Substitute Goods Essay Example For Students

Substitute Goods Essay In economics, one kind of good (or service) is said to be a substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible uses. Classic examples of substitute goods include margarine and butter, or petroleum and natural gas (used for heating or electricity). The fact that one good is substitutable for another has immediate economic consequences: insofar as one good can be substituted for another, the demand for the two kinds of good will be bound together by the fact that customers can trade off one good for the other if it becomes advantageous to do so. We will write a custom essay on Substitute Goods specifically for you for only $16.38 $13.9/page Order now Thus, an increase in price for one kind of good (ceteris paribus) will result in an increase in demand for its substitute goods, and a decrease in price (ceteris paribus, again) will result in a decrease in demand for its substitutes. Thus, economists can predict that a spike in the cost of wood will likely mean increased business for bricklayers, or that falling cellular phone rates will mean a fall-off in business for public pay phones. It is important to note that when speaking about substitute goods we are speaking about two different kinds of goods; so the substitutability of one good for another is always a matter of degree. One good is a perfect substitute for another only if it can be used in exactly the same way, at exactly the same cost, and with exactly the same quality of outcome; that is, when there is no particular incentive for a customer to prefer one over the other. Needless to say, there are relatively few perfect substitutes except between two goods of the same kind. Much more common is for goods to be imperfect substitutes for one another. Compact discs and cassettes, for example, can both be used for the same purpose (as media for recording and replaying sound), but there are significant differences between the two in terms of durability, sound quality, and the cost of the recording media and the equipment used to record on it. As a result the two can be substituted for one another, but there are significant trade-offs involved in deciding to substitute one for the other: if you buy a tape instead of a CD, you may pay less, but you will get lower sound quality and a less durable good; if you buy a CD instead of a tape, you may get better sound quality but you will pay more and you may not be able to listen to the CD in your car. Nevertheless, CDs and cassettes are substitute goods (though only imperfectly): and so if changes in the market tend to erode the advantages f choosing cassettes over CDs (such as a decrease in CD prices or increased availability of car CD players) it will tend to increase the demand for CDs and decrease the demand for cassettes. The opposite of a substitute good is a complement good. In other words, good substitution is an economic concept where two goods are of comparable value. Car brands are an example. While someone could argue that Ford trucks are much different from Toyota tr ucks, If the price of Ford trucks goes up enough, some people will buy Toyota trucks instead.

Pro Con Essay Topics - How to Write Great Pro Con Essay Topics

Pro Con Essay Topics - How to Write Great Pro Con Essay TopicsTo write an excellent essay, you must begin by choosing good pro con essay topics. This will greatly affect the content of your paper and how well it is received by your instructor or college admissions committee.Good topics will be useful to both the professor and to those reading your paper. You should research several potential topics prior to submitting the paper. This allows you to have several subjects to talk about. It also helps you know exactly what the professor wants to see in the paper before he gives it.The topic ideas you research will be based on the theme of your class. The topic of your professor's class is extremely important when it comes to selecting topics for your paper. He/she knows what subject areas are likely to interest you and be important to the topic of your paper.Some of the subjects you can choose from are: life, relationships, relationships with others, history, politics, government, sports , literature, and more. What topics should you avoid? Well, none of these subjects are very interesting! There are topics available which are excellent, but you won't find them if you follow the rules for good topics.First, the topics must be primarily concerned with logic and grammar, and not with facts or real world application. Subjects such as these will simply be ignored by the professors. When writing about such subjects, concentrate on the 'What' and not the 'how.' Too often students are tempted to include this information when writing about problems or events, but they need to avoid the topic when writing about everyday topics such as 'how I met my boyfriend'what is my favorite type of music?'The second thing to keep in mind when selecting essay topics is to choose topics that appeal to the professor. Make sure the topic you choose for him or her is not too abstract. He/she does not want a dissertation discussing all about their craft. The proper theme is a lot simpler than this. If you can write about one thing, it is most likely a good topic for you.If you decide that your topic is something along the lines of 'How did I meet my boyfriend,' it is most likely best to write your own original essay. Otherwise, it is good to get someone else to write it for you. If you are not comfortable writing an essay on the topic you are researching, you can always hire a college student to write it for you. The student is paid to write on specific topics, just make sure that you are comfortable having the student write the essay for you.Always remember that your thesis must be read by at least one other person. Therefore, there must be a method to selecting topics and then choosing appropriate writers to write your thesis. Once you've found out the proper methods, you will be able to write good Pro Con Essay topics.

Criminal Theories essays

Criminal Theories essays Opportunity Theory: The CEOs of Enron saw the opportunity to easily scam millions of dollars without hurting anyone at the time. Living in a society that is capitalistic and driven by money and greed they saw the opportunity and decided to take it. This was going against the normal way (the legal) of running a business. This theory is explained extremely well by Merton on pages 122-123 in the bottom and top paragraphs. Merton states that The equilibrium between culturally designated means and ends becomes highly unstable with the progressive emphasis on attaining the prestige-laden ends by any means whatsoever. This is precisely what happened in the Enron debacle. I believe that this theory also can be applied to anyone who sells drugs on any level. The deviant I believe is motivated by his culture, that culture is one based on money and good times. The individual involved, I believe, will get as involved as his superior or supplier will allow them to. For example; a kid who normally sells one ounce of marijuana at a time because he/she can not afford anymore will gladly accept a quarter-pound if his dealer was willing to front it to him/her. However, for this situation to occur the individual must be living in a culture where he/she is confident that they can move the entire quarter-pound quick enough. This environment does exist in several different areas in our cities and towns. This type of Opportunity theory is explained in article 12 Homeboy, Dope Fiends, Legits, and New Jacks by Hagedorn. The article explains the different levels of participation and the amount of money being made by each level. Conflict Theory- The theory that it is society who may be guilty for a crime instead of the deviant himself. The societal stresses and pressures may force one into...

Immigrant Law of Labour Market Essay Example | Topics and Well Written Essays - 1250 words

Immigrant Law of Labour Market - Essay Example On the contrary, skilled immigrants pose a considerable threat to the labour market, which ends up in several disadvantages for the host country. Skilled immigrants who can substitute the existing workers in the host country are disadvantageous because they will intensify competition in the labour market and resultantly lessen wages (Lucchino, Rosazza-Bondibene, and Portes). The effects of the decrease of wages will significantly be prejudiced by the level of skill of the immigrants. Although there may be an increase in productivity, an influx of skilful immigrants means that wages will decrease, while less skilled immigrants would not have a considerable effect on the economy. In consequence, an immigrant law is necessary to identify and delineate immigrant workers and their qualifications. The occupational and industrial structure of the labour market may transform owing to the change in the mix of goods and services manufactured in the economy. Labour demand suffers in either way, based on the abilities of the immigrants. Immigrants who are less skilled may force the labour market to adopt strategies that require low-skill labour, while employees that are more skilled will develop a technology-oriented approach in the labour market. Although this may have some rewards, a change in the economy is a risky process that may have negative repercussions on a country. The adoption of different production practices, for instance, labour-intensive or technology intensive determine the way that the labour market will counter economic growth. Although there may be minimal wage differences, it is common for low-waged workers to lose, while high-waged workers stand to gain from immigration (Dustmann, Frattini, and Preston). In essence, this means that the effects on average wages may not be evidently felt, but a section of the labour market that will be largely affected.

Management and Leadership Essay Example | Topics and Well Written Essays - 2000 words

Management and Leadership - Essay Example As the research stresses the role and responsibility of management is to promote stability or to enable the organization to run smoothly, while the role of leadership is to promote adaptive or useful changes. A manager is directly responsible for the jobs tasks and supervision of its employees. This person can influence the corporate culture a lot thought his particular management style. A relaxed and easy going manager is a person people can open up for ideas. Good communication is a very important element of a healthy corporate culture. In a job environment in which there a lot safety issues the corporate culture should be about paying attention to work without any distractions, the managers job in these scenario is be an authority figure and implement a disciplined work environment. Managers are supposed to display leadership skills, but leadership in itself is a characteristic which any person can possess within the organization. According to the research findings managers are considered to have formal leadership since the company gives them a certain level of authority over the staff. The fact that the manager holds this type of leadership capability does not make him necessarily a good leader. Informal leaderships comes from within and people that have this trait are leaders by example which people look up to because they have special abilities or a charismatic personality.

Relationship between money supply and the inflation Essay

Relationship between money supply and the inflation - Essay Example However, when the government securities are purchased from the market, central bank actually inject money into the market thus increasing the money supply in the economy. (Mankiw, 2008) Another important method through which money supply can be controlled in the economy is the adjustment in the discount rate. Discount rate is the interest rate at which central bank lends to other banks and is also serves as the primary rate in any economy. When discount rate is increased, central bank therefore invariably makes it difficult for the households and firms to obtain the obtain money at relatively cheaper rates thus making borrowing costly. A decrease in the discount rates otherwise because by reducing the rate, central bank makes it easier for the firms and the households to borrow money easily. (Sloman, & Garratt.2010). Inflation and money supply Inflation is an increase in the general price level in the economy and signifies a reduction in the purchasing power of the money. Normally in flation is measured through a consumer price index where the prices of a fixed basket of goods and services are compared with the prices of the same basket of goods and services at a give base year. An increase in the prices as compared to the base year therefore is considered as an increase in the inflation and hence erosion in the purchasing power of money. A decrease in the purchasing power would mean money would buy fewer things. (Krugman & Wells, 2009) According to the classical economics, an increase in the money supply actually does not result into an equal increase in the aggregate demand for goods and services. As such any change in the money supply will... This paper outlines the relationship between aggregate money supply and the growth of the real GDP and overall level of prices in the economy. One of the central debates in monetary economics rests upon the neutrality of money and whether money can actually result into the development of price increase or not. This debate is also based on the notion that the central bank of a country actually does not have any role in contributing towards the economic growth because money actually remains neutral and does not result into the growth. Moreover, it is argued that the higher money supply can result into higher prices and thus if money supply is increased, it will create inflation in the economy and will hurt the real economic growth. This is because of the fact that higher inflation level decreases the purchasing power of money quickly. In order to achieve objectives of the economic growth and price stability, central bank adapts different tools and techniques which help it to control the money supply in the economy. One of the most commonly used methods is the open market operations under which central bank actually purchases or sells the government securities in the market. Another important method through which money supply can be controlled in the economy is the adjustment in the discount rate. According to the classical economics, an increase in the money supply actually does not result into an equal increase in the aggregate demand for goods and services. Classical economists also argue in such situation an increase in the money supply would result into inflation. At the full equilibrium level, a positive change in the money supply would result into inflation and the negative growth rates.

The Minimum Wage Must Be Increased Essay -- Federal Minimum Wage

"No family gets rich from earning the minimum wage. In fact, the current minimum wage does not even lift a family out of poverty." -- Jon Corzine Many people can think back and remember what it was like to put in an application for that first job and be presented with a position. Taking that position represents adulthood and is a very exciting time for a young person. All first jobs usually start with a minimum wage. Minimum wage is the minimum an employer has to pay an unskilled worker based on the regulations set forth by the Fair Labor Standards Act (FLSA) that was originally established in 1938. As people think back about their first jobs they can also remember what the minimum wage was when they took that position. Minimum wage is only increased based on the cost of living from the prior year. If the previous year shows an increase then the minimum wage will increase in the coming new year. Sinegal (2009) stated "The increase in the minimum wage is long overdue. Paying your employees well is not only the right thing to do but it makes for good business". Based on the cost of living we show for the year of 2009 minimum wage will not increase for 2010. Minimum wage is currently at $7.25 per hour. Most people who start at this rate are young people who are in high school or college and are working a few hours to help pay for school. After they graduate they can apply for better jobs and move on. People who live in areas without growth, single mothers trying to raise their children, and uneducated people are working more than one minimum wage job to make enough money to pay their financial obligations. While the cost of living did not increase, minimum wage is low because no increase is planned for 2010 a... ...year’s cost of living. What constitutes cost of living to the federal government and it that assessment being addressed fairly? Minimum wage is too low. The federal government must raise the minimum wage so that the average American will not need to continue to work multiple jobs. References The Department of Labor. (2010). Compliance Assistance - Fair Labor Standards Act (FLSA). Retrieved from http://www.dol.gov/whd/flsa/index.htm The Department of Labor. (2010). [Graph Table State Minimum Wage] Fair Labor Standards Act (FLSA) Retrieved from http://www.dol.gov/whd/minwage/america.htm About.com US Government Info. (2009). The Federal Minimum Wage. Retrieved from http://usgovinfo.about.com/blminimumwage.htm Sinegal, J. (2009). Business for Fair Minimum Wage. Quotable Quotes. Retrieved from http://www.businessforafairminimumwage.org/Quotes