Basics of Economics Essay

The prices of tiger pelts continue to go on the rise because “as the destruction of tigers decrease supply, the price of their parts rises further, creating even greater incentives for poachers to kill the remaining animals” (Linden). These innocent animals are in danger in both unsecure and secure places. Poachers will not hesitate to go into zoos and kill an animal. Recently, zoo veterinarian Eric Miller talked about an incident that happened in France. Miller said, “we were shocked last week by the news that a white rhinoceros was killed when poachers entered Thoiry Zoo” (“A Critical Time for Saving Rhino Species”). The prolonged war against poaching is not promising for the future of some animal species. Animals are being driven to endangerment and even close to extinction. A recent extinction in the wild happens to be the white rhino. In 1960 white rhinos numbered more than 2000, but now they are extinct in the wild (Miller). The few white rhinos that are alive, in the world, are kept in areas such as zoos.

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.

Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.

Chapter 1, the Lesson: One of the greatest fallacies associated with economics is that there is an abundance of economists selfish interests involved. Because are selfish nature men tend to see only the immediate effects of decisions. This is especially true when it comes to economics. Every group has it’s own interests and because of this certain policies that may benefit one group, may not benefit another group. Because of self-interest, groups will banter back and fourth persistently until a solution is reached. This is one of the first causes of

Basic economic models assume that all parties have “perfect information.” How does “informational asymmetry” undermine our market economy?

In the nonfiction book Ivory, Horn, and Blood by Ronald Orenstein, the author discusses his opinions on the topic of poaching elephants and rhinos. Orenstein believes that poaching is morally wrong, unnecessary, and should be stopped. He refrains from using emotional words, instead focusing on and providing startling statistics and horrifying facts.

What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?

A century ago, the lion population of Africa thrived as these animals were able to roam freely across the continent. However, owing to a multitude of factors such as poaching, trophy killings, loss of habitat area and conflicts with humans- the population of the African lion today is just 10% of what it once was. The need to address this rapid decline in lion populations is vital in ensuring that these animals are present for future generations to enjoy, whilst not impeding the access for the current generation. Lions, being a non-market public good without well-defined property rights results in society’s inability in managing this resource effectively (Shogren and Taylor, 2008); to overcome this, a market must be established which

SABMiller and Diageo are two largest beer producer in Africa. ”SABMiller, if combined with its partnership with France's Castel Group, sells roughly 60% Africa’s beer by volume. Diageo’s also expands its operation successfully that Senator Keg, its supercheap beer, is also now number two most popular beers in Kenya. As these giant brewers monopolized Africa’s beer market, it can be said that the market has an oligopoly market structure, and both pursue identic operations, so the market can be labeled as competitive. The interdependence that is happening between both brewers makes the competition happens. As SABMiller produces Impala that is half price from its previous beer Manica, Diageo produces Senator Keg to balance it. Diageo

And while some try to save these animals from extinction, others only want to kill them for profit. These poachers have wiped all of the Northern White Rhinos in the wild. They sell the ivory from their horn for large sums of money. Now only 3 Northern White Rhinos survive in the Ol Pejeta Conservancy in Kenya, all have passed the age in which they were able to breed naturally, so they will either become

Elephant poaching better or worse we can see that some people believe it was better in the past then it is in the present. For example when In the 1800’s 44,000 elephants were killed each year to meet the demands

In this way, the Fed manages price inflation in the economy. So bonds affect the U.S. economy by determining interest rates. This affects the amount of liquidity. This determines how easy or difficult it is to buy things on credit, take out loans for cars, houses or education, and expand businesses. In other words, bonds affect everything in the economy. Treasury bonds impact the economy by providing extra spending money for the government and consumers. This is because Treasury bonds are essentially a loan to the government that is usually purchased by domestic consumers. However, for a variety of reasons, foreign governments have been purchasing a larger percentage of Treasury bonds, in effect providing the U.S. government with a loan. This allows the government to spend more, which stimulates the economy. Treasury bonds also help the consumer. When there is a great demand for bonds, it lowers the interest rate.

1) According to the Law of Demand, the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes will lead to A) a rightward shift of the demand curve for plasma TVs. B) a movement upward along the demand curve for plasma TVs. C) a rightward shift of the supply curve for plasma TVs. D) no change of the demand curve for plasma TVs. Answer:

When I was first given this assignment I was extremely perplexed at how I would even begin to finish it. I had no idea how economics related to my life in anyway. I hadn’t thought about it critically and I struggling terribly. Thanks to some much needed help from a fellow classmate, he allowed me to get an idea of things from his own essay. After reading not one, but two other essays, I was so surprised at how oblivious I had been. I never realized that just about everything that goes on in my daily life is, in fact, economics. I never realized that from the things I buy to the money I earn from working is all economics. The things I miss out of while working or going to school is a complete opportunity cost. Or even

Many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money.