USA and Global economy-discussion on the perspective of following issues

Feb 3rd, 2012
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USA and Global economy- discussion on the perspective of following issues 1. Circular flow model of free-market system 2. Cost benefit analysis 3. Market structures 4. Law of supply and demand 5. Business cycle 6. Risk averse 7. Tariffs 8. Public goods 9. Globalization 10. Organizations controlling global economy International Monetary fund World Trade Organization

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US and Global EconomicsInstitution Affiliation:Date:1. Circular flow model of free-market systemCircular flow model represent all actor of economy: household, companies and market. Market can be categorized into two the market of goods and services and for the factors of production. In the model, household buys goods and services from the firm making the money to flow from household to firm. House hold also provides labor to the company as the company compensates them for their services. This model informs creation of supply and demand model. 2. Cost benefit analysis Customers use cost benefit analysis so that they can maximize their utility by deciding whether the advantage of purchasing certain product will outweigh its drawbacks. In this case considers try to find the value for their money in the process of buying. For example, consumer finds it beneficial to accept a purchase when the benefits of the products outweigh the cost of the product. Different people make different decision in this process because the use of product varies from one person to the other. Also different people use different approaches such as costs and benefits or use of tangible item analysis thus bringing the difference 3. Market structuresPerfect market and monopoly are both types of market structure. Perfect market has many firms and has freedom of entry. This way many firms compete against each other. They try to produce optimal output level mat the least cost possible. Th

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