Economic Infusion Volume 2 Issue 3

Volume 2 Issue #3 October

Editors' note A message from Anvi Jain and Sieun Yeom (Leaders & Co-editors in Chief)

Economics and Business serve as fundamental disciplines that enable individuals to comprehend the world around them. Although we may not consciously realize it, we constantly make economic and business decisions, even regarding mundane matters such as what to have for lunch. Once, an economist Milton Friedman said, "There's no such thing as a free lunch," highlighting the economic problem of scarcity and its resultant opportunity cost.

We aim to foster a better understanding of the world's relationship with Economics and Business and their impact on our daily lives. As the current directors of Economic Infusion, we have initiated Volume 2, in which we have been working alongside students who share our passion for Economics and Business.

The articles featured in this magazine are a testament to our collective passion for Economics and Business, through which the students at Economic Infusion express their thoughts and emotions.

By leading the group, working collaboratively, and sharing our perspectives, we can enhance our academic knowledge and gain valuable experiential learning.

Appreciation Thank you to all the contributing writers and editors!

Akira Iwano Eunsong Yeom (Yuni) Thitirat Saithong (Focus) Vaibhav Shukla Su Hyun Park (Kevin) Yoorim Ryu Nadia Gulati Theresa Martha Stewart (Kate)

Editors Sieun Yeom (Claire) Anvi Jain Gabriela Lozano Isaza Benjaporn Chawandit (Endoo) Buth Khuptanon Sungwon Park (Jenny) Hyun Sun Choi Taehan Lee Madhava Nurmawan

Table of Contents INTRODUCTION Editor's Note

03

Table of Contents

05

ECONOMICS

Eras Tour, impact on the US economy

08

Google laying off Hundreds of Staff

10

Saudi Arabia’s Investment in Football

12

Economic breakthrough of India

16

What is a substitute? Apple vs Samsung

18

UAEs growing economy

20

The Greatest Economist of All Time

22

The Line of Saudi Arabia

26

The Explanation of Burundi’s Poverty

30

BUSINESS Former CEO of Starbucks stepping down

36

The iPhone: Decade of Transformative Impact

40

The Food Delivery Industry

44

Benefits of Samsung and Apples Competition

48

Eras Tour, the tour the US economy will remember All too well Endoo Chawandit On March 17, 2023, the American singer-songwriter, Taylor Swift, embarked on the journey of her record-breaking tour, the Eras Tour which featured all her 10 albums ‘eras’: Taylor Swift, Fearless, Speak Now, Red, 1989, Reputation, Lover, Folklore, Evermore and Midnights. The ongoing tour is set to have over 140 shows, over all 5 continents and is expected to gross over $2 billion just within North America alone (Kopstein and Espada).

Since the first available purchase of the Eras tour tickets, prices have been set at a significantly high price ranging from $49 to $499 per person depending on the section of the seat. Even so, the demand for the tour remained high. Some economists including Mellisa Kearney, an economics professor at the University of Maryland, even consider the tickets to have a “nearly inelastic” demand (Staff). Inelastic demand is shown when a change in price leads to a smaller

percentage change in demand. As seen in Figure 1, even when the price has increased by a large amount from P1 to P2, there is only a small contraction of the quantity demanded from Q1 to Q2. The era tour tickets ended up sold out within hours and even caused Ticketmaster to crash due to the overwhelming amount of fans trying to access the website at the same time.

Not only has Taylor Swift herself gained billions of dollars on this tour, but the US economy itself also benefited from this. The Eras Tour is projected to generate close to $5 billion in consumer spending in the United States alone, which increased the revenue of local businesses of the places the Eras Tour visited significantly. It was analysed that around every $100 spent on live performances generates an estimated $300 in local spending such as on hotels, food, clothes, and transportation (Kopstein and Espada).

Especially in the U.S. hotel industry, there has been a huge boost seen this summer with an increase of more than 4 percent over the national average in the

average revenue per room in cities where her Eras tour landed. The demand for hotel rooms was soaring high that bookings still increased even when room prices rose by 50 percent (“Welcome to “Swiftonomics”: What Taylor Swift Reveals about the US Economy”), which again demonstrates the inelastic demand similarly to the ticket case.

An increase in consumer spending may lead to an increase in aggregate demand in the economy which can help stimulate business investment. As there is a rise in demand for goods and services, this will give businesses an incentive to improve their technology and hire more workers in order to increase their supply.

This creates job opportunities, lowering unemployment in the economy. The increase in the aggregate demand and supply of goods and services from firms will also lead to economic growth indicating a higher standard of living for the US citizens. Government revenue may also increase as there are now more people employed so the government would generate more revenue from income tax which can be used to improve the economy such as by investing in infrastructure and improving education and healthcare.

These positive impacts received from the Eras tour have made several world leaders ask Taylor Swift to visit their countries. Prime Minister of Canada, Justin Trudeau pleaded in July: “I know places in Canada would love to have you. …We hope to see you soon”(“World Leaders Are Begging Taylor Swift to Visit Their Countries | Semafor”). Similar movements to Trudeau were made by leaders from Thailand, Chile, Australia, and Chile as well.

As the international tour for the Eras Tour is about to start in November this year, it is expected that there will be a boost in the economy of the countries the tour is headlining in, like how it had impacted the US the last few months.

Bibliography Kopstein, Jeannie, and Mariah Espada. “The Biggest Tour in the History of the World (Taylor’s Version).”

Time, 23 Aug. 2023, time.com/6307420/taylor-swift-eras-tour-money-economy/.

Staff, T. R. D. “Taylor Swift’s “Eras” Tour Gives Hotel Industry a Big Lift.” The Real Deal, 9 Sept. 2023, therealdeal.com/national/2023/09/09/taylor-swifts-eras-tour-gives-hotel-industry-a-big-lift/. Accessed 12 Oct. 2023.

“Welcome to “Swiftonomics”: What Taylor Swift Reveals about the US Economy.” Bloomberg.com, 23 Nov. 2022, www.bloomberg.com/news/articles/2022-11-23/what-taylor-swift-reveals-about-the-useconomy#xj4y7vzkg.

“World Leaders Are Begging Taylor Swift to Visit Their Countries | Semafor.” Www.semafor.com, 6 July 2023, www.semafor.com/article/07/06/2023/world-leaders-beg-taylor-swift-to-bring-the-eras-tour-to-them.

Accessed 12 Oct. 2023.

Once Again, Google is Laying Off Hyunsun Choi Hundreds of Staff After the layoff in last January, Google one again announced a new round of job cuts, in which they will lay off hundreds in the recruitment division. This time, the Google team noticed that the workers of YouTube TV companies Cognizant and Accenture are being highly impacted, which are the ones who supported YouTube services. 120 to 150 workers have already been fired only in Accenture, while considerably over 10,000 staff reductions are predicted in total. Along with this, the team is currently also considering reducing certain positions at Google.

For more than a year, Sundar Pichai, the CEO of Google, has been constantly making an effort to trim expenses and boost productivity behind the backs of staff. Google has been showing rapid growth recently, especially between 2020 and 2021, due to its quick responses to consumers and developments. The publishing of updated software and improved services stood out during these periods, including YouTube, Google Maps, Google Apps, and Google Cloud. This success was proportional to the number of workers, resulting in adding tens of thousands of new workers to manage the growth. Pichai’s effort was already shown through the employment reduction in January 2023, when 12,000 employees (6 percent of Google’s workforce) were cut off. This had been recorded as the first significant layoff in the company’s history, but still, team Google has announced that the current job cuts on its recruiting team are not part of their widescale layoffs.

In the announcement of future workforce reduction, Sundar Pichai declared on the 30th of June 2023 that these actions are “to ensure that our people and roles are aligned with our highest priorities as a company”. The notice hinted that Google and Alphabet (the parent company) will now focus to work on investments in artificial intelligence, which started at the

Annual revenue of Google from 2002 to 2022 (in billion U.S. dollars)

Silicon Valley company early this year. The Alphabet company is known to be The economists are assuming that the job losses have taken place once more this year by the quick development of technologies in other companies and overlapping anxieties from rivals’ success, such as OpenAI, Chat GPT and Microsoft. Therefore, critics are forecasting Google's release of its A.I. - chatbot, Brad - and products with the incorporation of more advanced technology. Adding onto the statement, Google spokeswoman Courtenay Mencini claimed the aim of the employment losses as their continuous technological development in the future: “We’ve made the hard decision to reduce the size of our recruiting team … As we’ve said, we continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring.”

Google’s approach to offset the cost of its investments was regarded, but its dramatic layoffs have been simultaneously criticised by current and former employees since January. The actions of announcing sudden unemployment in the middle of the night and immediately revoking employees’ corporate access were the main issues, which not only caused. complaints within the critics but also negatively impacted the company’s working efficiency and environment. Due to these conflicts, a group of Cognizant workers voted to unionise with the Alphabet workers’ union, which was made by the previous job cutoff last January. They announced to Google that they will not support neither YouTube TV nor Music services anymore, requiring appropriate respect towards the workers.

To conclude, the layoff announced by Google was an unexpected and shocking choice after the huge cutoff in January.

Many critics are judging their cruel and dynamic actions, forming unions for workers’ rights. The staff’s motivation for work and the company’s morale seems to fall due to anxiety about unemployment. On the other hand, Google’s decision to cut costs on labour for capital investments and shift focus on productivity is being regarded by economists, especially when the attention of consumers moved onto new A.I. products of rival companies. Alternatively, some adjustments or giveaways seem to be needed between Google and the workers’ union.

Bibliograph: Duffy, Clare. “Google Is Laying off Hundreds in Its Recruitment Division | CNN Business.” CNN, 13 Sept. 2023, edition.cnn.com/2023/09/13/tech/google-mass-layoffs-jobs-recruitment/index.html.

Business Team, Outlook. “Google Layoffs 2023: Sundar Pichai-Led Google Fires Contract Workers Supporting YouTube .”

Outlook, Outlook Business Team, 17 May 2023, www.outlookindia.com/business/google-layoffs-2023-sundar-pichai-led-google-fires-contractworkers-supporting-youtube--news-286888.

Pichai, Sundar. “A Difficult Decision to Set Us up for the Future.” Google, 20 Jan. 2023, blog.google/inside-google/message-ceo/january-update/. Grant, Nico. “Google Sheds Hundreds of Recruiters in Another Round of Layoffs.” The New York Times, 13 Sept. 2023, www.nytimes.com/2023/09/13/technology/google-layoffs-recruiters.html.

Saudi Arabia’s Strategic Investment in Football Buth Khuptanon

Undoubtedly, football fans would have seen or heard of the crazy transfers circulating a group of players suddenly moving to Saudi Arabia, with the luxurious benefits, record-breaking wages, and preposterous transfer fees they offered to clubs and players. Even non-football fans have heard of the news before, whether through social media or other news platforms since this topic has taken the whole sporting world by storm. But why would Saudi Arabia do such things? Are there any underlying business motives behind these high-profile moves?

On the 1st of January 2023, Cristiano Ronaldo took the world by storm after he announced that he would leave his ex-club, Manchester United, to join the Saudi side Al-Nassr. This luxurious 2-year deal would see him earn over $400 million (Lw & SAM, 2023) - which is six times more than what an average footballer earns (Bayless, 2023). Since then, many famous football stars like Neymar, Karim Benzema, Roberto Firmino, Sadio Mane, Aymeric Laporte, and more have all joined him in the Saudi League, all receiving luxurious offers like never seen before (Sky Sports, 2023). Currently, Saudi Arabia has spent over $875 in total to buy the football stars (Prakash, 2023). Intriguingly, most of the clubs these footballers attend are funded by the Saudi State and overseen by the Saudi Crown Prince, Mohammed bin Salman. Isn’t this equivalent to saying that it was the Saudi state paying the wages of these workers (Starman, 2023)?

The question arises: why is a country like Saudi Arabia, primarily known for its oil production, making such substantial investments to attract football stars? As of late, there are many exciting reports regarding this topic. According to the BBC, they believe that the Saudis aim to diversify their portfolio into industries like sports and entertainment since, currently, their GDP and source of income heavily rely upon revenue from oil exports (BBC, 2023). Additionally, some reports suggest that another of Saudi’s aims is to promote tourism and secure lucrative viewership rights for League games by using famous football stars to attract worldwide viewers. Moreover, since the players they brought in have all experienced football at the highest level in Europe, they would be able to transfer their experiences to the Saudi players, enhancing the standard of football in the country and putting them in a better position to achieve their life long ambition of hosting the 2030 FIFA Football World Cup (King, 2023).

Since the arrival of Cristiano Ronaldo, the Saudi League’s viewership has spiked by more than seven times what it originally was (Ghosh, 2023), and it is expected to increase even further with the addition of the new signings this year. Their reputation as a powerhouse in the footballing world has increased dramatically since then, with many famous media platforms like Sky Sports, ESPN, and the BBC keeping a close eye on their development and new sponsorships emerging (Starman, 2023).

While we have seen that the Saudi’s plans are progressing and taking shape, it is too early to come to any conclusions. In the end, will the returns justify the investment, and will they successfully host the 2030 Football World Cup? Only time will provide answers. One certainty, however, is that Saudi Arabia is committed to diversify its economy, promote tourism, and foster the growth of football domestically.

Bibliography Lw and SAM, A. by (2023) How much does Cristiano Ronaldo earn per minute at Al-Nassr?, MARCA. Available at: https://www.marca.com/en/football/2023/03/03/64023c3122601dde0e8b45b9.html# (Accessed: 29 September 2023).

Bayless, L. (2023) How much does an average pro football player earn? - indeed, indeed.

Available at: https://www.indeed.com/career-advice/pay-salary/how-much-does-averagefootball-player-make (Accessed: 29 September 2023).

Sky Sports (2023) Summer transfer window 2023: Who has signed for Saudi Arabian clubs?

Roberto Firmino, Karim Benzema and more, Sky Sports.

Available at: https://www.skysports.com/football/news/11095/12920431/summer-transfer-window-2023-whohas-signed-for-saudia-arabia-clubs-roberto-firmino-ruben-neves-karim-benzema-andmore#:~:text=Roberto%20Firmino%2C% (Accessed: 29 September 2023).

Prakash, P. (2023) Saudi Arabia has gone so soccer crazy that it spent $875 million to buy top players-more than any European country except England, Fortune. Available at: https://fortune.com/2023/09/08/fifa-transfer-window-saudi-arabia-soccer-pro-league-fifa-875million-buy-players/ (Accessed: 29 September 2023).

Starman (2023) The impact of Saudi Arabia player transfers in the 2023-2024 season, Sports Betting News | Betting Stream. Available at: https://bettingpremier.com/football/the-impact-ofsaudi-arabia-player-transfers-in-the-2023-2024season/#:~:text=Impact%20on%20Player%20Transfers%20in%20Saudi%20Arabia%201,about %20establishing%20connections.%20...%204%20Infrastructure%20Development%20 (Accessed: 29 September 2023).

BBC (2023) The Saudi Professional League: What is it and which stars are joining it?, BBC Newsround. Available at: https://www.bbc.co.uk/newsround/66256334 (Accessed: 29 September 2023).

King, M. (2023) [explainer]: Why Saudi Arabia is buying football’s biggest stars, Pulse Sports Uganda. Available at: https://www.pulsesports.ug/sports-gist/story/explainer-why-saudiarabia-is-buying-footballs-biggest-stars2023062118584299830#:~:text=%22The%20country%20is%20reliant%20on%20selling%20mon ey%20through,and%20secure%20lucrative%20viewership%20rights%20for%20league%20games . (Accessed: 29 September 2023).

Ghosh, A. (2023) Saudi Arabian League’s viewership increases 7 times after Cristiano Ronaldo’s move to Al Nassr: Reports, FirstSportz. Available at: https://firstsportz.com/saudiarabian-leagues-viewership-increases-7-times-after-cristiano-ronaldos-move-to-al-nassrreports/ (Accessed: 29 September 2023).

Next superpower?

Economic breakthrough of India

Akira Iwano

On September 9th,2023 there was a G20 leaders’ declaration in New Delhi, India. Many media have guessed that it would fail but prime minister of India Narendra Modi has done it. Since then, many attentions has been on India's diplomatic skills; however, what we really have to focus on is the sudden rise of India's economic growth, rivaling even that of the United States'.

In the April-June quarter, India's economy surpassed market expectations by expanding at a rate of 7.8%, marking its highest ever growth in a single year. The primary catalyst for this robust GDP growth was the stellar performance in the service sector, complemented by vigorous consumer demand and increased government capital expenditure. Private consumption, which accounts for almost 60% of the economy’s GDP, exhibited substantial growth, reaching approximately 6% (compared to 2.8% in the preceding quarter), while the growth in capital formation eased slightly to around 8% (as opposed to the previous 8.9%). Notably, various industries played significant roles in driving this growth: financial, real estate, and professional services (12.2%); trade, hotels, transport, communication, and services related to broadcasting (9.2%); public administration, defense, and other services (7.9%); construction (7.9%); mining and quarrying (5.8%); manufacturing (4.7%); agriculture (3.5%); and utilities (2.9%). Looking ahead, according to forecasts released by the Reserve Bank of India, Asia's third-largest economy is expected to expand by 6.5% during this fiscal year.

In the past two decades, India has achieved significant economic growth, which has translated into substantial progress in reducing extreme poverty. Between 2011 and 2019, the country successfully halved the portion of its population living in extreme poverty, defined as people that live below $2.15 per day (2017 PPP), according to the World Bank Poverty and Inequality Portal and Macro Poverty Outlook (Spring 2023). Although this reduction rate slowed down because of the COVID-19 pandemic, bringing economic recession like other countries during 2021~2022.

The question now remains: why is India's economic growth growing so rapidly? Going back to when India gained its independence from British colonial rule in 1947, India adopted a mixed economy model, which combined elements of socialism and capitalism. For several decades, the Indian economy saw relatively modest growth rates.

However, in the early 1990s, India initiated a series of economic reforms that liberalized its economy, opening it up to foreign investment and reducing government control. This shift marked the beginning of India's rapid economic transformation.

There are several key factors that have contributed to India's economic growth. One of the major factors is that India's population trends are younger than many other advanced countries. India boasts a youthful population with a median age of around 28 years, which provides a significant demographic dividend. A large, young workforce has the potential to drive economic growth and innovation.

Recently, India became the country with the largest population, meaning that they now hold an enormous labor force to work and foster their economy. In addition, the services sector in India, with a strong focus on IT and software services, business process outsourcing (BPO), and telecommunications, has experienced remarkable growth. It has emerged as a global powerhouse, drawing substantial foreign investments and creating numerous job opportunities. Furthermore, the government of India is now putting an effort into manufacturing and developing infrastructure , with the aim to boost manufacturing and infrastructure development in the country. Investments in industries such as automobile manufacturing, pharmaceuticals, and renewable energy have helped diversify the economy.

Finally, India is receiving more than enough benefits from the modern age. The widespread adoption of digital technology and the internet has transformed various aspects of Indian society, including ecommerce, fintech, and digital payments. This has contributed to increased economic efficiency and access to services, and India's integration into the global economy through trade agreements and increased foreign direct investment (FDI) has played a significant role in driving economic growth.

Exports of goods and services have expanded.

Above all, India has a huge potential, and it is aiming to be the country that is the factory of the world, on behalf of China. But we still could see the challenges and concerns of India such as income inequalities caused by the rapid economic growth , infrastructure gaps that can cause bottlenecks in transportation, energy, and urban services, educational quality, as well as discrimination based on the old class system that still remains. But despite that, India's journey towards prosperity serves as an inspiration and a model for emerging economies worldwide. The nation's continued progress promises to reshape the global economic landscape in the years to come.

Bibliography Chakravorti, Bhaskar, and Gaurav Dalmia. “Is India the World’s next Great Economic Power?” Harvard Business Review, 6 Sept. 2023, hbr.org/2023/09/is-india-the-worlds-next-great-economic-power.

Accessed 28 Sept. 2023.

Livemint. “A Short History of Indian Economy 1947-2019: Tryst with Destiny & Other Stories.” Https://Www.livemint.com, Livemint, 14 Aug. 2019, www.livemint.com/news/india/a-short-history-of-indianeconomy-1947-2019-tryst-with-destiny-other-stories1565801528109.html. Accessed 28 Sept. 2023.

NATIONAL STATISTICAL OFFICE MINISTRY OF STATISTICS & PROGRAMME IMPLEMENTATION GOVERNMENT OF INDIA. “Press Note on Provisional Estimates of National Income 2022-23 and Quarterly Estimates of Gross Domestic Product for the Fourth Quarter (Q4) of 2022-23 National Statistical Office Ministry of Statistics & Programme Implementation Government of India.” Ministry of Statistics and Programme Implementation, 31 May 2023.

The World Bank. “India Overview.” World Bank, 2022, www.worldbank.org/en/country/india/overview. Accessed 28 Sept. 2023.

What is a substitute?

Apple vs Samsung Yuni and Focus Would you rather buy Apple or Samsung? These two brands are the biggest competitors in the digital device market. Some people prefer Apple for its popularity amongst teens and young adults, but some prefer Samsung for its long battery life and for the fact that it's simple and straight forward to use; however, why is it that these two biggest tech-giants are substitutes for one another?

Before we begin digging deeper into the topic, let’s start off with the meaning of a substitute good and discuss the factors that cause shifts in the demand curve. Substitute goods are goods that are an alternative to one another. There are two types of substitutes: direct and indirect. A direct substitute good is a product that can be used in the exact same way as the other product;for example, Pepesi and Coca Cola. An indirect substitute good is a product that can be used as an alternative to another product, although not in the exact same way;for example, butter and margarine. Apple and Samsung can be both direct and indirect substitute goods, and so if the price for one increases, people would turn to buy from its alternative, causing an increase in demand for its substitutes.

But why do we need substitute goods? This is because having an alternative commodity allows a consumer to not be completely reliant on one product. It’ll also improve the quality of the products as the alternative goods and goods have to compete against getting consumers. The substitution effects price rise, or income fall, having competition with other substitute goods.

Now that you have a general concept of what substitute goods are, back to the question from earlier, why would Apple and Samsung be each other's substitutes? Why not other phone brands? To answer this, we have to compare and see the differences between the two brands.

(Businesses love to compare the differences in their product to their competitor as a way of advertising; however this can be very risky and may lead to conflicts between two brands.)

Apple was launched in 1976 with only 1 product, but by now, Apple has released over 100 products over the past 47 years. The company currently has around 5 main active products which are: iPhones, iPads, MacBooks, AirPods and Apple Watches. They also have many other accessories such as Apple pencils and the Magic Keyboard for iPads.

Samsung on the other hand launched its first digital device in 1983. Like Apple, Samsung sells a wide variety of electronics ranging from smartphones to TVs and Tablets.

The fact that the two companies sell similar products makes them good substitutes for each other, but there are also other phone brands in the market - why must it be Apple and Samsung? Well, the main reason why other companies aren’t substitutes with Apple or Samsung is because they don’t have the product range both Apple and Samsung have. The two brands have a wide range of products other brands don’t have, and they are more advanced and more well known than others.

Other than the similarities Apple and Samsung have, there are also other factors that make them good substitutes, such as the weaknesses that Apple products have which Samsung has solved and vice versa.

Customers who have tested both iOS (Apple) and Android (Samsung) claimed that Androids are on average 24.7% more buggier than iOS. (Nagarajah) As shown by this chart, 65% of users think that Android is more buggy than iOS and 35% think that components in Samsung are more prone to bugs than in Apple. Based on the information gathered, you would expect that most people would buy from Apple, however you’d be surprised to know that between 2013-2018 Samsung sold more units of phones than Apple. (Nagarajah)

(Blue: Android – Orange: Apple)

(ETvP)

Even though Samsung is claimed to have more bugs, Samsung still sold more -why? It’s because there are more factors to why some substitutes are sold more than the other. In this case, Samsung may have more bugs, but the price, quality, presentation and other factors have to be considered too.

Though Samsung dominated between 2013-2018, it actually sold less units than Apple years before.

This chart shows that Apple had more sales than Samsung between 2010-2011 but during 2012, Samsung took over.

The chart also tells us that the two companies' sales vary each year. Sometimes Apple has more sales than Samsung, and in others the opposite happens.

(Brandt)

From time-to-time Apple would be the preferred alternative and sometimes it would be Samsung. They have close sales and similar products. They also both sell a range of electronics which other mobile brands don’t sell.

They are both very advanced brands which makes it harder for other brands to compete with. One of the brand’s cons would be the other's pro and all of the charts and statistics proves even more that Apple and Samsung are excellent substitutes. (n.d.)

Bibliography Nagarajah, Sasha.

“IOS vs.

Android: The Bug Wars.”

Www.globalapptesting.com, www.globalapptesting.com/blog/bug-wars-gold-diggeredition#:~:text=77%25%20of%20customers%20who%20tested. Accessed 5 Oct. 2023.

Brandt, M. and Richter, F. (2013) Infographic: Iphone versus galaxy, Statista Daily Data. Available at: https://www.statista.com/chart/998/iphone-versus-samsung-galaxy-sales/ (Accessed: 17 October 2023).

ETvP (2023) Samsung revenue: Sales, manufacturing, employees: 2012 - 2023, MirrorMeister. Available at: https://www.mirrormeister.com/samsung-revenue-productions-stats/ (Accessed: 17 October 2023).

20 examples of substitute goods affected by Price changes (2023) 20 Examples of Substitute Goods Affected by Price Changes. Available at: https://www.indeed.com/career-advice/career-development/examples-ofsubstitute-goods (Accessed: 17 October 2023).

How UAE is one of the fastest growing economies in the world

by Yoorim Ryu In the heart of the Arabian Desert, Dubai has become the centre of economic growth and ambition. With its skyscrapers, luxurious resorts, and active trade, this vibrant country has captured the world's attention as a fast-growing economic powerhouse. In this article, we'll explore how Dubai's unique blend of innovation, strategic vision, and relentless determination has led it to become one of the world's most dynamic economies.

Dubai's journey from a modest trading hub to a global economic force all began with the discovery of oil in the 1960s, which injected newfound wealth into the region.

However, Dubai's leaders were visionary; they recognized that oil reserves were finite and swiftly diversified their economy. This diversification strategy laid the foundation for Dubai's economic resilience.

One of Dubai's most significant advantages is its strategic geographical location. As it is located at the crossroads of Europe, Asia, and Africa, Dubai serves as a vital hub for global trade and transportation. Because of its’ location, it is home to the world's busiest airports, Dubai International Airport, and the Jebel Ali Port, one of the largest global container ports. These facilities have played a pivotal role in fostering trade and investment.

Dubai's government has made Dubai into an environment that encourages entrepreneurship and foreign investment. The absence of income tax, import duties, and restrictions on capital repatriation makes Dubai a magnet for businesses. The city also offers Free Zones, where companies enjoy additional benefits such as 100% foreign ownership, tax exemptions, and simplified customs procedures.

Dubai's skyline is a testament to its commitment to innovation and development. The city is home to iconic structures such as the Burj Khalifa, the world's tallest building, and the Palm Jumeirah, an artificial island.

Dubai's investment in cutting-edge infrastructure, including a driverless metro system and futuristic transportation initiatives like the Hyperloop, reinforces its reputation as a forward-thinking metropolis.

Dubai's thriving tourism sector is a significant contributor to its economic growth. The city's luxury resorts, shopping festivals, and world-class entertainment options draw millions of visitors each year. Dubai Expo 2020, a global event held in 2021, showcased the city's commitment to hosting international gatherings and fostering innovation.

Dubai's economic success is underpinned by its diverse and skilled workforce. The city attracts talent from around the world, creating a multicultural environment that thrives on innovation and creativity.

Furthermore, the government has taken steps to nurture local talent, providing educational opportunities and training programs to prepare Emiratis for the workforce.

Dubai's transformation into a fast-growing economic is a testament to its leadership's vision, adaptability, and unwavering commitment to progress.

With its strategic location, business-friendly policies, and dedication to sustainability, Dubai continues to be a beacon of opportunity in the modern world. As the city-state forges ahead into the future, it will undoubtedly maintain its status as a global economic powerhouse and a symbol of ambition and innovation. Dubai's story is one of perseverance, and it serves as an inspiring example of what can be achieved with determination and vision.

Bibliography https://www.visitdubai.com/en/invest-in-dubai/newsroom/newsinsights/business-environment [https://vakilsearch.com/blog/start-a-business-in-dubai/#:~:text=Dubai has emerged as a,and a business-friendly environment] (https://vakilsearch.com/blog/start-a-business-indubai/#:~:text=Dubai%20has%20emerged%20as%20a,and%20a%20busine ss%2Dfriendly%20environment). https://uaeacademy.ae/emiratization-programs/ https://www.linkedin.com/pulse/uaes-sustainable-vision-spearheadingsustainability-efforts-saeed https://www.rta.ae/wps/portal/rta/ae/public-transport/metro/about-metro https://en.wikipedia.org/wiki/Expo_2020

THE GREATEST ECONOMIST OF ALL TIME

BY MADHAVA NURMAWAN Who is the greatest economist of all time?

Who changed the landscape for the way students across the globe learn and even experience economics in their day-to-day lives? Who stands out against the best of the best? In our everyday lives, we all compete whether we like it or not. So our society has formulated a term, ‘GOAT’. ‘The Greatest of All Time’. In a world full of greats, it’s time to ask a question that’s been following me my whole life, who is the GOAT of economics?

Now, to answer this question, we have to acknowledge one of the greatest rivalries in economics, which includes one of my personal favourite economists, Milton Friedman. One of the most iconic clashes in the economic world has to be the Monetarists against the followers of Keynesian economics. They had extremely different principles, as the very idea of monetarism was a direct denouncement of John Maynard Keynes’ life work in Keynesian economics. But before we get into that ordeal, who is John Maynard Keynes, and what even was Keynesian economics?

Born June 5th, 1883, John Maynard Keynes paved his way towards fame through his works such as: ‘A Treatise on Money’ and ‘The Economic Consequences of the Peace’. But his magnum opus was ‘Keynesian Economics’, presented within what is regarded as his greatest work ever ‘The General Theory of Employment, Interest and Money’. Keynesian Economists believe that government intervention could stabilise the economy, and that government spending had to increase along with taxes having to decrease to stimulate demand. These initiatives were used to bring economies out of slumps and reduce their chances of even landing in one. It has been noted by many economists that the Keynesian ideology is one that’s used for times when the economy is in a deep state of depression.

On the other hand, Monetarism would encourage the government to only barely interfere, increasing the money supply sparingly using a rate called the ‘K-percent rule’ (where the rate the money supply would grow would be equivalent to the rate of GDP growth) to ensure that economic growth would be more natural. Friedman would also argue that monetary policy would prove more helpful in handling aggregate demand in comparison to fiscal policies. This was due to his highly controversial stance where he claimed that the work of Keynesian economics actually made the Great Depression worse by enacting such policies. Monetarism got its big start around the 70s, which coincided with the death of Keynesian economics, which was around the year 1973. Monetarism would come to find its demise around the 80s and 90s due to high volatility within the market. Overall, Milton Friedman created a much stronger economy, but his methods weren’t able to stand the test of time as well as Keynesian economics. To this day, Keynesian economics is still applied in states of crisis.

But when it comes to measuring longevity, Karl Marx’s work is still found today within places like North Korea, just with slight modifications. Marxism would be impossible to apply in any sort of real world setting as it requires absolutely no government interference, this would also require the assumption that everybody in the community is a willing follower and participant of this ideology. But communism is the closest example we have. Communism is a political ideology that believes in abandoning money and classes but is enforced by the government. There are so many flaws when it comes to communism, like how much harder some may work or the different amount of needs they require. Sure, Marx could be considered as one of the best, but I believe that spot is best reserved for one economist. An economist who laid out the blueprints for what the world itself is like today.

Before we go on to who I believe takes the spot, I think we should take the time to acknowledge some other greats. For example, Dambisa Moyo, a former associate of the World Bank and Goldman Sachs, became a baroness last year. She has amassed a following for her work in macroeconomic analysis along with earning herself a spot in Time magazine’s ‘100 Most Influential People in the World’. When it comes to modern-day economists, Moyo may be considered as one of the greatest, just like another teacher that many of us may know. They say that it takes true mastery of a subject to be able to teach it after all. Who better of a candidate than Mr. Morris? A man who has taught countless students the art of economics and has seemingly managed to have an almost inhumane chokehold on economics as if it was the back of his hand. There is not the slightest chance I would even learn about so many different economists without him, so it’s safe to say that he might just be the greatest to ever do it. There are probably even more economists that could be named, like Jean-Baptiste Say and David Ricardo, but no economist could ever possibly be where they’re at without the founding father of economics.

Adam Smith formulated ‘Laissez-Faire’ which roughly translates to ‘let them be’ or ‘let them do’. Adam Smith was highly against government intervention. He believed the government should play its part in other things and had no place in the economy and first proposed the idea of the invisible hand. The invisible hand was a metaphor for external factors that controlled the market. His work is the most iconic, stood the test of time, and lasted over 70 years. What would economics even be without him?

Economics needed a start to become the beloved area of study it is today, and we wouldn’t have that without him. Although Mr. Morris is a close second who I believe may overtake Adam Smith on some days, I think it’s safe to say that Adam Smith will go down as the greatest economist of all time.

Bibliography Lioudis, N. (2022, April 12). Keynesian economics vs. monetarism: What’s the difference? Investopedia. https://www.investopedia.com/ask/answers/012615/whatdifference-between-keynesian-economics-and-monetaristeconomics.asp#:~:text=Monetarist%20economics%20refer s%20to%20Milton,Keynesian%20economics%20involves% 20government%20expenditures The Editors of Encyclopædia Britannica. (2023, June 1).

John Maynard Keynes. Encyclopædia Britannica. https://www.britannica.com/biography/John-MaynardKeynes Jahan, S., Mahmud, A. S., & Papageorgiou, C. (2014, September). What Is Keynesian Economics?. What is keynesian economics? - back to Basics - Finance & Development, September 2014. https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.h tm#:~:text=Keynesian%20economics%20gets%20its%20na me,Money%2C%20was%20published%20in%201936 Team, T. I. (2022, September 21). Keynesian economics theory: Definition and how it’s used. Investopedia. https://www.investopedia.com/terms/k/keynesianeconomics .asp Momoh, O. (2021, July 25). What is monetarism? theory, formula, and comparison to keynesian economics.

Investopedia. https://www.investopedia.com/terms/m/monetarism.asp#:~ :text=Monetarism%20is%20a%20macroeconomic%20theor y,primary%20determinant%20of%20economic%20growth Halton, C. (2023, October 2). K-percent rule: What it is, how it works.

Investopedia. https://www.investopedia.com/terms/k/k-percentrule.asp#:~:text=The%20K%2DPercent%20Rule%20prop oses,%25%2C%20based%20on%20historical%20averages

Caldwell, B. J. (2023, September 8). Milton Friedman.

Encyclopædia Britannica. https://www.britannica.com/biography/MiltonFriedman Jahan, Sawat, & Papageorgiou, C. (2014, March). What Is Monetarism?. What is monetarism? - back to Basics Finance & Development, March 2014. https://www.imf.org/external/pubs/ft/fandd/2014/03/basi cs.htm#:~:text=But%20in%20the%201980s%20and,of% 20money%20came%20into%20question Titus, B. P. (2023, May 29). Marxism vs socialism vs communism: Differences and similarities. Financial Falconet. https://www.financialfalconet.com/marxismsocialism-communism-differences-similarities/ Mollenkamp, D. T., Anderson, S., & Clarine, S. (2023, June 26). Who is Dambisa Moyo?. Investopedia. https://www.investopedia.com/who-is-dambisa-moyo5213211#:~:text=Dambisa%20Moyo%20is%20a%20Za mbian,developing%20economies%20and%20public%20 policy Kanbur, R. (2016, January 20). The end of laissez-faire, the end of history, and the structure of ... The End of Laissez-Faire, the End of History, and the Structure of Scientific Revolutions. https://www.tandfonline.com/doi/abs/10.1080/05775132.

2015.1123572 Majaski, C. (2023, March 21). What is the invisible hand in economics?.

Investopedia. https://www.investopedia.com/terms/i/invisiblehand.asp

The Line of Saudi Arabia

By Nadia Gulati ‘The Line’ is a futuristic $500 billion project located in the Tabuk province of northwestern Saudi Arabia, which is claimed to be 33 times larger than the size of New York City and predicted to house 9 million people (25% of Saudi Arabia’s current population). It is a tall and narrow strip of a city with two parallel structures on the side and a space in the middle including a developing city, 500 meters above sea level (higher than the Empire State Building) and stretching across 170 kilometers which crosses through the mountains

of

NEOM,

desert

valleys and to the astonishing Red Sea. The ambitious aims of the project are to redefine the concept of urban living (population shift from rural to urban areas), incorporating contemporary technology and eco-friendly principles to create a sustainable city of the future.

It is said no roads, cars, or emissions will be available, which in turn will be promoting a sustainable and healthy environment, encouraging people to walk more. It will run on 100% renewable energy, prioritizing human well-being and environmental conservation. Although, there is a high speed rail that will carry people from end to end in 20 minutes and residents are able to run all errands within a 5-minute walk for instance the supermarket, hair salon or gym will be within a 5minute vicinity.

The prince of Saudi Arabia, Prince Mohammed bin Salman remarked “The designs revealed today for the city’s vertically layered communities will change the traditional flat, horizontal cities and create a model for nature preservation and enhanced human livability.”

The Line project of Saudi Arabia has many opportunities to grow and foster its international collaborations and investments. In terms of economic diversification, Saudi Arabia has been reliant on its oil industry, so this project is strategically created to attract a wider range of industries and organizations and reduce the reliance on one factor of Saudi Arabia’s revenue. This allows the country to achieve economic volatility as well as expand into different sectors including technology and innovation, tourism etc. And its forward-thinking, urban planning might also make Saudi Arabia one of the most developed countries in the future.

Other 9.3% Europe 9.3%

Americas 16.8% Asia 64.5%

The Line attracts the paramount Foreign Direct Investment opening various opportunities for partnerships and collaborations on a global scale.

Its strategic location near the Red Sea and proximity to Asia and Europe opens up a pathway of potential trading opportunities as well. To the left is a pie chart of Saudi Arabia’s crude oil exports by destination from 2016.

The advantages of this project are plentiful including ; economic diversification which is what Saudi Arabia is working towards for 2030 and ‘The Line’ is one of its primary components.

As prior mentioned, they are aiming to lessen reliance on oil revenue and rather expand into the technology and tourism industry, causing it to be a more resilient economy. The project will also generate multiple new jobs, which not only lowers unemployment but also helps the labor market expand. Another benefit is the international investment because given the project’s scope and ambition, international investment is bound to be attracted. This will support Saudi Arabia’s economy and foster economic progress and in turn also cause an influx of tourism which can boost various sectors of the economy including hospitality, retail and transportation.

The disadvantages are that large investment of cash, which are not controlled carefully, could put a burden on the country’s budget and raise the public debt.

Furtheremore, there are also environmental concerns even though ‘The Line’ is intended to be an environmentally friendly and sustainable project, it’s development and operations could have an adverse effect on the environment due to habitat destruction, energy consumption and waste production. Saudi Arabia is making efforts to steer away from overreliance on the oil industry, although its economy may become unduly dependent on the success of ‘The Line’. Even though new jobs will be generated, there still may be income inequality as the citizens living in ‘The Line’ are presumed to be workers with higher skills and expertise and benefit the most while workers in other regions are left behind.

Bibliography https://www.middleeasteye.net/news/saudi-arabia-neom-linesatellite-images-progress-construction https://www.neom.com/en-us/regions/theline https://www.npr.org/2022/07/26/1113670047/saudi-arabia-new-citythe-mirror-line-desert https://en.wikipedia.org/wiki/The_Line,_Saudi_Arabia https://www.heritage.org/index/country/saudiarabia https://www.dezeen.com/2022/08/08/sustainability-liveability-theline-saudi-170km-city-naive/

The Explanation of Burundi’s Poverty By: Taehan Lee

The Republic of Burundi Is located in East Africa in the African Great Lakes region. It is a landlocked country that is surrounded by Rwandan, Tanzania and Democratic Republic of the Congo.

Currently, Burundi is ranked the poorest country in the world followed by their GDP, GDP per capita, inflation, etc.

AMISOM is the African Union who objectifies their mission to actively peacekeep every region so the nation, environment and transitional governmental structures can be secure safely. In 2015, the external aid economically affected 48% of Burundi’s national income, which reported the

Burundi’s gross domestic product (GDP) is 3.23 billion dollar as of 2023 and their

highest percentages in Sub-Saharan Africa. However in 2016, the

GDP per capita is $249, which is economically very low. This proves that Burundi is the lowest-income and least developed country in the world.

percentage reduced from 48% to 33.5% owing to political issues associated with the President Nkurunziza. In 2007, The Republic of Burundi signed the East African Community (EAC), due to the majority of weakened economic and political issues.

Burundi is mostly developed economically by agriculture, but with a necessary resource problem. They recruit more than 90% of the population and over 40% are agriculture accounts.

Mostly, Burundi’s foreign exchange earnings are exports of coffee and tea.

However, the cost of the product will change depending on the environmental, climate and global coffee and tea prices.

Burundi is strongly dependent on aid from bilateral and multilateral donors, and also proceeds from export of goods and services from the African Union Mission to Somalia (AMISOM).

Burundi had been confronted with several disadvantages to their own company that may affect the implementation of planned economic reform, such as: low governmental capacity: the government struggles to achieve their own policy or any other objective, which affects the economy negatively because the government ruins the economic policy.

Corruption: the authority may conduct dishonest or illegal activity to people because they want to acquire benefits. This may lead to a setback of plan because no economic trade happens due to dishonesty.

High poverty rate: Burundi will mostly be focused on managing the country’s poverty than economic growth which will delay the implementation of planned economic reform.

Poor education: education is also important to Burundi because it supports their communication and learning skills which means lots of money will be spent in education.

This delays economic growth.

Weak legal system: people will illegally earn money because of the weak legal system. The government will concentrate on organizing crime than economic growth Poor transportation network: poor transportation leads to slow economic growth.

Unstabilized roads, low capacity vehicle storage and fragile vehicle will lead to slow economic growth Fragile utilities: the economic growth will slow down or delays because of exchange of machines and utilities.

Unfortunately, the inflation may have reached 18% in 2017 because wage increases due to the cost of producing goods rising as companies pay their employees more. Also, availability of purchasing for Burundians has decreased, which hasn't kept pace with inflation. For instance, the political events in 2015 such as protests and recovering pre-conflict have contributed to the steep drop of GDP growth. It is speculated that the international community and donors constantly resisting will decrease Burundi’s economic growth.

Firstly, the repetitive cycle of conflict (such as war) has been the main reason why Burundi’s economy has collapsed and there are vast amounts of people in poverty. In 1962, Burundi was part of civil wars since they gained independence from Belgium. The war negatively affected Burundi: unstable political

Secondly, a deficient government that has inadequate economic planning and organization negatively impacts on economic growth. State-owned businesses and social enterprise programs affect the other prices such as operating costs through the government. Economic liberalism is prohibited, which makes it

environment, resulting in 500,000 deaths and approximately a million refugees.

difficult for business activity along with the government stealing private

Between 1993 and 2005, the civil war made Burundi’s poverty increase from 48% to 67% of the population. Increases in food prices and frequent natural disasters including flooding, droughts, and landslides have impacted families' lives. Also from 1993 to 1997, the civil war decreased manufacturing production by 13% per year: after the civil war, not only was Burundi’s economy fully destroyed, but the infrastructure and productive sectors as well due to lack of funds and resources all allocated to fund war. The unsteadiness proves why Burundi’s gross investment rate has reduced from 17.5% to 5.6% from 1990 to 1998.

properties from citizens.

Thirdly, overpopulation has led to less land for houses and resources which made people suffer more. The majority of issues in Burundi is land. Burundi is

Despite the fact that Burundi is experiencing a downfall in food production, civil unrest, overpopulation and soil erosion have made the

landlocked and overpopulation is constantly increasing. Land is considered extremely valuable for people as they are described as the source of life. People need lands to build agriculture in order to thrive. 89% of the total population of

subsistence economy to 25% by contribution. Myriad displaced citizens are incapable of farming,producing their own nutritions, and living without charity.

Burundi are farmers that are working for subsistence agriculture. In Javier D. Nkurunziza study called “Why Has Burundi Grown So Slowly?” refers to a research from the Entequete Prioritaire (EP 1998) about an average farmer walking one hour to visit the closest

The reason for the constant consequences for Burundi’s poverty is the majority of the inconsolable history and authority.

Burundi has been forced by several western countries' decision to recover its issues that haven’t been solved in the meantime.

But, International

market and 30 minutes to visit the closest grocery. Additionally, farmers do not have incentive to make an excess of production due to the market only opening one day per week in most of the countrysides of Burundi and its inability to store goods. In EP1998, it represents the farmers consuming 64% of what they produce, revealing the farmers do not farm for wealth, but to live.

humanitarian assistance like World Food Programme (WFP) and UNICEF contributes to Burundi, so hopefully their everlasting poverty will come to an end.

Lastly, natural threats lead to poor nations, food shortages, and displacement. The extensive amount of natural threats have terribly affected Burundi: droughts, heavy rain, floods, and strong winds to name a few. These made a displacement of Burundi, demolished homes, ruined environmental space for people to live, destroyed land productivity, increase in crop pests, reduced nutrition, insecure and weak foods, etc. Also, resources and food are experiencing scarcity due to overpopulated areas.

BIBLIOGRAPHY Forbes. “Burundi.” Forbes, Dec. 2018, www.forbes.com/places/burundi/? sh=2c1af8b029ba. Accessed 30 Sept.

2023.

Wikipedia. “Economy of Burundi.”

Wikipedia, en.m.wikipedia.org/wiki/Economy_of_Bu rundi. Accessed 30 Sept. 2023.

Yamaguchi, Alisa. “Why Is Burundi Poor? | the Borgen Project.” The Borgen Project, 25 Aug. 2017, borgenproject.org/why-is-burundi-poor/.

Accessed 30 Sept. 2023.

Former CEO of Starbucks stepping down from board of directors

Sungwon Park (Jenny)

The internal stakeholders of a business are its employees, managers, directors (executives), and shareholders. Unlike the retirement of a mere worker, the announcement of a CEO stepping down could influence and alter many aspects of a business.

On the 13th of September, 2023, it was publicly reported that Howard Schultz would be stepping down from the board of directors. He had previously already stepped down as a CEO owing to employees moving to unionise across the state. Employees demanded unionisation to not only diminish their stress but also to provide a better experience for their

A business is an organisation or enterprising entity that is engaged in commercial, industrial, or professional activities such as CocaCola. (Hayes, 2023) Businesses can be classified under various names, like an MNC for example. Starbucks is categorised as a multinational corporation since Starbucks has business operations in countries other than where its headquarters is located.

customers. Unionisation would furnish better staffing in stores, zero tolerance for harassment, an increase in health and safety protocols, just-cause firing rights, and a labour-management committee to inspect the conditions of the working environment. (Covert, 2023) This news was a planned action since Howard wanted to use retirement as a chance to solely concentrate on his wife Sheri, and on a range of philanthropic and entrepreneurial investments, for example: healthcare and environmental philanthropy (SokenHuberty, 2023), along with customer touchpoints and brand reputation (Scott, 2023).

Although Howard is retiring, the former chairman’s name will be immortalised via the title of “lifelong Chairman Emeritus”, an honourary title which corresponds to the last active title a person served under according to the Merriam-Webster dictionary.

CEO is the highest-ranking executive position in a company. The role of the CEO in a business is considered vital because they are responsible for making major corporate decisions, managing overall operations, and setting the company's strategic direction.

They are held accountable by the board of directors or stakeholders of the company and are often the public face of the organisation. Hence, a transition of CEO can impact the market either positively or negatively. For reference, there was a study conducted which found that CEOs hold an impact of 45% towards the performance of a business. (Dewar et al., 2019) Every case of a CEO stepping down varies, signifying that there is no defined correlation between a company’s stock performance and the introduction of a new CEO. However, a transition, especially sudden and unplanned, tends to be risky. If the new CEO is projected to be a leader that will not benefit the company by the market’s perception, stock performance will deteriorate. So passing the role onto someone with a good reputation, regarding the aspects of a CEO would sustain or perhaps enhance the stock performance. (Maruf, 2023) According to Chairwoman Mellody Hobson, the board had already planned the line-up of possible candidates last year. One of them was the current (as of March 2022) COO (chief operating officer) John Culver. It was a tradition for Starbucks to employ its COO as a blank canvas for the position of CEO in the future. He is a veteran who has dedicated his time to Starbucks for two decades with experience working under Schultz. (Lucas, 2022)

However, it was recently revealed that the next CEO will be Wei Zhang, who served as a senior advisor to Alibaba, the Chinese multinational technology company, which managed to flourish in Hollywood by accentuating the past. (Brzeski, 2015) Among the 9-person board structure, she is marked as the third woman in Starbucks. (Lucas, 2023) The general stock performance in September has been a negative down-slope. Before the release of this news, it was fluctuating like normal, but after the 13th, it has been on a continuous downfall.

Bibliography Hayes, A. (2023, May 23). What is a business? understanding different types and company sizes. Investopedia. https://www.investopedia.com/terms/b/business.asp Covert, B. (2023, January 5). Starbucks workers are unionizing. their bosses are refusing to bargain.

The New Republic. https://newrepublic.com/article/169580/starbucks-workers-unionizing-bosses-refusingbargain#:~:text=The%20union%20wants%20fair%20staffing,for%20customers%2C%E 2%80%9D%20she%20said.

Soken-Huberty, E. (2023, September 11). Philanthropy 101: Examples, types and benefits.

Human Rights Careers. https://www.humanrightscareers.com/issues/philanthropy-101-examples-types-andbenefits/ Scott, T. (2023, September 29). 7 business investment examples for your money now.

Dividends Diversify. https://dividendsdiversify.com/business-investment-examples/ Chen, J. (2023, April 25). Multinational corporation: Definition, how it works, four types.

Investopedia. https://www.investopedia.com/terms/m/multinationalcorporation.asp Hayes, A. (2023, April 12). Chief executive officer (CEO): What they do vs. other chief roles.

Investopedia. https://www.investopedia.com/terms/c/ceo.asp#:~:text=The%20CEO%20is%20responsi ble%20for,public%20face%20of%20the%20organization.

Dewar, C., Hirt, M., & Keller, S. (2019, October 25). The mindsets and practices of excellent CEOS. McKinsey & Company. https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/ourinsights/the-mindsets-and-practices-of-excellent-ceos Maruf, R. (2023, September 13). Former Starbucks CEO Howard Schultz steps down from Board of Directors | CNN business.

CNN. https://edition.cnn.com/2023/09/13/business/howard-schultz-starbucksboard/index.html Lucas, A. (2022, March 16). Starbucks is searching for its next CEO. here’s who could be in the running. CNBC. https://www.cnbc.com/2022/03/16/starbucks-next-ceo-whocould-be-in-the-running.html Brzeski, P. (2015, December 10). Alibaba film chief grants first interview: What China can do for Hollywood.

The Hollywood Reporter. https://www.hollywoodreporter.com/business/business-news/alibaba-film-chief-grantsfirst-846685/ Lucas, A. (2023, September 14). Howard Schultz, former Starbucks CEO, Steps Down From Company’s board. NBCNews.com. https://www.nbcnews.com/business/businessnews/howard-schultz-former-ceo-starbucks-steps-board-rcna104980

The iPhone: Transforma

By Vaibha

Over the past decade, Apple's iPhone has undergone a remarkable transformation, evolving from impact of the iPhone on the world, both economically and culturally, cannot be exaggerated enou announcement back in 2007 to the iPhones we know today.

In 2007, Apple introduced the first iPhone. It received a lot of doubt but also excitement. Man communication device; however, the iPhone's excellent user interface, sleek design, and seamless in

At the beginning of the decade, the iPhone was primarily available through one wireless carrier an Fast-forward to 2018, and Apple was selling 47 million iPhones in the foremost quarter. In total, A

The iPhone revolutionized the smartphone industry and was the perfect replacement for multipl systems, and flashlights, but even user experience such as more customizability or making you smartphone market, and created many jobs and economic opportunities in manufacturing, and sof

A Decade of ative Impact

av Shukla

m a product for early buyers into an iconic and dominant economic impacting technology. The ugh. In this article, I will talk about the key development stages of the iPhone's journey from its

ny people questioned the need for a device that combined a phone, music player, and internet ntegration of features set it apart from the existing smartphones.

nd was targeted at early technology adopters. It sold 8.7 million units in the first 3 months of 2010.

Apple has sold at least 1.4 billion iPhones during the decade, giving it the position of a tech giant!

le devices as not only did it show off new designs, and functionality such as alarm clocks, GPS ur phone feel more personal. This mixture of new technologies led to the rapid growth of the ftware development, resulting in us all becoming extremely reliant on this new device.

The iPhone revolutionized the photography industry as well, leading to a decline in sales of digital cameras. Digital cameras were considered luxury goods owing to their nature of being price-elastic goods; (A small change in price causes a proportionally larger change in demand).. This is demonstrated via comparing the data between 2010 and 2018: 109 million digital cameras were sold in 2010, whereas by 2018, only 9 million cameras with built-in lenses were sold, manifesting the quality and convenience of smartphone cameras.

Also, the iPhone was responsible for the starting of entirely new industries. Taxi service companies like Bolt and Uber had emerged, thanks to the always-on GPS and high-speed wireless connections that were available with the iPhone. Numerous apps and services, ranging from food delivery to mobile banking, were inaugurated on the iPhone platform, creating multi-billion dollar companies in the process. The applications boosted users’ lifestyles by saving them time in their daily lives, being extremely efficient with smooth-flowing usage, and being very affordable.

The App Store which was launched in 2008, gave developers a global audience to sell their apps to. In 2018 alone, developers earned over $30 billion from the App Store itself. This new system has been a major factor in the iPhone's success.

Despite its monumental success, Apple and the iPhone have faced challenges in the past decade. Questions about antitrust issues, particularly regarding the control of the App Store, have popped up as investigators on big tech companies have become more intense. Apple is seen as a monopoly due to its domination of the market and the potential harm it could cause to its competitors and their customers. Apple’s iPhone holds a 28.52% market share worldwide, hence their size and influence in the tech industry have raised concerns about competition and fairness. They cause an inequality in income as they have significantly higher prices compared to their competitors such as Samsung, Huawei.

Google,

Microsoft,

and

Additionally, the addictive nature of smartphones, including the iPhone, has sparked conversations about screen time and digital well-being. People started to notice decreases in academic achievements, depression amongst teenagers due to social media, and sleep disorders. Owing to these issues features like Screen Time have been introduced to help users manage their device usage.

Such small steps have accumulated a skyrocketing reputation.

As we have entered a new decade, the iPhone continues to play a major role in our lives. However, the challenge for Apple lies in maintaining its level of innovation and growth. iPhone unit sales peaked in 2015, and the smartphone market was reaching maturity. Apple has also started manufacturing wearables and services that show off their evolving strategies to sustain growth.

In conclusion, the last 10 years can indeed be known as the iPhone decade— a period in which smartphones went mainstream, reshaped industries, and transformed our daily lives. The iPhone's impact extends far beyond its initial release, shaping the trajectory of technology, business, the economy, and society on a big scale. Whether this new century will remain as kind to Apple as the previous decade remains to be seen, but one thing is certain: the iPhone's legacy will be seen as a symbol of innovation and cultural significance in the digital age.

Bibliography Leswing, K. (2019). The iPhone Decade: How Apple’s Phone Created and Destroyed Industries and Changed the World. [online] CNBC. Available at: https://www.cnbc.com/2019/12/16/applesiphone-created-industries-and-changed-theworld-this-decade.html.

The Food Delivery Industry & how it’s going today Kate Stewart In 1889, the first pizza delivery known to mankind was made in the beautiful city of Naples, Italy, this delivery was made to King Umberto and Queen Margherita.

Interestingly, the name "Pizza Margherita" originated from Queen Margherita herself, who was mentioned as the world's first recipient of a pizza delivery courtesy of the head chef at Pizzeria di Pietro e Basta Così simply because he did not want them to miss out.

This small and simple idea, since then, created what is known today as the food delivery industry, which over the years has witnessed numerous advancements and enhancements that are now prevalent and likely familiar to most of us today. This journey has included early innovations such as the "Dabbawalla" food delivery system, post-war restaurant food delivery expansion, the introduction of "meals on wheels," and, most recently, the emergence of consumer-friendly and easy-to-use apps like Grab Food and Food Panda, which bring food and other goods to our doorsteps conveniently with just a simple tap.

Industrial growth through this century Physical distancing and lockdowns limited the ability for people to interact and gather in public spaces, including restaurants. Inconveniently, too many apps were being developed,resulting in the apps to be widely used, most especially food delivery apps. By the digital apps’ development, the COVID-19 phenomenon has overall provided a substantial boost to food delivery businesses, This bloom not only limited the food delivery sector alone; it also extended to various delivery services, including parcels from diverse companies. As a result, the global food delivery market has grown to a value exceeding $200 billion and is projected to reach a staggering $500 billion. This represents a threefold increase since 2017, with the market more than doubling during the infamous COVID-19 pandemic in 2019, achieving an 8% growth rate. Looking ahead, food delivery is expected to maintain a compound annual growth rate of 10.3% from 2023 to 2030.

Several factors are driving this growth of the online food delivery market, including cost and time savings, the desire for healthier food options, increased customer loyalty, highly customizable food choices, technological advancements, and the rise of cloud kitchens, most importantly the rising number of smartphone users, the increasing prevalence of internet access, and the global trend toward food delivery facilitated by mobile applications

Today’s Top-ranking food delivery industries The Asia-Pacific region was incharge over 40.78% of the food delivery industry's revenue in 2022 and is expected to exhibit the highest compound annual growth rate from 2022 to 2028.

Countries in Asia have adopted software technologies that enable customers to order and pay at their tables using smartphones and other devices through QR scans or prompt payment methods. This innovation led to more engaging customer experience, convenience to many and most importantly more accessible to many, resulting in an increased usage of food delivery service. Europe has also held a significant share of revenue in 2021, prominently due to the COVID-19 pandemic, which prompted millions to order food online through the adoption of appealing and user-friendly applications. platform-to-consumer corporations have added billions of dollars in potential revenue capture. more delivery riders employees, along with route optimisation technologies, have enabled faster and more costeffective delivery resulting in a flywheel effect for many meal delivery companies. However this increase in business with the assistance of the internet has not only led to an increase in the food delivery sector but also an enormous jump in economic growth.

In conclusion, the impact of food delivery during the COVID-19 pandemic has been significant and impactful, particularly in sustaining small businesses and generating employment opportunities. Therefore, there is no doubt that the food delivery industry will be experiencing continuous growth, driven by the influence of smartphone technology usage, expanding population and evolving consumer trends. I believe as our future approaches us, there will be many different technologies but food delivery will continue to thrive due to its simplicity, efficiency and reliability.

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Available at: https://historyguild.org/the-historyof-food-delivery/.

Jackson, E. (2021). History of Food Delivery and How It’s Changed. [online] www.thistle.co.

Available at: https://www.thistle.co/learn/thistlethoughts/history-of-food-delivery-and-how-itschanged.

Manyika, J. and Roxburgh, C. (2011). The great transformer: The impact of the Internet on economic growth and prosperity. [online] McKinsey Global Institute. Available at: https://www.mckinsey.com/~/media/McKinsey/In dustries/Technology%20Media%20and%20Teleco mmunications/High%20Tech/Our%20Insights/The %20great%20transformer/MGI_Impact_of_Intern et_on_economic_growth.pdf.

Tijani, A. (2023). The History of Online Food Delivery – Goodmealtime. [online] Goodmealtime.

Available at: https://goodmealtime.com/blog/the-history-ofonline-food-delivery/. www.grandviewresearch.com. (n.d.).

Global Online Food Delivery Market Size & Share Report, 2030. [online] Available at: https://www.grandviewresearch.com/industryanalysis/online-food-delivery-marketreport#:~:text=Report%20Overview

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พรประภา ศรีราพร. “พฤติกรรมผู้บริโภคที่ส่งผลต่อความสำเร็จ ของธุรกิจส่งอาหารออนไลน์ในช่วงการแพร่ระบาดของโคโรนา ไวรัส 2019 (COVID-19).” Warasan Parichat, vol. 36, no.

2, 2 May 2023, pp.

215–227, so05.tcithaijo.org/index.php/parichartjournal/article/view/25737 9, https://doi.org/10.55164/pactj.v36i2.257379. Accessed 30 Oct. 2023.

Why competition of Samsung and Apple is good for consumers

By Su Hyun PARK (Kevin) There are many competing companies in the world. Among them, Samsung and Apple are rivals that most people know. These two companies have been competing for a long time. They started this competition in 2006. At that time, Apple created the first iPhone. And not long after, in 2009, Samsung also unveiled its first smartphone. This competition has many advantages and disadvantages.

Examples of advantages include, firstly, reasonable prices. As the two companies, Samsung and Apple, compete directly, it has become possible for consumers to access phones at good prices due to competition between the two firms.

Secondly, we realize innovation and technological development. The fierce competition between the firms has forced both companies to push the boundaries of technology. As a result, smartphones have developed cutting-edge features and technologies, including high-resolution displays, advanced camera systems, faster processors, and innovative user interfaces.

Thirdly, it is good for design and aesthetics. The competition between these firms has led to a focus on design and aesthetics. Consumers benefit from sleek, aesthetically pleasing smartphone designs, and both firms strive to outdo each other in terms of build quality and appearance.

In summary, the competition between the firms has fostered innovation, lowered prices, and enhanced the overall experience for consumers in the smartphone industry. This rivalry has had a positive impact on technology and product development in general, benefiting customers through a wider range of choices and improved features.

However, compared to these advantages, disadvantages we must pay attention to that.

there

are

also

Firstly, it confuses customers. With both firms launching various models and variants of smartphones, the consumers may feel confused in choosing between Apple products and Samsung products. This can lead to indecision and dissatisfaction.

Secondly, there is a legal battle. The firms have engaged in numerous patent infringement lawsuits against each other, which has resulted in significant legal costs and resources being spent on innovation. These lawsuits can also harm your public image.

Thirdly, it leads to market saturation. Competition between the firms has contributed to the overall saturation of the high-end smartphone market. This limits the potential for market expansion and forces both companies to find new avenues for growth. People may perceive this situation as a competition for supremacy between these two companies. This will be very devastating for these companies.

To summarize, the competition between the firms has driven innovation and product development, but it has also brought with it drawbacks, including legal conflicts, pricing pressures, and difficulties maintaining customer loyalty.

In conclusion, the fierce competition between Samsung and Apple in the smartphone market has shaped the industry and led to numerous advantages, such as technological advancements and a wide array of choices for consumers. However, it has also brought about significant disadvantages, including legal battles, pricing pressure, and potential innovation hurdles.

As both companies continue to vie for market share and customer loyalty, it is evident that their rivalry will remain a central force in the tech world, pushing them to continually strive for excellence, but also prompting them to navigate the challenges posed by intense competition. In the end, it is the consumers who benefit from this competition, enjoying access to cutting-edge technology and an everevolving range of features and choices in the world of smartphones.

Bibliography https://www.forbes.com/sites/timbajarin/2021/08/12/why-apple-and-samsungs-device-competition-isgreat-for-consumers/ https://www.linkedin.com/pulse/apple-vs-samsung-saga-cooperation-competition-dhruv-kumar https://news.kbs.co.kr/news/pc/view/view.do?ncd=4217572 https://www.joongang.co.kr/article/23796162