When we talk about "the long run", we usually are referring to the time period where all factors of production change or are affected. In the long run, "all costs are variable because in the long run you have a choice whether or not to renew your commitment to these unavoidable costs" (Davies, 2...

The elasticity of supply of a commodity is expected to be greater in the long run than in the short run, because if producers believe the increase in demand for the commodity is permanent they will increase the input of all factors of production for that commodity, whereas in the short run producer...

In a perfectly competitive industry, what will happen in the long-run when the current price exceeds the short-run average cost? Why is this efficient?When we talk about perfect competition we mean a market structure that leave firms in a unique brand of competition. In fact a firm does not actually...

Unemployment is one of the major economics problems. People who are considered unemployed are those who are seeking work or laid off for more then a week. There are many different reasons why a person could be unemployed. Three of those causes are cyclical, structural and seasonal unemployment. The ...

In the world of automation, every firm is striving to use this technology to make their business more efficient. However, the transition to the new system does not come without risks. This can range from a small loss of productivity, or turn into outright failure. The latter is what Johnson and John...

Global Economic Prospects are key factors to the overall financial outlook of the global economy. There are multiple groups that contribute reports to the world relative to how the economy is progressing. Most reports include information regarding the GDP, GNP, inflation rates, interest rates, unemp...

Can we make a point that our wages will catch up to our healthcare prices in the long run? For a while now our healthcare prices and wages have been on a short run (a period in which nominal wages and other input prices do not change in response to a change in the price level). While this...

Chickenomics Chickenomics is a short twenty minute instructional video tape on the basics in economics. The video tape uses an original man in a chicken suit idea to explain economics. The five basic characteristics of economics are explained in an easy and simple way using the "Chicken&q...

Mill's Vs. Harm's Principles Its unfortunate that Gottfried is in such a sticky situation. Analyzing the situation with Mill's principles could lead to two different conclusions, depending on the type of utility you follow. In the long run, Gottfried will realize that there are p...

The topic of war can bring many opinions and judgments. In this essay I will be talking about the affects it has on our economy. Some think that war is good for our economy and in the short run, they may be correct. In terms of economics, the government tends to do what is best for the short-term...

International Business Holding company with subsidiaries which explore for and produce natural gas and crude oil in the united states and internationally; Transport natural gas through pipeline operations; Generate and transmit electricity; Market natural gas, electricity and other commoditie...

For American farmers, the late nineteenth century resulted in a difficult economic standpoint. Monopoly Railroad companies overcharged for the shipping of the farmers\' produce, merchants sold essential tools and seed on ten- percent interest, and deflation of the American Dollar. Agrarian disconte...

Anger is such a common word in everyday language and society. It is an emotion, a violent passion that is usually caused by real or supposed injury. Anger can result from something as major as bodily harm or as trivial as not being able to afford a toy. In Toni Cade Bambara=s short story AThe Lesson...

Profit maximization is a common goal of most firms. Some business are in the pursuit of profit making unilaterally, regardless of its negative effects on environment. However, the concept, sustainable development, defined as the balance among economic development, environmental protection and soc...

Perfect competition is an economic theory of firms. Firms that meet in different levels of competition, respond in different ways, this is depending on the type of rivalry they will encounter. Whether it is price or cost of production through economies of scale (not as likely to exist in perfect com...

"The information economy has resulted in a reduction in the barriers to entry, more competitive markets and less need for government intervention" Discuss. The Information Economy, Primarily Information Technology and the Telecommunications have seen a dichotomous effect in relat...

Financial Reporting and Stock Price Movements The relationship between financial reporting numbers and stock price movement is an important one to anyone studying accounting. We spend four years learning the ins and outs of financial reporting so that some day we can get a job to prepare or audit ...

BANGKOK PROPERTY MARKET Weakened domestic demand, slower export growth as well as impact from increasing oil prices and political uncertainty ate up the overall economic growth and resulted in a slowdown in the economy in 2H2000. The economy grew at 2.6% in 3Q2000 from a year earlier, lowering from...

The Scorecard on Globalization Globalization and its Discontents by Joseph Stiglitz brings to light many different arguments about the way globalization is being handled by different government agencies especially the International Monetary Fund, and the World Bank. It is Stiglitz argument th...

i) The Greatest Economist: John Maynard Keynes (1883-1946) Background Keynes went to Eton (as a scholar) and then went to King's College of Cambridge to study Classics and Mathematics. In 1911 he was the editor of the Economic Journal - Britain's foremost economics publication. He also acted as a...

Change is inevitable. Whether in life or in business, adaption must take place in order to survive and thrive. Financial innovation is an example of business evolution where firms develop instruments that are more efficient at redistributing risk from those who are unwilling to bear to those who ...

The financial crisis that erupted in Asia in mid-1997 has led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries. It is hard to understand what these declines will actually do to the world market. This decline is expected to halve the rate of wo...

The Telecommunications Act of 1996 is a mile stone in the Telecom industry, just 12 short years after the break up as AT&T; we are no finally beginning to see healthy competition. Long distance companies can provide local service, cable companies can offer long distance and long distance can offer c...

Understanding the nature and types of underdevelopment is the key to analyzing the degree of severity in which a state is underdeveloped. The term \"underdeveloped\" can describe several different situations. These different types of underdevelopment are economic, social, and political. Underdeve...

International relations are dictated, to a large degree, by a set of norms. While some states may, at times, disagree on what actions should be considered "normal," the majority of nations recognize the mutual benefits that can be attained through cooperation on generally accepted "ru...