US military used and damaged native American lands for their own gains. Treadmill of destruction are the outcomes that we have to face because of the treadmill production. We have to go through social and environmental consequences. For instance, the housing market exposes minority groups to toxic dangers. The consequences of bad exposure is affecting the lower class.
The factors that influence the price making power of the firms in the monopolistic competition largely are: • Less than perfectly elastic: The products of each firm act as close substitutes, though not perfect substitutes. This allows a level of buying power into the hands of the consumer. Due to this, the firms have a high elasticity of demand • Downward sloping demand curve: The varying tastes and preferences of the consumers is attributed for the downward slope of the demand curve, which indicates that the demand curve is not
In countries that receive little or no income from resources the relationship between democracy and income is positive and significant. In resource rich countries, the reverse is true: higher incomes bear a negative relationship with democracy (Bates et al.
Effect This causes greater efficiency which is a competitive advantage. 2.3 Disadvantages of Cost Leadership Strategy Its creates little customer loyalty and the firm may lose revenues if it lowers prices too much and it creates price wars. 3. Criticism of the cost leadership strategy Datta has criticized the cost leadership strategy saying it is not a low-cost strategy but rather a differentiation strategy based on low cost price. Also, market share leaders do not compete based on low price but rather on differentiation.
It occurs due to contamination of undesired chemicals in the soil due to human activities. Application of insecticides and pesticides incorporates the nitrogen compounds from the soil making it unsuitable for plants to obtain nutrition from. Discharge of industrial waste, mining, as well as deforestation, are other human activities that pollute the soil because plants can 't grow in the right way and cannot hold the soil and this results in soil erosion which is the major form so soil pollution. The forth form of pollution is Noise pollution. It occurs unpleasant sound stirs our ears and results to psychological problems such as stress, hypertension, hearing impairment, etc.
1, Market failure is a condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. It means the market can’t allocate goods and labor services effectively, and that can influence achieve consumer satisfaction. For example, the income and wealth allocate unfair, and the problem of unemployment. The government enhances growth and stability of the economy. It provides the infrastructure and systems that facilitate economic activity while formulating regulations and controls to ensure order and fairness in businesses operations.
Neoclassical economists believe the “invisible hand” of the free markets is all we need to achieve equilibrium. Keynesian economists believe although economic agents are rational we believe policymakers can improve economic stability and help attain full employment through various stabilization policies designed to combat a variety of market failures. The three schools of thought have similar but also different views on the economy and how the economy should be handled, which then creates theories and policies and examples of how the economy should look by following each theory. This has helped shape economic policy not only nationally throughout the U.S. but internationally as well. These schools of thought have been used all over the world and have helped determine policies regarding the economy since they were
Who would have thought that the noise we make everyday can be harmful and inflict damage on the environment. The EPA defines noise pollution as “unwanted or disturbing sound that become unwanted when it interferes with normal activities such as sleeping, conversation, or disrupts or diminishes one’s quality of life” (2017). Noise pollution affects people’s everyday health causing stress, high blood pressure, speech interference, hearing loss, sleep disruption, and lost productivity. One major health concern is Noise Induced Hearing Loss. One cause of noise pollution is industrialization.
Bacteria and virus that carry diseases are carried into surface and ground water. Drinking water is affected by such viruses and bacteria and as a result life is threatened. The direct damage to plants and animals due to pollution also affect human health. Plants nutrients such as nitrogen and phosphorus that supports the growth of aquatic plant life could be in excess causing algal gloom and excessive weed growth. This makes water to have an unpleasant smell, taste and undesired color.
As mentioned above, market economy has its advantages over planned economy. However, this does not mean that the transition towards the market economy is flawless as there are several disadvantages to this movement as well. The first reason to why this transition is not encouraged is because unequal distribution of wealth is bound to occur with low or no government intervention (Barbanel, 2014). Although it is believed that everyone has an equal chance to flourish in a market economy, Intelligent Economist (2017) has specified that misallocation of resources would cause market failures to be inevitable. In other words, those who own the resources for businesses such as land would prosper while those who do not own any resources would suffer.