This website uses cookies to ensure you have the best experience. Learn more

Case Study: The Luxury Of Living A Longer Life

1867 words - 8 pages

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).

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...

Other Papers Like Case Study: the Luxury of Living a Longer Life

Second Life Case Study

522 words - 3 pages Second Life Case Study Currently, millions of players are already living in the world of Second Life. The social aspect is predominant in this game. Unlike other massively multiplayer games, there is no quests, no fighting against the environment. Fighting between players are allowed in certain areas, but are not mandatory for progress in the game. The transition to a free model (pay-option still exists) has greatly contributed to the

Life Straw Case Study

938 words - 4 pages The case study of Life Straw asks the question how can person make money and benefit society at the same time. The primary goal of any business is to make a profit, but business also teaches us that it is the organization's responsibility to minimize its negative impact on society and maximize its positive impact. The concept of social responsibility notes that those who choose to do business should do so in a manner that benefits the society in

Morphological Processes of the Gay Language: a Case Study

3782 words - 16 pages Estrella, Yuri Belle V. Composition Writing ABE 3-3 Mr. Rafael Michael O. Paz Topic: Morphological Analysis of the Gay Lingo: A Case Study CHAPTER ONE Introduction Philippines, being one of the most friendly countries towards homosexuality according to a survey “The Global Divide on Homosexuality” conducted by the US-based Pew Research Center last 2013. Being a country that widely accepts homosexuality, a lot of

The Unconventional Business Strategies of Zara: a Case Study

2305 words - 10 pages The Unconventional Business Strategies of Zara: A Case Study Informational Technology and E-Business BUAD 6800 February, 2013 INTRODUCTION At first glance, La Coruna, Spain is a small, poor ship-building town in northern Spain; however, it houses a company, Inditex Corporation, which is a technological leader within the fashion industry. This small town houses “The Cube,” which is the

Study the Case of Wolfgang

2795 words - 12 pages Study the Case of Wolfgang's Balancing Act International HRM ‘Wolfgang’s Balancing Act’ Case Study   Task 1 Cultural contingencies that shape employee behavior in Healthcare As the world becomes more interdependent, the business and the process of doing business are exposed to many, continuously changing dimensions, structures and opposing forces. In a global environment, culture is a critical factor whereby the process of advancing

A Case Study of Homeless Students

948 words - 4 pages inquiry that investigates a contemporary phenomenon within its real-life context; when the boundaries between phenomenon and context are not clearly evident; and in which multiple sources of evidence are used (p. 23). It presents details on a bounded event or participant experiencing the event. Case study has its roots in anthropology, sociology, and psychology, but gained legitimacy as a valid methodology for use in other fields of study in the 1980

A Case Study Of Banks In Fiji

4467 words - 18 pages A CASE STUDY ON BANKS IN FIJI COMPILED BY: SHINAL PRIYANKA CHAND 1 INTRODUCTION Fiji has a well developed financial system that not only is secure and sound but has remained flexible despite the recent global financial crisis. The strong involvement of the banking industry to the Fiji Financial System has been a major factor in this regard. Over the years the Banks have invested heavily in

A Case Study of Abc Company

1315 words - 6 pages A Case Study of ABC Company COMM/215 Essentials of College Writing 8 May 2014 A Case Study of ABC Company What follows below is an analysis of the ABC Company’s hiring and training practices. In reviewing the events as described, many issues have surfaced regarding the assigned recruiter, Carl Robins and the human resources and training practices of the ABC Company. There are numerous examples of disorganization, lack of following

A Case Study of Currency Crisis

1192 words - 5 pages A Case Study of Currency Crisis: The Russian Default of 1998 Background of Russia Russian Federation was formed in 1991. The country tried to maintain a fixed exchange rate however, Russia had a “fragile fiscal position”(Economic Report)  which turned unstable as the world markets changed. Up until 1997 Russia had slow but eventually a year of positive economic growth, at which point the country started to stumble. Russia launched a

The Political Life of Man - a Study of the Social Order and Disorder

2461 words - 10 pages The political life of man A study of the social order and disorder August 15th 2010 Contents 1. Introduction 2. Types of political organizations a. Band organizations b. Tribal organizations c. Chiefdom organizations d. State organizations 3. Acquiring leadership 4. Participation in politics 5. Conflict settlement e. Peaceful resolution f. Violent

Meta-Luxury: Brands and the Culture of Excellence

1784 words - 8 pages orientation with an emphasis on the basics of financial statements, including balance sheets, income statements, cash flow statements and discounted cash flows. Chapter Four is related to the role and place of innovation in the luxury sector. Innovation is described as a process comprising four steps: path, insight, excellence in execution and rarity of experience, symbolized by the acronym PIER. The case of Richard Mille watches exemplifies this process

Related Essays

The Consolidated Life Case Study

318 words - 2 pages Main problem The main problem in this case is the conflict between two different cultures underlined by two divergent management styles. A loose and people-oriented management style, applied by the supervisor Mike Wilson which proved to be efficient with the current situation of Consolidated Life company, versus a strict and task-oriented management style exercised by the senior vice president Jack Greely, a style assumed by the management to

A Life Worth Living Title

1110 words - 5 pages Katherine Shepherd Intro. To Philosophy Ms. Mary K. Leigh March 10, 2013 A Life worth Living Xenophon (444-357 B.C.E.), was one of Socrates (469-399 B.C.E.), students when he was a youth, and he was also Socrates Biographer. Xenophon had been gone and out of Socrates life for about 32 years before he came back into his life. Some say that Xenophon’s Socrates is “incredibly dull”. If this was the case why did he go on to write

Why A Life Worth Living? Essay

902 words - 4 pages This world is full of love. Everyone is pursuing happiness which behind love. Love and Happiness are the most important things in our life. They are the things that make a life worth living too. I think they are connecting with each other all the time. Love has an incredibly powerful to make you feel happiness. Happiness -state of well-being characterized by emotions ranging from contentment to intense joy. Love come first, then you feel can

Gucci Global Luxury Goods The Essay Analysis Gucci As A Global Provider Of Luxury Goods From A Marketing Point Of View

5055 words - 21 pages Michel et Augustin Cookies: Culinary Adventurers Competing Against Food Industry Giants 03/2014-5757 This case was written by Hernán A. Bruno, Assistant Professor of Marketing, and Hilke Plassmann, Assistant Professor of Marketing, both at INSEAD, based on an independent study project by Felix-Antoine Joli-Coeur. It is intended to be used as a basis for class discussion rather than to illustrate either effective or ineffective handling