TOP

3 Tips on Cost Effective Analysis and How it Works

moneyIt is said that perfect preparation prevents poor performance. It’s true as cost effective analysis and development plan that were thorough to the last detail lead to success of every company. The economic efficiency of every enterprise depends on different factors and financial sustainability and prosperity is not a stroke of good luck. This is a result of competent management plan and cost effective analysis and all other complex factors that determine the results of the economic activity of the enterprise.

The key to stability and competitiveness of every enterprise is the financial stability that guarantees its investment attractiveness. And it can be reached due to cost effective analysis. The main purpose of cost effective analysis as opposed to cost-benefit analysis of each business entity is to assess the effectiveness of its economic processes and financial condition. Below you may find different tips and guidelines on how to conduct cost effective analysis in the best way.
(more…)

Read More
TOP

3 Cornerstones of Economic Literacy for students

livros estudoEconomic activity in the sphere of our life includes:

  • planning and organization of personal budget;
  • income and family expenses;
  • economically reasonable estimate of the goods, their rational use;
  • rational attitude towards our own health, lifestyle;
  • appropriate use of our free time;

Economic education should be implemented as early as in elementary school, as it’s during the early school years when foundation for future identity formation is made.
(more…)

Read More
TOP

Spider Essay Sample: Industrial Production of Web

spider websMaybe spiders are not the most attractive creatures and a lot of people are afraid of them, but their creation – cobwebs can not leave us indifferent. What is more, spiders are one of the oldest inhabitants of our planet, who had lived in our land over 200 million years ago. There are about 35 thousand species of spiders in nature. Their most distinguishing feature is the ability to produce spider silk, natural fiber of a great strength. Spiders use cobwebs for various purposes: they make cocoons for eggs out of silk, build shelter for winter, use it for jumping.

American biologists created transgenic silkworms which are capable of producing a very strong silk. This spider silk is stronger than steel. It is elastic and can be degraded by microorganisms and is also able to withstand extreme temperatures. Unfortunately, until now, many of these facts were unknown to science.
(more…)

Read More
TOP

Writing Economics Essay Like a Pro: The 4 Cornerstones

spongebob writing an essayIn a range of educational establishments, the essay in economics accounts for almost 60% of the total student score. In other words, a thoroughly researched and professionally written essay is a key to obtaining the desired grade during the exam. To construct a correct answer within the essay, you have to be aware of the essential cornerstones of the economic paper writing in your project:

1. The Importance of Grasping the Question

Before getting into the process, it is important to understand the key point that stands behind the question. If you have troubles with that, ensure to rephrase the question. The simpler version of question will make it easier to deal with. As you answer, do not forget to keep reminding yourself of the essay question. It’s not a secret that usually students tend to start off excellently, but as the end of the project is approaching the question seems to get blurred. Make sure to keep in mind that once you fail to answer the question, your mark will have a lot to be desired.

2. Simplicity Is the Key

For clarity of thought, ensure to use a sample language when working on the economics essay. Writing as simply as you can will help you to avoid stuffing the sentence with too many ideas. If you write in clear and short sentences, you will never get lost in a never-ending flow of words and get the desired focus on one issue at a time. At the same time, Shakespearian grasp of language will always add some extra points to your mark.

3. The Answer Is a Must!

It’s so typical to see a candidate, who has sufficient knowledge in economics, but unfortunately provides zero answer to the question. The result is pretty lamentable – you, as the author of the economics essay, get the lowest mark (if you get any!) When approaching the end of every paragraph, ensure to ask yourself – does it somehow answer the question? It’s a big mistake to wait till the last sentence of the essay is written and you realize you’ve been keeping a completely different question in your mind.

4. Evaluate Potential Outcomes

The good old joke says 10 economists in one room will provide you with 11 totally different answers. The reason lies in the nature of economics and the economists. There is no 100% right answer, experts of the field say. Taking into consideration the other viewpoints is a must, as well as discussing various outcomes of a particular situation. That’s what they call evaluation.

As you get better at economic paper writing, make sure to refer back to the question from time to time just not to write off point. This will make your writing legible enough and enable you to obtain a good grade in the discipline.

Read More
TOP

Minimum Wage Essay: Rates Up – Jobs Down

minimum-wage-essayAll over the United States workers are hardly making ends meet, usually staying at work for up to 50 hours for lower wages than they used to. One of the solutions includes the increased minimum salary of $10 per hour. Some of the American states have successfully implemented their own level of minimum wages that is higher than in the rest of the country. The other states are also considering potential changes.

The conservatives are extremely concerned about increasing the minimum wage level which may cause more businesses outsourcing their positions elsewhere – in the countries, where employees get less than $4 per hour (much less!).Their biggest fear is to be forced to pay employees over $10 per hour, which will make all US companies simply ship jobs abroad for wages lower than American workers would work for.

At the same time, liberals tend to consider the proposed increase a so-called moral obligation to ensure employees, who are engaged in a full-time job, have an opportunity to make a decent living – an annual income that left the poverty line behind. With that in mind, Barack Obama signed an order that guarantees all employees working on federal contract will get $10.10 hour minimum.

Some have already pointed at the idea that we must concentrate on the increase in the employee’s’ skill level, by means of academic support and requalification programs. The idea that workers with higher skill level would provide more jobs is not likely, seeing that so few products are still produced in the USA. Through rapid outsourcing of the manufacturing infrastructure, America had lost the very job opportunities that would require those better skills.

The heart of the problem lies in the fact that the current economy of the USA has been stripped of the manufacturing core, as well as its middle class jobs. For that very reason the US economy cannot provide an average worker with a job with a good salary. The issues like the USA decimating manufacturing base are usually caused by the agreements such as NAFTA.

The so-called ‘free trade’ agreements are the reason why the US manufacturers now have to compete with the countries of the third world, where the salaries are typically less than $4 per hour without any particular safety regulations. This made a lot of American manufacturing leave our shores.

Since well-paid positions in manufacturing field have left the territory of the USA, the workers with low skills set have switched to the service jobs that are low-paid, thus, taking the places that were usually filled by high school teens. Most of the jobs available now are created within the service sector. For instance, over 24 000 jobs provided last month were focused in restaurants and hotels. Even with excellent educational background all you can do is nothing since over the half of the recent grads are either underemployed or jobless.

To cut it, the policies that the USA is following nowadays should be changed through eliminating or modifying the existing ‘free trade agreements’. This will let the goods manufactured in the US compete all over the world. In case no appropriate measures are taken in the nearest future, the disparity of the wage will go on increasing, and there will be no middle class at all. And we all will have to serve to the plutocracy since there will be nothing but service jobs.

References:

  1. Thompson, J. P. (2009). Using local labor market data to re-examine the employment effects of the minimum wage. Industrial and Labor Relations Review, 62(3):343–366.
  2. Reich, M. (2009). Minimum wages: Politics and economics. In Brown, C., Eichengreen, B., and Reich, M., editors, Labor in the Era of Globalization, pages 353–374. Cambridge: Cambridge University Press.
  3. Lester, Richard A. “Employment Effects of Minimum Wages.” Industrial and Labor Relations Review, January 1960, 13, pp. 254-64.
  4. Burdett, Kenneth and Mortensen, Dale T. “Equilibrium Wage Differentials and Employer Size.” Center for Mathematical Studies in Economics and Management Science Discussion Paper No. 860, North-western University, October 1989.
  5. Neumark, D., and W. Wascher. “Minimum wages and employment: A case study of the fast-food industry in New Jersey and Pennsylvania: Comment.” American Economic Review 90:5 (2000): 1362−1396.
  6. Sabia, J. J., and R. V. Burkhauser. “Minimum wages and poverty: Will a $9.50 federal minimum wage really help the working poor?” Southern Economic Journal 76:3 (2010): 592−623.
  7. Daniel Aaronson, “Price Pass-Through and the Minimum Wage,” Review of Economics and Statistics, vol. 83, no. 1 (February 2001), pp. 158–169.
Read More
TOP

Economics Essay Style Guide

economics-essay-guideWhen writing on economics, make sure to stick to the core requirement – use the language that is understandable. Clarity of writing is the solid evidence of clarity in thinking. So, make sure to ponder over what you’re going to say, then say it in the simplest manner. Check the follow economics essay guide and learn more.

George Orwell offers a list of basic rules that can be applied even in the XXI century. First of all, Orwell recommends keeping away from using metaphors or any other sort of speech figures. If you see a short word will fit here or there, use it! The long one may spoil the scene. If it is possible to use active, never use passive – you’re on the right way. If you can easily choose an everyday English word, do so! A scientific phrase or a foreign word is not the best fit here.

Do Not Get Too Stuffy

When reading an economics essay, your readers appear to be interested in what you’ve got to say. If you want them to be hooked by your writing, never get stuffy. In order to write in plain English style, ensure to write as you or anyone you know would speak with ease.

Use Facts to Persuade Them

Readers do not like writers, who are either arrogant or hectoring. The point is that those people, who consider your viewpoints wrong are not necessarily silly or insane. People don’t like to be portrayed as stupid: use your analysis to prove issues. When you talk about your opinions – don’t just make assertions. Your goal is to tell your readers what you actually think and what is more important, persuade them! Using solid evidence, arguments and reasoning, you will find your way to success.

Do Make a Chat Room of Your Essay!

Being too chatty will turn your economics essay into a fiasco. That’s right, it is more irritating than explanatory. So, if you do not want your readers to throw your essay into the bin on the second paragraph, leave behind all the ‘ho, ho’ and ‘surprise, surprise’ stuff.

Exercise Brevity – It’s the Soul of Wit

Just like long sentences, long paragraphs can make the content pretty confusing. According to the successful essayists, the paragraph of the economics essay is a tiny unit of a particular thought. It’s not the matter of length. In other words, every paragraph you generate should be sequential in treatment. As for the paragraphs that comprise one sentence only, they should appear in your essay occasionally.

Don’t get too pleased with your work. It’s not a good idea to boast here and there of how smart you are by telling your target audience that you’ve got a scoop or that your predictions were 100% correct. This will definitely irritate them and any plans to impress them will eventually fail.

Economics essay is not the right project, where you can turn your didactic mode on. In case a lot of sentences start with the words like imagine, take, compare, prepare for, expect, note, remember or look at, your readers will get the feeling of reading a typical textbook. That’s not the best way to persuade your target audience to renew the subscriptions.

Regardless the audience you’re primarily writing for, they’re mostly interested in what you’re going to say. However, the style in which you present your viewpoints is your tool to encourage them either to keep on reading or just stop. If you want them to dive into reading, don’t forget what we’ve covered in our economics essay guide!

Read More
TOP

International Economics Book Review Sample: The Shackled Continent: Power, Corruption, and African Lives

limuru

When the question is about the missionary on the dark continent, the very first thing you imagine are brave explorers carrying the Holy Bible and telling the tribesmen about Jesus. Not a bad option at all, but Robert Guest has something else to tell. With good old Economist, he’s ready to tell that every member of the benighted tribe community can be saved simply through entering the area of the free-market global capitalism. The latter is described by Guest as the tool that will bring the prosperity era to the continent and help to everyone to get rid of any local superstition.

It is necessary to point out that Guest appears to be excellently equipped for his mission. His breezy and plain style enables him to describe all the miseries and dreadful facts about Africans such as bitter massacres, poverty and even brigands at the local road-blocks. Besides, he’s known as the Economist’s African correspondent and editor, who truly believes the hard times that the continent is getting through are caused by the failure to build capitalism.

When staying on a small farm in Malawi, where Mr. Zimba had managed to build a small mud snack using a range of plastic bags as window frames, the author of the book came to a certain conclusion – there is no better and solid proof that the world’s poor are in need of what is called capitalism!

Using some good humor and compassion, Guest shows that nothing really works in the majority of the regions all over the dark continent: if the readers do not get the message, the author emphasizes it with lopsided letters in the headlines and the title. He portrays the people in Africa shackled by cruel governments, authority officials and rulers, who press so hard to destroy individual enterprise.

Despite all hope seems to be gone, Robert Guest remains positive. In the long run, the man is sure the country will eventually prosper. Every country can switch from being poor to wealth and comfort. And the best examples of such a transition can be seen in Japan and Italy.

In his book, Guest never views capitalism as something that only huge corporations are involved in. Instead, he insists that informal economy in Africa is crucial and supports the theories provided by Hernando de Soto. A famous economist from Peru say the dwellers in small and forgotten-by-God towns need to acquire property rights in order to get into the swing of things in the capitalistic world.

In the majority of dark continent countries, where greedy authorities enforce state controls, the importance of an individual free enterprise seems to be obvious, while the arguments of the author are pretty persuasive. However, when talking about the South Africa, Robert Guest doesn’t seem to be that convincing. Moreover, he doesn’t consider the past record of the Economist’s “cold-blooded world capitalism”, as well as anti-communist movement that led the team of the magazine to do battle with the sanctions and defend apartheid governments – that proved the key tool of the so-called peaceful revolution.

Instead, the author crudely explains the details of the transition: the USSR collapse encouraged the ANC (known nowadays as the most grandiose black liberation movement) to renounce the era of Marxism. That is why white citizens in the South African came to understanding that black rule did not include confiscation of their houses and other property. For that reason, they provided blacks with the right to vote via referendum.

Exactly that interpretation made capitalism unnecessarily cold-blooded for the globe. For it was the range of the USA banks, and all the sanctions imposed by the representatives of the Congress that started undermining apartheid long before the USSR fall. And exactly because of the western media support provided for the ANC they got persuaded they had more supporters in the west rather than in the east, and that it was a good idea to reconcile with the world capitalists.

Guest tells it’s important to apply the same explanations to the South Africa even today. The government’s efforts to protect and support workers have already led to the joblessness rise, Guest says. According to his words, corrective discrimination will never improve the life of human beings. How about the Afrikaner governments in the region that required English-speaking companies and banks to discriminate in their favor in order to let the middle class prosper?

It’s more than silly to believe the region can be saved through the application of a range of cruel free-market policies without taking into account the actual political costs. This can only stimulate new anti-capitalism movement. You, as a reader, have an opportunity to learn a lot from these pages; however, make sure to keep the political analysis in mind as well!

References:

  • Mundell, “The Theory of Optimum Currency Areas,” American Economic Review, September 1961, pp. 657–65, and R. McKinnon, “Optimum Currency Areas,” American Economic Review, September 1993, pp. 717–25.
  • Draper G    Writing  book  reviews.  Online  article.  Accessed  from http://library.uwaterloo.ca/libguides/1-12.html, 2007-12-08.
  • Stilwell F, 2010, ‘Environmental Policy: Beyond the Market’, Contesting Markets symposium, The University of Sydney, Sydney, September 30 – October 1.
  • Book review of: Economics as Religion From Samuelson to Chicago and Beyond By Robert H. Nelson Penn State Univ. 378p.
  • Brown, Ellen. “Time for a New Theory of Money.” org, October 29, 2010.
  • Lee, C.J., Hsien-chan Ho, Shing-Mei Chen, Ya-huei Yang, Soon-joy Chang, and
  • Hui-lin Wu. The Development of Small and Medium-Sized Enterprises in the Republic of China. Ta i p e i , Ta i w a n : Chung-Hua Institute of Economic Research, 1995.
  • Colander, David. 2005. From muddling through to the economics of control: view of applied policy from J. N. Keynes to Abba Lerner. History of Political Economy, 37 (Supplement 1): 277-291.
Read More
TOP

Conservation Essay: Hunting Down the Endangered Species to Save Them

afrika safariThe illegal hunting and killing of rhinos and lions in South Africa and Zimbabwe have ignited a heated debate over the so-called trophy hunting, as well as the role it plays in conservation.

A range of claims have been made recently regarding the benefits that the trophy hunting brings to the economic segment of Africa. That’s where hunting is a big game that turns to be big business. The latter is reported to be estimated near $200 000 000 yearly.

The economic significance of the issue polarises the debates. On one hand, animal rights activists tend to protect the wildlife conservation, while the hunters claim that ‘sustainable’ use of wildlife is a must for the modern conservation strategies. Let’s take a look at some sources and studies to investigate the matter.

A lot of recent articles have informed on the revenues that come from the trophy hunting – over $200 000 000 on the black continent. According to the article ‘Biological Conservation’ published in 2006, there are many countries, where hunting industries are significantly developed. Among them Namibia, South Africa, Botswana, Zimbabwe, Tanzania and others.

In terms of animals shot and visiting hunters, South Africa had the most grandiose hunting industry. The most significant was the trophy hunting in Botswana, followed by Namibia and Tanzania. So, the question is how much is South Africa actually earning from the trophy hunting? According to the estimation performed by the Department of Environmental Affairs of South Africa in 2012, trophy hunting generated near 807 million and 1 billion in 2013. The information obtained is based on the ‘species fees’ that come from the hunters to the landowners and farmers, as well as regular rates that are usually charged by the hunting outfitters in order to cover all accommodation and food costs.

The 1 billion that was gained in 2013 included the species fees of near 757 million, as well as 314 millions of daily rates, with 44 000 animals killed to get trophies in that particular year. It is important to mention that the figures provided above do not include indirect income gained from trophy shipping fees, taxidermy, tourism activities and companions that are not related to hunting. Neither does it include data regarding the hunting permits for particular species that are not mentioned in the “protected-and-threatened list” as these fees usually differ from one province to the other and are charged only at provincial level.

How does trophy hunting compare to the regular tourism? According to the recent reports, in 2013 tourism had contributed 323 billion to the GDP of South Africa. More than 8 500 trophy hunters come to SA annually, compared to almost 9,5 million tourists. In sub-Saharan Africa, nearly 18 500 hunters participate in related activities every year, according to the reports, generating near $201 million in contrast to the estimate provided by the World Bank – 33.8 million visitors in 2012 (with 36 billion earnings in US dollars.)

The local economists say that while the number of hunters, as well as the contribution they make to the GDP, is not huge, trophy hunters are spending more and more exceeding the average tourists.

In 2014, the investigators of the economic impact of hunting in Free State, Limpopo and Northern Cape provinces of South Africa found 4 558, 17 806 and 9 072 jobs (accordingly) depend on the hunting area, as well as the ones of individuals employed permanently on the game farms.

In the same way, the ex-chief executive of WWF SA John Hanks argues that in the areas with high wildlife density and beautiful landscapes, the potential for the photo tourism is greater than the one for the trophy hunting.

References:

  • LINDSEY,P.A.; ROULET,P.A. & ROMAÑACH,S.S. (2007): Economic and conservation significance of the trophy hunting industry in sub-Saharan Africa. Biological Conservation 134:455-469.
  • Booth, V. 2002. Analysis of wildlife markets. Report. World Wildlife Fund, Harare, Zimbabwe.
  • Whitman, K., A. Starfield, H. Quadling, and C. Packer. 2004. Sustainable trophy-hunting of African lions. Nature 428: 175–178.
  • Mbaiwa, Joseph E. 2004. “The Socio‐Economic  Benefits  and  Challenges  of  a  Community‐Based Safari  Hunting  Tourism  in  the  Okavango  Delta,  ” The Journal of Tourism Studies 15 (2): 37–50.
  • BAKER,J.E. (1997): Trophy hunting as a sustainable use of wild life resources in southern and eastern Africa. Journal of Sustainable Tourism 5: 306-321.
  • Barnett, Rob, and Claire 2006. Sport Hunting in the Southern  African Development Community (SADC) Region: An Overview.
  • Ian Michler, ‘Botswana’s Great Lion Debate’, Africa Geographic, 01 January 2001 & Martin Hutter, ‘Utilization of Wild Living Animals, Conservation and Sustainable Development: Contradiction in Terms or a Promising Approach?’, Pro Wildlife, 2002.
Read More
TOP

Summer Student Part Time Jobs No Longer a Thing?

ashton and michael kutcherPart time jobs during summer breaks seem to be less popular in contrast to the past, when students did their best to find a good place to earn some bucks on holidays. According to the recent researches, the number of 17-year olds getting a job during summer breaks has halved in the last two decades.

Hard to Get a Foot in the Door

The experts of the IPPR (the Institute for Public Policy Research) inform that while the university fees rising could make young people concentrate on their academic progress, the majority of employers require staff with previous professional experience for the part-time positions, thus, depriving students of a range of options easily accessible 20 years ago. The IPPR specialists called on the universities, schools and governments to help youngsters in acquiring professional experience that would cultivate the skills required by the employers.

Contrasts from the Past

The research conducted on the 17-year-olds engaged in both full-time studying and part-time job has halved in contrast to 20 years ago. At the same time, the number of 18-24-year-olds has dropped by almost a fifth. Twenty years ago, over 40% of 17-year-olds had a summer part-time job. Experts say it was crucial to have a summer part-time job in order to get to know the world of grown-ups and employment better. The research proved that without work experience, it’s not easy to show off the soft skills recruiters are on the lookout for. However, right after the recession that happened in 2009, up to 23% of youngsters with no prior experience were unemployed, in contrast to 14% with professional experience. The researchers also insist that education and work can be highly useful for students, who wish to boost skills needed for their future career, as well as to smoothly switch from college to work. But the reality is – the opportunities available nowadays are not enough.

Lack of Flexible Part-Time Job Opportunities

As said by the IPPR spokesman, not every college or university student would like to work – a lot of them give preference to some other activities. Moreover, with increased college fees and exam pressures, the majority of students might better try to work on their academic progress. But what the research doesn’t show is that a lot of college students have no job during the academic year or in summer – meaning they are unemployed and that they’ve informed they would like to have a part time job. The IPPR spokesman said that during summer 2015 up to 250 000 16-24-year-old had no job, which meant they had a strong desire to get employed but couldn’t. To add more, he also proved the kind of jobs college students used to get engaged in – such as retail, part-time work or sales – are nowadays highly limited.

So, is it really the end of the part-time jobs era? The surveys prove that even in case skilled and full-time jobs are accessible, they are quite hard for youngsters willing to combine work with full-time education. The problem is that the majority of the recruiters prefer to employ individuals with previous experience, while only 27% of employers choose those, who have just graduated. The reality is that it’s part-time job that help teens to develop professional skills rather than exotic trip. You’ve been to Zimbabwe for hell knows what reason (to save the world of whatever), but what’s the point if you have got no real experience?

Read More
TOP

Repaying Student Debt and Staying Alive

student loanWhen it comes to repaying student debt, you’ll, most likely, find tons of various informative material available on the web. But the best way to somehow limit what you already owe is to start practicing the so-called smart borrowing. Make sure to get a picture of how much you need to borrow as well as how much you are actually borrowing. Consider some useful recommendations that will help you to estimate all costs properly and track the student loan debt.

  • Great Lake’s budget calculator is a great tool to manage any sort of budget while staying at school, as well as after graduation. Once you properly plan your budget, you will be able to keep up with the income and expenses. This will help you to ensure you are not borrowing more than you need or more than you can actually afford.
  • NSLDS or the National Student Loan Data System provides the user with a complete picture of all federal student dept items of yours. In case you have private loans, make sure to refer to the credit report. The latter includes information about your servicer or lender.

If you’re aware of what you owe and what kind of loans are waiting for you in the future – you will be borrowing only what you’re in need of.

Understanding capitalization and interest and how it all works won’t make the sum you borrow any bigger. When the question is about interest, the term is related to the cost of borrowing money. It starts building up the very moment you receive your loan money. Remember, the more you decide to borrow, the more interest you will be required to pay. At the same time, the lower your interest rate is, the less interest you will have to pay.

As for the capitalization, it appears when the unpaid interest is being added to the loan principal. Before the date when your first payment is due, unpaid interest is added to the amount you have capitalized or borrowed. When dealing with the federal student loan, expect the capitalization to occur only when it is required by the regulations of the Education Department.
The other way to easily hold down your costs is through making student loan payments while studying at a high school. If you have such an opportunity, ensure to make regular payments. In the nearest future, these payments will reduce both your principal and the amount of interest that will eventually capitalize.

Enjoy all the benefits of AutoPay. The latter is used to automatically withdraw any of the student loan payments from student’s savings or checking account on a particular date. This will help you to save your funds. Feel free to sign up for the AutoPay when being a high school student in order to save bucks in the long run. Besides, using the AutoPay tool means you will never miss the date of payment.

When you are repaying your student debt, everything can help. In case you have such an opportunity, make sure to pay more than you’re supposed to when you are in repayment. Remember, the more funds you’re able to give, the faster you will pay off the student loan.

Read More