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Some things are caused by other things. Talking about cause and effect and with respect to nomothetic explanation, what are the three specific criteria or conditions for causality? In order words, what conditions must exist before you can conclude that A “causes” B? Please discuss each of the three criterion in detail.

Distinguish between necessary and sufficient causes. What do you understand by “Reductionism” and “Correlation”?

Sample Solution

A cause is an explanation for some characteristic, attitude, or behavior of groups, individuals, or other entities (such as families, organizations, or cities) or for events. For example, Sherman and Berk (1984) conducted a study to determine whether adults who were accused of a domestic violence offense would be less likely to repeat the offense if police arrested them rather than just warned them. Their conclusion that this hypothesis was correct meant that they believed police response had a causal effect on the likelihood of committing another domestic violence offense. Three criteria should be considered in trying to establish a causal relationship. The first three criteria are generally considered as requirements for identifying a causal effect: (1) empirical association, (2) temporal priority of the independent variable, and (3) nonspuriousness. You must establish these three to claim a causal relationship.

Recession is the period of temporary economic decline during which trade and industrial activity is reduced, this is usually understood, when the GDP has a fall in two successive quarters. The UK economy is expected to hit recession in the next few years, due to the decision to leave the E.U. This then effects loans and investments, as the money put into the business, will have a different worth. Economic recession is, however, the general economic decline, which is usually shows in the stock market, this leads to the increase in unemployment and the decrease in housing market. Recession has a negative effect on Jaguar, as sales and profits results to a decrease in sales and increase in costs.

Economic boom is when the business is on an expansion and reaches the peak point of the business cycle. This occurred in the first months of the decision to leave the EU, as the amount of the goods and services produced, increase for the preparation of leaving. The economic boom is the period where costs is low and sales is high, which is the best period of all businesses, due to the opportunity of profit. In this period this means that sales of Jaguar cars will increase, so employee numbers ad profits will grow.

Monetary

The monetary policy is the process by which the monetary authority of a country. Typically, the central bank which is the Bank of England controls the costs of borrowing short-term or the monetary base. When doing this they often target inflation rate or interest rate to ensure price stability and general trust in the currency. As of May 2018 £1 is currently equal to 1.13 euros. This is a continuous decrease since the announcement of “Brexit” when it dropped to the lowest point in many years. The inflation rate is 2.5% despite the current target being 2%, this means it is slightly higher than the government prefers it so stay which poses the risk for Jaguar’s potential level of sales, this is because customers may be reluctant to spending, due to the high costs. The interest rate at the bank of England is currently 0.5%. When the interest rates are low this is good for Jaguar Land Rover (as they can borrow and expand more quickly) as well as their customers because they will be less likely to save and more likely to invest in purchases such as cars. L

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