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Essay about economic growth i
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Section Two The Role of the Commerce Commission The role of the Commerce Commission is to promote competition in the New Zealand economy. Consumers reap maximum benefits from markets that are dynamic and goods and services that are offered at competitive prices. In the case of allocative efficiency, the market uses resources efficiently to produce goods and services that satisfy consumer preferences. The Commerce Commission ensures allocative efficiency by encouraging fair competition and discouraging anti-competitive business practices. In addition, it ensures that no single producer controls market prices. For instance, it prohibits price fixing tactics and abuse of market position by businesses. In so doing, the Commerce Commission ensures …show more content…
A household refers to a collective entity comprising of a group of people living in a common residence whereas a firm is an entity that produces goods and services with the aim of making a profit. An example of a firm is TSB Bank that offers financial products and services to the New Zealand population. TSB Bank and New Zealand households can interact through two different ways. The first interaction is through economic resources such as land, labour, capital and other resources while the second interaction occurs through the flow of money that provides income to households. Households supply TSB Bank with economic resources in exchange of income and the households use the income to purchase TSB Bank financial products and services. The circular flow model enables money and economic resources to move from households to the bank and vice …show more content…
The phases include contraction, trough, expansion and peak. At the moment, the New Zealand economy is at the expansion phase. The expansion phase is characterized by economic growth and expansion as well as positive GDP. In the second quarter of 2015, the New Zealand economy recorded positive growth following the recovery of the agriculture and mining sectors. GDP for the second quarter of 2015 grew by 0.4 per cent (“Economy still growing”, 2015). In addition, household spending increased by 0.9 per cent while business investment increased by 2.2 per cent. On a yearly basis, the GDP grew by 2.5 per cent implying that the New Zealand economy is slowly recovering from recession (Hall, & McDermott,
In conclusion, regardless of Macropoland’s current economic condition, it is fair to say that it is all part of the business cycle. The business cycle has three parts: peak, trough, and peak. The peak is the date that the recession starts. In Macropoland’s case, the peak would be at the beginning of 1973, its trough somewhere between 1973 and 1974, and then its peak again at 1974. In the second scenario, Macropoland is either at its trough, where it is about to head up again because of its low inflation rate, or it is at its expansion, on its way to heading to its next peak.
This essay will examine key aspects of the recent implementation of the Australian Consumer Law (ACL) 2011, which is the largest overhaul in Consumer Law in Australia in the past twenty five years. The ACL replaces 20 existing State and Territory laws into one national law , the legislation was enacted in two main parts as Schedule 2 of the renamed Trade Practices Act 1974 (Cth) (TPA) - Competition and Consumer Act 2010 (Cth) (CCA) . Aforementioned this essay it will outline the key benefits of the implementation of the act. Furthermore it will critique the Act, whilst exploring the objectives of the legislation.
Max was negligent in failing to warn of Joe of the hazardous door, which caused Joe’s injury.
The fluctuations of economic growth are known as the business cycle. The GDP is a useful indication and measurement of the fluctuations of economic contractions. The measurement of GDP can be approached from three angles: value added by industry, final expenditures, and factor incomes (2008). The first angle measures the value added created by industry; the output less and inputs purchased from other producers. The second angle measures expenditures by consumers, businesses on investment goods, government on services and goods, and foreigners for exports; minus expenditures by domestic residents on imports. The last angle measures incomes generated in production, operating surplus generated by business and compensation of employees (2008). The GDP does not remai...
... of remaining fair with a collection of antitrust laws. The laws ensure that there is not monopolization of products, price fixing to destroy competitors and over charging the consumer.
Over the past five years the Australian economy has gone through many changes experiencing both the peaks and troughs associated with business cycle.
Though this economic expansion has been the longest since World War II (according to the New York Times, October 18, 1998), growth during the 1990’s has been weaker than during any growth cycle since the end of the war.
International Trade Law Case Study Introduction International trade transaction is essential for the sale of goods with the addition of an international element. In practice, the seller and buyer are in different countries where the goods must travel from the seller’s country to the buyer’s country by various means of transports. In international sale of goods, they usually transit the goods by sea because of the international transactions. Therefore, contracts for the carriage of those goods must be procured between the seller or buyer and common carrier depending on different types of sale of contracts. Moreover, in most of incidences, the agreed goods are usually insured at a reasonable amount in case of being loss or damaged during the transit.
Currently New Zealand is finally recovering from the rapid economic growth it experienced in the mid-90s, now that the worst of the Asian financial crisis effects are over. New Zealand lost many export markets in Asia, but looked to the U.S. and European markets to replace the lost customers. The country remains dependent on trade due to its small size and isolation; price and access to foreign markets are a constant concern.
The competition and consumer act aims to discourage price discrimination in the business environment if the discrimination could substantially reduce competition. An example of price discrimination would be Apple with the distribution of IPhone 5c around the world, the prices vary from $500-$1,500(local currency). The IPhone 5c is less-profitable for Apple but still the price range has a big gap e.g., in Singapore the iPhone costs $948, but in the UK it costs $529 . There are three types of price discrimination (first degree, second degree and third degree) and they all discriminate differently. The price discrimination in business will increase revenue, they will attract more consumers and will enable companies to stay in business. The consequences for price discrimination is that the manufacture/business will get sued by consumers for price discrimination especially when paying higher prices, decline in consumer surplus, there may be administrative costs of separating the markets etc. However, Price discrimination has a lot of impacts on consumers and business owner 's around the world but most importantly it affects people that have been discriminated over the price for the same
Many countries in the world have been suffering a recession in their economies and UK has not been an exception. A recession is a macroeconomic term describing one of the two business cycles that economies go through. The business cycles is characterized by either a boom where there are more business activities carried with a rapid economic growth and points of recession where there is retardation min economic growth. Various aspects and factors contribute to economic growth, which is measured through GDP. This factor may include savings, investments government spending plus other factors within either an increase or a decrease. Reduction in spending may lead to a recession while a n increase in spending may lead to expansion that is a boom in the economy.
1. In general, how did C&C’s first organizational structure contribute to the store managers’ dissatisfaction? C & C Grocery’s initial organizational structure operated under a vertical linkage. Vertical linkage is utilized to “coordinate activities between the top and bottom of an organization and are designed primarily for control of the organization” (Daft,2013)
The current state of the economy in the United States has been slow in recent months. While the economy is not currently in a recession, we may eventually fall victim to the first recession we’ve had in nearly ten years. The economy in general is showing growth, just not much. It will be difficult to predict what exactly will happen to the US economy in the future. Many economists do not agree on what will become of the economy. Some feel that we will begin a recession over the next year, and some feel that there is significant policy implementation that will allow us to dodge a recession and regain our economic strength. There are many factors that make up the US economy. The means in which I will discuss the overall growth and current status of the economy is by analyzing the Gross Domestic Product, and discuss the factors that cause it to rise and fall.
As Americans we want and need things in order to survive or to live life to the fullest. Our society ensures that our needs and wants are met. How do we make sure that we produce what we need and that those goods are distributed fairly? We do this by understanding the Circular Flow Model chart. According to Business Dictinary.com, the Circular Flow Model “is a simple economic model illustrating the flow of goods and services though the economy. In the model, producers are termed as "firms" while consumers are referred to as "households." Firms supply goods and services while households consume these goods and services. Factors of production (land, labor, capital) are supplied by the household to firms and the firms convert
The term “direct marketing” excludes the "middle man" from promotion, as a company's message is provided directly to a potential customer. (Investopedia, 2010) Direct marketing is an advertising campaign that aims to gain an action (such as an order, a visit to a store or Web site, or a request for further information) from a group of consumers in response specific communication from a marketer. The communication may take many forms such as mail, telemarketing, direct e-mail marketing, and point-of-sale (POS) interactions. (searchcrm.techtarget.com, 2014).