The Nature of Firms in Different Economic Systems Essay

The Nature of Firms in Different Economic Systems - Essay Example d by the market share (or market power) it possesses, number of other sellers in the industry, nature of market demand faced by the firm, price mechanism followed and the target market served (Plesch and Blakenburg, 2008). Variation in some or all of these factors creates different types of firms. Some of these factors are internal to the firm while others are related to the external environment of the firm. Customer purchase behaviour (or customer preferences) is the chief external factor that affects the operations of the firm. The pattern of exchange of goods and services and transaction of knowledge (referring to symmetry or asymmetry of information in the market structure) also determines the types of firms in different markets. It influences the production pattern of the firm and also reflects the kind of profit enjoyed by the firm. Nature of firms in different types of economic systems Some economists distinguish each type of economic system from one another according to the c oncept of economic surplus. While various types of economic systems have been prevailing in different periods of time in history, only a small number of economic systems have played significant role in the shaping up of productive units in the economy. In the current global economy, three different market systems are can be distinguished from one another (Plesch and Blakenburg, 2007). Since the characteristics of each of these economies vary, it indicates that the type of firm that operates in these economies would not be the same. The types of economic structures have been elaborated below with reference to the type of firm that can operate in these economic systems. The first kind of economic system is market economy. In this type of economy, the market acts as the prime economic thrust.... This essay offers comprehensive analysis of varying role of firms in different economic systems. The nature of firm is highly integrated with the nature of the economy in which the firm operates Different forces might lead to resource allocation in an economy. Depending on factors such as availability and allocation of raw materials, changing preferences of customers, culture and tradition of the economy and basic infrastructure; the missions and short and long term goals of the firms are decided. The economic system of a nation refers to the system of allocating the resource endowment of the country among the different activities taking place within the country. In this process, resources are allocated to firms for making productive activities. These resources act as the factors of production for the firm. In the current world economy, three different types of economic systems can be identified. These are command economy, market economy and mixed economy The nature of firms is not a constant attribute . It varies depending on certain internal as well as certain external factors. Economic system can run without intervention from any other individual or agency. Supply in the economy is adjusted to the demand created by consumers, or in other words, production is adjusted consumption. The process in which a firm operates in the economy, according to scholars, is elastic and automatic . All firms in an economic system are coordinated by the price mechanism. Thus, they are integrated with the economic structure of the country

English Language Essay Example | Topics and Well Written Essays - 1000 words

English Language - Essay Example When we talk about present day society, we are actually focussing the significance of the domains of English language in a cultural context, where global popular culture in the name of 'globalisation' is challenging the essential mythologies of English language (Mair, 2003, p. 19). The way English language is misused in the cultural context does not necessarily refer to culture-specific aspects, although it is obvious that many of the concepts in this category are alien to many Third World cultures and the corresponding texts are imported from the First World (Greenbaum, 1996, p. 188). English as a world language serves all the world's citizens irrespective of caste, culture or creed and its postulated universality makes it equally relevant everywhere, as though it can function independently of contemporary power balances, both global and local (Mair, 2003, p. 20). Although globalisation in the international spread of English language may be regrettable and undesirable but we cannot ignore that global English today has become an agent of reform and fairness. Despite a 'globalised language', the pressures of a rights-oriented culture may one day enable English to become the vehicle for articulation while maintaining certain worldwide standards of protection. English language from economic perspective has been able to bridge the gap between various cultures and economies; therefore it has served as an exchange-facilitating institution, where 'exchange' is not the only economic function English language has performed (Reksulak et al, 2004). English language development has been shaped by revealing the constellation of economic and other forces. However, the impact technology upholds in the innovation, trade, and economic growth on the English-speaking world is evident in the rising share of nouns in new words added during the past two or three centuries which make up 58% of the words originating in the 19th century and more than 70% of the words originating in the 20th (Reksulak et al, 2004). There is no doubt that English language blames grand scale globalisation factor and put all the enthusiasm and vitriol on its shoulders, but it is this language that is responsible for the growth in regional interactions from trade to travel. These interactions have long engaged in promoting the spread of English language among other regional languages (Fishman, 2000, p. 13). The significance of English language lies in the notion that it is present in societies where local languages are disappearing, in cultures where local languages are not considered, English is understood and spoken (Moritoshi, Nov 2001). References Bryson Bill, (1990) The mother tongue: English and how it got that way. New York: HarperCollins. Fishman A. Joshua, (Spring 2000) "English: The Killer Language OR A PASSING PHASE" In: Whole Earth. Greenbaum Sidney, (1996) Comparing English Worldwide: The International Corpus of English: Clarendon Press: Oxford. Mair Christian, (2003) The Politics of English as a World Language: New Horizons in Postcolonial Cultural Studies: Rodopi: Amsterdam. Moritoshi Paul, Nov 2001,Perspectives on the Role of English as an International Language, Accessed from Reksulak Michael, William F. Shughart Ii & Tollison D. Robert, (2004) "Economics and English: Language Growth in Economic Perspective" In: Southern Economic