The media everywhere has been highlighting the issue about minimum wage and how implementing it can make a difference to a society. What exactly is minimum wage? Minimum wage refers the lowest wage that an employer is allowed to pay; determined by contract or by law (Wordnetweb, 2011). It is not implemented here in our home country, Malaysia yet but it has been a constant topic of discussion on whether it should be practiced. There are many pros and cons, good and bad, benefits and drawbacks ...
The establishment of a practicable system of economy: - Islam encourages the economy to work in natural way and roots of which are very practical without any exterior forces to do so. That put forth the very reason of being a human to perform at its natural capacity level without exploitation of oneself. Enabling every one to get what is rightfully due to him:- Islam being a religion beyond boundaries allow people to earn wealth by actually participating in the work process thus earn the weal...
Introduction This report will explore the train as an innovation with the market structure of the transport industry being examined; taking into account the factors associated with innovation. Competition prior to the introduction of the train and the nature of that which exists between companies within the industry now will be analysed. Since the initial innovation of the steam train; there have been many developments leading to the most recent innovation, the bullet train. This report focus...
Does increased global trade lead to increased environmental damage? This question may seem simple, but the studies on the relationship between trade and environment concluded with contradictory results and therefore there is not an agreed upon answer for this question. The debate is still hot and every claim seems right from its own point of view, with the lack of a common ground for parties and understanding of basic concepts. Not only in theory but also in practice this question has importa...
Introduction The major focus of this report is the Swiss economy. This report involves a wide range of different factors (PEST analysis) that have influenced the business environment in Switzerland. And this report also provides Swiss economy outlook in 2009 and 2010. Introduction to Switzerland MapSwitzerland.gif Note: Retrieved from http://www.travelslang.com/zTravelGuidesSwitzerland.html Area: 41,285 sq. km Cities: Capital--Bern (population about 123,000) Population (year-end 2009 est.): 7...
Monopoly is the situation in which there is a single seller of a product (i.e., a good or service) for which there are no close substitutes. The word is derived from the Greek words monos (meaning one) and polein (meaning to sell). Governmental policy with regard to monopolies can have major effects not only on specific businesses and industries but also on the economy and society as a whole. Types Oligopoly: Is a situation in which sales of a product are dominated by a small number of a rela...
Abstract In this paper the optimal static and the full order anti-windup compensator (AWC) is designed using the improved algorithm of particle swarm optimization (PSO). The existing optimization techniques of AWC use the LMI and the nonlinear control concepts that require complex mathematics. For the optimization, an improved PSO algorithm is used. The PSO algorithm first explores the problem-space with constant non-zero inertia factor, until the fitness function saturates to a local or glob...
The household is the basic unit of analysis in many social, microeconomic and government models. The term refers to all individuals who live in the same dwelling. In economics, a household is a person or a group of people living in the same residence. Household are owners of the factors of production which is includes land, labor, capital and entrepreneurship. Which are made available to firm that will pay factor incomes to the households. The firm will use the factors of production to produc...
An exchange rate, determined by market supply and demand, fluctuates regularly, increasing the risk taken by participants in the foreign currency market. Many have attempted to predict the movement of exchange rates to help minimise risk and allow market participants to make wiser economic decisions. However, this has been a challenging task. The purpose of this paper is to investigate whether nominal exchange rates follows a random walk by carrying out a case study of the Swiss-US exchange r...
Essay Question: Globalisation has led to significant shifts in the world economy over the last three decades. Please describe these major shifts. It has been suggested that globalisation is a major driving force of the global economy towards greater prosperity. It has also been argued that greater globalisation has brought greater risks to the world economy. Given the situation that the whole world has just been facing the most severe financial crisis and economic recession for many decades, ...
