Introduction to the American Economy

Published: 2019-11-25 08:30:00
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A paradigm is a set of ideas about how something should be looked at, done or carried out. Depending on the major tenets of a paradigm used in a given economy, individuals tend to accept or reject a given economic school of thought. For example, conservative individuals tend to subscribe to the Austrian Economists school of thought (Baldwin, R.2011). Paradigms can be used to give information on the kind of government control that can be acceptable in a given economy. Through paradigms, it is easier to foretell the behaviors of an economy based on the current events largely because they are used to gauge the behaviors of various kinds of firms present in the economy. A good paradigm can be used to show how resources in a given economy are utilized. Paradigms highlight shifts in power between the consumers and sellers in any given market. Most individuals feel that the economy, through the paradigms, ensures efficient utilization of resources as opposed to when the government is left to distribute these resources (EYLON, D. & GIACALONE, R. 2000)

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Whenever the supply of a commodity is not equal to the demand for the same product, there is always disequilibrium.

A larger number of students will be willing to eat more peanut butter as a result of the study. There will be disequilibrium on the graph because there would be a higher demand for the peanut butter and an increase in the price of the peanut butter.

If the new technology will help in the production of peanuts, it means that there will be an increase in some peanuts harvested and ultimately the amount of peanut butter in the market. It will result in the increase in the quantity of peanut butter supplied. Since the demand and price of the peanut butter will reduce. As a result, there will be disequilibrium as well.

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Social capital is a valuable technique for economic growth. More entities rely on social capital to run their businesses today more than ever before. Social capital entails high social networks made up of people who trust and assist each other whenever there is a need. The systems lead to a situation whereby individuals and companies think of the other in times of need. Social corporate responsibility can be applicable in a classroom scenario to harness maximum commitment towards a common goal. For example, as a group the class can take part in a common social activity to generate income for personal uses. With the right kind of leadership, this can be easily achieved. Being a great team player, I believe I am a valuable asset to the overall good of the group.

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Term # 1: Laissez-faire

This is an economic system whereby market actors, especially private entities, are devoid of any government interference like subsidies, tariffs, and regulations. It is based on the policy of letting things happen without interfering.

Term #2: Division of labor

This is a production process whereby an employee or a group of workers is required to perform a particular task within the organization to maximize the efficiency, especially in the mass production of given products. Division of labor allows for specialization in the tasks assigned to the workers thus enhances the quality and quantity of production.

References

Baldwin, R.(2011) Integration of the North American Economy and New-Paradigm Globalization. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.2179659EYLON, D. & GIACALONE, R. (2000). Introduction: The Road to a New Management Paradigm.American Behavioral Scientist, 43(8), 1215-1216. http://dx.doi.org/10.1177/00027640021955829

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