Business Operations: The Key Concepts in Economics

The Key Concepts in Economics
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‘Economic Tsunami’: Fearing Donald Trump, Immigrants in New York Spend Less
The economic article focuses on the undocumented immigrants actions after the President elect, Mr. Trump vowed to deport them. About 574,000 city residents are undocumented, and they pay about $793 million a year in state and local taxes. The worry of being deported has compelled the undocumented immigrants to cut back on their spending since they do not know what would happen next. Casa Dominicana, a furniture store that deals with selling of white leather sofas and bedroom sets have not recorded any sales recently. Wendy Calderon, the manager of the furniture store argues that most people are afraid of shopping and are instead saving their money for future eventualities. Furthermore, an Indian-American jeweler was left holding an order of two custom men’s gold rings worth $3,000. The customer told him he could not pay because he had to return to his home country before he could be deported (Robbins, 2016).
Dr. Ismael Bastida, a dentist in Elmhurst, Queens says that patients are foregoing teeth-whitening packages and long-term treatment plans in order to save for future contingencies. Dr. Bastida has a dental office and a practice that is managed by his daughter, Araceli Thornton. However, they are wondering whether they should combine the practice with the dental office in order to reduce operation costs because they offer their services mostly to neighbourhood of immigrant population (Robbins, 2016).
In Queens, the self-employment rate of foreign-born people is 12 percent compared with 6.4 percent of those who are native-born. Mercado, the founder of two start-up ventures came to the United States as a child from the Philippines. Mercado said that he is hoarding resources and cash, since he does not know what would happen. The undocumented laborers play a significant role in facilitating the smooth running of businesses in Queens. Juan Ospina, a naturalized citizen from Columbia runs two businesses on 82nd Street in Jackson Heights. Ospina says he depend on day laborers who are undocumented in running his business and cannot imagine what would occur if they were not available (Robbins, 2016).
Demand
Demand is an economic concept that describes the consumer’s desire or willingness to own a product or experience the service. The President elect, Trump move to deport undocumented immigrants has influenced the demand of products and services. In the case of Casa Dominicana, a furniture store they have n...