A tax refers to a monetary charge or levy that is imposed to an individual or legal entity by a government or state in order for it to run the affairs smoothly. Taxes may either be direct or indirect and could be paid in money or labor equivalent. Taxes are enforced contribution in line with legislative authority.read more
The “graying” of the United States refers to the rather rapid growth of the elderly sector (aged 65 years and older) of the population. As early as the mid-1990s, this sector was already estimated at 13% of the country’s population. It is expected to reach approximately 20% by 2050. The elderly sector could be broken up into two groups. The first group is composed of those who are aged sixty-five up to seventy-five years and who are, by and large, able to care for themselves even for their economic needs. The second group consists of those who are over seventy-five years old. These people are considered greatly dependent on others both physically and financially. Researchers attributed this growth to the fact that life expectancy has gone up by about 30 years due to medical advances - meaning that women born during the 20th century are expected to live up to 79 years of age while men should reach 73 years (Macionis, 1995). Another reason cited by researchers is the aging of the baby boomers which is estimated to contribute around 75 million to the elderly population of the country (Libow, 2005).read more
After the cold war, a common threat doesn’t seem to exist. There is conceptual vacuum in which it isn’t clear who the enemy is and what security involves (Cable 305). According to some countries economic security involves those aspects of trade that affect’s its ability to defend itself. Others define it in the sense of ‘security of supply’ of different things like advanced technology, food and strategic minerals like oil. A third definition is in the sense of geo-economics, which can be imagined as an “economic warfare between leading countries” (Cable 307). Finally, others include other small levels of insecurity to the definition of economic security like narcotics trade, pornography trafficking etc (Cable 307). A few others like Jessica Matthews redefine security in terms of global environmental problems. Some others have also included population changes as a security threat too (Cable 323).read more
Poverty is defined as the condition of having little money and few material possessions (Wikipedia, 2007). People who live in poverty are deprived of the basic necessities for every day living, such as food, shelter, and clothing. Poverty exists all over the world, with the highest percentage of people living in poverty in Sub-Saharan South Africa (Wikipedia, 2007). Poverty even exists in the United States but at lower percentages. Poverty is an unacceptable way for people in today’s wealthy society to live, and a resolution to minimize the problem should be developed.read more
Economics refers to a social science that studies how various goods and services are produced, allocated and consumed (Mofid, 27). It can also be the study of the scarce economic resources and how they are used to satisfy human needs. There are two main branches of economics; microeconomics and macroeconomics. Microeconomics is concerned with how individuals make decisions and how those decisions affect supply and price of goods and services in the economy. Microeconomics in a general point of view is all about making choices, scarcity and how the scarce resources satisfy the needs of an individual (Mofid, 28). Macroeconomics on the other hand gives an economy a wide point of view as it provides solutions to economic problems like unemployment, inflation and even taxation policies.read more
The world economy today is facing a huge financial crisis that it has witnessed never before. It is the strongest turmoil that will have long term effects on both the developing and the developed nations. This global disturbance of the financial system is of staggering proportion. This crisis came to existence in the world’s strongest economy, which is the U.S economy. Many economists believe the root cause behind this to be the uncontrolled distribution of mortgage loans to large number of consumers belonging to all segments of life (Global economic crisis, n.d).read more
The optimal Inflation rate can be negative, zero or slightly positive or can be any rate. The optimum rate depends on the economic perspective of the monetary Authorities and political imperatives. (Pally.T, 1998) That means the monetary policy can be based on the Friedman perspective, Neo Keynesian perspective and other economic models such as neo-classical perspectives as well it also depends on the experiences and unique market conditions in goods, labor market financial market and how they form expectation of inflation and how they react to inflation and the combination of perspectives used to determine the optimum rate of inflation. ( Akerlof G. A, Dickens.WT.Perry.L.G,2000)read more
Cash is frequently associated with money in societies. Indeed it is one of the most common mediums through which goods and services are exchange for. In this respect cash holds an importance to society due to its potential to transfer goods and services. In the forthcoming sections an examination of the role of money in the business environment will be conducted.read more
For the longest time, status in the society is determined by the wealth a person was able to acquire and to use. Money has been the significant tool in knowing the place of a person in the society. However, in nineteenth century, another class in the society was developed due to several reasons which highly include economy of the country. There are no enough descriptions and sources about the middle class. Throughout the years, society has been into the rich and the poor, the high and the low but in the nineteenth century of American society, middle class came out and ruled the whole country. In times of recession, middle class emerged as the saving tool of the country from total destruction.read more
Economic growth is the increase in aggregate output between two distinct periods of time (Romer). Leading to a general improvement in the standard of living, the economic growth of a nation is typically believed to be caused by several growth factors working in tandem. These growth factors may include the growing literary rate among a population, the opening of the trading environment, the beginning of a market economy, the opening of international markets, and the efficient use of natural and human resources (Pritchett).read more
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