
1 Page
456 Words
The economy is significantly essential for one nation’s development. If the economy was depressed, many individuals and organizations would suffer seriously. In this essay, I am going to present factors that affect the business environment, explain the factors that drive supply and demand. The environmental forces that impact on company’s ability to serve its customers are the micro-environment and macro-environment. Firstly, micro-environment is the factors that affect its ability to serve its customers – company, suppliers, marketing intermediaries, competitors, public...
3 Pages
1323 Words
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The World Health Organization has declared the COVID-19 (Corona Virus) a global pandemic. The COVID-19 outbreak has affected the majority of businesses across the globe. This includes both small and large business enterprises as well as the global market at large. The price of commodities has risen due to the decrease in their supply. Some of the basic commodities have gone out of stock while others are still available but in small amounts. Being a worldwide pandemic, every economy has...
3 Pages
1331 Words
Demand is the desire of a buyer which is accompanied by the ability to pay for a particular commodity at a specific price. On the other hand, if we talk about supply then supply is basically the quantity of the commodity that is made available to the consumers by the producers at a specified price. Demand and supply mainly have inverse relationship which states that when demand increases supply decreases and when supply increases demand decreases which is vise a...
2 Pages
998 Words
Much empirical research has been done on the efficacy of the theory of planned behavior with many findings showing that attitude, subjective norm and perceived behavioral control has positive correlation with behavioral intention for supply and demand of higher education. The theory of planned behavior can be used to explain the differences in behavioral intention and actual usage. The theory of planned behavior (Ajzen l99l) explains that 3 types of beliefs (behavioral, normative, and control) influence an individual. Performance of...
2 Pages
907 Words
Ever realized that there are a countless amount of brands for the same product? It’s how our economic system works. Supply and demand is the backbone of how the United States keeps its economic system functioning. When using the ideal supply and demand aspect it keeps the system running fairly. Associations routinely don’t raise their expenses despite when demand ascends since it is seen as being ridiculous. This is due to having the two basic laws of supply and demand....
2 Pages
795 Words
In this paper, I will discuss the ideas of Adam Smith in his book ‘An Inquiry into The Nature and Causes of the Wealth of Nations’, specifically, chapter 11 in the first book which is called ‘Off the Rent of the Land’. The chapter is divided into four parts: off the produce of land which affords rent, the produce of land that could afford or not, the variations in the value of the produce, and digression concerning the variations of...
4 Pages
1687 Words
Economics is regarded as the social science that is concerned with the distribution, production as well as usage of goods and services. In economics, demand and supply are those factors that are said to decide price, producers would like to sell at a specific price i.e. supply, and customers will be able to buy the product by determining the price of the particular commodity. Supply refers according to the varying amount of commodities that producers will supply at various costs...
3 Pages
1347 Words
Most of the public discussion and literature about economic development and education generally, most especially employment and education, is based on two major economic processes. First, is the interaction between the politically responsive supplies and the demands that are economically motivated in determining the number of schools provided, who can access these places, and the kind of instruction given. Second, is the important difference between private and social costs and benefits of the different educational levels as well as the...
4 Pages
1933 Words
The firm I have chosen is Nike so I decided to examine some key details in determining the market demand for my company. Some of the factors I will be using to show how Nike’s popularity affects their demand are populations and demographics, price of related goods, and taste. Nike’s mission is ‘to bring inspiration and innovation to every athlete in the world. If you have a body, you are an athlete’ (Nike.com). When looking at Nike’s target audience as...
2 Pages
1044 Words
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