How a Market Economy Function Describe how a market economy function and the relationships of its major sub-division or aggregates such as government, households and business sector A market economy is a system that is guided by the pricing decision of goods and services during business interaction. The interaction involves government intervention; however, it more market-oriented interaction (Baldassarri, McCallum and Mundell, 2016). The market economy functions based on the law of supply and demand, which influence the production of goods and service. Supply includes resources, such as capital, labour while demand includes purchases made by consumers, business and the government (Baldassarri, McCallum and Mundell, 2016). In such a relationship, the business sells its services to the individual willing to pay for the highest price, while buyers seek the lowest prices for what they want to purchase. The supply and demand theory is one of the major concepts of understanding the market economy, the relationship between the supply and demand results to decision in prices and the quantity to be produced and the resources it is allocated. The market economy function…
Price Strategies and Price Reduction Analysis Price strategy refers to establishing the appropriate price for a service or product to maximize shareholder value and profits as well as considering the market and consumer demand. The price elasticity is crucial when choosing the price strategy to implement as it determines the effects on consumer demand regarding the changing price of a product or service. This paper entails the analysis of pricing strategies with price reduction decisions. Competitive pricing strategy focuses on the competitor’s prices to set a price, which is slightly lower from that of the competitor without accounting the product’s cost or consumer demand. The decision to reduce price assist a business to prevail in a competitive environment (Ingram, n.d.). Hence, competitive pricing is essential to a company competing in highly saturated areas. Furthermore, penetration pricing is a type of strategy which reduces the prices of products extremely when entering the market to draw the attention of consumers away from other competitors with relatively high prices. The penetration pricing method is mostly applied by new businesses entering competitive marketing by…
“dynamics” of the models when prices or income are changed Economic problems arise in the economy because of the scarcity of resources to fulfill basic needs. Producer and consumer problems are significant economic problems that affect society. Consumption and production are, therefore, considered two different problems. Concerning a given price, producers opt to produce to solve producer problems as the consumer choose to consume to solve the consumer problem. This phenomenon is well illustrated using Max’s happiness subject to budget constraints. A societal-level producer problem could be quickly resolved if the prices of functional PPF form and calculus are known. Since calculus is not majorly applicable in this module, a producer problem is therefore solved individually. When the resulting solution is expressed as “all x-axis good or “any point along the PPF, then the slope of the revenue line is the same as the opportunity cost of the goods on the x-axis. A producer problem for both individuals and society through graphical solutions is also showed. Additionally, consumer problems can be solved if the prices are known by putting the…
7 lessons I learned after attending TedxBankipur The line which comes to mind when anyone think of Tedx is – “Come for amazing experience, wait for interactive conversations, stay for ideas sharing, but leave with a bag full of ideas” Tedx is an event where speakers from diverse background comes to share an idea which is worth sharing with the world. The whole concept of Tedx lies in “Ideas worth spreading”. Ideas are powerful, and anyone can reap the benefit of this small thing in just few minutes – just by listening to 5-15 minutes of short speech by them. I attended the TedxBankipur in 2018 (Date – 29th July 2018) with the theme of – “Figuring out why?”. There were speakers from different walks of sphere such as Abhyanand, an IPS officer and educationist, who conceptualised Super 30 to teach poor students. He shared about the flaw in modern pedagogy and what changes can be brought in learning process. Anjali Singh, a Radio Jockey, who has received accolades in the field of Indian media promotion, shared how she take…
effective strategies in addressing the opioid crisis Drug control has been a source of concern globally, particularly in the United States. The war on drug abuse begun during the leadership of President Richard Nixon, whose policies continue to be utilized to achieve various outcomes. Congress is involved in all facets of drug control policy by regularly providing funds to mitigate drug activities. The government has spent approximately $65 billion in enforcing drug control policies at the federal level. Notably, opium use and abuse were identified by the United States Centers for Disease Control and Prevention as an epidemic. According to Florence, Luo, Xu & Zhou (2016), prescription opioids are responsible for at least 70% of overdose cases in the country. Currently, the opioid crisis is regarded as a common self-inflicted threat to the health of individuals under the age of 50 years. This crisis has been experienced in three waves, which entail death caused by natural prescription opioids, heroin overdose, and recently synthetic opioids. Thus, theories have been developed to formulate effective strategies in addressing the opioid crisis. Opioid is…
Permanent employment contract Hiring is an important process for any organization, from finding the right person to completing the protocol so that they fit into your organization ecosystem, everything is part of recruitment. It becomes very important for the Human Resource Management team to follow the right protocol so that they don’t miss any pointers, which can prove again the organization or the employees working there. One of the important aspects that they need to follow is the employment contract. There are different kinds of employees in the organization: Fied term Permanent Casual worker All these are different kinds of workforce, but in this write-up, we will be focussing on permanent employees. It is the most common form of employment, but there is a contract which every organization must-have for their employee. This employment contract entails all the aspects of employment like date of hiring, designation, salary benefits, retirement, etc. Offering permeant employment can be the right solution for any organization because you are assured of having the best talent working for you. But, as an employer, it is imperative…
Travel Insurance: a Good Idea Or Waste Of Money While some talk about travel insurance, many questions arise in your mind is like, ”Do I need travel insurance?” ”I am wasting my money, will I ever actually use my travel insurance ?” or ”What if my claim is not accepted in the end? Let me satisfy your eagerness through this blog. Travel insurance can cover unexpected things like a medical emergency, an accident of vehicle, flight cancellation, luggage loss, and many more. That doesn’t mean that this insurance has only the good side. Here we go through the pros and cons of travel insurance. Advantages: Support in a Medical Emergency. You may be surprised to know that your local health insurance plans (or mediclaim) are not covered when you are visiting another country. While travel insurance supports medical treatment from a foreign hospital. Travel insurance can cover almost all injuries. Loss of Income. During your trip, suppose you are injured and can not return to work; you will be paid your loss of income till you ready for the work.…
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XtraSize original – properties and action, dosage, side effects, price XtraSize is a dietary supplement contained in capsules, whose priority task is to improve the fitness and absorbency of the member. XtraSize improves the erection effect by increasing the thickness of the penis and its elongation. The ingredients of natural origin contained in the product constitute its unique formula. Thanks to them, it is not possible to produce counterfeits of lower quality of individual components. The manufacturer of the supplement ensures that the use of the XtraSize supplement is extremely safe. XtraSize properties and operation XtraSize dosage XtraSize side effects XtraSize price XtraSize original XtraSize properties and operation XtraSize is designed for men of all ages. When using it, you do not have to give up your current lifestyle – it is not contraindicated to drink alcohol or smoke cigarettes. By using XtraSize, sex drive increases, and penis size increases. Tribulus Terrestris contained in the product effectively increases testosterone levels. This ingredient, as a potent aphrodisiac, actively participates in the process of releasing nitric oxide from nearby cavernous…
Best Online Bank Accounts: The Right Way to Choose One Are you looking to open a new bank account? Well, unlike in the past, when you had to walk into a bank for the process physically, things have entirely changed. The internet has opened up every business, and the banking industry is no exception. Currently, you can easily open a checking or savings bank account from the comfort of your office or home. You will enjoy all the services of a bank and more, without having to belong to a physical bank branch. And, with these changes comes, opportunities and benefits. From efficiently managing your finances to conducting your transactions on the go, an online bank account has numerous advantages. But How Do You Choose the Best Online Bank Account? Well, this is never easy, especially with the current number of banks offering the services. Also, there’s too much information bombarding your view, which may make the selection process quite tricky. But worry not. Here are some factors that will help guide you through: Interest level. Various online accounts offer…