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Using supply and demand analysis, explain and illustrate graphically the effect of the following situations. a. Population growth surges rapidly; b. The prices of resources used in the production of good X increases; c. The government is paying a $1 per unit subsidy for each unit of good Y produced; d. The income of consumers of normal good X increases; e. The income of consumers of inferior good Y decreases.

Population growth An increment in population translates into a rise in demand for various products and services. This arises from the fact that various individuals have diverse products and service requirements. To ensure that an increment in demand is met, the supply of goods and services has to be sufficient....

Suppose the price elasticity of demand for train travel is elastic. If the rail authority wishes to raise revenue from fares, should it raise them or lower them? Explain using a diagram.

According to Pindyck, an increase in prices leads to a decrease in demand for the good. If the rail authority wants to raise, there are two considerations since a change in price has two effects. To start with, there is the price effect. According to the price effect, when the...

During a five-year period, the ticket prices of a city professional soccer club have increased by 30% while at the same time average ticket sales have risen by 50%. Does this change imply an upward sloping demand curve or is there a simpler explanation?

According to Frank, the demand law holds that when the price of a good increases, there is a resultant reduction in the demanded quantity of the good in question. An upward sloping demand curve can be derived from two hypothetical goods, inferior goods, and Veblen goods or luxury goods. The...

Identify whether each of the following would lead to an appreciation or depreciation of the dollar. In each case, explain why the currency either appreciates or depreciates. a. Australian citizens switch from buying stock in US companies to buying stock in Australian companies. b. The inflation rate in Australia decreases relative to the inflation rate in the US. c. The federal government takes a more restrictive view of foreign investment takeovers of Australian enterprises; d. There is an expectation that the central bank in Australia will raise interest rates.

a. More stock bought in Australian companies than US companies makes the value of a dollar appreciate since funds remain within the nation. b. A decrease in the inflation rate in Australia means that more goods in Australia will be demanded as compared to the US. If the dollar can...

Using the AD-AS model show how the Australian economy avoided recession last year when 8 of its trading partners fell into recession due to the GFC. What are the macroeconomic dangers, facing the Federal Treasurer Mr Swan as he prepares this year’s federal budget?

Australian government managed to avoid recession due to its strong export industry. Its debt and deficits are low compared with other nations in the same rank and order. Australian economic recovery program has made it possible for maximum exploitation of skilled manpower. Infrastructural networks (buildings and roads) and efficient use...

Why under flexible exchange rates does a nation not have too worry too much about a balance of payments deficit? What other specific advantages do flexible exchange rates give to the operation of economic policy?

When a country operates under flexible exchange rates, it means that the force of demand and supply takes back the economy to its equilibrium states. An example is where the value of a currency is low due to its minimum demand. The effect of this is that the price of...

Assuming that the money market is initially in equilibrium, trace through the effects of an expansion in the money supply on the money market, on the interest rate and also on output, employment and the price level. Under what circumstances would the central bank undertake this type of policy?

If the money supply in an economy increases, interest rates decrease while demand increases. The increase in demand leads to a subsequent rise in output. Since there is more money chasing the same goods, prices will automatically rise. This monetary policy is undertaken when the economic activity is below its...

State the difference: between inflation and deflation; between the expenditure multiplier and the money multiplier; between the balance of payments deficit and the budget deficit; between the terms of trade and the exchange rate.

Inflation and deflation A general increase in prices gives rise to inflation, while a fall in price amounts to deflation in an economy. With deflation, expenditure cannot equate to income at the present price level, paving the way for depression. Expenditure and money multipliers In a study by Sullivan, ‘expenditure...

Using the simple Keynesian model and the savings and investment diagram show the full meaning of the paradox of thrift? What would happen to equilibrium income if there is a sustained rise in private investment spending? What causes the rise in income or output to come to a stop?

The paradox of thrift is a technical term derived from Keynes’s definition of savings which was part of the purpose of holding cash. People do not want to spend money and consider otherwise saving it. This proposition states that savings depend on the level of income which cumulatively is determined...

How does Keynes’ theory of income determination differ from that of the classical economists? Why did Keynes think that the market system could break down?

Keynes propounded that the market responds to changes in the market situation automatically so as to reach the equilibrium level. In a study by Markwell, ‘some of the theories used by Keynes to justify their view include the labor market, the multiplier effect, and Keynes inflation theory.’ Keynes supports a...

Consider a macroeconomy was initially at equilibrium level of real GDP. Using an aggregate demand and aggregate supply diagram or model of the economy, graphically illustrate and discuss the immediate effects of the following events upon the economy: a. The Central Bank within the economy raises interest rates and tightens credit. b. There is a marked drop in consumer and business confidence in consumption spending. c. An increase in international oil prices. d. An appreciation in the foreign exchange rate value of the economy’s currency.

Effects of the following adjustments on the equilibrium of a macroeconomy: The graph below clearly shows that demand will decrease if the interest rates and credit facilities by financial institutions tighten. A higher rate of interest acts as a disincentive for people to borrow money from banks. This reduces money...

Fanon and Memmi talk about the cultural elements of colonialism. How would both of these authors respond to Abufarha’s book? Would they like the book? Hate the book? Use specific points from Memmi and Fanon when explaining your answer.

There can be little doubt as to the fact that both Memmi and Fanon would have enjoyed reading Abufarha’s book – after all, it promotes the idea that indulging in suicidal violence against Israeli authorities is the legitimate way for Palestinians to deal with oppression: “The targeting of civilians in...

Using Schumpeter’s theory of imperialism, explain Abufarha’s book.

Schumpeter’s theory of imperialism is probably the least applicable when it comes to defying the essence of themes and motifs contained in Abufarha’s book. The reason for this is simple – whereas; Schumpeter’s theory is being concerned with exposing the inner motivations behind the imperialistic expansion, Abufarha’s book is being...

How would Fanon respond to Schumpeter and Hobson?

There is a good possibility that Fanon would have replied to Schumpeter and Hobson by referring to them as ‘subtle racists.’ After all, according to both theorists, the phenomenon of White imperialism should be discussed as something rather biologically than economically predetermined, as they talk of it in terms of...

Using Lenin’s theory of imperialism, explain Fanon’s theory of violence.

According to Lenin, imperialism is the final stage of capitalism in the sense that imperialism increases the extent of capitalism’s competitiveness against socialism, and consequentially communism. By pursuing the policy of imperialist/colonial expansion, capitalists are able to substantially increase the number of financial assets in their possession, which in its...

How do the works of Albert Memmi and Frantz Fanon relate to each other? Are there any similarities between these two thinkers’ ideas? Where do these ideas differ?

The foremost difference between the ideas promoted in Memmi and Fanon’s books is the fact that, unlike what is the case with Memmi, Fanon aims at discussing the phenomenon of national liberation movements within the methodological framework of Marxism. Still, the author deviates rather substantially from Marxist classical outlook onto...

How do the works of Hannah Arendt and Albert Memmi relate to each other? Are there any similarities between these two thinkers’ ideas? Where do these ideas differ?

Even the brief analysis of how Arendt and Memmi discuss the relationship between racism and imperialism points out the fact that authors’ ideas, in regards to the discussed subject matter, are being essentially the same. After all, both authors never cease exposing the evilness of imperialism and racism while positioning...

Hannah Arendt links European imperialism to racism. Explain this statement.

In her book, Arendt establishes rather direct links between imperialism and racism, as she considers the latter being imperialism’s ideological weapon. According to the author, the meaning of the term ‘imperialism’ is essentially synonymous with the meaning of the notion ‘expansion.’ Thus, the proponents of imperialism were naturally predisposed towards...

Draw two diagrams, one depicting the Timbuk2 supply chain for those products sourced in China and the other depicting the bags produced in San Francisco. Show all the major steps, including raw material, manufacturing, finished goods, distribution inventory, and transportation. Other than manufacturing cost, what other costs should Timbuk2 consider when making the sourcing decision?

Apart from manufacturing costs considerations for its assembly plant in China, Timbuk2 should also consider transportation costs for the raw materials into China and finished products to customers, overhead costs, warehousing costs for its raw materials and finished products awaiting onward shipment to customers, and the costs of labor in...

Compare the Timbuk2 assembly line in China to that in San Francisco along the following dimensions; a. volume or rate of production, b. required skill of the workers, c. level of automation, and d. amount of raw materials and finished goods inventory.

The volume or rate of production is used in operations management to denote the number of units produced in a given period of time or the duration of time needed to produce a particular item. The volume of production is dependent on a wide range of factors that include global...

Consider the two categories of products that Timbuk2 makes and sells. For the custom messenger bag, what are the key competitive dimensions that are driving sales? Are their competitive priorities different for the new laptop bags sources in China?

An organization that desires to excel in the competitive business environment of the 21st century must come up with a sound strategy. In equal measure, such an organization must align its operations strategy with the needs and requirements of its customers to maintain a competitive advantage over its competitors. Simply...

Why is the magnitude-frequency relationship important in geoscience? Outline the implications of geomorphic effectiveness on the formation of river channels.

The magnitude and frequency relationships are important to geosciences because they are used in studying catastrophic events. They evaluate the relative amounts of work done on the landscapes over the long-term by events of all magnitudes. Geologists also conclude that large parts of sediment transportation are performed by events of...

Draw a typical ‘natural’ flood hydrograph labelling the axes whilst also depicting an urbanised hydrograph. Use this diagram to describe the primary impacts of urbanisation on streams and rivers and the potential management implications.

Hydrological impacts due to urbanization have compromised water quality, such as sedimentation, habitat changes, loss of fish, and increased temperatures. Most hydrological impacts are caused by runoff volumes and velocities of trying to urbanize cities, causing major strain to the water streams. Hydrologic impacts on water streams due to increased...

Look at the media and identify one natural endogenic or exogenic process that has produced/is producing a significant Iandscape response. Describe the event, the relative magnitude and the primary driving mechanisms.

The recent earthquakes and landslides reported in the media recently are said to be a result of geological processes producing significant landscape responses. The recent earthquakes in Haiti and Chile, for instance, have been reported to be a result of Earth’s shifting tectonic plates causing significant land responses. The frequency...

Referring to Figures 5 and 10 of “The impact of humans on continental erosion and sedimentation” by Wilkinson & McElroy comment on the notion of man as a geologic agent. Identify potential sources of error in this theory.

Human-induced activities such as building reservoirs for holding floods and storing water are said to lessened erosion, but geologists do however argue that building artificial reservoirs encourage erosion since the bulk of erosions takes place above dams. Destruction of the forest is also among activities that encourage floods and promote...

Explain the difference between plate margins and plate interiors in terms of tectonic (endogenic) and surface processes (exogeniс) and resultant landscapes using Figure 2 of “The impact of humans on continental erosion and sedimentation” by Wilkinson & McElroy. Use the Pacific Rim and the west coast of Australia as contrasting examples.

The Earth is divided into two parts; the lithosphere (the outer layer) and the asthenosphere. Their differences are depicted in their physical and in the motion of their plates. Lithosphere (Plate margins) Asthenosphere (plate interiors) Forms the outer layer   Composed of crust and mantle Composed of melted rocks The...

Consider if the Life Span Developmental Model was suddenly the accepted model – what types of changes in society can you imagine happening. Name at least two changes that you could imagine occurring and give the direct rationale for the change.

If the Life Span Developmental Model became widely accepted in society, it would bring about a lot of social changes. First and foremost, if people believed that age did not affect creativity and cognition, they would employ more people advanced in years for all kinds of jobs that are now...

Pick either Peak and Decline Model or Life Span Developmental Model and describe a biological process that can support that theory or model. Be specific about the process and then the outcome that would explain the chosen theory.

All I know about aging in general and the aging of the brain, in particular, supports the first theory. With aging, reaction time slows down, and intelligence may decline significantly (although there is still a chance that it will be steady for the whole lifespan). It is explained by the...

Identify whether each of the following would lead to an appreciation or depreciation of the Australian dollar. In each case, explain why the currency either appreciates or depreciates. a. Australian citizens switch from buying stock in US companies to buying stock in Australian companies. b. The inflation rate in Australia increases relative to the inflation rate in the US. c. The federal government takes a more restrictive view of foreign investment takeovers of Australian enterprises. d. There is an expectation that the central bank in Australia will raise interest rates.

a. A switch in the Australian citizens from buying stock in US companies to buying stock in Australian companies will lead to an appreciation of their currency. By purchasing stock in Australian companies, the citizens are improving the performance of the whole economy through increased production and expanded investments, hence...

What are the two types of trade protection that economists do support?

The two types of trade protection supported by the majority of economists are tariffs and import quotas. A tariff is a form of tax levied on imports or exports by the local government. This tax is not applicable to goods produced locally and is usually determined as a percentage of...

Using the AD-AS model show how the Australian economy avoided recession last year when 8 of its trading partners fell into recession due to the GFC. What economic policies were used?

For them to avoid the economic recession that was brought about by the global financial crisis, the Australian government came up with a reaction policy aimed at stimulating the aggregate demand mainly by increasing the levels of expenditure on investment and consumption. This led to an increase in the level...

Why under flexible exchange rates does a nation not have too worry too much about a balance of payments deficit? What other specific advantages do flexible exchange rates give to the operation of economic policy?

Flexible exchange rates are self-regulating hence enabling an economy to adjust to the impacts of foreign business cycles and shocks. This eliminates the possibility of developing the balance of payment deficit. Other advantages of the flexible exchange rates in the operation of the economic policy include “the ease of managing...

Assuming that the money market is initially in equilibrium, trace through the effects of a contraction in the money supply on the money market, on the interest rate and also on output, employment and the price level. Under what circumstances would the central bank undertake this type of policy?

The effects of a contraction in the money supply on the money market, on the interest rate and on output, employment, and the price level is shown in the figure below. Sm in the figure above is the money supply level as determined by the central bank. Dm, on the...

State the difference: between unemployment rate and the participation rate; between the expenditure multiplier and the money multiplier; between the balance of payments deficit and the budget deficit; between the terms of trade and the exchange rate.

Unemployment rate and the participation rate One of the major differences between the unemployment rate and participation rate is in their relation to age. Research shows that the unemployment rate is higher among the young people who have recently qualified to join the labor market. The unemployment rate among men...

Using the simple Keynesian model and the savings and investment diagram show the full meaning of the paradox of thrift? What would happen to equilibrium income if there is a sustained rise in private investment spending? What causes the rise in income or output to come to a stop?

When people become more inclined to save, their level of consumption goes down in all the income levels. This will lead to a reduction in the equilibrium level of income, as shown below. The paradox thrift implies that a great willingness to save may actually lead to fewer savings. From...

What were the key differences between Keynes’s theory of income determination and that of the classical economists? Why did Keynes think that the market system could break down?

Keynes’s theory of income determination is different from the classical theory in that Keynes believed that the economy’s equilibrium is independent of employment level. Keynes further argued that the negotiations in income between the employers and the employees are usually based on the nominal income rather than real income. This...

Why is private investment spending so variable? How can policymakers try and stabilise it?

Private investment spending is the most variable factor in the economy owing to the fact that it is not affected by government policies. Private investors make their own individual decisions concerning how, when, and what to invest, making private investment decisions different from public investment decisions. Policymakers can, however, try...

Consider a macroeconomy was initially at equilibrium level of real GDP. Using an aggregate demand and aggregate supply diagram or model of the economy, graphically illustrate and discuss the immediate effects of the following events upon the economy: a. The federal government increases pensions and welfare spending. b. There is a marked drop in consumer and business confidence within the economy. c. A mineral export boom. d. An appreciation in the foreign exchange rate value of the economy’s currency.

a. When the federal government increases the pensions and welfare spending, the aggregate demand function will shift to the right, as shown by AD1 hence increasing the price levels to P1.b. When the consumers and investors lack confidence in the economy, this leads to reduced consumption and investment hence a...

What are the principle ethical issues you will need to consider, irrespective of the particular research methods that you use?

Plagiarism. This involves misrepresenting other peoples’ work as one’s own.Fabrication and falsification of information, e.g., overstating the number of subjects, altering data, and biasness.Non-publication of data. This is suppressing data while ignoring exceptions.Faulty data-gathering procedure, it can occur if machines are faulty, subjects do not adhere to the procedures, or...

What are the key characteristics of a literature review?

The literature review must include current literature as well as historical sources.The objective of the review should be clearly identified.The range of the resources well stated.The independent and dependent variables are to be described, and the model of evaluating their outcome.Breadth and depth of knowledge shown.Organization and framework of the...

What are the strengths and weaknesses of ‘multivariate analysis’?

Multivariate analysis is used to solve complex terms and give a definite answer by using methodological methods such as cluster analysis, discriminate analysis, and multiple regression analysis. The main limitation of multivariate analysis is that it can lead to stall by the dimensionality of the problem. They are also complex...

What are the main criticisms that are frequently levelled at qualitative research?

Qualitative research is criticized due to its generalized characteristics, which a very vague, and consequently, its potential is still underdeveloped. Yin criticizes it and questions “whether the value of qualitative methodology dependence on small samples that are believed to render it incapable of generalizing conclusions.” Yin asserts that general applicability...

Explain the differences between the following types of variable: Intervals/ratios; Ordinal variables; Nominal or ‘categorical’ variables; Dichotomous variables.

Intervals/ratios. This is the measurement between two values whose distances the same.Ordinal variables. The data is ranked in the form of degree but does not ascertain the empirical difference between data limits.Nominal or ‘categorical’ variables. They are for mutually exclusive but not organized categories.Dichotomous variables. These are two mutually exclusive...

“Interviewing in qualitative research is typically of the unstructured or semi-structured kind”. Do you agree or disagree with this statement?

I agree with the statement. Interviewing is typical of the unstructured, or the semi-structured since interviewing in quantitative research is different from interviewing in quantitative research. The mode of approach in qualitative research is less rigid and structural. The interviewer puts more emphasis on the interviewees’ perceptions rather than on...

The crucial problem with quantitative research is the failure of its practitioners to address adequately the issue of ‘meaning’. Discuss this statement.

Quantitative research is defined as a linear series of procedures to prove a theory, but the methodology identified is the ideal type that has a lot of failures. Observations only involve looking for specific indicators. Quantitative research is preoccupied with other issues, such as measurement, causality, generalization, and replication, and...

What are the main differences between description and analysis?

The major difference between description and analysis is that description is an introduction to a certain issue that is what a particular subject is all about. While analysis, on the other hand, is about what a particular subject is all about and looks into the in-depth factors of that subject...

Identify the main purposes of a literature review.

The main purpose of the literature review is to analyze secondary data critically. It is therefore used by a person to establish a theoretical framework for a given topic by determining the key issues. In addition, one has to understand what the research is about and how it was conducted...

Compare theoretical sampling and snowball sampling in qualitative research.

Snowball sampling is a type of sampling method in research commonly referred to as chain referral sampling. Under this method, the informants used by the researcher in carrying out the research usually refer to the researcher to other subjects whom they think may offer vital information towards the research. Thus,...

Use an example to describe what we mean by ‘triangulation’ in research.

Triangulation is a process used by the social scientist when carrying out their research to enable them to measure or understand different traits of behaviors in humans which are different from each other. For example, a social researcher may take up research to study the effects of hunger in a...

What is wrong with the following questions? a. What is your annual salary? Below £10,000; £10,000-15,000; £15,000-20,000; £20,000-30,000; £30,000-50,000; £50,000 and above. b. How satisfied are you with the customer services and products provided by this company? Very satisfied; Fairly satisfied; Neither satisfied nor dissatisfied; Fairly dissatisfied; Very dissatisfied.

a. The annual salary is an average sum that is quantitative in nature and thus can be mathematically be analyzed, thus the answers below £10,000 and £50,000 and above, are not complete and do not answer the specified question, unlike the others which give a complete answer. b. This question...

What are the key characteristics of ethnographic research?

Ethnography research is research that is carried out in the field that is carried by a single researcher whose lifestyle is similar to the subjected on whose the research is bound to investigate. Thus, it is research that is based on the culture of specified people or community; it tends...

Dataset below gives a picture of the first 15 values in a dataset that contains information on students within a particular university. Which are the variables (or ‘fields’) and which are the cases? Suggest two questions that we could possibly answer through an analysis of the data in dataset.

From the data given, the age of the students would be the variables since variables represent data that cannot be measured empirically. The cases would be the qualification entry requirements to the university since it is the subject matter of the analysis, and unlike the age of the students, it...

‘When you begin to investigate a particular research question you must have a very specific hypothesis in mind, which cannot change as the research progresses’. Explain why this statement is correct or incorrect.

Before any type of research commences, a researcher or analyst should have a specific objective in mind in which his research seeks to establish, that is, the facts surrounding the issue or phenomenon. Therefore, one needs to establish a hypothesis that will act as a guideline and strategy for the...

a. What would be your primary concerns regarding cyberbullying if you managed MySpace? b. What steps would you take based on these concerns?

a. I would ensure that considerable action is taken against those indicted for cyberbullying offenses and bar them from holding future accounts and accessing services from the company. I would ensure that personal information is given before an individual is allowed to access the company’s social services. This information should...

Describe what you think are the social issues facing MySpace.

Information conversed through MySpace can inflict emotional distress to the users who are victimized by the bullies. Some MySpace users create fake accounts to intimate and bully others; this is inappropriate and is mentally disturbing. MySpace has been used to spread unsocial behaviors rather than the social purpose it was...

Describe what you think are the ethical issues facing MySpace.

MySpace is faced with a cyberbullying issue. Cyberbullying is whereby bullies use the internet to bully or threaten their peers; individuals use social networking sites, such as MySpace, to intimate their victims. The case of Lori Drew. MySpace users are violating its rules that forbid the creation of fake accounts...

Does the Tucson data mining project inappropriately violate the privacy of Internet users? Or is it an acceptable tradeoff to more intelligently combat terrorism? Please explain why you think so.

I think the Tucson data mining project inappropriately violates the privacy of internet users. The new technology cannot combat terrorism effectively due to the everyday evolution of technology, and many people communicate through pseudonyms or anonymous names, and it can be difficult to find the exact accurate information of an...

a. What ethical issues are present in the field of IT? b. What social issues are present? c. What political issues are present? d. What security issues are present?

a. It is ethically wrong to intrude into people’s private life and morally wrong to tap people’s personal messages. b. The new anti-terrorism technology intrudes into an individual’s private life on the internet and in other places. Innocent people may have their private conversations exposed. Mistakes in interpreting the results...

How would you as a consultant choose an appropriate organizational intervention?

As a consultant, in order to choose the best organizational intervention method, I would first consider the needed facts and then embark on team building. This intervention method is based on the assumption that the fundamental factor in changing individual and organizational behavior is to get people working together in...

Under what circumstances should consultants use formal contracts?

A written formal contract may be required for several reasons. One, it can be a basic requirement where the law requires the signing of a formal contract that has clear guidelines and regulations of what is expected of each party. It is very advisable to always use a formal contract...

Under what circumstances can resistance in the consultation be seen as a positive? Describe ways for the consultant to effectively deal with resistance.

Resistance during consultations occurs due to various reasons ranging from consultant ineptness to being a function of the consultee. The major problem of resistance inhibits positive consultations. Sometimes resistance is positive since it gives the consultant the feel about the issue. The positive aspects of resistance are that sometimes it...

What type of research can consultants use to enhance their effectiveness?

There are three types of research through which consultants can conduct their research: causal, descriptive, and relational research. The choice of any of the following methods depends on the situation that faces the consultant and the advantages and limitations involved with the choice made. Causal research involves conducting research while...

Give your thoughts on the current government buying habits.

The government of the USA has been noted economists to be ever stretching its budget. This simply indicates its plan to increase its purchasing power in order to buy the services and goods necessary for running the economy. For example, it actively participates in international trade from which it acquires...

What are the different types of consumers?

A consumer is a term that is commonly used in business, and it refers to a group of individuals who utilize services and goods that are produced in a given economic setup. For example, if you buy goods in a shop, you become a consumer of those goods. We can...

What factors go into decision-making?

People make several decisions on a daily basis because of the challenges that they encounter in different environments. Decisions are made through a cognitive process that is psychological in nature. There are many factors that determine the kind of decisions a person makes. Some of these factors are personal principles,...

What is the most important part of the planning process?

Planning refers to the process of fulfilling a given task, goal, or objective. Various organizations always come up with different models of planning depending on their objectives. The process of planning is very vital. This is because it is what determines the success or failure of a given business or...

What are the advantages of privatization?

Basically, privatization is selling government properties to private owners; this reduces or finishes the control of government to the affairs of the company or organization privatized. There are different advantages of privatization which include; There is improved efficiency as the organization competes freely in the market The organization lacks political...

Discuss the socio-cultural components.

Socio-cultural components affect the perception, attitude, and comprehension that an individual has toward something shaped by past experiences, culture, and social group that someone is recognized with. The way an individual is brought up, the experiences, and the group that one interacts with influence how one perceives things. Someone may...

How does physical environment factor come into play?

The physical environment is natural surroundings that make the universe with the exemption of life and any adjustments made by human beings in their activities. They include the ozone layer, air, macrocosmos, field, and radiation. These factors affect the life of human beings since they dictate activities that human beings...

Name some socioeconomic forces.

Socioeconomic forces are factors that affect the operation of the economy. They are factors that arise due to different human beings’ actions which in turn affect their lives. These factors include; population increase economic policies health policies social welfare systems household income income distribution infant mortality rate education level living...

How important are natural resources?

Natural resources are economical materials, mostly found in raw form, utilized by human beings to make various commodities. They include natural forests, oil reserves, water, soil, quarries, and wild animals. In one way or another, all goods in society have their source in natural sources. They are raw materials in...

What is culture?

Culture is a homogenous behavior adopted by a certain group of people, mostly living together or who have something in common. In societies, when a child is born, he/she is introduced to the way of life of the society. Different societies have a different culture instilled in a newcomer and...

What are the three types of intangible assets?

There are three types of intangible assets in terms of impairment and amortizations. The first type comprises intangible assets that are amortized, and the method of amortization involves a two-step impairment method same as that used for tangible assets. Intangible assets that have indefinite lives are not amortized and are...

How is the depreciation charge calculated?

The depreciation charge is calculated on the estimated useful economic life of the assets at the time of acquisition. If there is a change in the estimated economic life during a period when the asset is under use by the businesses, then there is a need to amend the depreciation...