Economics (the law of demand and supply) Essay Example | Topics and Well Written Essays - 1500 words

Economics (the law of demand and supply) - Essay Example The price that people are willing to pay for a certain product correlates with the quantity of goods supplied are supplied by the suppliers in the market. In economic terms, the law of supply states that the price of the product plays a pivotal role in determining the amount of goods that can be produced at a certain period since this is what people will be willing to buy at that moment. Thus, the law of supply is directly related to the price of the product given that it shapes the behaviour of suppliers. The relationship between the price of the product and the quantity supplied can be graphically illustrated using graphs called supply curves. As going to be explained, it can be seen that there is a movement along the supply curve as well as a shift in position of the same supply curve to the left or to the right as a result of various reasons. As such, this essay seeks to evaluate the main difference between movement along the supply curve as well as a shift in position of the sup ply curve. Various factors that can contribute to the shift in the supply curve are also going to be outlined and discussed in detail. According to Kotler and Armstrong (2004), a supply curve is used to show the quantity of products that can be supplied into the market at a particular price. This curve is diagrammatically presented in an upward slope where each point along the slope depicts the price of the goods and the quantity supplied at that particular moment.... If the price is high, this also entails that the level of supply is also high since the producers will be willing to supply more which is likely to result in the generation of more revenue which constitutes the basics of every business. As such, there is an upward or downward movement along the supply curve as shown in Figure 1 below. Figure 1 Source: http://www.investopedia.com/university/economics/economics3.asp As illustrated in the graph above, points A, B and C are showing the relationship between the price of the product and its supply. An upward movement along the supply curve from point B to C shows that an increase in the price of the product also means an increase in supply. It can be seen that P2 is lower that P3 while at the same time Q2 is lower than Q3. Price is the major determinant of the movements along the supply curve. The movement can also be downward where lower prices will mean the quantity supplied is low as well. The higher the price, the higher the products l ikely to be supplied given that more revenue will be generated as a result of high prices. On the other hand, a shift in the supply curve occurs when there is a change which is parallel to the original position of the supply curve. This shift can be on the left side or right side of the original supply curve. When this shift occurs, the price of the product remains the same (Netmba, 2010). There are other variables which are different from price change that can cause the supply curve to shift either to the left or right side of the original supply curve. For instance, an improvement in manufacturing technology can lead to a shift in the supply curve. There are also various factors that can cause the supply curve to shift as

Social Upheaval of the 1960s Essay Example | Topics and Well Written Essays - 1250 words

Social Upheaval of the 1960s - Essay Example However it should also be known that social upheaval was certainly not just limited to those areas, and that it also reached large scale in nations such as Japan, Mexico and Canada. "The term is used both nostalgically by those who participated in those events, and pejoratively by those who regard the time as a period whose harmful effects are still being felt today. The decade was also labeled the Swinging Sixties because of the libertine attitudes that emerged during this decade" (Wolfe, 1999). The aim of this paper is to discuss the 1960s, particularly in regards to the social upheaval which took place during this time, and this involves not only social but political and social conditions as well. By addressing and discussing this as well as any and all other key and related issues, we will be able to come to a much more informed and knowledgeable understanding on the subject matter at hand overall. This is what will be dissertated in the following. Conflicts arise for a myriad of different reasons that are often a combination of politics, economics, and differing cultural identities, and whatever the actual reasons for a conflict beginning, there are some basics which constantly remain the same. The African American Civil Rights Movement is just one of many different matters which led to the social upheaval of the 1960s, and this is in many different regards; The African American Civil Rights Movement (1955-1968) refers to the different reform movements in the United States aimed specifically at abolishing both public and private acts of racial discrimination against African Americans. In the years of the 19th century, many states, most of which were located in the South, passed racially discriminatory laws. The racial violence that was aimed at African Americans greatly mushroomed at this point, and this period in time is often referred to as being 'the nadir of American race relations'. "Elected, appointed, or hired governme nt authorities began to require or permit discrimination, in the states of Texas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, North Carolina, Virginia, Arkansas, Tennessee, Oklahoma and Kansas. Required or permitted acts of discrimination against African Americans fell mainly into four categories: (1) racial segregation - upheld by the United States Supreme Court decision in Plessy v. Ferguson in 1896 - which was legally mandated by southern states and by many local governments outside the south; (2) voter suppression or disfranchisement in the southern states; (3) denial of economic opportunity or resources nationwide, and (4) private acts of violence and mass racial violence aimed at African Americans, which were often encouraged and seldom hindered by government authorities" (Addington, 2000). The Vietnam War was another event which led to the social upheaval of the 1960s, and the war itself, which took place from 1959 to 1975, was considered as being a successful effort by the Democratic Republic of Vietnam, and the indigenous National Front for the Liberation of South Vietnam, to reunify Vietnam under a communist government. The United States worked in this war by first deploying large numbers of troops to South Vietnam between 1954 and 1973, and some particular U.S allies