Economics Sba 2012

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Introduction

This project was completed to investigate the various ways in which Juici Patties contribute to the economic growth and development of the May Pen Community. It was revealed by all the participants that Juici Patties contribute to the economic growth and development of the May Pen Community in various ways such as employment, sponsorship and providing lunches to schools. Juici Patties is fulfilling its purpose in the May Pen Community as the entity participates in programmes which are beneficial to the development of the Community.

Aims and Objectives

• To outline the ways in which Juici Patties contribute to the economic growth and development in the community of May Pen.

• Find out the benefits/costs of Juici Patties to economic growth and development in the community of May Pen.

• To determine ways of improving economic and development in the community of May Pen.

Definition of Terms

• Economic Growth

According to www.economics 4 development .com, economic growth refers to increases in a country’s output of goods and services

• Economic Development

According to www.businessdictionary.com, economic development refers to the adoption of new technologies, transition from agriculture based to industry based economy and general improvement in standards of living.

• Gross National Product (GNP)

According to economics.about.com/cs/economicsglossary, the gross national product is the valve of all the goods and services produced in an economy, plus the valve of the goods and services imported, less the goods and services exported.

Advantages of Economic Growth and Development

• Economic growth stimulates higher employment

• Increase in goods available for consumption

• Improvement in welfare example pensions, housing, infrastructure

• Improvement in education/health and social service

• Increase in general standard of living

• Enhances tax revenue

Disadvantages of Economic Growth and Development

• Inflation Risks- There is the danger of demand-pull and cost-push inflation, if demand grows faster than long run productive potential high and rising inflation can be destabilizing for an economy because it puts pressure on interest rates to rise.

• Regional Disparities- Although average living standards may be rising, the gap between rich and poor can widen leading to an increase in poverty and a widening gap between different regions.

• Environment effects such as: pollution, congestion and carbon emissions.

• Loss of ancient cultures, traditional ways of life.

• Loss of natural resources such as forests through ‘slash and burn’, land clearances for urban growth and industrialization.

Brief History

The Juici Patties chain of restaurants grew out of the efforts of a sixteen year old youth from rural Jamaica to provide self employment, his name was Jukie Chin. He made Jamaican beef patties in his mother’s kitchen then sold them in the family’s small grocery store. Two and a half decades later this enterprise has grown to be the juici patties many have come to know and love. Jukie Chin graduated from the Glenmuir High School in Clarendon.

He continued this business in Rocky Point, Clarendon for almost a year until he had enough money to open his first “official” store in the town of May Pen. This store operated for some time with three members of staff, cashier, a baker and Jukie. He often straddled the past of general administrators, accountant, purchasing manager, cashier, baker, patty maker and server.

Over time the number of stores grew to five, Jukie along with four of his closest friends...
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