StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Demand: Utility and Marginality - Essay Example

Cite this document
Summary
Demand: Utility and Marginality Name: Institution: Question 1 A country’s labor force is a great determiner of the state of the economy. It is therefore advisable that a state maintains a highly productive labor force to steer economic growth. Most of the developing countries provide have cheap labor…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.9% of users find it useful
Demand: Utility and Marginality
Read Text Preview

Extract of sample "Demand: Utility and Marginality"

Download file to see previous pages

It is important that a president formulates and implements policies that attract both foreign and local investments in the country. Such policies include the development of an effective political system. Political instability in a country discourages both foreign and local investments as investors fear losing their entire investments. The underdeveloped countries have a reputation of manipulating constitutional offices and ineffective political systems which thereby promote civil strifes. Such environments discourage investments thereby resulting in low labor with no practical experience in terms of theoretical knowledge.

Additionally, the devaluation of the local currency makes operating in a country cheaper. This provides unparalleled enticement to foreign investors thereby the expansion of businesses in the developing country (Mills, 1994). An equally important tool for improving the quality of the labor force is reevaluating the academic curriculum in the country. Most of the developed countries have purely theoretical curriculums most of which have no relation with the practicality in the job market. This results in an unemployable population.

To develop such countries, it is important to revise the school curriculums and develop realistic educational programs that relate to the job market thereby making the products of academic institutions relevant to the labor market. Question 2 Technological trends in labor keep shifting the demand for labor. Every aspect of production employs the use of different technology for which the management hires the human resource to operate. Human skill is therefore often required to operate the machines in the production process.

This implies that the invention of a better technology to the production process restructures the entire human composition of the workplace. Additionally, different aspects of the production process use different machines and therefore require different technical expertise. It is through this appropriation of responsibilities in the production process that develops specialization, which is the application of a particular knowledge in a specific profession or discipline. Specialization improves quality of labor since everyone assigns himself or herself a specific duty to which he commits thus perfecting his or her skills in the execution process.

Technology affects the production process implying that it affects the distribution of labor. The invention of the tea-picking machine has raised squabbles for a long time between tea pickers and plantation owners in the East Africa region since the machine literally replaced the illiterate manual tea pickers. However, the machine has on the other caused jobs to the skilled operators who arguably earn better than the manual tea pickers. Technology disrupts the convention production process at times eliminating a number of stages thereby rendering the former employees jobless.

The use of computers has mechanized a number of fields in the modern day economies, during its introduction in the early 1980s most people feared that computers would eliminate a number of employees. In actual sense, computers did not just create job losses but created more and continues to create more jobs. It is however, understood that a number of computer illiterate employees lost their jobs at the time. The technology requires skillful operation; this implies that it

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Demand: Utility and Marginality Essay Example | Topics and Well Written Essays - 1000 words - 1”, n.d.)
Demand: Utility and Marginality Essay Example | Topics and Well Written Essays - 1000 words - 1. Retrieved from https://studentshare.org/macro-microeconomics/1471616-demand-utility-and-marginality
(Demand: Utility and Marginality Essay Example | Topics and Well Written Essays - 1000 Words - 1)
Demand: Utility and Marginality Essay Example | Topics and Well Written Essays - 1000 Words - 1. https://studentshare.org/macro-microeconomics/1471616-demand-utility-and-marginality.
“Demand: Utility and Marginality Essay Example | Topics and Well Written Essays - 1000 Words - 1”, n.d. https://studentshare.org/macro-microeconomics/1471616-demand-utility-and-marginality.
  • Cited: 0 times

CHECK THESE SAMPLES OF Demand: Utility and Marginality

The Overall Demand for Luxury Goods

The factors that appear to affect the marginal utility of such luxury goods among those with large net worth are many.... The marginal utility of a Rolls Royce Silver Cloud to me is the fact that it is "considered to be the most aesthetically pleasing vehicle ever to be produced by the vehicle manufacturer.... In the essay “The Overall demand for Luxury Good” the author looks at such services as manicures, facials.... The demand cited appears to affect the supply of such goods offered for sale in that it basically forces the manufacturers or employees of the companies to constantly be raising the bar....
1 Pages (250 words) Essay

Demand, utility, and marginality

The major factors affecting demand for Cumberland Farms' products are price;variety; hours and locations of stores; competition from other convenience stores gas stations, and supermarkets; customers´ experiences dealing with stores; and various advertising and marketing techniques used to promote business.... Within some limits, Cumberland Farms can and does respond to increased demand....
3 Pages (750 words) Essay

How Well Does Economic Theory Describe the Nature And Consequences of Technological Change

To bring equilibrium on the competing forces of supply and demand is the price which actually measures the value.... This paper seeks to discuss and analyze economic theory on how it could describe the nature and consequences of technological changes.... It posits that technological changes are readily visible effects of the ever occurring trade off between limited resources and the unlimited needs and wants of mankind....
11 Pages (2750 words) Essay

Econ308 Final paper

With economic theorists such as Alfred Marshall and Vilfredo Pareto economic theory expanded its roots largely as a social science and began incorporating quantitative analytic methods of investigation.... Similarly, as these theorists shifted the emphasis of economic investigation… from one of a social science that operated with a qualitative methodology to a quantitative approach, the types of economic investigation also changed....
12 Pages (3000 words) Essay

Post-Keynesian and Austrian criticisms

utility maximization by consumers provides individual demand functions or correspondences which can be aggregated under certain assumptions to form the market demand function.... The broad umbrella of “Heterodox” economic thought covers a substantial number of theoretical criticisms of the typical… To effectively perceive the importance of Post Keynesian and Austrian criticisms of standard neoclassical view of competition, it is first pertinent to recapitulate the fundamental concept behind the standard neoclassical view of The Neoclassical perspective of competition narrates the determination of prices, output and income distributions in markets via equality of supply and demand....
5 Pages (1250 words) Essay

The Marginalists

In this sense, social wealth consists of utility and scarcity.... In this sense, social wealth consists of utility and scarcity.... This means that excess demand or supply in one market would be offset by another in a different market.... Walras is an economics' theorist who considers himself a pure marginalist....
1 Pages (250 words) Term Paper

Theories of Economics Development

utility, use-value, and exchange value.... On the other hand, marginalists believe that a buyer of a good determines its utility, and this fluctuates with consumption patterns.... Therefore, the major transition involves labor as the cornerstone of the valuation of a product to utility as the form of valuation of a product (Hartwick and Peet 1).... hich economists/philosophers derived economic information and theories on “utility”, the “equi-marginal principle”, and “opportunity cost” principles in economics that we use in today's economic analysis?...
1 Pages (250 words) Assignment

Central Problem with Mainstream Economics

The only difference arises in the specific objective geared towards maximization where individuals tend to maximize on their utility and firms tend to maximize on profits.... Thus, it focuses on the various ways of determining the prices, determining the prices of various… This income distribution is mediated through maximization of utility which is often hypothesized by individuals who are income constrained and of profits There are various assumptions that are related to mainstream economics....
8 Pages (2000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us