Sign In
Not register? Register Now!
Essay Available:
Pages:
1 page/≈275 words
Sources:
No Sources
Level:
APA
Subject:
Literature & Language
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 3.6
Topic:

Economics: Efficient Household Device (Essay Sample)

Instructions:
Someone has invented a household device capable of producing most of the consumable goods that you can buy in stores(e.g. food, clothing, furniture, cars, appliances, phones, etc.) The machine is so efficient that it can produce these goods at a small fraction of what they cost today, perhaps lowering prices by a factor of 1,000. Evaluate these change's impact on the economy. Which of our choices would be affected and how? Does economic theory predict that this change will improve human well-being? How would you use your knowledge of this coming change and its effects to better your own life? source..
Content:

Efficient Household Device
Name
Institution
Professor
Date
Efficient Household Device
The economy of any nation depends on so many factors. These factors determine the forces of demand and supply in the economy. The prevailing economic situation at any given period determines the level of demand and supply at tat given period. During inflationary periods when prices of goods are high, supply is high as investors make huge profits. However, the situation is burdensome to consumers and reduces the level of aggregate demand in the economy. During deflationary periods when prices are very low, demand may be high relative to supply, depending on other conditions. Producers have little incentives to produce as they make less profit. Consumers have needs and wants. Needs are necessities for survival and must be met. Before a consumer can demand luxuries and other wants, they have to meet their needs first. Investment for future security is a dream of every household. Investments are made from savings. It becomes very difficult for households to save in an economy where the price of consumer goods is high and therefore the greatest portion of the income is diverted to consumption. Invention of a device that can produce consumables at a low cost can have immense effects on the e...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Management: Financial Ratios
    Description: Management: Financial Ratios Essay...
    2 pages/≈550 words | 2 Sources | APA | Literature & Language | Essay |
  • Cost of college assignment
    Description: Cost of college assignment Essay...
    3 pages/≈825 words | No Sources | APA | Literature & Language | Essay |
  • Written Reflection
    Description: Written Reflection Essay...
    3 pages/≈825 words | No Sources | APA | Literature & Language | Essay |
HIRE A WRITER FROM $11.95 / PAGE
ORDER WITH 15% DISCOUNT!