Primary Sector of Economy

provided information on where the economy stands today as well as how Americans view the

b. Pulp and Paper Manufacturing: Grinds timber into pulp and converts the pulp into various grades of paper and cardboard (International Paper)

Market size: small markets will normally use Job Production as the cost of machinery will make the business lose money. Bigger markets will require flow production or batch production as the demand for the product is increased.

8. The transformation of raw materials into finished products is associated with the Manufacturing sector of a nation's economy.

1.Consider the following entry game.  Here, firm B is an existing firm in the market, and firm A is a potential entrant.  Firm A must decide whether to enter the market (play "enter") or stay out of the market (play "not enter").  If firm A decides to enter the market, firm B must decide whether to engage in a price war (play "hard"), or not (play "soft").  By playing "hard", firm B ensures that firm A makes a loss of $1 million, but firm B only makes $1 million in profits.  On the other hand, if firm B plays "soft", the new entrant takes half of the market, and each firm earns profits of $5 million.  If firm A stays out, it earns zero while firm B earns $10 million. Which of the following are Nash equilibrium strategies?

Asian taxes would rise to offset the lost revenue of monies from the factories that have shut down.

The heavy equipment manufacturing industry, more commonly referred to as “machinery manufacturing,” includes construction equipment, mining equipment, and agricultural machinery. Construction machinery includes earthmoving equipment, concrete equipment and road equipment such as cranes, loaders, draglines, mixers, pavers, and excavators that can be used in the building and mining industries. Agricultural equipment generally refers to compact tractors, combine harvesters, and other farm equipment, while the mining equipment market includes underground mining equipment, portable drilling rigs and parts, crushing machinery, and other screening, washing, and combination equipment.

Back to speed in production and an efficient operational system and sudden increase change in demand, production requires enough space to store bulk raw materials and a

ECON2103 – Problem Set (1) Multiple Choice Questions: 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $12 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $7. The opportunity cost of skipping practice and going to the carnival, valued in dollars is _________. 1) 2) 3) 4) $20 $12 $19 $7

These businesses are often referred to as goods movement dependent industries. In the SCAG region , five of these industries comprise the vast majority of businesses that drive the regional goods movement activities that are directly linked to the localized economy: manufacturing, construction, retail trade, wholesale trade, and logistics and warehousing. These five industry sectors contributed approximately $2.9 billion to the SCAG Gross Regional Product (GRP) and over 2.9 million jobs throughout the region. That is thirty-three (33) percent of GRP and thirty-five (35) percent of regional jobs, respectively. Manufacturing contributed the largest amount to regional GRP of the five industries in 2013 contributing $107 billion, or about eight 8 percent, to overall regional GRP. Of the five goods movement dependent industries, manufacturing contributed the largest share at 36 percent of GRP. However, manufacturing in the U.S. and the SCAG region is declining as evidenced by a number of major indicators including number of establishments and employees . In addition, while annual payrolls in the manufacturing sector are increasing, in the SCAG region they are doing so more slowly than other comparable industries (including other goods movement dependent industries), declining versus earlier years, and at a rate lower than inflation.

Example: Non basic industries are primarily to provide produces to consumers in a community. In Brooklyn, New York there are vast industries that provide these types of services. Various supermarkets such as Trader Joe only devise the local community. In this area, the service is local to the settlement and nothing is exported form the area. Other examples of non-basic industries within Brooklyn is a small cafe called Té-Té-Té. this business sells its products to the local community; therefore, it is considered a non-basic industry.

In Mexico, the maquiladoras are a great and beneficial source for the economy, rising up their earnings and wasting little money on their employees. Maquiladoras are own by large corporations, which they only seek for more earnings by establishing these maquiladoras in profitable locations. These corporations know exactly where to locate their maquiladoras, within near poor communities, where families are in need of jobs to put food on the table. The majority of the maquiladoras mainly hire women that are willing to work under harsh conditions. These women obtain unfair treatment and low quality of work conditions, and the reason some of these women continue to work for the maquiladoras is because they need the job to support their families. Also, maquiladoras are known for paying slightly higher wages than common jobs in which women had worked before. Though, these conditions for working in maquiladoras does violates these women’s human rights and the mistreatment they received from working long tough hours can cause serious problems to their health. The maquiladoras in Mexico are always looking for cheap labor in order to “pay less and make more”, creating a social injustice on women working for maquiladoras. Numerous women working for maquiladoras are view as objects of labor and nothing more, these corporations take advantage by putting the women’s body under extreme corrupt working conditions. Maquiladoras owned by these large corporations that are from countries in

The four different types of economic resources are land, which is referred to as physical land and to the natural resources that we use. The second one is capital, which refers to all the manufactured aids and tools used to produce consumer goods.

21) Huey has eaten two hamburgers and is considering a third. The marginal benefit in his decision is the pleasure from consuming

importer and exporter of raw materials and per assembled parts from their vast group of certified