Posts tagged life

Table of Types of Protectionism

Type of Protectionism Definition Real World Example + Link
Tariff It is the tax on imported goods, which could be imposed on specific products. Japan imposes tariff on imported rice.Article Link: Click Here
Quota It is a limit to the imports set by the government. The trading economy can only export maximum amount of goods to the economy that is imposing quota. European Union imposes quota on Japanese cars.Article Link: Click Here
Subsidy It is the sum of money given to the weak industry in order to maintain the job places that it provides. The Japanese government is giving subsidies to Japanese rice farmers.Article Link: Click Here



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Human Development Index

Human Development Index is an alternative statistical data to GDP for indicating human development in each country.

It looks at 3 big categories: 1) long, healthy life, 2) knowledge, and 3) a decent standard of living. Specifically, they look at life expectancy, literacy rate, education, and GDP per capita.

I have researched China about its HDI. It ranked 94th country, and its HDI was 0.762 (out of 1). From this data, I have realized that even though China has the GDP of ranking top 3 in the world and economic growth rate of 9% every year, they were irrelevant. GDP and economic growth were not quite related to human development of countries.

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The Right to Life – Germany

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a) The opportunity cost of treating the leukemia patient is that you cannot treat other patients who would have high chance of surviving.

b) The opportunity cost of not treating him would be you could treat other patients who have high chance of survive.

c) It can be justified in an economic point of view. The opportunity cost is way more beneficial than treating the patient.

d) This is a typical case in a sense that you have to make choices that has best utility.

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