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Requirement
Write a three-page analysis. Please include a 100 words critical-thinking conclusion you may expand your argument on how these economic concepts are applicable to our present financial situation in Florida.
Solution
Analysis
Chapter talks about the monopolistic competition and oligopoly. There are many market forms like perfect competition, monopoly, etc. Out of them, two have been discussed in the chapter- the monopolistic competition and oligopoly market. In an oligopoly, there are very few firms. The product that is sold in this market is not standardized completely but to be in the competition it is quite similar to other products. The main feature of the oligopoly market is that firm’s success depends on the actions of its rivals. On the other hand, the monopolistic market is the one where the products are sold on the basis of their level of differentiation. This gives the opportunity to the firms to earn an economic profit which is not possible in any other market form. So the people can choose to enter the monopolistic competition when they wish to earn economic profits, and they can choose to enter oligopoly if they want to grow big but compete with few firms that are larger in size. talks about resource markets. The households and the firms are the major players in the resource market.
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The goods and services that are available in the market are bought by the households from the firms and in turn, the firms earn revenue from it. So the sellers of the resources are households as they provide their services to the firms in the form of capital and money, and the firms buy their services and investment so they can be considered as the buyers of resources. The resources are supplied by the households as they earn their income from it. This income can be in the form of money or wages or rent from the supply of their land, interest from the supply of their investment, etc. These resources are taken by the firms for making the things for households only and satisfying their demand. This is done by production of various goods and services by the firms. Hence the resource market is a cyclical process. talks about the labor market and labor supply. In the labor market, the employees and the workers interact with each other. Also, there is competition between the employers for hiring the best people and there is competition between the workers too for competing for the best available job.
The functioning of this market happens with the demand and the supply of the labor. The demand for the labor means the amount of labor that the firms demand and the supply mean that the number of people who are available for the work. Bargaining power of the employers and workers determine the demand the supply and demand of labor in the market. So it can be understood from this that the demand and supply works on the basic principle of the general law of demand i.e. more people are hired when the rate of wages go down but with the increase in rate of wages, the amount of labor demanded reduces. talks about the labor unions. The labor unions play a major role in determining the supply of labor. There are few set objectives of these labor unions. So to meet their goals, they reduce the supply of labor so that the rate of wages goes up and this benefits the workers. There are various types of labor unions like crafts union, industrial union, public sector unions, etc. Out of these, the crafts union makes the employers hire the union labor only. So basically, the labor unions function as the cartels for labors that restrict the number of people entering in a company so that the wages of the remaining workers go high. Though this gives a benefit to the members of the union but in general, the customers face disadvantage and those workers too who are not given the opportunity to work. In the eyes of the government, the labor unions retard the growth of the economy, and they delay the possible recovery of the economy of any country.
Conclusion
The condition of Florida is very attractive (Doyle, 2016). The markets here compete in monopolistic markets. The firms here try to differentiate their products from the other firms hence they give more variety to the consumers to choose from. Though the firms don’t earn economic profits here but they give variety to people. The rate of unemployment was falling here for many years, and recently it flattened. So the role of unions is less here. More people are getting employed day by day, so the condition of the economy is improving. The supply of labor is more than the demand by the demand is being created here, and that is why the rate of unemployment is falling.
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Doyle, G., 2016. Creative economy and policy. European Journal of Communication, 31(1), pp.33-45.
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