Essay on the Economics and Societies

Question No. 1:  a) The opportunity cost of the first 20 units of education is 40 units of crime protection because education to 20 we have to leave 40 units of crime protection. The opportunity cost of the last 20 units of education is also 40 units of crime protection (Benhabib, et al., 2011).

b) Point F would be not achievable point in the economy. As the resources are limited and they can only produce a limited amount of goods. Point F even though desirable but not achievable.

c) The economy cannot produce 60 units of education 80 units of crime protection because they have very limited resources. If they go for producing 60 units of education they will produce only 40 units of crime and if they go for producing 80 units of prison they can only produce 40 units of education (Benhabib, et al., 2011).

d) Yes, if the economy grows in the future they can produce 60 units of education and 80 units of crime protection. A huge influx of capital or better technology or increased immigration of skilled workers can lead to such a situation.

Question No. 3: The teachers today have to utilize the latest technology and methodologies for providing information to the student. With the latest techniques, the students can learn a lot of new things, and their various skills increases (Benhabib, et al., 2011). The technology in recent years have become advanced and have revolutionized the way of teaching. Today the teachers and instructors utilize technology for teaching their students. The new methods of teaching are not only effective but also help the students to understand the concepts more easily. Through modern techniques students learn a lot of new things and their skills enhance up to lot of extent (Benhabib, et al., 2011).

Question No. 4: It can be seen from the graph that the dependency rate in different countries is increasing.  The increasing dependency rate indicates that the countries have to take initiatives to support the aging population. The governments of different countries have to make their pension plan effective so that the dependent population won’t have to face difficulties. As the dependency rate is increasing it means that the number of old age people are also increasing. The governments of different countries should take steps to improve pension system just like Australia. Australia is among those countries who have the best pension systems in the world. Although Australia have the third best pension system in the world it needs to improve individual contribution so that its pension system can further improve.

Question No. 6: The free-riding occurs when the organizations take advantage of resources but pay less in return. There are many organizations in the world who are taking advantage of environment protection initiatives which other organizations or government have taken. Freeriding in the context of environmental protection is that the high-income countries are in the position to implement environmental protection initiatives and will reduce their carbon footprint. The low-income countries might not contribute to environmental protection or less contribute and take advantage of the environment protection done by others (Costa-Font, 2017). There are many ways through which the problem of free riding can be resolved. The government can make such rules and regulations which can make environment protection compulsory for all the corporations (Benhabib, et al., 2011).

Question No. 7: Despite being a high number of jobs losses the unemployment rate has increased just by 1 percent. If the unemployment rate formula is analyzed critically than it can be understood why the unemployment rate has increased just by 1 percent despite the increase in the unemployed population. The formula of the unemployment rate is:

The reason for the lesser increase in the unemployment rate might be the decline in the labor force participation rate. The labor force participation rate shows how much people are present in the job market. The shrinking labor force might be the reason for a lower unemployment rate (Benhabib, et al., 2011).

Question No. 8: If the economic prosperity and wellbeing of country A and country B are analyzed then it can be said that Country A is more prosperous than country B because it’s GNI per capita is way higher than county B. the GNI per capita shows the economic, social and environmental well-being of people. The other indicator that can be utilized for measuring the population's well-being is the GDP. HDI (Human Development Index) also provides information regarding the well-being of the population. Therefore both GDP and HDI should be utilized to get detailed information (Costa-Font, 2017). If the economists are going to utilize different measures for evaluating the economic prosperity and well-being than they can get a more clear idea about the well-being of people. From only one measure such as GNI the economists might unable to understand the economic prosperity and well-being of the nation.

Question No. 9: There are many ways through which the waiting time in hospitals can be reduced. The organization can use the latest data management software for managing the data of the patients. The IT system of the hospital can manage the information of patients quite efficiently which will reduce the waiting time for the patients. The hospitals can collect the data of the patients before their arrival so that at the time of arrival they can be treated in less time period. In recent years the technology has become quite advance. The hospitals or health care organizations can latest technologies for providing maximum benefit to the patients. Through latest approaches and techniques not only the waiting time can be reduce but also the healthcare services can be improved up to lot of extent.

Question No. 10:  Both HECS/Help and full subsidy system have their own advantages and disadvantages. the countries where there is a full subsidy the students does not have to pay education fee however the expenses of the government increases up to a lot of extents (Costa-Font, 2017). The government initiatives can help the students to get free education. Such initiatives can be taken from which the government expenses won’t increase. The governments of different countries should take steps to improve education system.

 References of Economics and Societies

Benhabib, J., Jackson, M. O. & Bisin, A. eds., 2011. Handbook of Social Economics. illustrated ed. s.l.: Elsevier.

Costa-Font, J., 2017. Social Economics: Current and Emerging Avenues. illustrated ed. s.l.: MIT Press.