Economics

SEQ CHAPTER h r 1 Economic Concepts in the substantive WorldFebruary 18 , 2008This document defines eight economic principles . An clause is summarized and study to the describe the economic principles at work in the true(a) world . A working definition that applies to each oblige and a link to the article is included Economic imaginativenesssDefinition - the components of occupation including natural ,human and capital imagings used to gain goods and ser crimesArticle - summary : Nigeria s imagination CurseNigeria gets 95 of it wealth from inunct and gas proceeds and it is Africa s go through oil producer . In this article , the country s vice president calls Nigeria s oil an economic curse . There is scantiness in Nigeria s main oil producing region . Despite the billions of dollars that oil puts into Nigeria s economy some residents still come in t have underlying advantage services , water system and electricity . As a endpoint of the government cooperating with foreign oil companies Nigeria s citizens feel that they don t benefit from their own country s resourcesOil is a natural resource . Oil produces the final product of gas and petroleum . The three hundred billion revenue from crude oil production is a capital resource . The revenues could be invested in the production of water and electricity - utility services that the region is lacking consequently in this case , the amount of emphasis that is a result of dissatisfaction with the government s handling of oil production intense violence has occurred in the oil producing region . This violence has caused a 20 decrease in Nigeria s actual oil production This in turn will decrease the capital needed to produce the utility services that Nigerian citizens are demandingA working definition of Nigeria s economic resources includes crude oil , a natural resource used to produce gas and petroleum and revenues from oil production , a capital resource used to produce utility services (water and electric ) for residents and citizensHYPERLINK http /www .upi .

com /International_Security /Energy /Analysis /2008 /02 /14 /ana lysis_nigerias_resource_curse /8267 http /www .upi .com /International_Security /Energy /Analysis /2008 /02 /14 /ana lysis_nigerias_resource_curse /8267Law of demandDefinition-when the price for goods and services increases , the demand for goods and services decreasesArticle - Wage Mandates won t Help the PoorThis is an opinion and analysis written by the master(prenominal) Economist at the Employment Policies Institute in answer to a legislative proposal in Minnesota to turn the marginal net by 31 . David Kreutzer cites two disjoined studies that link job losses to token(prenominal) wage increases . The article points to the significant negative impact of a minimum wage increase on the poor and working poor . He concludes that the increase will hurt instead of help minimum wage earnersConsider these statements made in the article . In 2007 , a study by a University of Georgia economist order that a 10 per centumage rise in the minimum wage causes a job loss of 6 percent and a loss of full-time employment of 14 .5 percent for this group . Also in 2007...If you want to get a full essay, order it on our website: Ordercustompaper.com

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