ME Portfolio Project Essay Example | Topics and Well Written Essays - 2000 words

ME Portfolio go for - Essay ExampleIn addition to this, the article examines three specific countries that were not within atomic number 63 during the historic transformation and how the business stave performed comp bed to the ones within the European neighborhood. The offcome expectations of the study were that there would be an avenue that arises due to the changes made. This bequeath therefore create new opportunities for the business cycle. This musical theme however is a critical analysis of the article. The paper looks at the economic doctrines that are found in the article and their general significance on the entire business cycle. Five microeconomic indices are identified and each is delineate and explained in detail giving out its economic impact on this scenario. After all this, the paper finally gives a conclusion on all the information and how it has affected the overall business cycle in the region. Economic principles related to the article There are many econ omic principles applied in this article, however for this particular paper, only three will be discussed to come to a conclusion intimately the overall economic impact of these principles. The first economic principle seen here is the principle that people nerve trade offs meaning that every action has an economic cost. This intend that when one topic is implemented, then there is another that has been shorter down. So if one moves from marketing tomatoes to selling onions then the economic benefits of selling tomatoes is gone. From the article, euro was adopted as a single currency to serve 17 different countries. This was a near(a) move to enable trade to develop in the 17 countries and lead to a lot of opportunities. that before the introduction of the euro as a single currency to serve the entire region, each of the 17 countries had banks and other stakeholders who traded in force to make a living. This means that after the adoption of the euro, several of these opportuni ties were confounded hence leading to a slight change in the overall business cycle curiously for banks that play a major role in the economy of a particular country. This transition will also mean that most of the money change businesses will have to either face out or reduce due to the use of one currency over the entire region (Eichner, 2011). This makes the region harder to economically compare themselves with great economic giants like the US which has a lot of money exchange businesses. The second most prevalent economic principle is that the cost of something is what you give up to get it. This principle means that whenever we want something new, we do some changes, and then we have to undergo some costs that are exactly the same as what we are losing. This means that before the implementation of anything, we have to be accepted that the cost of the new product is much more than the cost of the older product. In the article, the entire European region set up a common cent ral bank to serve the entire region. This means that if before this each country had its own central bank then there functionalities were either outside or completely minimized. This will in fact have a direct impact on the entire entire region. The cost of having a single central bank comes at the cost of having to do away with some of