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Case Study: The Luxury Of Living A Longer Life

1867 words - 8 pages

ARTICLE 1
QUESTION 1
The population diagrams show the prediction that the population of Barbados will increase by a small percentage. In this case, it is seen that the age structure is more likely to experience a higher level of change.
It is clearly shown that from the years 2000-2025, the birth rate drops, while more people live to be older – people living in the year 2025 have longer life span than the people living in the year 2000. This basically goes to show that there will be more of the elderly than the infants in the year 2025.
Many things alter when societies modernize, but it is not clear as to which factors are the direct cause of the declining birth rates, or the increasing ...view middle of the document...

This is primarily in relation to infant mortality and deaths due to heart disease, and in prevention and control measures, reducing untimely deaths (OECD 2011).

QUESTION 2
a. With limited resources available, choices have to be made as to what goods and services should be produced. Most resources have more than one use but can only be used for one purpose at one time. Therefore, decisions have to be made as to what the resources will be used for (Rayner 2012a).
Based on these changes, it is highly likely that more resources from the government will go into production for the elderly, instead of the young. Hence, more healthcare and support products for the elderly will be produced in this situation, instead of toys and learning products for the infants due to the decrease of the birth rate in the population.

b. Goods and services may be produced in different ways. That is, they can be produced with different combinations of resources. The selected combination will depend on resource costs (Rayner 2012a).
If labor is cheap relative to capital, then a labor-intensive production method could be chosen. If labor costs rise relative to capital costs, on the other hand, then a more capital-intensive method could be chosen. With this method, producers could replace labor with machines (Rayner 2012a).
As inferred from the projected changes, there will be more retirees than workers due to the ageing population. Therefore, the capital-intensive method of production will be a wiser choice.
More machines along with some capital goods may be used relative to labor. However, the government of Barbados could opt to raise the retirement age of their citizens so as to cut down on machinery costs. Another option for the Barbadian government is for them to provide more incentives for workers who choose to work past the retirement age, or to just raise tax incentives the older a worker gets.

c. In relation to the central economic problem, which states that output is restricted by the limited availability of resources, an economic system cannot satisfy the wants of every individual. Whichever system the government chooses to use, it must find a way of distributing the benefits of production, also known to mankind as wealth or profits, between those who contribute to the production of that one particular good or service (Rayner 2012a).
In view of the ageing population of Barbados, the government may try to influence the recipients of their produce. Giving the retirees of Barbados some purchasing power can help with this move.
In order for this to happen, tax levies on workers in Barbados can be increased, ensuring more funds for the pensions of retirees. By ensuring the funds for the pensions of retirees, the retirees will be able to receive a relatively stable income that is consistent even as the ageing population continues to grow. This then thus safeguards the supply of products that the retirees will be able to obtain with their...

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