Economics Research Paper Example | Topics and Well Written Essays - 500 words

Economics - Research Paper Example As a result, the Current Account Balance of has been continuously deteriorating. It has not been long that China gained its position as a sovereign independent state. Initially, a centralized system or a planned economy was being focused upon. But later, the Chinese economy became more reliant on market oriented techniques and by the year 2000 the output of China quadrupled (CIA Factbook). Today China is an epitome of prosperity and economic development. It is the economic giant of today’s world. Its main focus has been on the manufacturing sector and is the major exporter of different goods and services. In this recessionary phase, China has managed to be coped very tactfully. With rising production and employment generation, not only the standard of living is being improved in China but also the economic position of China is being strengthened extensively. China manages to maintain a positive Current Account Balance in this phase of depressing worldwide economy. Additionally , China owns a large amount of foreign reserves to back its economy as well. The demographics of both the countries are different in the sense that China has the largest population of the world whereas, USA is at number 3.

Summary An Economic way of looking at life by Gary Becker Essay

Summary An Economic way of looking at life by Gary Becker - Essay Example Economic way of looking at life helps individuals to know moral pathways and how to be ethical in economics. In chapter 7, social issues that are discussed are termed as labor supply, which in it you find household production, the family, and the life cycle which can be well analyzed by economic way of looking at life. In making household decisions, certain factors have to be in mind. Some of these factors are, the economy, time, income and individuals involved. In household decision making, one of the key attribute is the size. For instance the size of the family and number of children dictate the economic way of living of that family. Often, women in society have a role in bearing and raising a certain number of children and carrying out farm works as opposed to men who work in outside jobs in various offices. Economic analysis of this kind of decision shows that the labor force is low compared to the size of the family. This is because, the income from the couple would be more compared to when only the male individual is working. If the latter is used it would mean poor living standards as the family is growing. As regards to whether families uses more by consuming purchased goods as opposed to home made goods also differs if we analyze using our knowledge on economic way of looking at life. Although there is no such a big difference between the two, if things such as labor and the time spent to produce the home made goods are considered, economic wise consuming household good will carry the day since leisure is achieved and no supervision when producing them. In a later age, household decision on when to retire comes in. The topic about taking care of yet grown up children and on the other hand, older children taking care of the aged parents is dominant. These two are interconnected and each of them is crucial and important. Analysis of this economically