Free «Economic Models» Essay Sample

To begin with, there is truly no person or a group of people from government who runs the economy. The economy is run by laws of supply and demand. Put simply, the market consists of consumers of goods and services and suppliers who provide consumers with goods and services. If there is a person or a company that owns a certain product and wants to sell it and if there is another person or company with the need of this product, these two will find mutual understanding in price and the transaction will be made.

Furthermore, there could be found several reasons why it happens and why products are readily available directly at the moment of purchase. The first and foremost reason is risk. Suppliers cannot be sure of prospective amounts of sales of their products, so their produce a certain amount of goods at first and store them in storages to provide the availability of goods at the moment of purchase. In case of services, it is much simpler since they have no physical form and demand no storages. Afterwards, products are offered to customers who either buy them or not. It is called risk. It is okay for the economy when millions of businesses in the world go bankruptcy every year, because their products are not competitive. Simultaneously, millions of new businesses appear in the world every year with the aim of satisfying customers’ needs.


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This brings me on the second point, that the majority of products are likely to be successful, since the world economy is growing. Despite some crises, last 50-60 years have shown that the population of the world is growing and while natural recourses such as land and oil are scarce, people in future will need more food and energy to satisfy their needs.

One of the most topical problems in the world nowadays is the current gap between developed and developing countries. I would like to mention a number of causes for such a situation which are caused by differences among countries. The first group of differences is geographical. Some countries own a great amount of natural sources such as oil, gas or agricultural land. Conversely, the other countries are not so rich. Then again, some countries have access to the world’s oceans and so they have a trade with no boundaries with the rest of the world. The other countries are restricted with their location. Secondly, historical reasons exist. Developed countries have been becoming wealthier and wealthier for hundreds of years, while others were occupied. Finally, cultural differences among countries are important. Take for example corruption. It exists in every country, but some societies tend to be more corrupted. Corruption limits the potential of a country and is the barrier for sustainable growth.

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