Industrial regulation is the government regulation of industry. (Economic Definition of industrial regulation, 2008) The intention of industry regulation is for an agency to watch an industries prices and products to make certain that the industry doesn’t begin a monopoly and take advantage of consumers. Industrial regulation exists to regulate prices in natural oligopolies and in natural monopolies. (Industrial regulations, 2012). By regulating these prices they make sure that companies are not taking advantage of consumers.
One outcome of this effort was the General Agreement on Tariffs and Trades (GATT). GATT was a precursor to the World Trade Organization (WTO), an international consortium comprised of member nations whose goal is to further reduce or eliminate barriers to international trade. Several other organizations whose goals are to promote international trade are the International Monetary Fund (IMF), and the World Bank. The International Monetary Fund was established in 1944, and its purpose is to “maintain order in the international monetary system” (Hill, 2009, p. 10). The World Bank, also created in 1944, is chartered with making low-interest loans to poorer nations wishing to invest in improving their infrastructure.
In determining which goods to import from which country and which goods to export, I encountered some of the advantages and some limitations of the international trade. According to the theory of comparative advantage, a country should specialize in the production and export of commodities that it can produce at a lower opportunity cost than other countries while it should import commodities that are produced at a lower opportunity cost than other countries. Limitations such as imposing a quota or tariff can raise the price of products and lead to a loss in consumer surplus or cause retaliation from the country therefore reducing the goods a country is able to export. There are factors that influence the foreign exchange rate which also has an impact on a country’s importing and exporting. Regardless of these things, international trade is important to a countries
Sam, a marketing manager, often makes ethical decisions based on what others feel about those decisions. He often considers opinions from other managers and employees. Which of the following ethical systems do Sam’s decisions follow? • Consequentialism • Utilitarianism • Relativism • Egoism Find the final exam answers here New UOP Course BUS 475 Capstone Final Exam Part 1 6. The depreciation of currency will: • improve a country’s comparative advantage.
Steps to fixing dalman and Lei’s problems with a control system Steps to fixing dalman and Lei’s problems with a control system Steps to Fixing Dalman and Lei’s Problems with a Control System Elizabeth Burk For Dalman and Lei they need to set up a control system which has four major steps: Setting performance standards, Measuring performance, Comparing performance against the standards and determining deviations, and taking action to correct problems and reinforce success. In this paper I will go over theses four steps and how Dalman and lei should implement them to correct the problem of misreporting hours. The first step Dalman and lei need to do is setting performance standers. “Standards are targets that establish desired performance levels, motivate performance, and serve as benchmarks against which to assess actual performance.” (Bateman, 2013) Dalman and lei can set certain standers for their employee’s so they know what is
445 (1977); William J. Bowers & Glenn L. Pierce, The Illusion of Deterrence in Isaac Ehrlich’s Research on Capital Punishment, 85 Yale L. J. 187 (1975). 5 Isaac Ehrlich & Zhiqiang Liu, Sensitivity Analyses of the Deterrence Hypothesis: Let’s Keep the Econ in Econometrics, 42 J. Law & Econ. 455 (1999); Isaac Ehrlich & George D. Brower, On the Issue of Causality in the Economic Model of Crime and Law Enforcement: Some Theoretical Considerations and Experimental Evidence, 77 Am.
How does Adam Smith's concept of the invisible hand explain why markets move toward equilibrium? Do market participants need to know about the invisible hand for it to function? Explain your answer. Answer: Adam Smith’s concept of the invisible hand explains why markets move toward equilibrium because it allows consumers to freely choose what to buy and producers to choose freely what to sell and ultimately how to product it. It is important for market participants to know how the invisible hand functions so they can all benefit by understanding how self-interest regulates the markets supply and demand.
Explanation of Models and their Applications The first model selected is called Congruence Model. It has been developed by David Nadler and Michael Tushman (Palmer, 2008). The model contains three major processes of input, application and output. In input stage, the company concerns about environment, resources and history (organisational culture) to secure the right balance and sufficiency of each categories. After analysing the resources to input, by using their strategy, the company works within four essential frames.
Monetary Policy Aaron Ashburn MMPBL/501 Feb-21, 2011 Dr. George Sharghi Introduction There is a consensus among analysts regarding the ability of economist’s to accurately forecast inflation, and consequently it appears that the relationship between real economic activity and inflation is ambiguous. It is the Fed's job to do what it can to reduce unemployment in order for the economy to sustain and to make sure that inflation returns to a level more consistent with its mandate. The central focus of U.S. monetary policy is price stability. Thanks to its control of money markets and banks, the Fed influences interest rates, asset prices, and credit flows throughout the financial system. To help attain inflation goals the Federal
By studying the main four theories of global power – the Dependency theory, the World Systems theory, the Modernisation theory and the Kondratieff theory – an understanding of the patterns of global power can be gained, as each theory has unique views on the structure of power, with varying degrees of accuracy. The Dependency theory focusses on how developed countries use the underdeveloped countries to provide their needs and wants for a cheaper price, e.g. the US using factories in China to produce technology. The World Systems theory represents levels of development as sections labelled core, semi-periphery, periphery and external. The Modernisation theory states that all countries go through certain types of development, and the Kondratieff theory shows how countries develop and decline over time.