Economic Issues Real and Nominal Variables

Economic Issues Real and Nominal Variables In Economics, there is a difference between Real and Nominal variables. In general, a real variable is the one where the effects of inflation on the economy are factored. Contrary, a nominal variable is the variable where the impacts of inflation do not take care of the. Gross Domestic is defined as the value of all goods and services produced in a country (Borland, 2010).Advertising We will write a custom essay sample on Economic Issues: Real and Nominal Variables specifically for you for only $16.05 $11/page Learn More The Nominal Gross Domestic Product is a concept that is used to measure the value of all goods and services produced in a country in current terms/prices. It is used to measure the value of services and goods per a definite period of time, while, as opposed to this, Real Gross Domestic Products concept is used to evaluate these issues, it is shown in prices of a base year. For example, suppose in the year 1999 the economy of China produced $200 billions worth of goods and services based on the year 1999 (Kym 2010).Thus, the year 1999 is used as a foundation at the same time, the nominal and real are the same (Kym 2010). Then, Year 1999 Nominal GDP=$200B,Real GDP=$200. In the year 2000, the nominal GDP=$210B and Real GDP=$205B.Thus, Nominal GDP Growth Rate is 10% where as Real GDP growth rate is 5%. Hence, the difference between the two concepts is used to measure the rate of inflation in statistical terms. These statistical terms are referred to as the GDP deflators (Maddison 2005). Hence, from this analysis, Real Gross Domestic Product is the best measure of economic growth because it estimates the cost in terms of production, and this is what the economy needs. RGDP can not result into both higher prices and higher outputs. Thus, real gross domestic product is the best measure of economic situation and not the best measure of the living standards. This is because it does not provide any room for black market econom y or profitability gained in a result of illegal goods; secondly, it does not measure aspects of well being, such as happiness for example. Furthermore, it ignores the gap between the poor and the rich in terms of resource distributions. In addition, RGDP omits efforts put into household productions, for example, work done by house wives. Moreover, our leisure time is not valued in real domestic product. Finally, it Country 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 China 7 8 8 8 9.1 9.1 10.2 11.9 9 9.1 10.3 does not take into account environmental destructions such as pollution caused during production (Eastman 2008). Below is an excel sheet for RGDP for China.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This illustration is a representation of China RGDP as Compared to Australia for ten years as adjusted for inflation. This data has been retrieved from Ch ina Economy watch statistics. The above business diagram explains the business climate of China. The real gross domestic product for china was high in the last year which is 2010.In a similar understanding, the business climate was low in the year 1999 and 2000.This is represented by the trough in economic recession. The economy and business climate was at peak in the year 2010 with a growth of 10.3%.Note that this information has been extracted from Australia economy watch 2009. Country 1999 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 4.3 4.7 3.6 3 3.5 2.7 2.7 4.3 2.3 1.2 2.7 NB.economy watch.com The illustration below represents business cycle diagram for Australia. The diagram highlights the year 2000 as the peak of the economy and the year 2006 as the tough economic times of severe recession of the continental economy and business climate. NB.economy watch.comAdvertising We will write a custom essay sample on Economic Issues: Real and Nominal V ariables specifically for you for only $16.05 $11/page Learn More The use of the Philips theory is the most suitable to explain the economy of China for ten consecutive years since 2001 to 2010, as illustrated in the below diagrams. In the year 2000, the rate of inflation was high, and hence there was little or no employment. Philips theory explains that the high rate of inflation results into lack of employment (Borland 2010). Hence, from the diagram, it is apparent that inflation has led China to low rate of employment as a consequence of inflation (Fairbank 2010). Thus, in conclusion, inflation leads to unemployment and this retards economic growth and development. References Borland, J (2010), Unemployment in Reshaping Australias Economy: Growth and with Equity and Sustainable Development, Cambridge: Cambridge University Press Eastman, E. (2008), Family, fields, and ancestors: constancy and change in Chinas social and economic history, New York: Cambridge Uni versity press Fairbank, J (2010), East Asia: The Modern Transformation, London: University of England Kym, A, (2010), Australia in the International Economy: In Reshaping Australias Economy, Growth with Equity and Sustainability, Cambridge: Cambridge University PressAdvertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Maddison, A, (2005), The World Economy: Historical Statistics, Paris: OECD

The Bridge of San Luis Rey Commentary Essays

The Bridge of San Luis Rey Commentary Essays The Bridge of San Luis Rey Commentary Paper The Bridge of San Luis Rey Commentary Paper In his novel, The Bridge of San Luis Rey, Wilder develops his conceptual theme of bringing courage into life through an array of literary techniques including atmosphere characterization, diction, irony, flashback, and personification in order to portray character analysis and development . Wilder exploits his own point of view and position on the subject of love in life through the lessons learned by the Condesa. The initial dialogue between Pepita and the Condesa creates a barren and desolate, seemingly lonely atmosphere. When Pepita is questioned upon the letters concerning Madre Maria del Pilar, she abruptly changes the subject and refers back to her duties. She further responds to the Condesa with polite yet often hesitant and wary remarks, feeling as if she had a made a mistake (Wilder 40). Wilder is displaying the character of Pepita, a precautious and apprehensive child who is eager to please. Through the discourse Wilder further depicts the character of Dona Maria. The author highlights upon Dona Marias naiveti and desperation as she chooses to send letters that piteously asked her daughter how much she loved her (41). Wilder is illustrating Dona Marias delicate yet desperate nature. Upon Pepitas disposal of the letter the Condesa at last realizes one central theme to the novel that Wilder presents. The intent of the authors philosophy is conveyed through Dona Marias realization of what precisely life is. Dona Maria ultimately grasps that she had never brought courage to either life or love (41). Wilder The entire existence of Dona Maria was filled with lack of courage, and now she realizes the importance of bringing courage into life. Wilder further uses personification to emphasize Dona Marias ultimate understanding of the significance of life, as the Condesas eyes ransacked her heart (41). Dona Maria at last scrutinizes and carefully inspects the meaningfulness of her life through a set of flashbacks, only to discover that she lacked bravery in all that she did. Through flashbacks Wilder draws out the negative points of the Condesas life, including her amuletsbeads drunkenness wreckage neglect and exclusion (41). By repetition the Condesa blames her meaningless life on the circumstance and the way she was brought up, vowing as well to bring new courage into life. Wilder further emphasizes the beginnings of the Condesas new life through diction and symbolization. When Dona Maria writes her first letter, her first stumbling misspelled letter in courage (41), Wilder voices his intent and the theme of the novel: mistakes in life are normal so long as you live your life with courage. The author uses diction to convey that simple stumbles and mistakes like misspellings in life are normal, but the most important aspect is to display bravery. Wilder uses the letters as a symbol for the character development of Dona Maria. The letters in the beginning of Dona Marias life were filled with self-pity. Now, the first letter symbolizes the Condesas new and courageous, outspoken perspective on life. Wilders diction describing the free and generous letters show that Dona Maria is able to liberally and openhandedly express herself with newfound bravery. No one else has regarded them as stumbling (41), indicating that mistakes in life are typical, and no one truly cares. The first letter, regarded as the famous Letter LVI, contains an immortal paragraph of love (41). Wilder utilizes diction by describing love as immortal, highlighting upon another significant theme of the novel. The author is speaking out through the Condesa on the immortality of love. Wilder voices his position that even through death, love is connected between the land of the living and the land of the dead by the bridge of love. When Dona Maria at last completes her letter, she opened the door upon her balcony and looked at the great tiers of stars that glittered above the Andes (41). The opening of doors is a symbol for Dona Marias new beginnings of a courageous life. The use of personification in the singing of constellations (41) highlights the optimism in the future of Dona Maria. Wilder uses specific positive diction such as glittering and singing to illustrate the new light and brightness of the Condesas life. The emphasis of light is further stressed as Dona Maria brings a candle into theroom, (41) symbolizing the new warmth and light brought into her life. Wilder conveys his themes and intent through the development of Dona Maria in The Bridge of San Luis Rey, drawing upon literary techniques to highlight his point. The Condesa ultimately vows to relive and begin life again with a new perspective, but the irony is revealed in the catastrophic collapse of the bridge. When at last Dona Maria has accomplished her greatest adversity, she becomes tragically victim to the fall of the bridge of San Luis Rey only two days later.

Market for Ready-Made Kids' Meals in America Case Study

Market for Ready-Made Kids' Meals in America - Case Study Example National product development involves new brands and innovative technologies aimed to deliver the best possible quality to the end consumer. American consumers are often ridiculed, chided, and scorned for their taste (Healthy, Ready Made Meals 2008). Consumers seem to be well aware of the necessity of improving tastes and satisfying aesthetic and psychological needs. First the functional, physiological, and safety aspects of products must be satisfied. Once these functional standards and values are identified and incorporated into products, the symbolic, aesthetic, and cultural dimensions, which are more related to product visibility and symbolism, become important. They are reflected in consumer purchases of good books, records, paintings, flowers, the application of better color sense, good style and design in the home, and a general upgrading of quality (Lyons 87). These seem to indicate a "better life" and appreciation for aesthetics. From social-cultural perceptive, ready-Made" Kids' Meals become very popular among all social groups. During the last five years, more and more African-Americans and Mexican consumers join the market. also, low price and easy cooking attracts low social classes and working families. During the last five years, consumers become generally more concerned with the intrinsic value or functionality of products.