...goods means output. Input decides the quantity of output, and output depends upon the input. Input in the starting point and output is the finishing point of the production process. The resources used are factors of production such as land, labour, capital, and entrepreneur. These resources all cycle to create production and in turn will create an input, output process. An example of land would be anything from owning a farm house to having a landlord. Both have tangibles and variables that dictate the input and output. A landlord for example would collect rent and create a natural output. Labour is the activity of one individual accomplishing work. A labour also creates a natural output due to the input of oneself. Capital is the total net worth, this input is used upon variables such as money lending or investing and is a man made output due to the specifics or circumstances regarding the capitol. Lastly entrepreneur, it is the creation of oneself through ownership of a business. This input is also man made due to variables that can dictate the output. An example would be up front capitol, also factors such as business plan, location, current market. Many variables come into play regarding entrepreneur and the output of such is completely determined upon human, not natural circumstances. (2) The impact of oil prices throughout the economy is astonishing. The dependency we have as an economy of oil is unfathomable. To simply state it, the more the economy flourishes the more...
Words: 1083 - Pages: 5
...America’s dependency on foreign oil is a burden that all Americans should want depleted. Our great country has severed its ties of many foreign dependencies, by overcoming the technological short comings and elements. By doing so America has become one of the greatest countries on Earth. The shape our country is in since the recession, our duty is to provide means of cheaper and greener fuel sources. With the addition of new sustainable energy we could push the country out of the red and into a newer better world. The creation of new sciences and methods will create new jobs, with healthier work environments. Picture in your mind a world where there are no more carbon emissions, a better world where our children have never seen medical cases like Black Lung. Even carbon monoxide poisoning and ever raising fuel prices could be terms that we have only heard of in history books. America’s children have the chance to become the people I just described if we push forward with developing our cleaner, greener energy plan. Arguably, this is a big step for our country to take and with the ability to drill more offshore wells we have a great chance to grow and have something to fall back on in times of distress. More oil is not the answer to Americas growing problem. The real tragedy will be our children not being able to purchase fuel for the car ride to take their own children to school. The ability to live free from other countries’ control comes from making difficult...
Words: 431 - Pages: 2
...Aristotle view upon oil and coal restrictions The "tragedy of the commons” is a theory presented by Garrett Hardin in which an unattended or common limited resource is available to anybody who wants to use it. In his theory Garrett states that individuals, groups, or organizations can slowly deplete a common resource if no regulations are implemented. One example of our modern world “tragedy of commons” is the human dependency upon oil and coal which is a non-renewable energy source and if used without restriction may eventually become unavailable. For this reason, restrictions implemented by Washington legislators are beneficial to our sustainability. Aristotle would certainly agree with the implementation of regulations upon oil and coal since he believed in moral virtues. Aristotle would side with Washington legislators who implement restriction upon oil and coal use. Aristotle believed that the human goal is to sustain the planet and its limited resources in order to pass them onto the next generation. If people continue to abuse resources available to them without restriction, there will not be any resources left to sustain the future of humanity. In order for the planet to survive and continue to grow, sustainability is a necessary part of today's society. Aristotle would disagree with those who continuously fight against legislators and the oil and coal restrictions because he believed in the “golden mean” which implemented an idea that one should not have too much...
Words: 1120 - Pages: 5
...favorite color painted across the cars frame, accented by nice classic rims allow all to be spellbound with zealous adoration. This vehicle is the most esteemed possession and was well earned through hard work and dedication. The issue now becomes the price of gas for the car. When compared to non- hybrid cars, hybrid cars should be made mandatory in order to have a long-term supply of transportation fuel that is secure, clean, and in expensive as possible. Oil is the result of plant and animal remains layered beneath impermeable rock for millions of years. Petroleum has been around for more than a century. Since the discovery of oil, by Edwin Drake in 1859, financial and ecological disadvantages have been an issue. Gasoline and diesel powered vehicles emit greenhouse gases. These gases are made mostly of carbon dioxide and contribute to global climate change. Air pollutants are also emitted and contribute greatly to the smog in the air. The toxicity of oil and its harsh effects on the environment, as well as dependency on foreign oil, is the present issue. Energy security refers to the relationship between national security and the availability of natural resources for energy consumption. There are not oceans or lakes of...
Words: 1197 - Pages: 5
...back from 3000BC to the most recent times; it can be defined in various ways depending upon time. Gunder Frank’s theory of dependency explains it all. Globalization was always need driven, more was the need more was globalization in terms of trade, people, colonies, power, labor, etc. so it can be said that in a world of self-sufficiency globalization dies, only when the markets are volatile, globalization has its pace and when a particular segment becomes saturated in every economy there would be no exchange of this good or service or technology from one another and the scope for globalization ceases. When each country has a holiday destination like Miami nobody would be ready to come all the way spending more money. This is very much a reason for more south to south trade and south to north trade rather than north to south. With this transition or reform in the economic flow we can say the world is being pulled apart. The question “the world is still not flat?” is a comparative term and drawing back the lines to the 3000BC, I would say the world is flat. Russia is a young economy with great scope of development. After its economic reform in 1999 it faced a huge inflation because of improper regularization schemes, much of the nation’s wealth has been concentrated in hands of very few individuals which gave its name as land of billionaires. It has abundant natural resources like oil and metals which accounted for 70% of its exports and 40% of its GDP. It was listed as fastest...
Words: 555 - Pages: 3
...Essentials of College Writing COMM 215 Essentials of College Writing Persuasion As a society many consciously do not realize how electrically dependent we have become. Americans are disheartened with the rising prices in oil, the dangers, and destruction coal mining has endured upon the environment, and our dependency of importing natural resources we can produce in this country to produce electrical energy. This is a reason we as American deserve to delve back into the future and get back into producing the nuclear energy. Nuclear energy has three major reasons as to society should embrace and use this form of producing our electrical needs, its low in pollution, reliable, and safe. The first reason is low pollution. Nuclear plants do not burn fossil fuels so the plants do not give off any discharges or greenhouse gasses into the air. Coal contaminates when it is excavated, shipped to plants, stockpiled, and expended. Sixty percent of coal in the United States is obtained by strip extracting, which involves removing up to 300 feet of protecting earth and huge oil spills as of late have impacted severely the environment allowing loss of a limited and valuable commodity. Consuming oil to produce power manufactures substantial atmosphere contamination developing types of nitrogen oxides, and varying on the sulfur contents, sulfur dioxide and atmospheric particles. Hydrocarbons as well as added ozone vapors, heavy metals such as lead, and explosive natural composite...
Words: 904 - Pages: 4
...Market Equilibrium within the Oil Market Professor Uhimchuk Eco 100 November 3, 2013 In the article titled “Oil Market equilibrium fragile, says think tank”, the author speaks about the fragile state that oil prices are reaching and countries within Europe as well as the United States are looking for other means to produce oil rather than paying the high cost of oil barrels. By looking for alternatives to the traditional oil, the oil industries have been raising the price of the barrel to help compensate for the demand leveling out and not rising as it would normally. According to CGES “The world is increasingly burning fuels than oil to generate power, leaving transportation as the only area where there is still no large scale alternative to oil.” With the transportation industries still depending on traditional fuel supplies, the oil industry can depend on the consumers continuing demand for their source of oil. Leo Drollas who is the Chief Economist for CGES, talks about his interpretation of the equilibrium of oil among China, Europe and the United States. While Europe has steadied out and their demand for crude oil hasn’t risen nor has it fallen, China’s demand for it has continued to grow, but he also states that this doesn’t necessarily mean that they are having a growing demand for it, but that they could just be storing it for future use. The consumption and demand between these three powerhouses are “considered the catalysts for a global recovery.” (Drollas)...
Words: 822 - Pages: 4
...Dependency theory According to dependency theory, countries become more dependent upon more powerful, frequently colonial powers, as a result of interaction and ‘development’. As the more powerful country exploits the resources of its weaker colony, the colony becomes dependent upon the stronger power. Goods fl ow from the colony to support consumers in the overseas country. Andre Frank (1971) described the effect of capitalist development on many countries as ‘the development of underdevelopment’. The problem of poor countries is not that they lack the resources, technical know-how, modern institutions or cultural developments that lead to development, but that they are being exploited by capitalist countries. Dependency theory has a very different approach from most models of development. • It incorporates politics and economics in its explanation. • It takes into account the historical processes of how underdevelopment came about, that is how capitalist development began in one part of the world and then expanded into other areas. • It sees development as a revolutionary break, a clash of interests between ruling classes and the working classes. • It believes that modernisation does not necessarily mean Westernisation and that underdeveloped countries must set goals of their own, which are appropriate to their own resources, needs and values. However, it is a largely economic theory (from a Western perspective) seeing the outcome as a form of economic...
Words: 858 - Pages: 4
...Efficiency Improvements Marathons own 50.7% of LOOP (Louisiana Offshore Oil Port). Crude is imported into this port. Only this port is equipped to handle super tankers. The super tankers can hold up to three million barrels of crude. However, the transporting and storing of the crude is open to efficiency improvements. Pipelines are the safest form of petroleum transportation but are the slowest. You can literally walk the speed of the pipelines. The average speed is four miles per hour. There is a four day window for crude oil to be off loaded from LOOP. It takes eight to ten days to arrive at Marathon’s refinery in Robinson, Illinois. Upon arrival, the refining process begins. Crude is processed into gasoline and other petroleum products. Storage is limited. The facility only has two to four days of storage for their finished gasoline and products. Even though Marathon Pipeline Operations Center operates 24 hours a day, seven days a week, 365 days a year some efficiency improvements are needed. Transportation is too slow and storage is too limited. The Relationship The Energy Information Administration estimates world oil demand will grow from 84 million barrels a day in 2009 to approximately 99 million barrels a day in 2030. (http://www.api.org/aboutoilgas/gasoline/upload/Whats_Up_With_Gasoline_Prices.pdf). Gas and crude oil are commodities that are traded around the world. Price is determined by supply and demand. If supply is high and demand...
Words: 763 - Pages: 4
...Hochswender is not Persuasive Upon reading the article titled, Did My Car Join Al Qaeda, I found the authors emotion to be palpable; however, his logic lacked supportive facts, and his moral authority carried a combative tone while defending his right to drive a sport utility vehicle. Placing the safety of my children first would lead me to defend my right to drive a larger vehicle, as well. I do agree with Hochswender’s point that the size of an SUV will provide a higher level of safety than a smaller compact vehicle if involved in a collision. (Hochswender, p.155) The concern of SUV’s rolling over has decreased with improved technology. Hochswender’s stating, “Rollover accidents tend to be something the driver has a substantial degree of control over”, and “I drive as not to rollover” (Hochswender, p.155), fails to carry merit. In the past, the top heavy vehicles frequently rolled over, giving many models the highest accident death rates. But drivers of today’s SUV’s are among the least likely to die in a crash due to the latest technology and availability of electronic stability control (ECS), which helps prevent rollovers (Insurance Institute for Highway Safety). Many of the arguments Hochswender uses to defend his right to drive the vehicle of his choice resonated with anger. He also placed drivers of light trucks into one category of concerned individuals learning not to drive around aimlessly. “We tend to combine trips and keep engines finely tuned and tires properly...
Words: 343 - Pages: 2
...Conservation versus Preservation Carl Danders SCI/275 01 Oct 2013 Mrs. Hunt Conservation versus Preservation This week I had the opportunity to learn the differences and importance of both the conservation and preservation efforts at play in today’s environment. After reading about both of these methods to work with our resources it is easy to see that these terms are used as the situation dictates. What I mean by the situation dictating the outcome is helped if I explain what these terms both mean. In my own words conservation is to conserve something in particular, to be more specific it is to restore something after a loss or some type of damage. This week’s reading we looked at Ecuador and the “La Bosque de las Ruinas” (The Forest amongst the Ruins). The significance of this situation is that the environment was saved or restored by humans intervening and placing structures natural or man-made to combat agricultural or environmental deficiencies. In Ecuador the harsh winters and melting snows had caused landslides which wiped away houses and swallowed roadways in the process. What conservation specialists brought to the table was to plant natural trees in places where runoff was to be expected and could potentially reduce the violence of erosion during melting snow or flooding rains. In my own words Preservation is simply an attempt to preserve the current condition of an eco-system or environment as it stands without intervening by some sort of methodology,...
Words: 959 - Pages: 4
...Kazuo Inamori Case Study Kazuo Inamori was a Japanese businessman that impacted Japan in ways that few individuals could. His leadership styles were unprecedented, and he was able to enter into a variety of different business spheres and remain successful. What differentiated Inamori from the generic Japanese businessman was his passion to his company, and his desire for continued personal growth. His deep seeded drive allowed him to enter into business ventures where the odds were stacked against him, and he was still able to perform. Inamori was able to utilize a unique management method to predict and deliver wildly successful business results by recognizing inefficiencies in the market, and capitalizing on them. In my in-depth case study, I will evaluate Kazuo Inamori’s business philosophies and approaches, and I plan to identify what made him such a special individual. When Inamori was a young boy, he recognized he was able to organize individuals in a way few could. Inamori’s respectable leadership gained him camaraderie among his classmates, but he was always falling behind in his studies. Inamori’s inability to work in a traditional Japanese schooling setting landed him in a middle tier university, which caused him to adapt at an early part in his professional career. When Inamori graduated college the Job markets were not steady, and nearly all of his job applications to major firms were rejected. Inamori next found himself desperate, and he found a manufacturing job...
Words: 1824 - Pages: 8
...western economic concepts and theories and have become broadly known as the ‘Washington Consensus’, a term first coined by John Williamson in 1989. The Washington Consensus is rooted firmly in the Neoclassical approach to economic thinking and has been criticised by two main schools of thought; Structuralists and Dependency Theory. These two schools question many of the assumptions made by the Neoclassical framework and use real world observations to discredit Neoclassical policies. While Neoclassical theory suggests that all free trade is eventually mutually beneficial to everyones welfare, Dependency Theory advocates argue that free trade is a destructive force and a threat to the Developing World or the Least Developed Countries (LDC’s). Structuralist make their position in the middle ground and acknowledge that while there are gains from free trade to be made for LDC’s and Developed Countries (DC’s) alike, free trade is potentially harmful to developing economies and needs to be managed appropriately. This essay will consider each argument and ultimately show how Neoclassic philosophy, which has underpinned WTO and IMF policy for much of the past half century, relies upon too many unsatisfactory assumptions and that many observations made in the real world are contradictory to what the theory...
Words: 2331 - Pages: 10
...tool, the one which will be the focus of this paper, is international relations theory. Theory can be defined as “a belief, policy, or procedure proposed or followed as the basis of action,” (Merriam-Webster) and can be used “in many cases as a basis of prediction.” (Mingst 56) There are three major theories which we can use to analyze events: liberalism, realism, and constructivism. These theories provide us with different points of view from which to analyze issues in today’s world. By looking at events, both past and present, in the context of a given theory, we can begin to understand those events and the driving forces behind them, as well as to make predictions about future events. The first of these theories, liberalism, is based upon the belief that man is innately good and that social conditions can be improved, paving the way for progress. Liberalism has its roots in “Enlightenment optimism, nineteenth-century political and economic liberalism, and twentieth-century Wilsonian idealism.” (Mingst 60) Liberalism sees man as rational, and through rationalism, society flourishes. Liberalism views the state not as an individual on the international stage, but as a member of a larger international community. Liberalism argues that war is not a part of human nature, and that it is brought on by the corruption of institutions. As such, liberalism posits that war can be avoided through reformation of the corrupt institutions, and through...
Words: 1829 - Pages: 8
...Impact Assessment of Balance of payments imbalance caused due to crude oil import. A Thesis Submitted to Lahore School of Economics By Name: M. Daniyal Kamran Section B 07u0391 For Award of Degree of Bachelors of Business Administration(Honors) in (Majors) Finance (Minors) in Maths, Stats and Social Sciences Session: 2007 to 2011 Declaration This thesis contains no material, which has been accepted for the reward to the candidate of any other degree or diploma, in any university or other institution. To the best of my knowledge the thesis contains no material previously published or written by another person, except where due reference is made in the text of the thesis. ___M. Daniyal Kamran____ Name RESEARCH COMPLETION CERTIFICATE Certified that M. Daniyal Kamran, id No. 07u0391 Session 2007 to 2011 has carried out and completed the research project entitled “ Thesis title” under my supervision for requirement for the award of Degree of Bachelor of business Administration Honors (Majors) by Lahore School of Economics. Research supervisor (Zehra Raza) ...
Words: 5638 - Pages: 23
