My grand shelf by https://padlet.com/jenny_wu1/dyvh65ute767 Made with a quick smile en-us 2018-08-27 08:32:09 UTC 2024-11-17 11:05:50 UTC hello@padlet.com jenny_wu1 https://padlet.com/jenny_wu1/dyvh65ute767/wish/275472977 It started July 15, when government inspectors found that Changchun Changsheng Biotechnology, China’s second-largest maker of rabies vaccines, had forged reports and violated regulations while producing 250,000 doses of rabies vaccines for humans, the South China Morning Post reported. This leads to allocative inefficiency as too much resources allocated to produce detrimental vaccines of children due to imperfect knowledge/information failure.]]> 2018-08-27 08:41:15 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/275472977 Unilever is a true behemoth when it comes to everyday consumer needs. They make everything from food to home care products. Unilever currently owns over 400 name brands around the world, including Dove, Lipton, Hellman’s, Magnum, Sunsilk, Persil, Omo and many. Unilever operates in around 190 countries and had a net profit of $5.26 billion in 2013.The problem with Unilever and competitors like Pepsico, Kraft, Nestle, Kellogg’s and P&G is that they rule out innovation. If it’s good enough for them, everyone else has to make due. The only differences between their products is not quality or ingredients, but rather the name, packaging and, of course, the price. This will leading to allocative and productive inefficiency. It is also can be an example of information failure. jenny_wu1 https://padlet.com/jenny_wu1/dyvh65ute767/wish/276105747 2018-08-29 03:01:21 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/276105747 jenny_wu1 https://padlet.com/jenny_wu1/dyvh65ute767/wish/276106050 2018-08-29 03:04:06 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/276106050 jenny_wu1 https://padlet.com/jenny_wu1/dyvh65ute767/wish/276109411 2018-08-29 03:30:01 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/276109411 Luxottica and the glass industry https://padlet.com/jenny_wu1/dyvh65ute767/wish/276462829 Luxottica is the biggest glass manufacturer in the world. They manufacture eyewear for Chanel, Bulgari, Armani, Ungro, Anne Klein and Moschino, among others. Luxottica also controls the leading vision-care providers in the United States, such as Eye Med and Vision Care, which produce over 130,000 frames per day. Producing over 80% of eyewear worldwide, Luxottica made over $9.7 billion in 2013. Although consumers might think that the glasses they are buying are very different with various price tags attached to them, they are likely produced on the same assembly line with little quality difference. It also prevents other businesses from entering the glass market and generating competition, which would give Luxottica to increase the quality of its glasses in order to ensure demand from consumers and to continuously obtain profit. ]]> 2018-08-30 02:44:54 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/276462829 https://padlet.com/jenny_wu1/dyvh65ute767/wish/276463013 in the U.S., 75.4% of all wealth is owned by the richest 10% of the people. This may result in allocative inefficiency in the economy.]]> 2018-08-30 02:46:13 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/276463013 In 2010, a Hunan smelting business did not treat the waste water appropriately, and the villagers are not informed. From 17 to 20 days, 111 of the 207 people who had undergone physical examinations in the city had excessive blood lead levels, including 29 children hospitalized with blood lead poisoning. This imperfect failure and production causes great negative externalities, which leading to both productive and allocative inefficiency. https://padlet.com/jenny_wu1/dyvh65ute767/wish/276463018 2018-08-30 02:46:14 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/276463018 jenny_wu1 https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190329 In this video the hosts introduce the notorious scandal about the toxic milk produced by one Chinese co., Sanlu. The information about the toxic ingredients were concealed from the consumers and resulted in the death of a dozen of babies. This is indeed leading to both allocative and productive inefficiency.]]> 2018-09-03 00:09:42 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190329 Education https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190539 Education is a merit good that is inadequately provided due to under provision. The consumers do not fully recognize the benefits of it due to information failure, consequently they do not consume enough of it. According to the Chinese Ministry of Education, there is only an 80 percent rate of attendance of primary and secondary education in China. Though the public education is provided by the state with a 9 year compulsory education, many people still do not choose to consume education even though it is provided for free. This is due to information failure, of them not being able to recognize the importance of education, which would benefit their work opportunities and life quality in the future. ]]> 2018-09-03 00:11:26 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190539 Health Care https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190688 Health care is an example of a merit good. For instance, some people may not recognise the importance of regular medical check-ups and or visiting a doctor. Hence, they are unlikely to take into account the benefits of their fitness to others. The associated external benefits may include higher output as a result of workers having less time off work (hence being more productive) and prevention of spread of diseases.]]> 2018-09-03 00:12:51 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190688 jenny_wu1 https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190767 2018-09-03 00:13:38 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190767 Google https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190858 In 2017, a 2.4-billion-euro penalty decided by the EU slapped on Google for abusing its dominant role as a searching engine, since it breached antitrust law over how it displays shopping ads.
This could lead to allocative and productive inefficiency for the retailers that were involved in this case, so it could be counted into a kind of information failure. 
Also, the monopoly of Google established barriers to entry for other Internet businesses. The lack of competition in the field could as well result in inefficiency.]]> 2018-09-03 00:14:24 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190858 https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190872 One-quarter of American workers make less than $10 per hour. That creates an income below the federal poverty level. ]]> 2018-09-03 00:14:32 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190872 https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190937  In 2012, the top 10 percent of earners took home 50 percent of all income. ]]> 2018-09-03 00:15:07 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277190937 https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191034 One-quarter of American workers make less than $10 per hour. That creates an income below the federal poverty level.]]> 2018-09-03 00:15:42 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191034 Youth Unemployment - NEETS https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191705 In the first quarter of 2013, 1.1 million 16-24 year olds in the UK were not in education, employment or training (NEET), 15% of people in this age group.

Not all unemployed 16-24 year olds are NEET and not all people who are NEET are unemployed. 60% of unemployed 16-24 year olds are NEET, the rest are in education or training. 53% of people who are NEET are unemployed, the rest are economically inactive: not seeking work and/or not available to start work. This can be a cause of labour immobility that will result in both productive and allocative inefficiency.

Current Government schemes with elements aimed at reducing the number of young people who are NEET include: lifting the participation age, the Youth Contract and the Work Programme

]]> 2018-09-03 00:17:07 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191705 Globally, the economic inequality is increasing day by day as the poor are getting poorer and the richer are getting richer. The gap between the Class of have and haves not, is increasing day by day affecting severely upon the global economy and power. The biggest example of economic crash and financial crisis due to unequal wealth distribution was the case of Iceland in 2008 when the country experienced banking collapse. According to the Gini index, this situation is getting worse if we consider the ratios of wealth distribution among the powerful and developed countries like Japan, USA, UK, Spain, Israel, Turkey, Mexico and more. https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191726 2018-09-03 00:17:20 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191726 Monopoly in telecommunication firm https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191729 In 1982, telecommunications firm AT&T was found to be in violation of U.S. antitrust law while acting as the sole supplier of telephone services to most of the country. As a result, it was forced to split into six subsidiaries, known as Baby Bells. In 1995, the ICC was abolished, with its various oversight responsibilities split among other federal agencies. The monopolistic element of AT&T could cause a higher price that is above its marginal cost, so a type of allocative inefficiency.

Source:https://www.investopedia.com/ask/answers/041415/what-are-common-examples-monopolistic-markets.asp

]]> 2018-09-03 00:17:21 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191729 According to a June 2017 report by the Boston Consulting Group, around 70% of the nation's wealth will be in the hands of millionaires and billionaires by 2021. https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191748 2018-09-03 00:17:37 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191748 According to the global wealth report 2015, wealthiest and richest persons of the world are holding spaces and residences in few countries like 46% in USA, 19% in other advanced countries like China, Canada, Australia, Spain and more, 5% in Germany, 7% in UK, 6% in Japan, 5% in France and only 12 % in the rest of the world. https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191830 2018-09-03 00:18:19 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191830 https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191972 No U.S. markets are more monopolistic than utilities. Providers of water, natural gas, telecommunications, and electricity are often granted exclusive rights to service municipalities through local governments.

Most monopolies can only hold lower marginal costs through government protection. In this way, marginal costs for monopolies can be reduced through subsidies or through costly restrictions imposed on possible competitors to raise their marginal costs. Competition can also be explicitly restricted through licenses and intellectual property.


]]> 2018-09-03 00:19:32 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277191972 Refreshment business https://padlet.com/jenny_wu1/dyvh65ute767/wish/277192045 The market of refreshments certainly entertains the barriers for startup business to enter, but the oligopolies of firms like Coca-Cola and Pepsi can never be blamed for this. Actually those firms' economies of scale had achieved unparalleled productive efficiency; it is just a price the infant business can never undertake. ]]> 2018-09-03 00:19:47 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277192045 Bike sharing https://padlet.com/jenny_wu1/dyvh65ute767/wish/277192175 bike sharing is doomed to be failed as consumers in Dallas is not well-awarer of the positive externalities of riding bike. For examples, riding bikes are environmental friendly and it could reduce the using of petrol. therefore, merit good, sharing bikes are under consumption, which is a market failure.]]> 2018-09-03 00:20:53 UTC https://padlet.com/jenny_wu1/dyvh65ute767/wish/277192175