Assesment 2 Coursework Example | Topics and Well Written Essays - 1500 words

Assesment 2 - Coursework Example In a market economy the price system automatically acts as a rationing instrument. With the help of the diagram given above we can easily explain the determination of market price and at the given demand and supply functions and the system will not allow either of the agents to exploit other. The horizontal and vertical axes measure quantity and price respectively. D is the market demand curve showing the one to one correspondence between price and market demand. S is the market supply curve that reflects the producers’ behaviour. S is nothing but the one to one correspondence between market price and supply of it. Equilibrium is achieved at point E where market demand equals market supply. The equilibrium level of price is OP* and quantity is OQ*. Now we consider that producers want to exploit the consumers by charging higher price. What will be the impact$2 Let’s consider that the producer charges new price OP**. At that price level the producers will be willing to supply OQ** amount of output while the consumers are willing to purchase OQd amount of the product. Hence at price OP** the market will face excess demand to the extent AB. This excess demand would cause a downward pressure on price as the producers have the unsold stock in the hand. Price fall would be followed by contraction in supply (movement from B to E) and extension in demand (movement from A to E). This process is continued unless the previous equilibrium is achieved. Here automatic adjustment of price will control the quantity in the market. To answer the aforesaid question we need to know what wealth is. Generally wealth can be defined as something that can generate income or can satisfy human wants. Wealth must be measurable tangible, transferable and scarce in nature. When the goods are produced through the production process it adds to the stock of wealth of the nation. As good is measurable, tangible

American Government poli science 10 exam question Essay

American Government poli science 10 exam question - Essay Example Several generations of political philosophy, scientific empiricism, and intellectual theory culminated in the Revolutionary War that sought the transformation of these abstract ideas into reality for a new society (Fiske, 2012). Antiquity and England itself were the principal inspirations for the ideas about independence, liberty, and the form envisioned by the Founders for their new government. Republicanism derived from several inspirations, notably the ancient Greek and Rome societies where all citizens (except slaves, who were not accorded citizenship) subordinated their private interests voluntarily to the common good. The republics predicated their authority and stability based on citizenry and their resistance to tyranny and corruption. For republicans in the eighteenth century, a person with virtue had a high sense of morality, owned property, and was ready to subordinate his or her interests for the sake of the community (Fiske, 2012). Such are the kind of people Benjamin Franklin and other Founding Fathers thought capable of freedom. The Constitution Framers were visionaries. They designed the Constitution to last. They sought both to address the challenges facing America during their lifetimes and to establish foundational principles that would guide and sustain the new nation into a future that was uncertain (Levy, 2000). Their vision is reflected in the wording of the Constitution. The document defines the fundamental freedoms of Americans in general terms: â€Å"due process of law,† â€Å"freedom of speech,† â€Å"equal protection of laws,† â€Å"free exercise of religion,† â€Å"cruel and unusual punishment† among others. It also sets forth the powers of the government in general terms: the President will ensure that laws are faithfully executed, Congress may regulate commerce in several states, the courts have authority to decide on cases and