This website uses cookies to ensure you have the best experience. Learn more

Case Essay

1696 words - 7 pages

An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments. Transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.
In the past, economic activity was theorized to be bounded by natural resources, labor, and capital. This view ignores the value of technology (automation, accelerator of process, reduction of cost functions), and innovation (new products, services, processes, new markets, expands markets, ...view middle of the document...

A command-based economy is where a central political agent commands what is produced and how it is sold and distributed. Shortages are common problems with a command-based economy, as there is no mechanism to manage the information (prices) about the systems natural supply and demand dynamics.
* 1 Range
* 2 Etymology
* 3 History
* 3.1 Ancient times
* 3.2 Middle ages
* 3.3 Early modern times
* 3.4 The industrial revolution
* 3.5 After World War II
* 3.6 Late 20th – beginning of 21st century
* 4 Economic phases of precedence
* 5 Economic measures
* 5.1 GDP
* 6 Informal economy
* 7 See also
* 8 Notes
* 9 References
* 10 Further reading
Today the range of fields of study examining the economy revolve around the social science of economics, but may include sociology (economic sociology), history (economic history), anthropology (economic anthropology), and geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, are engineering, management, business administration, applied science, and finance.
All professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving, and investment are variable components in the economy that determine macroeconomic equilibrium. There are three main sectors of economic activity: primary, secondary, and tertiary. Sabine O’Hara argues that care work is the basis for all economic activity, concluding that "everything needs care," not only people, but animals and things.[5]
Due to the growing importance of the financial sector in modern times,[6] the term real economy is used by analysts[7][8] as well as politicians[9] to denote the part of the economy that is concerned with actually producing goods and services,[10] as ostensibly contrasted with the paper economy, or the financial side of the economy,[11] which is concerned with buying and selling on the financial markets. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values (adjusted for inflation), such as real GDP, or in nominal values (unadjusted for inflation).[12]
The English words "economy" and "economics" can be traced back to the Greek word οἰκονόμος (i.e. "household management"), a composite word derived from οἶκος ("house") and νέμω ("manage; distribute") by way of οἰκονομία ("household management").
The first recorded sense of the word "economy" is in the phrase "the management of œconomic affairs", found in a work possibly composed in a monastery in 1440. "Economy" is later recorded in more general senses, including "thrift" and "administration".
The most frequently used current sense, denoting "the economic system of a country or an area", seems not to have developed until the 19th or 20th...

Other Papers Like Case

Case Questions Essay

253 words - 2 pages Case Questions for April 10, 2010 Discussion Questions for Birch Paper Company Answer each of the following questions independently. 1. Which bid should Norhern Division accept? 2. Should Thompson Division lower its price? If so, to what? 3. What should the Commercial V.P. do? Case 23-5, Berkshire Industries 1. Were Berkshire’s motivations for a new incentive system reasonable? If so, what were their main options for a new

Case Analysis

267 words - 2 pages Case Analysis 1 Case Analysis MT311: Business Law I Scott Strauss October 5, 2010 Case Analysis 2 Case Analysis Thomas Baker and others bought new homes from Osborne Development Corp. and they sued for multiple defects in the houses that were purchased. When the homes were sold, it was paid for in a new home warranty program administered by Home Buyers Warranty (HBW). The company enrolled the homes with HBW and it paid a fee and

Case Analysis

554 words - 3 pages Case Analysis Outline Viewpoint Any person who is a decision maker or who is cap[able of recommending a solution as mentioned in the case or any consultant hired to recommend a solution. Time Context Generally, it delineates the take-off point of the analysis. I. Problem Statement This defines the perceived problem presented in the case and which is the object of the analysis. It may be presented

Case 11

263 words - 2 pages The Case for Open Heart Surgery at Cabarrus Memorial Hospital Due Week 6 and worth 280 points Read “The Case for Open Heart Surgery at Cabarrus Memorial Hospital” case. Write a 4-6 page paper in which you: 1. Discuss ways the program does or does not comply with the hospital’s mission. 2. Analyze whether or not CMH has sufficient infrastructure and financial resources / leverage necessary to add the program. 3. Describe the competitive

Case Study

286 words - 2 pages Nonstop Yacht Case Study Executive Summary This analysis was undertaken in an attempt to evaluate NonStop Yacht’s strategic direction in the Mega-Yacht industry due to the firm’s consistent inability to meet financial expectations.   This case focused its efforts on answering.   This poor financial performance has led the firm’s management to question whether or not a strategic alliance might be a beneficial alternative to their current

Enron Case

283 words - 2 pages 2nd Writing Assignment- Enron Case 1.1 Due 10/27/14 by 7:00 PM in week 9 folder on BB * Read the Enron Case #1.1 of the Knapp Contemporary Auditing book. Make sure that you have a complete understanding of the details of the case as the assignment will require you to have such an understanding to enable you to answer the questions. * Answer questions 1,2,3,4, and 7. Length of each answer will vary from 1-3 paragraphs depending on the

Mercury Case

325 words - 2 pages segment in which AGI is some kind of weak, might be a wiser decision. Moreover, by acquisition AGI can expand its distribution channels. Mercury spends lower amount of capital to production, acquiring may lower the production costs of AGI. In that case AGI can decrease its prices to some extent and relieve the pressure from suppliers and competitiors. 2. Review the projections formulated by Liedtke. Are they appropriate? How would you recommend

Koss Case

9786 words - 40 pages ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 547–568 American Accounting Association DOI: 10.2308/iace-50004 Koss Corporation Case: Trouble in Brew City Brian Daugherty and Daniel G. Neely ABSTRACT: This instructional case provides auditing students an opportunity to examine an interesting real-life embezzlement and financial statement fraud occurring at a publicly traded company in the post-Sarbanes-Oxley (SOX) era. The

Depreciation Case

469 words - 2 pages As per the idea presented by few people at CFS, the company can charge the rental operation with depreciation expense. Generally, real property never depreciates in value, but since the investment in the property generates income via appreciation of value, it is acceptable to recover the costs against the income earned, through annual depreciation deductions. In our case, the sole purpose of the company’s real estate fund, which consists of

Case Questions

614 words - 3 pages Spring 2003 Professor Kose John The Super Project Case – Questions and Hints I have digested the data in Exhibit 6 to produce Modified-Exhibit#6, in the Excel Spreadsheet on my website.The management analysis in Exhibit 6 does not deduct depreciation from the project’s taxable income. I have done that in Modified-Exhibit#6. - In Exhibit 6, the first change in Net Working Capital occurs in period 1. I have kept that assumption

Management Case

520 words - 3 pages Bradyn Stowe Management 321 Case 3 2/4/2016 Case 3: Everest Question 1: Why do people climb Mt. Everest? - People climb Mt. Everest for a myriad of reasons. Rooted in those reasons, though, you could probably find self-determination theory. They’re looking for autonomy, mastery, and relatedness. It struck me as kind of funny how in the case study so many of the climbers commented on not trusting or not believing in their team. Their

Related Essays

Case Essay

281 words - 2 pages Management and Organizational Behavior: Chapter:2 Case study 2.1: Organizational Culture: Life or Death: Ans 1: To treat the heart attack patients, doctors and nurses need to work as teamwork because in this kind of situation, speed is the most important in restoring the blood flow to reduce the amount of damage to heart muscle. We are talking about people life; therefore teamwork is needed to work very fast. Flexibility, hard worker

Case Essay

511 words - 3 pages was het mogelijk om door middel van innovatie concurrerend te blijven. * Door de korte communicatie lijnen en coöperatieve structuur die ontstond tussen leveranciers, toeleveranciers en universiteiten e.d. kon nederland competitive worden en blijven. De case vermeld het niet expliciet maar het was vermoedelijk een groot voordeel dat partijen elkaar persoonlijk kende en daardoor exact wisten welke ontwikkelingen nodig waren. In ieder geval

Case Essay

2362 words - 10 pages the supermarket environment, everything need to be fresh, as the fruit and vegetable is being taken off the shelf, it was replaced and replenish from the back. Likewise, in Barilla case the consumers pull the products off the shelf, this will trigger a decrease in stock in the supermarket system, it will then trigger the supermarket to replenish, and so on. This can be described in the above diagram. The JITD system is a pull system rather than

Case Study

820 words - 4 pages Case Study Paper Liberty University Online A case study is a valuable tool that is often used in research. The use of a case study helps the researcher to investigate certain aspects of experiments or studies in which they are working on, which allows them to report on and to provide information that can be valuable to their research. A case study enables researchers to gain information. There are various methods that researchers use when