Introduction In 2001, Goldman Sachs introduced the acronym BRICS which stands for Brazil, Russia, India, China, and South Africa. This term was coined as part of an economic development program that was to forecast global economic trends over the next fifty years. The main finding was that BRICS countries would collectively play a vital role
A monopoly is a market with a single supplier of a product that has no close or perfect substitute. Monopolists determine the prices since they control the demand for the product. Being the only supplier dealing with the product, monopolists have full power to control the supply of the product. This shows that monopolists are
Description of issue Poverty is a lack of necessities (Bradshaw, 2006). Based on human dignity values, food, medical care, shelter, and safety are necessary for decent human life. However, the want for needs is relative and may vary from one person to another. Needs are relative to what is possible, and experience and social definitions
The economic manuscript of Karl Marx was written in 1847. In this manifesto, Marx, a diehard philosopher takes a different turn and focuses on the ideologies of work and the working conditions. He together with Friedrich Engels starts out a campaign to end such alienation of workers. Marx points out that the era has a
An oligopoly is a market structure in which a few but large sellers dominate the market. Owing to their favorable position, these sellers can greatly influence the price of a product among other market forces. For instance, the US beer industry is dominated by Anheuser Busch and MillerCoors. These two account for close to 80%
Disposable personal income and consumption expenditures are vital metrics for determining the status of an economy based on an individual’s saving and spending ability. The measures can also be used to ascertain and compare economic standards for different states. Using the United States as the point of reference, the metrics have been instrumental in determining
Detroit city attained great success when its automobile industry was thriving in the United States, but the lack of visionary leaders to stir its development in the right direction and poor financial management placed it on the verge of bankruptcy and quick decline. According to the 2020 U.S. Census, Detroit is the largest municipality in
The concept of scarcity is fundamental to the study of economics and instituting plausible economic policies. Natural resources are not limitless and are located in different locations. Countries, therefore, have to make informed choices about what to produce to save costs while maximizing welfare. Frank A. Wolak, the director of the Energy and Sustainable Development
The issues of mental illness and homelessness are major public concerns in the U.S. Hundreds of thousands of people in the U.S. are homeless, with a significant percentage of them either mentally ill or drug addicts. Homelessness is worsened by the ever-reducing public funding of programs aimed at tackling both homelessness and mental illness in
Abstract Small businesses play a key role in the growth of a country’s economy. They improve living standards, contribute to innovation, and reduce unemployment rates. Although small businesses have positively impacted the economy of nations their success and growth are hampered by various factors. These include poor management, unfavorable economic conditions, technological barriers, stiff competition