Analysis of Open and Closed Economies

Analysis of Open and Closed Economies Table of Contents (Jump to) TASK1 1.0 DEFINITION OF OPEN ECONOMY AND CLOSE ECONOMY 1.1 DIFFERENCES BETWEEN OPEN ECONOMY AND CLOSE ECONOMY 1.2 COUNTRY WHO PRACTISE OPEN ECONOMY AND CLOSE ECONOMY 1.3 CONSUMPTION AMONG OPEN ECONOMY AND CLOSE ECONOMY 1.4 INVESTMENT AMONG THE OPEN ECONOMY AND CLOSE ECONOMY 1.5 IMPORT AMONG THE OPEN ECONOMY AND CLOSE ECONOMY TASK2 2.0 UTILIZE 2.1 WEALTH DISTRIBUTION 2.3 FOUR PRODUCTION FACTORS EFFICIENTLY AMONG WEALTH DISTRIBUTION 2.4 INTRODUCE NEW TECHNOLOGY AMONG WEALTH DISTRIBUTION 2.5 INVESTMENT IN NEWPLANT AND EQUIPMENT AMONG WEALTH DISTRIBUTION 2.6 ENSURE SUFFICIENT DEMAND AND SUPPLY FOR PRODUCTS AMONG WEALTH DISTRIBUTION 3.0 CONCULUSION 4.0 REFERENCES TASK1 1.0 DEFINITION OF OPEN ECONOMY AND CLOSE ECONOMY An open economy is an economy in which there are economic activities between domestic community and outside, e.g. people, including businesses, can trade in goods and services with other people and businesses in the international community, an d flow of funds as investment across the border. Trade can be in the form of managerial exchange, technology transfers, all kinds of goods and services. Although, there are certain exceptions that cannot be exchanged, like, railway services of a country cannot be traded with another to avail this service, a country has to produce its own. This contrasts with a closed economy in which international trade and finance cannot take place. The act of selling goods or services to a foreign country is called exporting. The act of buying goods or services from a foreign country is called importing. Together exporting and importing are collectively called international trade. There are a number of advantages for citizens of a country with an open economy. One primary advantage is that the citizen consumers have a much larger variety of goods and services from which to choose. Additionally, consumers have an opportunity to invest their savings outside of the country. In an open economy, a coun try’s spending in any given year need not to equal its output of goods and services. A country can spend more money than it produces by borrowing from abroad, or it can spend less than it produces and lend the difference to foreigners. There is no closed economy in today’s world. An economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy’s borders. A closed economy is the opposite of an open economy, in which a country will conduct trade with outside regions. 1.1 DIFFERENCES BETWEEN OPEN ECONOMY AND CLOSE ECONOMY 1.2 COUNTRY WHO PRACTISE OPEN ECONOMY AND CLOSE ECONOMY American countries in adopting open economy and free and other trade practices or the United States an open economy is the opposite of a managed economy. It is one that is characteristically market- oriented, with free market policies rather than government-imposed price controls. In an open economy industries tend to be privately owned rather than owned by the government. In the area of international trade an open economy is one whose policies promote free trade over protectionism .On the other hand, a managed or closed economy is characterized by protective tariffs, state-run or nationalized industries, extensive government regulations and price controls, and similar policies indicative of a government-controlled economy. In a managed economy the government typically intervenes to influence the production of goods and services. In an open economy, market forces are allowed to determine production levels. A completely open economy exists only in theory. For example, no country in the world allows unlimited free access to its markets. Most nations have fiscal and monetary policies that attempt to improve their economies. Many economies that are open in some respects may still h ave government owned, monopolistic industries. A country is considered to have an open economy, however, if its policies allow market forces to determine such matters as production and pricing.

Cloud Technology and Virtualization Assignment Example | Topics and Well Written Essays - 1000 words

Cloud Technology and Virtualization - Assignment Example In the business world, cloud computing has initiated to gain a huge mass appeals as it enables secure sharing and processing of computer resources over virtual networks. Corporate Data Centres operates through the internet for real time sharing of information and application among all the nodes of the business placed at different location all over the word. Nowadays the cloud based computer services became so much distributive in nature that many organizations are finding difficulties in using the applications and the technological infrastructure components without it. Instead of using the pre-cloud and traditional practices, the cloud network enabled huge reduction in capital cost and much more efficiency in flexibility of the business. The cloud technologies have huge impact over the corporate data centres. The Research manager of Global Cloud Computing, Agatha Poon said that the backup and recovery plan for the pre-cloud environment was not at the top of the priority list and that resulted in huge amount of cost utilization for management of those resources. Poon added that with the help of ‘cloud aware’ hardware deployment of the energy can be managed with much less cost and the organization can have quicker service solutions and energy consumption can be as per their demand. The elasticity of the cloud services enabled much higher utilization of the server. Moreover, there are provision that the companies can make zero investments for storage and server services. The overall efficiency of the organization can be increased with collaborate working in a cloud services. Cloud computing also resulted as an added benefit for the community of application development. It provided freedom maintain hardware systems. The cloud developers also say that it is perceived as a large cost saving application. Another major component of the cloud computing system is the Data Security. According to the experts cloud computing provides a stronger

Fast food Essay Example | Topics and Well Written Essays - 750 words - 1

Fast food - Essay Example He has some reasons for not accepting the food as art. His reasons tell about its short life time of food, its temporary taste, less audience, its lack of complexity, less creativity, the profit motive of its creators, its objective to nourish people, its recurring needs etc. In contrary to this, he has illustrated some experiences in elBulli restaurant for its chances of being an art. Compare and Contrast with other Related Articles: There are some common features to be compared between the article of Blake Gopnik and the post in â€Å"From Still Life to Real Life: Food Art and Its Place in the Art World† by Kate Olsen. These include the life time of food, and its simplicity. As per the television program â€Å"The Rachel Ray Show† done by Artist Jason Baalman, it is clear that the history and custom of food is an acceptable opinion as per the article of Blake Gopnik. I find some lack of information in the article â€Å"The Big Debate: Can Food Be Serious Art?† by Blake Gopnik when compared to others. It is not mentioned about the traceability of origin of art form of food. But it is clearly mentioned in â€Å"Still life† article by Kate Olsen with some common instances around us. Also, the former lacks the information about the statues formed out of carving the food materials. But, the latter points out the same. This reminds the statues formed out of butter by Jim Victor. Most of his creativity depicts animal life. According to Blake Gopnik, the food was not at all critical to be an art. This proves that the raw material is also important in forming the art of food. But in â€Å"Still life† article, it is mentioned clearly through the experience of Janine Antoni, an artist. In the case of Janine Antoni, she stunned museum goers with her 1992 conceptual piece titled â€Å"Gnaw,† a 3-part installation piece consisting of both a 600lb cube of chocolate and a 600lb cube of lard that have been literally â€Å"gnawed† on every corner so that teeth marks are evident and large chunks on the corners are missing. Is it art? As Antoni explains, â€Å"I titled this ‘Gnaw’ because I am interested in the bite as a kind of primal urge. I love to look at a little baby when they put everything in their mouth in order to know it, and through that process, they destroy it. I was interested in the bite because it was both intimate and destructive† (Kaufman, 2010). You can see the food arts in different forms in museums. Some of them make us feel and involve into the story or ethnicity on passing by or having it. This is explained with an example from a piece â€Å"Untitled (Portrait of Ross)† written by relational aesthetics artist Felix Gonzales-Torres in 1991. (Kaufman, 2010). Conclusion: In my view, it is clear that the food can be considered as an art to an extent on the ground of the above mentioned articles. When you see an art work made out of food materials, it is special for your eyes as it has happened in your life time and cannot expect again in future. The food can be artistically formed by some creative artists. So it takes its forms in accordance with the thoughts and ideas of different persons. For instance, in the article â€Å"What is Fine Art?† by artist and author Dolores G.Kaufman, she explains: â€Å"when we call something fine art we are signifying a context into which the object has already been placed,