Essays on Economic System

The United States Treasury Department has played a significant role in the provision of government services to the people throughout American history. The history of the agency dates back to the early days of the American Revolution. This was the period during which the Continental Congress, meeting in Philadelphia, identified...

There are three industries that contribute to Australia's economy. All production activities in the country can be classified as primary, secondary, or tertiary. Nonetheless, primary production is Australia's biggest industry. It contributes significantly to the country's GDP and accounts for a significant fraction of overall exports. Many individuals work in...

What did Denrell and Fang (2010) discover about the track record of economists who excelled at forecasting 'extreme' outcomes? They had a worse overall record. That is, aside from severe outcomes, they projected incorrectly in all other cases. What exactly is a Black Swan event? A haphazard and unexpected scenario that deviates from...

Flexible Pricing When the final price at which a certain product or service is sold out is not fixed, prices are said to be flexible. This means that it is negotiable between buyers and sellers and is frequently used when goods or services are modified to meet the needs of clients....

People and countries have used boycotts and sanctions throughout history to further their social and political agendas. Klein, Smith, and John (2004, p. 93) define boycotting as the act of ceasing social or commercial ties with a person, group, or nation as a form of retribution or political protest. Therefore,...