Essays on Economics

According to Ricardo, rent entails the amounts paid to landlords following the utilization of the indestructible and original components of the soil. On the other hand, there has been a rising trend of privatizing scarce water resources around the world (Glennon, 2004). The theory brought forth by Ricardo has been...

The OECD (Organisation for Economic Co-operation and Development) was formed in 1961 as an economic organization bringing together a number of governments for economic progress and trade. The two main objectives are met through a promotion of the market economy and democracy by the member countries. The OECD provides a...

a. Gross Domestic Product refers to the worth of all the products and services that a state produces within a given time. Based on the definition, the GDP of a country represents a market value of the final goods and services excluding intermediate products and services...

Inverse Relationship between Inflation and Unemployment There exists an inverse relationship between inflation and unemployment in the short run. In economics, this relationship is referred to as Philip's curve. However, it is not a permanent tradeoff and ceases to exist in the long run. Policy makers have a tough choice to...

Personally, for me it very unethical that a 20-year-old with no studies can earn so much by kicking a ball unlike compared to a doctor who studied most of their lives to save humans earn much less compared to footballers. In order to analyze and find out the reason for...

Since the reestablishment of diplomatic relations between the United States and China trade transactions between the two countries have steadily evolved leading to the signing of multiple bilateral trade treaties. These treaties are meant to guide and improve trade agreements. China has undertaken significant economic reforms which have been complemented...

Marginal Utility and the Law of Diminishing Marginal Utility Marginal utility is how the usefulness of an additional unit that is consumed changes. The law states that with other products consumption kept constant, the marginal utility that a person derives from consuming a product decreases with increase in the use...

Transport is an important element in a stable economic setup. For this reason, the demand and supply of the service should be at equilibrium to enable the progress of necessary activities. The road usage in particular is vital since it connects all other transport systems including rail, water and aviation...

The term opportunity cost The term opportunity cost, also referred to as the alternative cost, involves the choice of foregoing the next best alternative among a set of two choices. This is a fundamental concept in microeconomics that provides the consumer with the ability to budget between scarcity and choice. For...

Rolls-Royce PLC is an aircraft manufacture organization based in Britain. It was noted in the 20th century as a leading maker of luxury automobiles but it nationalized and separated from its car-manufacturing operations following the bankruptcy in 1971 (Harrison, 2017).  The organization has put in place several strategies for it...

The Organisation for Economic Co-operation and Development (OECD) The organisation for economic co-operation and development (OECD) has the objective of making improvements in the social well-being and economic growth of people across all regions in the world. OECD partners with different government bodies to determine the best policies to implement in...

A public good is a product or service that is freely offered to all the members of a given society or nation in such a manner that no individual can be denied access to the product or service whiles its availability cannot be reduced for other people as a result...