Macroeconomics Notions

Macroeconomics Notions Supply and Demand Supply and demand are the economic model of determining prices in a competitive market, wherein supply refers to the quantity of commodities available in the market and demand refers to the quantity demanded by consumers. The law of demand states that the higher the costof the good or service, the less people will demand it, while the law of supply states that the higher the price of a commodity, the higher the quantity required (Supply and demand, 2012).Advertising We will write a custom essay sample on Macroeconomics Notions specifically for you for only $16.05 $11/page Learn More Macroeconomic Equilibrium Macroeconomic equilibrium is a condition of a nation’s economy wherein aggregate demand is met by aggregate supply (Macroeconomic equilibrium, 2012). The total demand of a final good or service in the economy is called its aggregate demand, while the total supply of a final goods and services the economy plans to sell is called t he aggregate supply. Significant changes on demand or supply will affect prices, employment, and resources of a nation. How Aggregate Demand and Aggregate Supply Determine Equilibrium Price and Output In The Short- and Long-Run Macroeconomic equilibrium is computed by relating national price level with national output. The market is in equilibrium when price and output are equal. Changes in the price or output of a commodity prompts shifts in its aggregate demand and/or aggregate supply. In general, expansionary policies shift aggregate demand to the right while contracting policies shift it to the left. Looking at the diagram below, when aggregate demand shifts to the right, equilibrium will occur at a higher price level and a higher output in the short-run and at a higher level in the long-run. When aggregate demand shifts to the left, the opposite, will occur. Figure 1. Macroeconomic Equilibrium Shifts in the aggregate supply are usually prompted by shifts in aggregate demand. W hen aggregate supply shifts to the right, aggregate demand dictates that equilibrium will occur at a lower price level and a higher output in the short-run.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When short-run aggregate supply shifts to the right, aggregate demand dictates that equilibrium will occur at a higher price level and a lower output in the short-run. In the long-run, when aggregate supply shifts to the right, a lower price level and higher output is required for equilibrium. When it shifts to the left, a higher price level and lower output is required. Gross Domestic Product, Unemployment, Inflation Three ways to measure a country’s economy is through its GDP, unemployment rate, and inflation rate. GDP or Gross Domestic Product is the measure of total value of commodities by a country for a specific period (Gross Domestic Product, 2012). Unemployment is the state of a person who is looking for employment but is unable to find or does not have one (Unemployment, 2012). Inflation is the rate of increase of the general level of prices of commodities in a country. As inflation occurs and prices go up, purchasing power of people fall (Inflation, 2012). Business Cycles and Economic Growth Business cycles are series of patterns affected by employment, industrial productivity, and interest rates that show the expansion and contraction of economic activities. There are five stages on a business cycle, namely, growth, peak, recession, trough, and recovery (Business Cycle, 2012). Economic growth is the measure of an economy’s increase of commodity and capacity to accommodate its population within a period of time (Economic Growth, 2012).Productivity, inflation, population growth and introduction of new commodities in the economy are factors of economic growth. Multiplier Concept Multipliersare factors that quantify the changes of capit al investment to total income of an economy. They are used to measure the effects of government spending on income. Multipliers are calculated by dividing the marginal propensity to save to one (Multipliers, 2012). John M. Keynes was made the second father of economics after Adam Smith because of his contribution on multipliers. The limitations of the multiplier concept include its restriction to economies (It is only for closed economies.), its lack of social factors, and its low adaptability to change.Advertising We will write a custom essay sample on Macroeconomics Notions specifically for you for only $16.05 $11/page Learn More Fiscal Policy Fiscal policy is a government policy that deals with the spending activities of the government that influences macroeconomic conditions. These policies are concerned and implemented in taxation, interest rates, transfer payments, and borrowing (Fiscal policy, 2012). Two tools of fiscal policy are the Automatic Stabi lizers, attributes of fiscal policy that smooth instability in consumption over the business cycle, and the Discretionary Fiscal Policy, the conscious manipulation of implementation of taxation, purchases, transfers, and borrowings. An example of this is the Federal Income Tax (Kelly, n.d.). Macroeconomics in Contemporary Economic Issues As previously mentioned, business cycles have five stages, namely, its growth, peak, recession, trough, and recovery. In recent years, however, the flow of the stages in the cycle is unsteady, not following the regular cycle. This is because of the impact of improbable events not forecasted (or were not heard of) by economist. One significant event in recent time is the sharp decline in housing prices, resulting in a recession in the economy. This event in economy happened in 2007. Before the year, housing prices grew rapidly and collapsed by nearly 20 percent over the next two years, due to low interest rates in the 2000s, and lowering lending stan dards. Another macroeconomic event in recent times is the rise of prices of oil and other basic commodities, such as natural gas, steel, corn, wheat, rice, and coal. Oil consumption in the United States lessened in the first half of 2008 (Jones, 2008). This was offset, however, by the oil consumption of China, India, and the Middle East, which resulted in an outward shift in demand. This occurrence created a chain of price increases on basic commodities. Reference List Business cycle.(2012). Investor words. Retrieved from investorwords.com/625/business_cycle.html. Economic growth.(2012). Investopedia. Retrieved from investopedia.com/terms/e/economicgrowth.asp#axzz1lE9rwRPm.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Fiscal policy.(2012). Investopedia. Retrieved from http://business.baylor.edu/tom_kelly/2307ch12.htm. Gross domestic product.(2012). Merriam-webster online. Retrieved from merriam-webster.com/dictionary/gross+domestic+product. Inflation.(2012). Investopedia. Retrieved from investopedia.com/terms/i/inflation.asp#axzz1lE9rwRPm. Jones, C. I. (2008). Current macroeconomic events. W. w. Norton. Retrieved from wwnorton.com/college/econ/chad- update/CurrentEvents2008.pdf. Kelly, T. (n.d.).Chapter 12 fiscal policy. Baylor business. Retrieved from http://business.baylor.edu/tom_kelly/2307ch12.htm. Macroeconomic equilibrium.(2012). Business dictionary. Retrieved from businessdictionary.com/definition/macroeconomic-equilibrium.html. Multipliers.(2012). Investopedia. Retrieved from investopedia.com/terms/m/multiplier.asp#axzz1lE9rwRPm. Supply and demand.(2012). Encyclopà ¦diabritannica. Retrieved from britannica.com/EBchecked/topic/574643/supply-and-demand. Unemployment.(2012). Investopedia. R etrieved from investopedia.com/terms/u/unemployment.asp#axzz1lE9rwRPm.

The History of the Brassiere - Mary Phelps Jacob

The History of the Brassiere - Mary Phelps Jacob The first modern brassiere to receive a patent was the one invented in 1913 by a New York socialite named Mary Phelps Jacob. Jacob had just purchased a sheer evening gown for one of her social events. At the time, the only acceptable undergarment was a corset stiffened with whaleback bones. Jacob found that the whalebones poked out visibly around the plunging neckline and under the sheer fabric. Two silk handkerchiefs and some pink ribbon later, Jacob had designed an alternative to the corset. The corsets reign was starting to topple. An unhealthy and painful device designed to narrow an adult womens waist to 13, 12, 11 and even 10 inches or less, the invention of the corset is attributed to Catherine de Mà ©dicis, wife of King Henri II of France. She enforced a ban on thick waists at court attendances during the 1550s and started over 350 years of whalebones, steel rods and midriff torture. Jacobs new undergarment complimented the new fashion  trends  introduced at the time and demands from friends and family were high for the new brassiere. On November 3, 1914, a U.S. patent for the Backless Brassiere was issued. Caresse Crosby Brassieres Caresse Crosby was the business name Jacob used for her brassiere production line. However, running a business was not enjoyable to Jacob and she soon sold the brassiere patent to the Warner Brothers Corset Company in Bridgeport, Connecticut for $1,500. Warner (the bra-makers, not the movie-makers) made over fifteen million dollars from the bra patent over the next thirty years. Jacob was the first to patent an undergarment named Brassiere derived from the old French word for upper arm. Her patent was for a device that was lightweight, soft and separated the breasts naturally. History of the Brassiere Here are other points in the history of the brassiere worth mentioning: In 1875, manufacturers George Frost and George Phelps patented the Union Under-Flannel, a no bones, no eyelets and no laces or pulleys under-outfit.In 1893, a woman named Marie Tucek patented the breast supporter. The device included separate pockets for the breasts and straps that went over the shoulder, fastened by hook-and-eye closures.In 1889, corset-maker Herminie Cadolle invented the Well-Being or Bien-à ªtre, a bra-like device sold as a health aid. The corsets support for the breasts squeezed up from below. Cadolle changed breast support to the shoulders down.World War I dealt the corset a fatal blow when the U.S. War Industries Board called on women to stop buying corsets in 1917. It freed up some 28,000 tons of metal!In 1928, a Russian immigrant named Ida Rosenthal founded Maidenform. Ida was responsible for grouping women into bust-sized categories (cup sizes). Bali WonderBra The Bali Brassiere Company was founded by Sam and Sara Stein in 1927 and was originally called the FayeMiss Lingerie Company. The companys best-known product has been the WonderBra, marketed as The One And Only WonderBra. Wonderbra is the trade name for an underwired bra with side padding that is designed to uplift and  add  cleavage. Bali launched the WonderBra in the U.S. in 1994. But the first WonderBra was the WonderBra - Push Up Plunge Bra, invented in 1963 by Canadian designer Louise Poirier. According to Wonderbra USA this unique garment, the forerunner of todays Wonderbra push-up bra had 54 design elements that lifted and supported the bust to create dramatic cleavage. Its precision engineering involved three-part cup construction, precision-angled back and underwire cups, removable pads called cookies, gate back  design for support  and rigid straps.