Tutor profile: Sebastian A.
How would you translate "while I was waiting in line for the movie, a group of kids walked by singing Christmas carols"?
Mientras estaba en fila para ver la pelicula, un grupo de ninos camino de cerca cantando villancicos.
Explain how labor unions can change the wage and employment outcomes in a market?
Labor unions are formed to raise wages of their member workers. In a situation where the union has set the wage above the natural equilibrium rate, worker's wages will be higher, however, a number of employees hired will be lower. For this reason, it can be concluded that unions reduce the number of employees in a market. This is derived by finding the point on the supply curve at which the new wave corresponds and comparing it to the equilibrium point.
How do Porter's Five Forces explain the performance of a business within any industry?
Michael Porter showed that a fifth of a company's performance can be attributed to industry performance. Factors outside an operator's control like the negotiating power of buyers, suppliers, the threat of new entrants, substitute products, or industry rivals can always take a company by storm, pulling it towards or away from profitability. One example would be the now-defunct movie chain, Blockbuster. The rise of Netflix's disruptive, low-cost movie by mail business model turned Blockbuster's cash cow into a pile of ashes.
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