Ecnomics Essay Example | Topics and Well Written Essays - 2250 words

Ecnomics - Essay Example This universal phenomenon leads to the definition of economics as the science of allocation of scarce resources." To understand more clearly, lets understand that we have three factors of resources that are necessary to for production process as described in (Sloman: 2006, p. 4): Human resources: labor. The labor force is limited both in number and in skills. Natural resources: land and raw materials. The world’s land area is limited, as are its resources. Manufactured resources or capital. Capital consists of all those inputs that have themselves been produced in the first place. The world has a limited stock of capital: a limited supply of factories, machines, transportation and other equipment. The productivity of capital is limited by the state of technology. Hence, scarcity arises due to comparative unlimited human wants in the limited set of available resources to satisfy these wants. In other words, in free market economy scarcity occurs either because of increase in de mand or decrease in supply. Economics, deals with issues arises due to ‘scarcity’; distribution of resources and products among individuals or societies, regions or countries of the world. Investorwords (2011) defines â€Å"Free market system† as a system in which, â€Å"Business governed by the laws of supply and demand, not restrained by government interference, regulation or subsidy†, or â€Å"a foreign exchange market that is not controlled by the government†. Also known as pure capitalist system; where individuals are free to make their demand decisions. The decisions of consumers and firms pertaining to the demand and supply of goods are transmitted to each one of them via the effect of these decisions on prices. This in turn, sets the equilibrium price level in the economy. Hence, prices are set via free interaction of demand and supply of goods and services, in a market where consumers are free to make their own choices according to their ow n income levels, firms are free to supply what they decide according to their own investment. The present world markets are likely to be known as mixed economies where minimal government interference to run the economic system exists with the help of businesses. United States, however, is a good example of free market system where government intervention is minimal and mostly prices are determined through market forces of demand and supply. Command system or planned economy is defined in investorwoods (2011) as: â€Å"an economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed. The former Soviet Union was an example of a command economy†. Command economies are usually recognizable in places where the presence of socialist or communist systems of economy exists. It is in these economic systems that land and capital are collectively owned. State is the sole decision maker. It decides how to allocate resources for the future trends and also for the current ongoing requirements of the economic system. The State also governs the generation and distribution between customers of output from each industry and firm. In these centrally planned economies, the government could achieve high growth rates by allocating resources into investments; and could minimize unemployment levels by critically planning the allocation of labor according to the production levels and labor skill levels,

HUMAN RIGHTS Assignment Example | Topics and Well Written Essays - 1500 words - 1

HUMAN RIGHTS - Assignment Example The Second World War was unique in its own way and presented number of challenges. It had brought about destruction and catastrophe in a form never seen before (Ishay, 2008, p.179). It saw the usage of atomic bomb. A bomb that was strong enough to bring down entire cities. A single bomb resulted in life loss of over 46 thousand in Japan. The war had left millions dead, and those who managed to survive did not count themselves lucky just because of the troubles they faced. The problems at the end of the Second World War were multifold, ranging from economic and politic to social and humanitarian. All sought immediate solution. For this purpose, a realisation developed to create an entity that would protect the rights of people and provide them with shelter in form of human rights protection acts and resolutions. This entity came into existence in the name of United Nations. It was right in the last phases of the Second World War, where the resolve was shown for establishing such an en tity that would protect the people. The first causality of war is always humanity. Regardless of the size of war, be it a local war, local dispute between tribes, a bilateral war or a war that spreads across the continent and across the ocean, all eye human life and human rights. The resolve against human depravity and exploitation was shown, and the aims included protection of the human rights and ensuring that no other war takes place in history again. So far, the United Nations has succeeded to a certain extent in ensuring that the war is not fought on an international level. What has changed about the character of international relations? As a result of United Nations existence, the nations’ outlook and approach to international peace and regional stability has changed in a totally dynamic manner. Each nation is more concerned with the regional peace than they might had been in past. Under the charter of the United Nations, each of the country has the responsibility to en sure peace in their respective regions and also on international platform. They should denounce any oppression and any tyranny being performed in the name of governance over people. They should raise their voice for equality of the masses. They should denounce the actions of belligerents; for example, the case of the United States of America, which believed in international isolation prior to the Second World War and prior to the creation of the United Nations. It has changed its approach and has become an active member in the pursuit of global peace and protection of human rights ever since the end of the Second World War. This is the prime example of how the country’s mood has changed towards a more global community, where peace of one is peace of all. The United States stood totally indifferent to European conflicts in the First World War. And the prime example comes in form of the League of Nations and Woodrow Wilson Fourteen points that were not endorsed by the local bod ies. However, seeing the importance of international peace and stability, they changed their approach at the end of the Second World War. What kind of actor is best suited to pursue international human rights: individuals, NGOs, states or intergovernmental organizations? What are the strengths and weaknesses of each? Each of the members is an international entity in modern international law, and each has an onus of responsibility. Each works in their own domain towards achieving the goal of equal human rights and