Population Control in China Essay - 1711 Words

Population Control in China â€Å"Vigilantes abduct pregnant women on the streets and haul them off, sometimes handcuffed or trussed, to abortion clinics. [Some] aborted babies cry when they are born (Steven Mosher).† This quotation shows one method how China tries to carry through its population control in a manner which is very cruel and against human rights. We, Western people, do not understand why China needs a population control and why this control has to be carried out so harshly. But why had China to control its population? From 1949 on, Mao Zedong feared war with the United States or the Soviet Union. â€Å"China’s millions [of people] were the country’s primary weapon against technologically superior enemies.† The Chinese population†¦show more content†¦The desire for sons and the infanticides of girls lead to another problem. Today the imbalance between men and women is already very high, and will even get higher in the future. For example, in the Guangxi province 19 out of 24 births were boys (2001). Because of this imbalance men will have a hard time finding a Chinese woman in the next couple of years. But how does China try to carry out its one-child policy? The techniques to enforce the one-child family are sometimes very cruel and violate human rights. First of all, families need an authorization to have a baby. That means that when they decide to have a baby, they first have to get an official authorization to have a child. To learn about unauthorized pregnancies, Chinese officials pay informants to report them pregnancies of women. These informants can be neighbors, friends, or even family. This method is comparable to what the East German â€Å"Stasi† did in former times. Chinese people cannot trust anybody, because they can be reported to the officials. Women are also only allowed to have children when they are married. Because of this law, China passed another law that says that women are only allowed to marry with the age of 23. That means that women officially are allowed to have a child with 23 years. That led to an increase of the average age of first birth from 20.8 years (1970s) to 23.6 years (1998). Another method to enforce the one-child policy is sterilizations. All women who gave birth to threeShow MoreRelatedHow Are The Population Policies Different Between India And China? Essay1546 Words   |  7 PagesHow are the population policies different between India and China? Guifang Tang Introduction China and India are the two countries which have the largest population in the world. These two countries have many similarities, especially they have fabulous growing speed during the globalization. In the global economic market, China has the biggest manufacture market and cheap labor (Justin Paul Erick Mas.2016). India gained independence from the United Kingdom from 1947 and started to focusRead MoreOverpopulation in China703 Words   |  3 PagesOverpopulation in China Background 1949 The Peoples Republic of China was formed. The population then was made up of mostly workers. The Chinese families were paid to have babies. 1953 The Chinese population had grown to about 583 million people. The Chinese government no longer offered an incentive of pay to have babies. 1963 The Chinese government realized that the families continued to produce babies and they were headed for major problems. The Chinese government came outRead MoreIndia and China Overpopulation Essays1203 Words   |  5 PagesHuman population is drastically increasing by the second, with the addition of one billion people every 12 years. Overpopulation creates an abundant amount of issues ranging from environmental and social problems. Nations attaining copious amounts of population introduce a wide array of problems to the world around and such nations. These environmental problems consist of but are not limited to lack of resources such as food and water; which may cause malnutrition in large populations, poor air qualityRead MorePopulation Control: Preventing Unwanted Pregnancies Essay1021 Words   |  5 PagesPopulation Control: Preparing for the Future The world’s population is rising rapidly from seven billion to the estimated nine billion in 2050 (Ellis, Overpopulation is Not the Problem). Every human being adds stress to the Earth’s resources. Numerous places like Africa and China maintain a copious amount starvation and poverty. There are days when people go without food, water, or shelter. There is even such happening in the United States. In such places, it is difficult to find contraceptionRead MoreOne Child Policy of China: Socio-Economic Effects1740 Words   |  7 PagesChina is world’s most populous and fastest emerging economy that is seen as a continent in it instead of being part of Asia. In recent years, developed nations have been surprised by the acceleration of development in country that they give examples of success stories based on China’s market. Apart from China’s sophisticated with complex economic and political system, China also demonstrate interesting trends in several different prospects of society that are often neglected by intellectuals. ThereRead MoreBeing an ethnic Chinese made me feel interested in the Chinese current situation. According to my1500 Words   |  6 PagesAccording to my research, one out of five of the world’s population lives in China, how can a country have that tremendous population, which is about 1.4 billion people? We have known that overpopulation is not a good thing to be happened in a country, especially in a LEDC. So, did the country government put any effort on controlling the population? In fact, One-child policy is a great law which aim was to control China’s population and let China have more resources. It was introduced to Chinese peopleRead MoreCompare and contrast India and Chinas population1547 Words   |  7 PagesChina and India are the two countries that have the highest population in the world. Both countries have realised that family planning and population control had to happen around the 1950s for India and the 1970s for China. This essay will seek to compare and contrast China and India, focusing on what the major problems facing both are, why have they both had to implement policies regarding population control, and the long-term and short-term effects that these policies have on the two countriesRead MoreEssay on World Population877 Words   |  4 PagesWorld Population Works Cited Not Included Population causes a heated debate among many people. The worlds population has exceeded 6.5 billion and continues to increase about another 76 million each year. The three most populated countries are China, India, and the United States. Scientists have become worried that the population will double within the next 50 years, exceeding 12 billion people. With scarce natural resources and the strain that a doubling in population will cause on food availabilityRead MoreChina And Indi Driving Forces Of Overpopulation712 Words   |  3 PagesEmre Can AydÄ ±n Writing Assignment 104A 03/15/2015 China and India: Driving Forces of Overpopulation According to BBC, India s population reached nearly 1.21bn (India census: population goes up to 1.21bn). China is also has the population of 1.36bn according to Chinese Government (China Statistical Yearbook-2014). That s almost the half of the Earth s population. There are negative outcomes of this situation like poverty, depletion of resources and disturbed cultural structures. ActuallyRead MoreHan China vs. Mauryan/Gupta India Essay1132 Words   |  5 Pagesand differences in methods of political control in the following empires in the classical period. Han China (206 B.C.E.-220 C.E.) Mauryan/Gupta India (320 B.C.E.-550 C.E.) During the Classical period, Han China and Mauryan/Gupta India developed many methods of political control. Although these empires were located in different geographic regions, they both used social hierarchy, language, bureaucracy, and religion as a means of political control. Many of Classical India’s religious beliefs

Current Social Issues Income Inequality - 767 Words

1) Why to study? Overview of current social issues - income inequality Unequal distribution of income has significantly impacted individuals in the global workforce. In particular, the maldistribution of wealth has lead to various issues in the US society as well, not only economically, but also psychologically. Prior research shows that lower income status is positively associated with exposure to stressors and negative life events (Lantz et. al, 2005ï ¼Å' Santiago, Wadsworth Stump, 2011) In other words, lacking financial resources and social capital not only impacts one’s quality of life, but one’s psychological well-being (Murali Oyebode, 2014) In addition, individuals with lower socioeconomic status (SES) tend to have more negative†¦show more content†¦3) Definitions of these variables in the present study? Independent Variables: Emotion Regulation: the capacity to regulate one’s own emotions at work Self-doubt: uncertain about oneself Dependent Variables: Job Performance: productivity, ability to accomplish tasks Job Satisfaction: whether or not being satisfied with one’s current position, status, wage, companies, etc. 4) Search Keywords (still figuring out and narrowing down possible alternative keywords, and) Research Questions 1) How negative emotions impact job performance and job satisfaction? 2) How capacity to regulate emotions impacts employees’ job performance and satisfaction? 3) Would low-wage status moderates the relationship between self-doubt and overall psychological well-being? Implication 1) Provide employees possible strategies for improving their capacity to regulate emotions and managing emotional strain. 2) Assist low-wage workers in promoting positive and stable self-concepts. Method Procedure The present study is a meta-analysis that involves approximately 40-60 empirical journal articles. Statistical software: SPSS will be used for running a t-test. Online database: As of now, around 9 articles are found from the following database: Science direct ProQuest Cambridge Core Taylor Francis Online SagePub Springer 3) These Articles are from the following journals Motivation and Emotion Journal of HealthShow MoreRelatedPoverty in the U.S.961 Words   |  4 Pagesarticle in the Economist, the US currently boasts the highest post-tax level of income inequality of any high-income country in the world (Economist 2013). The nations Gini Coefficient – a measure of wealth inequality – currently stands at .42, well above that of other nations such as Switzerland and Sweden, which have Gini Coefficients of .31 and .33 respectively. Unfortunately this high level of income and wealth inequality is growing. Between 1979 and 2011, American earners in the top one percent sawRead MoreRace, Gender, And Social Class991 Words   |  4 PagesRace, gender, and social class has several implications in the United States and how it shapes policy and perceptions of those who live in poverty. Current welfare systems are not perfect, and capitalistic policies do not work as intended to solve income inequalities. Given this, we will discuss social inequalities and capitalism, the welfare system, and propose two policies that solves welfare, and social and income inequalities. The first key idea from the materials is that social inequities andRead More Increasing the Minimum Wage Will Reduce Income Inequality Essay1252 Words   |  6 Pagesminimum wage. In fact, the current minimum wage does not even lift a family out of poverty. -- Jon Corzine Income inequality has been a major problem facing American society for decades, but has recently become a major concern. I personally believe the major gap between the income of the rich and poor is a not just, but is not a major concern for the government and society. If the Federal Government addresses other major concerns facing American citizens the inequality will be adjusted due toRead MoreThe Education and Healthcare Gap1686 Words   |  7 Pagesconcerning the relative equality or inequality in America. Over the past one hundred years, we have seen a sizable shift toward equality in the legal rights of minorities. However, this legal equality is undermined by a pervasive and broadening socioeconomic inequality, especially in regards to healthcare and education. These issues disproportionately affect minorities. This paper will first touch on two other types of inequality: civic and income. Then it will move into how healthcareRead MoreSocial Problems Perpetuated Essays1147 Words   |  5 PagesThroughout United States history, power of the upper class has been maintained by assigning â€Å"different† people a lower, less desirable, place in society, predisposing them to social inequalities. Social stratification creates a system of social classes in which people born into a specific class have different â€Å"life chances† (Macionis 28). These classes are somewhat maintained by the fact that people tend to â€Å"take care of their own,† meaning that members of the upper class generally favor other membersRead MoreJohn Stuart Mill And Income Inequality1721 Words   |  7 PagesMill and Income Inequality Many great economic thinkers throughout history has offered various differing yet interrelated views and ideas that may prove useful to the analysis of current issues in modern economics. A persistent issue in the modern economy is income inequality whereby the distribution of income among the population is unequal. This means that the gap between the rich and the poor increases over time if the issue is not appropriately addressed. In exploring the issue of income inequalityRead MoreThe Social Issue Of The Income Inequality Essay1433 Words   |  6 PagesThe social issue of the income inequality In today’s modern world, as the technology has developed better daily, whereas the gap referred to income inequality between rich and poor still has not solved but has widened. Income inequality simply refers to the extent to which income is unevenly and unreasonably distributed in manner among a population. The inequality brings economic instability, but sadly most people are not relatively concerned about the wide inequality between classes. Ever sinceRead MoreCurrent State Of The U.s. Economy1342 Words   |  6 PagesCurrent State of the U.S. Economy A nation’s economy plays a vital role in how a nation operates. The United States economy faces a large variety of problems in this paper; we will focus on 4 major economic problems, unemployment, inequality, federal debt, and the financial/credit market. All four issues are interconnected in some way with deep social and economic implications. These issues were emphasized during the Great Recession that hit the U.S. economy in 2007.In the following paper, we willRead MoreThe Great Gatsby By F. Scott Fitzgerald867 Words   |  4 Pageshappiness. This proposed idea connects with our current controversial debate sponsored by Intelligence Squared U.S. by representing the aspiration of economic success. The â€Å"visceral topic† is questioned, â€Å"Does income inequality impair the American dream of upward mobility?† In the beginning, Mr. Robert Rosenkranz provides the audience with a comparison of one’s income to a ladder with many rungs. He sets a perspec tive about the increase in inequality creating a difficulty or perhaps a neutrality ofRead MorePoverty : A Social Economical Problem868 Words   |  4 PagesThe idea poverty as a social economical problem started way back during the Early Industrial Age. During the Industrial Age Edmund Burke was a man who searched a way to preserve the good in society and change the bad in society. He also as political expressed expression of objection to â€Å"Labouring the poor†. Later poor laws reformed the expression in relief to the poor. Later in 19th century the poor laws were reformed to a Poor Law Amendment Act 1934. The act was ruthlessly enforced and was unpopular

Electrical Resistance Free Essays

JMJ MARIST BROTHERS NOTRE DAME OF DADIANGAS UNIVERSITY MARIST AVENUE, GENERAL SANTOS CITY MULTITESTER Instrumentation and Control CpE 511 NAME: KURT RUSSEL C. CHUASeptember 01, 2012 CYNTHIA C. GONZAGADate of Submission INSTRUCTOR: ENGR. We will write a custom essay sample on Electrical Resistance or any similar topic only for you Order Now JAY S. VILLAN, MEP-EE Introduction A multitester or multimeter is a device which can be used to gather data about electrical circuits. A basic multitester can measure resistance, voltage, and continuity; while more advanced versions may be able to provide additional data. This tool can be very useful to have around the house, and anyone who plans on doing electrical repairs should most definitely use a multitester for safety reasons. Multitesters can be used with the current off or on in most cases, although using the device with the current on can sometimes result in damage to the device. Theory Ammeters are employed for measuring current in a circuit and connected in series with the circuit. As ammeter is connected in series, the voltage drop across ammeter terminals should be as low as possible. This requires that the resistance of the ammeter should be as low as possible. The current coil of ammeter has low current carrying capacity whereas the current to be measured may be quite high. For this reason a low resistance is connected in parallel to the current coil. Voltmeters are employed to measure the potential difference across any two points of the circuit these are connected in the parallel to the circuit. The resistance of voltmeter is kept very high by connecting a high resistance in series of the voltmeter with the current coil of the instrument. The actual voltage drop across the current coil of the voltmeter is only a fraction of the total voltage applied across the voltmeter which is to be measured. An ohmmeter is a measuring instrument used to measure the resistance placed between its leads. The resistance reading is indicated through a mechanical meter movement which operates on electric current. The ohmmeter must then have an internal source of voltage to create the necessary current to operate the movement, and also have appropriate ranging resistors to allow just the right amount of current through the movement at any given resistance. One major problem with this design is its reliance upon a stable battery voltage for accurate resistance reading. If the battery voltage decreases, the ohmmeter scale will lose accuracy. Conclusion Aside from using devices such as  multitester, the resistance value of a  resistor can be determined by its color coding. There are small differences between measured and color coded values of the resistances. These differences may be caused by some factors such as the multitester used in the experiment and some mistakes made by the experimenters. It is much easier to read the resistance value of a resistor through a digital multitester than by using an analog multitester and by color coding. In addition, in using an analog multitester, you have to first consider the range of the resistance and make the zero-ohm adjustment in each and every reading. In that case, that is the only time you  can acquire the resistance value after a  slight inconvenient process. Pictorial Calculation For Ammeter: * 0. 25A R1=99mV0. 25A R1= 0. 96 ? * 25mA R2=99mV25mA-R1 R2= 3. 564 ? * 2. 5mA R3=99mV2. 5mA-R2-R1 R3= 35. 64 ? For DC Voltmeter: * 2. 5V R1=2. 5V49. 5 µA-Rm R1= 48, 505. 05051 ? * 10V R2=10V49. 5 µA-Rm-R1 R2= 151,515. 1515 ? * 50V R3=50V49. 5 µA-Rm-R1-R2 R3= 808,080. 8081 ? For AC Voltmeter: * 10V Im=49. 5 µA0. 637 Im= 77. 70800628 µA R1=1. 41410-1. 477. 70800628 µA-Rm R1=161,947. 0707 ? * 25V R2=1. 41425-1. 477. 70800628 µA-Rm R2= 434,891. 9192 ? * 250V R3=1. 414250-1. 477. 70800628 µA-Rm R3= 4,529,064. 646 ? How to cite Electrical Resistance, Essay examples

Intermediate Microeconomics and its Application †MyAssignmenthelp

Question: Discuss about the Intermediate Microeconomics and its Application. Answer: Introduction Economics as a principle discipline has developed substantially over the years, with the development and dynamics of the global economy. The conceptual framework of economics, as a subject can be divided into two broad categories- the categories being microeconomics and macroeconomics. While macroeconomics specifically focusses on issues or phenomena which have effects on the economy of a region or a country as a whole, microeconomics is that genre of the subject which deals with the economic behaviour or phenomena related to one individual household or business entity (Baumol and Blinder 2015). Thus, in simpler words, macroeconomics is the study of a larger domain of economy and economic issues while microeconomics aims to explore the dynamics in the economic behaviour of the individual economic agents, both in the household as well as in the business sectors of an economy. Keeping this into consideration, it can thus be asserted that economics as a subject plays a key role in the economic decision makings as well as operational frameworks of the commercial institutions across the world. Over the years, with the increase in the dynamics of the global commercial scenario and with international phenomena like Globalisation and Liberalisation in most of the economies of the world, increasing numbers of businesses are going global (Gurgul and Lach 2014). The business operations are also becoming increasingly integrated, multilateral and complex, owing to the increasing inclusions of events and operations in the business frameworks. The competitiveness among the business organizations are also increasing owing to the increase in the supply side players and changes in the taste and preferences of the demand side players (Nicholson and Snyder 2014). In this context, it becomes immensely crucial for the commercial enterprises to emphasize on their decision making process and operational aspects such that their objectives of profit maximization and staying ahead of the competitors, thereby attaining sustainability in the long run are achieved. Taking this into account, the report tries to analyse and discuss about the different microeconomic principles and factors which have implications on the management of commercial organizations in the contemporary global economic scenario. Economics in Business Decision Making One of the primary problems which the businesses face in all parts of the world is the scarcity of resources which are required for the production of their goods and services. The problem of scarcity of resources is considered the most vital concern in the domain of microeconomics and also one of the primary assumptions in the subject (Krautkraemer 2012). Land resources- The land resources, in economics, not only consider land but also is inclusive of all the natural resources used for the production of goods and services, which include resources like water, natural gas, minerals, natural energy resources like oil, coal, forest resources and other raw materials, which are broadly required for the production of any commodity or service. These land resources are scarce and the producers using these resources pay prices in the form of rent (Frank and Cartwright 2013). Labour resource- This is considered to be the most vital resource used in the productive activities of any organization. Labour, in terms of economics, is the effort which people give in the production of goods and services of any organization. The price or income earned by the labour resources are known as wages (Sapsford 2013). Capital resources- In general, the non-human, manmade resources which are used for production of goods and services are categorised under the domain of capital resources in economics. These resources include the machineries, plants, tools as well as the financial resources which the suppliers use in producing the different goods and services. However, in the contemporary economic framework, the term human capital is coming into existence with increasing prominence (Hanushek 2013). The term, human capital, refers to the production augmenting skills present in specific human resources, mainly inclusive of the abstract capabilities of thinking and innovating which few people have. Thus, human capital is different from labour resources. The price of capital resources is paid in the form of interest. Entrepreneurship or Organization- This factor of production is the one which is required to combine and manage the other three factors of production efficiently such that the production and supply of goods and services helps the commercial organizations to earn profit. The profit earned by the businesses are generally considered to be the remuneration of the entrepreneurs. Keeping the fact that all the above-mentioned resources of production are limited, the primary concern of the business firms is to utilize these resources in such a way that the cost of production is minimized and the profit of the firm is maximized (Parker 2018). There are various microeconomic principles which affect the decisions and operational activities of the business organizations all over the world considerably. These factors and how they influence the firms and their management are elaborated as follows: The term Demand, in economics, refers to the willingness to buy goods and services by the customers, backed by their purchasing power at a given price level of the commodities or services concerned. The Law of Demand, in economic sense, states that there lies in general an inverse relationship between the price of the commodity or service which the consumer wants to buy and the demand of the same (Rios, McConnell and Brue 2013). The demand curve of a normal commodity, can thus, be shown as follows: As can be seen from the above figure, with the price of the concerned commodity falling from P1 to P2, the quantity of demand for same increases and vice versa, which makes the demand curve negatively sloped in general (Rutta and Thirtle 2014). The main reasons behind this negative relationship between the price of a commodity and the quantity demand of the same, which are known to be the income effect and the substitution effect, are described with the help of the following figure: As can be seen from the above figure, considering a two-commodity economy (the commodities being X and Y), the increase in the price of the commodity X, keeping the price of Y same, rotates the budget line from AB0 to AB1, which decreases the total demand for X. The reasons of these decrease are as follows: Income effect- When the price of X increases, the absolute income remaining the same, the relative income decreases due to the decreased purchasing power of the individuals, thereby reducing the demand for the commodity indirectly through the reduction in relative incomes of the consumers as can be seen from the compensated budget line (red dotted line) in the above figure. Here, due to the increase in the price of X, the relative income decreases, thereby decreasing the demand for X from X0 to X0, owing to the fall in income, which is known as the income effect (Duranton, Henderson and Strange 2015). Substitution effect- When the price of X increases, the consumers are more likely to shift from purchasing the same to its substitute products and purchasing more of other products. This can be seen from the above figure, where due to the increase in the price of X, the income factor remaining the same the demand for X decreases from X0 to X1 (Becker 2017). Thus, the total decrease in the quantity demanded of X can be shown as follows: X0X1 = X0X0 (Income Effect) + X0X1 (Substitution Effect) Exceptions of the law of demand The relationship between the price of a commodity and its demand is not always negative, especially in the case of exceptions like Giffen goods (commodities whose demand increases with increase in price and vice versa), Snob effects, commodities of addiction like drugs and absolute necessities like life-saving medicines. In these situations, the demand curve for the same is not negatively sloped (Kubler, Selden and Wei 2013). Thus, the above discussion shows that the nature of the commodity and the demand structure of the same play key roles in determining the operational framework and productive decisions as well as the pricing decisions of the same (Stanley and Doucouliagos 2012). If the demand for the commodities increase, the firms can increase their price as well as supply and vice versa, which can be seen from the following figure:From the above figure, it can be seen that with the increase in the demand for a commodity, the demand curve shifts to the right, which, provided the supply curve remains the same, increases the price of the product as well as the quantity of the same. There are several factors which may influence the demand for the commodities and services produced by a firm and therefore are of crucial importance for the firms operational activities. These factors are as follows: Income of the consumers- An increase in the income of consumers, in general leads to an increase in the overall demand in the economy, which in turn is expected to positively contribute to the demand structure faced by the firms (Friedman 2017). Price of the commodity- As discussed above there in general exists an inverse relation between the price of the commodity and its demand. This forces the firms to choose their pricings optimally so as to cover the cost as well as retain maximum number of customers. Price of related commodities- If the price of the substitutes increases then the demand for the products of the concerned company increases. On the other hand, the demand for the commodities sold by the company falls with an increase in the price of complementary commodities (Varian 2014). Future price expectations- If the consumers future price expectation about a commodity increase, then the current demand faced by the firm increases. Taste and preferences- The demand for the commodities sold by the firms are also subjected to the changes in the taste and the preferences of the consumers across different places and in different periods of time (Barreto 2013). In economics, the term Supply refers to the number of commodities or services which the producers tend to sell at various price levels. The supply of a product or a service, is in general positively related to the price of the same. Therefore, unlike the demand curve, the supply curve is in general positively sloped, which is shown as follows: Given that the demand curve of a commodity in general is negatively sloped and the supply curve is generally positively sloped, the equilibrium in the market occurs at the point where the demand and the supply of the same intersects with each other, which can be shown as follows: As can be seen from the above figure, it becomes crucial for the companies to adjust their supply of commodities or services on the basis of the demand situations in the market, such that the equilibrium is reached. Any anomaly in the demand-supply situation may lead to excess supply or excess demand in the market as can be shown in the following figure: There are several factors which contribute in the supply dynamics in the market, thereby becoming significant ones for the producers to take into consideration, which are as follows: Cost of inputs and raw materials- When the cost of the inputs of production decreases, the production process becomes more efficient as in the same cost, the producers can produce more of their commodities, which increases their supply. Technology- The technological innovations and progress also increases the cost effectiveness and efficiency in the production process of the firms, thereby affecting the supply positively (Bauer 2013). Government policies- The monetary as well as productive and infrastructural policies of the government and the tax and subsidy structures also have considerable implications on the production and supply of the commodities. Thus, taking these aspects into account, the business firms base their production and supply decisions such that they can cater to maximum number of customers and their profit as well as sustainability is maximised. Elasticity of Demand One of the key principles in the microeconomic theories, having considerable implications on the demand and supply of goods and services across the world, is the concept of elasticity of demand for a commodity or a service. The price elasticity of demand of a commodity or a service shows the degree of responsiveness of the demand for the same to a unit change in the price of the commodity or the service concerned (Buer 2016). The elasticity of demand can be divided into three categories, which are as follows: Own price elasticity of demand- This measure shows the change in the quantity demanded of a commodity due to a one-unit change in the price of the commodity itself. This is usually negative as with the increase in the price of the commodity the demand falls. Cross price elasticity of demand- The cross-price elasticity of demand shows the change in demand of a commodity due to the change in the price of the related commodities, both substitutes as well as complements. Income elasticity of demand- This shows the change in the demand for a commodity due to the change in the income of the same. The magnitude of elasticity also determines the demand supply dynamics in the market for a particular commodity and service. When the quantity demanded of a commodity changes significantly due to a small change in price then the demand for the commodity is said to be highly elastic (Babar et al. 2015). On the other hand, if a small change in price does not change the demand for the same significantly then the demand for the same is said to be comparatively inelastic, which can be shown as follows: As can be seen from the above figure, the same change in price can lead to a comparatively higher change in demand for those commodities whose demand is more elastic than those commodities whose demand is comparatively inelastic. Implications on business management As can be seen from the above discussion, for any pricing decisions to be taken by a firm, it is of immense important for the firm to consider the nature of commodities or services which the company is providing in the market and the elasticity of demand of the same. If the commodities sold by the concerned firm are inelastic in demand, then it is easier for the concerned firm to increase prices to some extent as the increase in price will not decrease the demand substantially. On the other hand, those companies selling products with high price elasticity of demand can decrease their price of the products by a nominal level and enjoy much higher demand for their products or services. One of the primary factors which affect the operations of any firm and the price and output decisions of the same is the type of market in which the firm or the industry operates. In microeconomic conceptual framework, the market structures, as found in real global scenarios, are divided into different into forms depending on the number of buyers and sellers present in the market, the types of commodities or services sold in the market, the barriers to entry and exit from the markets and the market power as well as the access to knowledge enjoyed by the buyers and the sellers in the market (Chen and Schwartz 2013). The different types of markets, as defined in the microeconomic framework are as follows: a) Perfect Competition- In this type of market structure, there are many buyers as well as many sellers, which in turn implies that that no buyer or seller enjoys more market power than others. There remains no barrier to entry and exit in this type of market structure and each of the buyers and the sellers are all price-takers and not price-makers. The products sold are also homogenous (Azevedo and Gottlieb 2017). b) Monopoly- This market structure is exactly opposite to that of the former. Here, there is one seller and many buyers, which gives the seller immense market power and makes him the price maker. The barriers in the market are also considerably high. c) Oligopoly- In this type of market structure, there remain many buyers and a few sellers. Each of the seller enjoys considerable market share and power and are dependent on one anothers decisions. There remain several entries and exit barriers in this form of market. The products are also differentiated (Fudenberg and Tirole 2013). d) Monopolistic Competition- This market structure has traits of both perfect competition as well as monopoly. There are many buyers and sellers in the market. However, the products sold each by seller is differentiated from one another. The firms base their production and pricing decisions on the types of markets in which they venture and for the operations of a firm to be robust, a detailed analysis of the market in which they operate and the traits and level of competitiveness are to be considered by the producers in order to make their venture profitable and sustainable (Mahoney and Weyl 2017). Conclusion As can be seen from the above discussion, the microeconomic factors and principles are not only theoretical concepts but have considerable implications on the business scenario across the globe. 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