Essay Example on For instance the topic Gross Domestic Product









Here were various major concepts that were discussed in the assigned readings that are essential For instance the topic Gross Domestic Product was repeatedly discussed because it can not only be used to measure a country's economic performance but it can be used to assess the potential limitations as well Register Grimes 2016 A few other terms that are important all relate to the fundamental economic problem For example scarcity is a large issue in any society because the finite resources that are available are constantly being pushed by our unlimited human wants Unfortunately as discussed in the textbook without a doubt the most critical economic issue that the world is currently facing is poverty Register Grimes 2016 Another major concept that was covered in the readings had to do with the distinct types of economic systems For instance in the market economy the producers and consumers are primarily the ones who decide what to produce based on a society's needs and how to produce it based on available resources In the command economy the decision making about production is mainly done by a central authority usually the government The allocation of resources varies depending on the type of economy and it was interesting to see how each one is different A few terms such as substitute and complementary goods were especially interesting because they are associated with the substitution effect 

The substitution effect claims that as prices change or drop consumers will replace one product with another similar but lower priced product Register Grimes 2016 The concept of supply and demand is also an important concept that demonstrates the importance of both the price and the desire for a particular product The subject of the Chinese Economy was an important issue as well because of the transition that this economy has undergone over time Fascinating Information One thing that I found especially interesting when reading the sections was how the Chinese economy underwent a remarkable transition that transformed the country's economic performance It was really fascinating to compare what happened in China and other countries such as Vietnam to see how some were successful and others struggled to be sufficient It was important to learn how an economic transition does not instantly solve a lot of a country's economic problem and in fact it sometimes can cause more trouble For instance the example of the Russian Federation illustrates how things can get progressively worse Although this may seem bad at the moment ideally the overall success of the economy may improve over time

One significant detail that should be noted is that the countries that went through an economic change and were not successful during the transition were done during a time of political unrest while the ones that were successful transitioned during a time of political stability Register Grimes 2016 Although correlation doesn't equal causation it is reasonable to assume that transitioning an economy is a major change that has a better chance of being successful if it is done during a period of political stability A few problems that China encountered during the transition of their economy included unemployment and inflation corruption population pressures as well as pollution problems Register Grimes 2016 China faced all of these issues and although the inflation has fallen throughout the years and the corruption has lessened a bit population growth and environmental problems still remain problems that they continuously face Applied to Current Events One concept that can be related to a real life event is the transition that Ukraine's economy has been and is continuing to go through Due to the political unrest that the country has undergone it seems as if the Ukraine is struggling through a tumultuous transition period For instance the country suffered through high inflation rates and has repeatedly dealt with corruption that dates back to the Soviet Union times Ukraine economy 2014 In order for the country to have a developed and efficient economy these issues must be addressed 

Unfortunately the country is heavily indebted and tax rates continue to rise Ukraine economy 2014 For example a recent 55 tax hike on private gas manufacturers was imposed and it is considered to be a detrimental move for the country s currently struggling economy Will Ukraine commit economic suicide 2014 This situation applies to the concepts we have learned about in this reading section because it involves the term transitional economy One comparison that can be made between the Ukraine and China is the change in leadership that occurred during the transitional period that each country went through Register Grimes 2016 Although there are certain similarities between the two transitional economies the differences are quite clear As discussed in the chapter the degree of success for these changes varies between each country due to possible variables that can influence the transitional process This is clearly evident with what is currently occurring in the Ukraine s economy but hopefully the transition will ultimately be beneficial for this country

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