Economics

Costs of Production Name Affiliation Distinguish between explicit and implicit costs, giving examples of each. Explicit costs refer to the costs that must be made by the firm to non-owners of the firm for inputs such that they can be attracted from other forms of employment such as salaries and wages paid to the firm’s employees (Surbhi, 2015). On the other hand, implicit costs involve the costs that are non-expenditure which are incurred through the use of self-employed or self-owned resources. For instance, when the firm owner's salary is dedicated to running the activities of his or her business or firm. What are some explicit and implicit costs of attending college? The explicit...

Economics and Health Care Student’s Name Institutional Affiliation Economics and Health Care Introduction Health Care makes extensive use of economic theories. Health economics provides a candid view of how health and medical resources are utilized. For instance, health economics has proven most opposite in the quantification of consumption, demand, and production of health care services around the globe. This paper purposes of discussing the relationship between health and economics, provide a precise definition of health and evaluate how income level influences health. It unravels that a strong correlation exists between higher income levels and sound health. Economics has broad...

Economics Reporting Student’s Name Institution Youthanesia Daily News: Asia, Youthanesia the GDP growth rates and changes By (Student’s Name) 1st November 2018 Youthanesia: the economy of this country has always depended on widget production with the many widget companies employing a total of 40% of the entire country’s labor force. The country has therefore been depending on the exportation widgets for its survival. So, what could be the implications of this industry model? There has been a growth in the gross domestic product of the country in the third quarter of 2018 compared to that of the previous years. The GDP has grown by 10.9% compared to the 8.8% of the year before. Based on...

Trade Integration Student’s Name Institution Trade Integration The integration of countries, especially in today’s world, is a vital requirement to steer the country ahead. As a result, countries in Asia have formed a trading bloc known as PAFTA to gain economic advantages. This integration is necessary to perpetuate a strong bargain power while trading with countries outside the bloc. The purpose of this paper is to show the change that was brought about by the formation of the PAFTA and how Egypt, a PAFTA member, has benefited from the bloc. Generally, after the formation of PAFTA in 2005, the trade tariffs were eliminated thus enabling the countries to trade more profitably thus...

Economic Assignment Student’s Name Institutional Affiliation Economic Assignment Week 9 Motivating employees or agents to work in the best interest of the organization is important in management economics. Incentives act as a perfect way of rewarding performance. When properly applied, they have been shown to help improve performance by substantial margins (Wang and Lim, 2008). In the case highlighted, the incentives for school principals may be employed in a variety of ways. First, principals are given cash incentives when they meet the set performance standards of “excellent” or “recommended.” The money offered is strictly tied on exceptional performance to motivate principals to...

Prescription medications Name Institutional Affiliation The price ceiling is a government intervention mechanism necessary for the provision of some essential commodities which experience inelastic demand meaning that prices are not a demand factor (Randall et al., 2016). In the first case, price ceilings are beneficial as they ensure that everyone gets the vital products like the medication for the life-threatening disease at a controlled price. Such services improve the public welfare and increase the life expectancy rates. The necessities sell within the upward limit placed by the government and the goods covered cannot be sold at a higher price than the ceiling. The primary objective of caps...