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In a circular flow of income in an economy, the govt. is seen as playing the role of an unbias referee
Discuss with examples.
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- Earning a college degree has some well-known and well-documented advantageous impacts on an individual. That is the motivation for people to delay their entry into the workforce for four or five years while they earn a baccalaureate degree. However, studies have shown significant positive impacts on the community, the state, and society caused by higher education. For example, states with more college-educated people also display better health conditions, higher earnings, lower crime, more innovation, and a general increased standard of living. In the language of our current module, higher education is a positive externality. The person deciding to attend college is doing it for the benefits she will receive from this new knowledge and experience. However, it is also true that there will be positive spillover effects on her community and state. During the course, we discovered that when an activity also produces a positive externality, the marginal social benefit (MSB) from that…Two Factors that bring about the economic concept in early diseconomics for the businessAlexandro, a French national is working as a Manager in an international company in the United States. Alexandro supervises about twenty two product engineers and five technicians in an automobile manufacturing unit. The technicians and engineers report to Alexandro every Tuesday of the week to update of their work and Alexandro finds this very taxing and cumbersome (stressful). In fact, Alexandro proposed to introduce a paper-report system where all the employees he supervises can write and submit paper-based reports. But, the management rejected his idea citing more bureaucracy to which Alexandro told his immediate boss, "This is how we do it in France. It is the right way and perhaps this should be implemented here too." You understand that Alexandro has adopted: A. Stereotyping B. Ethnocentrism C. Cultural pluralism D. None of the above