Economics Questions

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Economics Questions
Questions #2
A Knowledge worker is specialized form of human capital that is constituted of the senior-level labor force in the society who apply analytical and theoretical skills and knowledge acquired through formal education to design and develop new products and services in the society. Knowledge workers play a significant role in the society. As such, knowledge workers are the drivers of a country’s economy through expansion of business, provision of expert services and production of high-quality consumer goods to the society. Despite the advantages associated with the increased number of social workers in the society, it still has some negative implications in the society which include loss of employment of employment opportunities to the skilled workers, a decline in wages and loss of society interrelation through employment relocation as a result of increased knowledge workers in the society.
Question #5
In a command economic system, the country’s economy is wholly controlled and run by the government while a mixed economy is a form of economic system in which it contains the attributes of both the capitalism and socialism markets. It contains the mixed characteristics of command and free market economy. On the other hand, a transitional economy is a form of an economic system that has undergone structural transformations from a centrally planned economy to a market economy. In a personal point of view, the mixed system is the best economic system since it combines the aspects of capitalism and communism through the models of command and free economic systems.

Although different market economic systems have their merits based on their characteristics, the advantages attributed to the mixed economic systems outweigh those of other systems (BurnSilver et al., 121-123).
Question #6
Similar to any business establishment, the university brings together various factors of production to educate and impact to the students. These include labor in the form of the lecturers, administrative personnel and workers in various departments of the university. Secondary, land is the other factor of production that is present in the university. The college premises are built on land which is a major factor involved in the provision of education services to the students. Thirdly, capital is yet another essential factor of production in the university. It may be in the form of current and long-term assets, for example, the university’s premises. Finally, technology is an essential factor of production necessary in the university. It can be in the form of the advanced computers, laboratory equipment and modern learning equipment in the University.
Question #8
Target markets or target marketing is the process of directing product marketing strategies and practices towards a certain identified group of consumers or customers whereas market segmentation is the general process of breaking down an extensive market for a particular product into smaller and convenient groups which can be easily managed for product and service promotion. On the other hand, psychographics is a marketing strategy, in particular, a market segmentation method that is used to create customer profiles based on consumer’s interests and personality. For instance, Nike, an American multinational clothes, and shoe company has integrated these forms of marketing strategies to conduct product promotion for their products effectively. In most cases, the company has been noted for its well-organized and planned marketing strategies which include identification of customer target groups, market segmentation, and application of psychographics in the market segmentation strategies. Indeed, it is relatively important to note that these methods of product marketing have been positively successful in the marketing of Nike’s products locally and internationally.
Work Cited
BurnSilver, Shauna, et al. “Are mixed economies persistent or transitional? Evidence using social networks from Arctic Alaska.” American Anthropologist 118.1 (2016): 121-129.