Local buying advantages and disadvantages for the local economy Local buying, many argue is beneficial for the local economy. According to several, it can have significant advantages for the local economy. However, there are also certain flaws of the concept that have been noted. Still, there are certain benefits of the local buying concept that cannot be disregarded. It can … [Read more...] about Is local buying favorable for the local economy or not?
What factors have led to the decline in LFPR? Labor Force participation rate implies that proportion of the population which is above 15 years of age and economically active. It means the people above 15 who are a part of the labor force and are involved in the production of goods or services over a specified period. In 2015, this rate had fallen to a 38 years low, down to … [Read more...] about Reasons Behind the Decline in Labor Force Participation Rate
In what way does OPEC resemble a cartel? How successful is it? A 'Cartel' is defined as an association of manufacturers and suppliers. Its purpose is to maintain high prices and to restrict competition. In that sense OPEC (Organization of Petroleum Exporting Companies) is not just a cartel but an influential and successful one. It resembles a cartel in multiple ways. … [Read more...] about OPEC as a cartel
How does OPEC control oil prices? Organization of the Petroleum Exporting Countries (OPEC), remains an important force behind the oil prices globally. There are several mechanisms through which it can influence the prices of oil. However, primarily it is its control over its member countries that allows the organization to influence the prices. It sets production … [Read more...] about OPEC’s Control on Oil Prices
The Wealth of The Nations by Adam Smith: Division of labor The Wealth of The Nations by Adam Smith was published in 1776. Book 1 of ‘The Wealth of Nations’, deals with Division of labor. Smith’s book had been published at the dawn of the Industrial age. However, it was also the time when labor conditions were very bad. Around the world, the workers had to face poor … [Read more...] about Division of labor: Adam Smith