Minimum 300 Words Use The Internet To Identify A Good Or Ser

Minimum 300 Wordsuse The Internet To Identify A Good Or Service Produc

Minimum 300 Wordsuse The Internet To Identify A Good Or Service Produc

Minimum 300 words Use the internet to identify a good or service produced in a perfectly competitive market. Do you think the current distribution of income in the United States is too unequal? Why or why not? What criteria do you think should be used to judge the fairness of income distribution? Or Use the internet to research contributing factors of poverty in your city or state, be prepared to discuss. (North Carolina) Use the Internet to research external influences on the U.S Economy. Make sure to exceed the scope of this text.

Paper For Above instruction

In this paper, I will explore a good produced in a perfectly competitive market, analyze the current income distribution in the United States, discuss criteria for fairness in income distribution, and examine external influences on the U.S. economy, with a focus on North Carolina. The primary aim is to provide a comprehensive understanding of market dynamics and socioeconomic factors affecting income and poverty.

One quintessential example of a good produced in a perfectly competitive market is wheat. Wheat is an agricultural product with numerous producers, homogeneous products, free entry and exit in the market, and ample information available to consumers and producers, fulfilling the criteria for perfect competition. According to Kotler and Keller (2016), perfect competition exemplifies a market structure where many small firms sell identical products, and no single entity influences the market price. Wheat farmers compete primarily on price, and no firm can influence market prices significantly due to the high number of competitors and the standardized nature of the product. This environment ensures efficiency and fair pricing, which benefits consumers and producers alike in terms of resource allocation.

Transitioning to the socio-economic aspect, the current distribution of income in the United States is subject to debate. Many argue that it is too unequal, citing rising income disparities and wealth concentration among the top percentile. According to Piketty (2014), wealth inequality has been increasing globally, and in the U.S., the top 1% holds a significant proportion of national wealth, leaving less for middle and lower-income groups. This disparity can have adverse effects, including reduced social mobility, increased poverty, and economic instability. Conversely, some argue that income inequality is a natural outcome of economic growth and incentivizes innovation and productivity. However, the consensus among economists like Stiglitz (2012) suggests that excessive inequality can undermine social cohesion and economic sustainability.

When evaluating fairness in income distribution, criteria such as equity, equality, and need are often considered. Equity emphasizes merit, hard work, and education, while equality focuses on the equal distribution of income, regardless of effort or circumstance. The needs-based approach prioritizes supporting the economically disadvantaged to achieve basic living standards. A balanced approach combining these criteria might be most equitable, ensuring fairness while rewarding effort and innovation.

Focusing on North Carolina, poverty remains a persistent issue, influenced by factors such as educational disparities, unemployment rates, and access to healthcare. According to the North Carolina Institute of Medicine (2020), insufficient educational opportunities undermine economic mobility, leading to poverty traps. Additionally, structural unemployment caused by economic shifts, such as in manufacturing sectors, contributes significantly to persistent poverty. Access to healthcare, or lack thereof, further exacerbates economic vulnerability, creating cycles of poverty within communities.

External influences on the U.S. economy include globalization, technological advancements, geopolitical tensions, and environmental factors. Globalization has expanded markets but also increased competition, integrating North Carolina's manufacturing and agricultural sectors into international supply chains, which can lead to job displacements. Technological innovation enhances productivity but also causes job polarization, disproportionately affecting lower-skilled workers. Geopolitical tensions, such as trade wars and sanctions, can disrupt supply chains and increase costs for consumers and industries. Environmental issues, particularly climate change, affect agricultural productivity and energy resources, impacting economic stability.

In conclusion, understanding perfect competition through examples like wheat production illustrates efficient market functioning. Analyzing income inequality reveals complex socio-economic dynamics, with criteria such as equity and need serving as benchmarks for fairness. Addressing poverty in North Carolina requires targeted interventions in education, healthcare, and employment. Lastly, external influences such as globalization and technological change continue to shape the economic landscape, demanding adaptive policies for sustainable growth.

References

• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
• Piketty, T. (2014). Capital in the Twenty-First Century. Harvard University Press.
• Stiglitz, J. E. (2012). The Price of Inequality: How Today's Divided Society Endangers Our Future. W. W. Norton & Company.
• North Carolina Institute of Medicine. (2020). Addressing Poverty in North Carolina. Retrieved from https://nciom.org
• U.S. Census Bureau. (2023). Income and Poverty in the United States. Retrieved from https://census.gov
• World Bank. (2022). Global Economic Prospects. Washington, D.C.: World Bank Publications.
• OECD. (2021). Income Inequality and Poverty. OECD Publishing.
• Autor, D. H. (2019). Work of the Future: Shaping Technology and Institutions. Harvard University.
• World Trade Organization. (2021). Trade Policy and Global Markets. WTO Publications.
• Environmental Protection Agency. (2020). Climate Change Impacts and Economic Effects. EPA Reports.