Analyzing Economic Strategies in Manufacturing and Public Policy

The assignment focuses on analyzing various economic strategies implemented across different sectors. It investigates the introduction of technologies A and B by Henry Ford to improve manufacturing processes and how governments have strategized fair wages and increased cigarette taxation to reduce consumption and boost revenue. Additionally, it discusses involuntary unemployment issues in China and North Korea, offering insights into global economic challenges and policy responses.

ECONOMIC

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
EXERCISE 1...............................................................................................................................1
EXERCISE 2...............................................................................................................................1
EXERCISE 3...............................................................................................................................1
PART 2............................................................................................................................................7
EXERCISE 1...............................................................................................................................7
EXERCISE 2...............................................................................................................................7
EXERCISE 3...............................................................................................................................9
PART 3..........................................................................................................................................10
EXERCISE 1.............................................................................................................................10
EXERCISE 2.............................................................................................................................10
EXERCISE 3.............................................................................................................................11
PART 4..........................................................................................................................................11
EXERCISE 1.............................................................................................................................11
EXERCISE 2.............................................................................................................................13
CONCLUSION..............................................................................................................................14

INTRODUCTION
Economics is the management of work cost and profits or gains made over the product. It
includes various technologies that have been made to maintain the demand and supply in the
market. In the presents report, there will be various cases and strategies made by several
government fro different nations as to control the demand. Different manufacturer has also made
strategies as to expand the work potential and reduce labour hours.
PART 1
EXERCISE 1
1.Defining meaning of quote and private property:
The quote addresses debate over excise bill imposed by Lord Bute as Prime minister in
year 1763. it describes that no body can enter into a property without any legal rights like owner
have. As in private property legal right and authority is only for owner and possessor of such
asset.
Applied over local people
For assessment over domestic place it has been identified here people has ownership over
their property and they have rights to make changes in it. There is no rights for external
individuals who do not have rights and authority to make any changes or enter into property.
EXERCISE 2
Formation of a firm based on a leader and his employees, where leader gives a vision and
in respect to that employees make efforts. For instance, pirate ships works as same because they
discover routes and robe other ships as well as recruit robbers for robbery. Pirates have
responsibility of their live, they are optimistic, they have magnetic personality. They has
encouraged towards their jobs as well as they work enthusiastic and independently. Braveness in
taking any bold decisions are also the features of employees in a firm.
EXERCISE 3
a. technology (a&b)
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b. dominant:
Technology B is dominating because of use of machinery in-spite of using men for
assembling parts of cars is prompt and there is swiftness in producing a single car within less
time utilisation.
c. isocost:
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d. incentives:
There will be rise in the incentive prices. As the working hour is reduced to produce a car
and ford is able to meet the demands in market.
2.
 diagrammatically impacts
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 assumptions:
It can assumed that there must be innovations in the technology and as they must promote
the use of various machinery and artificial intelligent to take the place of maximum numbers of
employees and bring promptness in work.
3.
 bidding war:
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After world war 2 there was drastic increase in the demands of cars and which provokes
the prices of cars. Manufacturing companies has started to make innovations as to give rivalry
competitions to each other.
 impact of law:
After the world war 2 there has be changes into the law regulations in car manufacturing
companies such as taxation, interest on loans has control the demands. It become luxury for
consumers to afford the car.
 impact of internet:
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consumer make search over the internet and select the best and suitable deal for them in
context with luxury and affordable prices. Ford has focused on both the statement and has the
successful years as compare with other manufacturing firms.
 situation of car:
the current situation of the car is efficient as there is various innovative techniques to
manufacture the cars and within less time consumptive. Ford making good volume of earnings.
4.
 alternative cost curve:
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 representation cost curve
It represents that after implementation of new and advanced technology it has reduced laborious
efforts and as well as the cost for manufacturing the cars will also be reduced.
PART 2
EXERCISE 1
Installation of various machinery as to reduce labour hours in production process. As per
researches made by Florida state university as to gain the information regarding production
process and reducing the time consumption by laborious work to complete such tasks or
operations.
EXERCISE 2
A. Technology implicated: There will be installation of various machinery and artificial
intelligence at each required stage. The process can be raw material checking, proceeding the
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material to design the final product, packaging and labelling etc. are the requirements of
technology in a firm.
B. Analysis: It can be analysed that implementation of technology such as artificial intelligence,
devices and machineries that have reduced time consumption for production process. Managers
of industries make their efforts in controlling the other operational functions such as planing
strategies for controlling costs, expenses etc.
c. diagram of feasibility frontier and indifference curve:
Illustration 1: feasibility frontier
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Illustration 2: indifference curve
EXERCISE 3
A. increase in discretionary hours:
the lifetime discretionary hours get increase as per the records of 1880 to 1995 because
there is decrease in the working hours. The implementation of newer technology helps in
reducing the working hours made by employees.
B. technological innovation:
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the technological advancement in the years 1880 and 1995 has total changed. There can
be installation of various machineries and equipments that has reduced the working efforts made
by labours.
C. reasons:
As per estimation for the records provided of year 2040 there has been increase in the
discretionary hours and which is simultaneously reducing the working hour and also increases
the leisure hour. It means in coming time there will be drastic changes in technologies as well as
installation of innovative technologies which will promptly made reduction into working efforts
made by employees and reduce the labour hours too.
PART 3
EXERCISE 1
a. employment contract:
In lectures based on employment contract, there must be include rights, rule and
responsibilities of an employee at workplace. These will help students to gain the legal rules and
rights of an employee and what are the responsibilities are required in organisation.
b. difficult to include in contract:
There will be various terms which cannot be included in the employee contract such as
work limit that means the piece of work has to be done not exceeding it less than it. These
requirement will be unlawful as during peak workload.
EXERCISE 2
a. economic rent:
Joe's economic rent is 16871.4.
b. size economic rent:
Ripcurl in 2016 was criticised due to the outsourcing the production of clothes
manufacture in North Korea which is near to the border of China. The issues arises that the
company has offered to the employees to work 7 hours per day in the firms and which is 70
hours in the week but remuneration paid to them is not adequate. Large volume of the salary is
being received for the coupon that has been offered by government to benefit them in buying the
food articles such as corn and rise. If any worker argues he will be send to the imprisonment with
no salary and job. The company is earning much and expending less.
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