introduction to econometrics

Introduction to Econometrics

Econometrics, a term first coined by Ragner Frisch, is a combination of Economics, Statistics and Mathematics used extensively in the quantitative analysis of actual economic phenomena. Econometrics has its basis in hypothesis testing that, tests whether a particular conjecture about economic theory is true or not. Process of Econometrics The main method used in econometrics is regression,…

introduction to the us healthcare system

Introduction to the US Healthcare System

ealthcare is a complicated topic. Policies are often difficult to implement and there are many stakeholders to consider. Recently, the U.S. saw the passage of the historic Affordable Care Act (ACA) which was the most significant piece of health policy legislation in fifty years. To understand the impact of the Affordable Care Act, we must first understand the…

theory of storage

Theory of Storage

he Theory of Storage describes features observed in commodity markets. Here are some basic terminology that needs to be understood to understand the Theory of Storage. Commodity Market A commodity market is a market that trades in primary goods rather than manufactured products. Soft commodities are agricultural products such as wheat, coffee, cocoa and sugar….

global labor arbitrage

Global Labor Arbitrage

lobal labor arbitrage is where, as a result of the removal or reduction of barriers to international trade, jobs move to nations where labor and the cost of doing business (such as environmental regulations) is inexpensive and/or impoverished labor moves to nations with higher paying jobs. Two common barriers to international trade are tariffs (politically imposed)…

non-availability approach

The Non-Availability Approach

he Non-Availability Approach explains why a country imports the goods that are not available at home. It was conceptualized by Irving Kravis. There are two kinds of unavailability – absolute and relative.   Absolute Unavailability The presence or absence of natural resources could easily be fitted into the Heckscher-Ohlin model. The Heckscher-Ohlin model stresses the differences in relative…

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