Economic Discourse Communities – Essay Example
The paper "Economic Discourse Communities" is a perfect example of an essay on macro and microeconomics. Dialectical discourse communities are formed among individuals who hold a common interest in any given sector of life, and it can be established by both professionals within any particular field of expertise. They come together to form a group, where they exchange ideas, explore controversial topics affecting their profession and areas of interests. Dialectical discourse communities are characterized by having unique identifying features that set them apart from others that might exist of similar interests. The use of lexicons is a common phenomenon in discourse communities, which entails the use of particular specialty words to refer to events and entities in the areas of interests. These terms and references are used to enhance and increase effective and efficient communication between the members. Lexicons enhance and improve communication between discourse community members, and help them further their understanding of the different phenomenon in their areas of interests. In economic discourse communities, members use various terminologies to ease their mode of communication and understanding between members. Absolute advantage is the ability to produce goods and services at relatively cheaper costs than other producers or countries (Mastrianna 7). Germany can be said to have an absolute advantage over the United States (US) in automotive technology. Division of labor is observed when workers specialize in one particular task in the process of production (Mastrianna 12). Division of labor makes significant contributions to the development of technology. Monetary policy is characterized by control over money by the state’s central bank, which also includes control over interest rates and credit conditions (Mastrianna 8). The current monetary policy by the US Federal Reserve shows the potential of reviving the ailing economy. The excise tax is a tax placed on particular goods and services with an example including gasoline and cigarettes (Mastrianna 5). Excise duty on alcohol only works to fuel illegal trade in contraband. Wages are payments or resources offered to workers in exchange for their labor. Minimum wage is a contentious issue in the US.