World- systems theory and the current US-China trade war The World-Systems Theory approach by Immanuel Wallerstein explains the changes in the economies of the capitalist world using a modern world’s historical development, knowledge structures combined with the analysis of the Capitalist world’s contemporary economic crisis. The key intellectual building blocks and the theory’s main concepts have had a significant influence on the developing world. The world system theory emphasizes on equal opportunities and development across countries and thus appealing to the practitioners and those who believe in the philosophy of balanced development. The world-systems theory explains the current US-China trade war, which started in early 2018, and which has been significant in the global market in almost half a century by using analysis of world systems in place. A lot of speculations of the potential impact, causes, and the progress of the trade war have emerged. Countries need to understand the leading causes of the trade war to avoid future occurrences. In that regard, the world-systems approach provides ideas on how to predict the future economic consequences and thus prepare…

Main economic problem and solutions             By definition, economics refers to the study of how people satisfy their wants or needs with scarce resources. The essence in the description is that there are so many needs to be fulfilled, and too little resources to satisfy such needs. The core purpose of economic activity is to fulfill a need. Scarcity, therefore, becomes the reason why needs may end up unsatisfied. Economics has to do with decisions around the production and consumption of goods and services. Production is enabled by factors of production, which are the resources. Scarcity means that such factors are limited. As a result of scarcity, we are required to make choices and prioritization regarding our needs. Such decisions call for trade-offs. Trade-offs, in this context, means that we are required to forego some things wholly or partly to acquire others (Nicholson & Snyder, 2012). The decision here is determined by factors such as price and level of need. For instance, meet is costly compared to vegetables. A rational consumer chooses to eat ugali with vegetables rather than with…

Equity and Trusts: Specific Performance Introduction In Irish contract law, specific performance is an equitable remedy in which a court order is issued, directing the respondent to fulfill their commitment to a contract as per the terms of that contract into which they entered.  In other words, in equity, specific performance is a court decree that constrains the defendant to carry out their duty in a contractual agreement. It is awarded contracts involving real estate and unique goods. Specific performance as an equitable remedy in the law of contract is granted to the plaintiff at the court’s discretion and not as a legal right.  The court’s discretion, however, is guided by principles of equity and the court’s jurisdiction. Only the persons that are a party to an agreement can file a suit or be sued for an award of specific performance.  For example, in a real estate transaction, it is the reserve of solely the purchaser or the seller who can file a case in court. In the Republic of Ireland, the law allows courts to override a party’s right…

responsibility and its implications on the developing nations People in both wealthy and developing nations depend on the natural environment for their livelihood. A well taken care of environment provides the necessities of life such as food, water, clean air, and shelter. The environment is a means to attain economic growth and fight natural dangers. Wealthy countries mostly obtain natural resources and labor from developing nations to meet their industrial demands. The process of obtaining these resources and labor ends up degrading the environment in the developing countries. The wealthy nations have a responsibility to the environment and the people of the developing countries where they obtain labor and natural resources. This paper will focus on this responsibility and its implications on the developing nations. Global warming is a result of an accumulation of greenhouse gas in the ozone layer. Most of this gas is a consequence of excessive carbon gas that developed countries are producing from burning fossil fuels in factories and transport industries. The damage from fossil fuel gas emissions is felt by the developing countries, where the…

ENGINEERING AND SUSTAINABILITY AT THE SERVICE OF ETHICS, SOCIETY AND THE ENVIRONMENT The current scenario calls for sustainability and highlights or expands the need for future engineering professionals to be in tune with this macro-social debate. They should be able to develop their functions in sustainability requirements as demanded by an increasingly concerned market in linking economic activity to actions that reflect the sustainable model that awaits society, environmental legislation, and even regulatory bodies (Rosen, 2013, p. 373). Thus, higher learning institutions are faced with the challenge of preparing future engineers innovatively, not only from a technical perspective but also from a holistic view. The latter should comprise all levels of responsibilities as Engineers of a new era of sustainability. The development of research projects and the appropriate approach theme in mandatory subjects, as well as electives, have been shown to critical educational tools that now need to be used on a large scale. Engineering plays a crucial role in sustainable development through ethical service to humanity, the environment, and society. Concern for the environment is a growing concern for…

ALL YOU NEED TO KNOW ABOUT THE EFFECTS OF COVID-19 TO THE GLOBAL AND MARKET ECONOMY Covid-19 has remained a threat to not only in China- where it started but also worldwide as the virus is rapidly spreading to other nations. It is a pandemic that has affected both the most developed countries such as the USA, India and even Italy and also the thirdworld countries which comprises African countries such as Kenya, and South Africa. image link As of now, no vaccine or medication has been found to fight the virus. This makes the virus uncontrollable as it has no solution although preventive measures such as emphasizing high levels of hygiene especially frequent washing of hands using sanitizers, discouraging social gatherings as spread COVID-19 is favored by crowded places, staying indoors to avoid exposure to the virus, the introduction of face masks and gloves among many other precautions have been put in place. EFFECTS OF COVID-19 TO THE GLOBAL AND MARKET ECONOMY The coronavirus pandemic has drowned the way of life of many across the globe, affecting it socially,…

Supply and demand laws Reply 1 Supply and demand laws cause the price of oil to change.  When supply outweighs demand, rates are likely to fall, and when the demand exceeds, supply prices will rise. For instance, in China and Europe drop in oil prices in 2014 contributed to less requirement compared to the supply. The excess supply caused the prices to drop instantly. Another factor which makes prices to change is politics and natural disasters. Natural disasters can cause damages which can cause a lot of changes. The loss will make the cost of production to rise, and raw materials might be scarce.  Such kind of changes will make the prices to grow beyond the anticipations of the customers.  Sometimes the government still causes fluctuation due to the strict policies which they impose. Policies like high taxation to increase income makes the manufacturers to the fuel to raise their prices.  The prices will increase since the organization aims to make a profit and all circumstances. Reply 2 Fuels tend to increase due to various reasons.  Some of the points…

How To Run Your Business Based on Forecasting and What-if Analysis For many businesses, accurate budget forecasting is hard to achieve. Either these companies are still using tools and models long outdated by rapid advancements in technology, or they do not possess the expertise to make consistent adjustments throughout the year. If you fear that your company may be in a similar position, maybe it is time to switch to a more modern, efficient business forecasting method.   Gone are the days of manual spreadsheet creation. Not only are these obsolete systems prone to errors, but they also require countless additional hours of paid labor. With numerous Excel spreadsheets requiring constant updating, approvals, and consolidations, it is no wonder incorrect data inputs frequently arise.   If you’ve been looking to use this period of global economic re-adjustment to make your numbers line up, you are on the right track. With the amount of data you have already gathered from your business’s performance throughout the first quarter of the year, you can quickly determine the accuracy of your quarterly forecasts. You…

Globalization and Health Introduction Globalization is a phenomenon that has drawn a lot of attention to policymakers and practitioners in healthcare due to its significant impact on healthcare policing and practice. Globalization has led to increased proliferation of advanced medical technologies as well as integration in healthcare provision that has helped many nations and individuals live healthily. The evolving world today make population health an interconnected and a complex concept that must be approached from both national and global approach. According to (Hanefeld 2015), globalization brings a lot of complexities that pose several challenges to the health of many individuals. This paper focuses on how globalization, through global market integration, offers both benefits and challenges to population health policing and public health administration. Analysis of the issue is presented through understanding globalization, its key drivers, and how these factors have influenced population health. Globalization Globalization, for the purpose of this paper, is defined as the pattern of integration of economic markets in an effort to create a self-regulating global market for goods, services, skills, and technologies (Hanefeld, 2015). The need…

The Emergence of Online Streaming and its impact on demand and supply of cable and internet services. Introduction Just like DVRs and VCRs, the emergence of online streaming caught the world by storm when they were first introduced. Since its introduction, online streaming, which is formally known as (streaming video on demand), has been uprooting many cable TV significant networks. Online streaming has resulted in internet movements such as the “cord cutters” who have abandoned cable TV and are solely dedicated to using SVOD. As technology continues to advance, and consumers’ preferences changes, the availability of online streaming continues to impact the market for cables and internet services. Therefore, while using demand and supply, this paper will address how the market for internet services and cable services have been affected. The market for cable Services In economics, five primary determinants of demand impact consumer’s decisions on whether to buy a product or not. These are the price of the goods or service, the income of buyers, the cost of relatable goods or services, the taste or preferences of consumers, and…