Economic questions Essay

1. It has to do with game theory. In the prisoner’s dilemma, two suspects are taken by the police and each told separately that they can gain their freedom by testifying against each other. If neither testifies, they each will serve a six months sentence. If one testifies the other stays silent, the one will go free and the other will serve 10 yrs. If both testify then both will serve 5 yrs. The best thing is for both to be silent, but the more likely scenario is that each, fearful of a long sentence, bails on the other and nobody wins. In economics it is the investors hoping to ride the high flyers into the New Year; the best outcome is for nobody to sell. Most years, that is how it works and year end rallies leave everyone satisfied. 2. Economic theory. Through regulation is the best way market failure or externalities are dealt with when they are harmful to society. Externality is an economic side effect. They are the costs or benefits that come from economic activities that affect others than the individuals that re engaged in the economic activities. Some solutions are negative- taxes, positive-subsidy. 3. Sources of income in a capitalist economy would be their property rights that entitle them to earn a profit for the use of their capital as risk in some form of economic activity. They would be related through labor by human capital. The knowledge and skill acquired by labor through education and labor. 4. The rate is determined by a percentage of its turnover or sales. 5. Investment is something investors decide how much they will spend on new investment. Example: Producers have to decide whether to replace used up or obsolete machinery, whether to expand production these costs will become an investment that in turn should make them money. There are four principal determinants of autonomous investment, the level of technology, rate of interest, expectation of future economic growth and the rate of capacity utilization. 6. With an equilibrium price. The price that equates quantity demanded to quality supplied. If any disturbance from that price occurs, excess demand or excess supply emerges to drive price back to equilibrium. 7. The classical view of how our economy behaves is this: If the economy were left on its own without the interference of government or the Fed. It would move towards an equilibrium rate of growth that would produce with only minor interruptions, full employment without inflation. This hands off rests upon two simple propositions about market, one that all markets are basically competitive and two, all prices are flexible upward and downward approaching equilibrium. Unemployment is only a temporary condition caused by wage rates climbing above the equilibrium rate. A shift in the extraction curves is the economy’s rate of unemployment and rate of inflation. 8. Supply-side economists emphasize the importance of reducing tax rates. They accept the Keynesian idea that lower tax rates will increase consumer demand, but they believe a more important consequence is the added incentive it provides suppliers. For example; lower corporate tax rates increase after tax profit, which induces suppliers to increase aggregate supply. Lower income tax rates encourage more people to work longer, adding as well to aggregate supply. 9. Savings automatically converts to investment; so that investment induced growth is dependent on saving. 10. The division of labor into specialized activities that allow individuals to be more productive. The idea that labor productivity is a function of the degree of labor specialization. 11. Upward sloping trend cutting through the cycle traces the economy’s output performance over the course of a business cycle, measured either from recession to recession or from prosperity to prosperity. The upward sloping character of the trend line signifies economic growth. 12. Every economy, whatever its level of national income, includes people earning different incomes. Knowing someone’s absolute income tells us little about that person’s income status. 13. Consumption spending is rooted in Status. High income people not only consume more goods and services than others, but also set consumption standards for everyone else. 14. Aggregate supply is the total supply of goods and services that all firms in the national economy are willing to offer at varying price levels. Aggregate demand is the total quantity demanded of these goods and services by households, firms, foreigners, and government at those varying price levels. Macroequilibrium is reach when aggregate supply equals aggregate demand. 15. Consumption spending has tended to be more stable than investment spending in the past. MPC can be counted on to remain pretty much unchanged. Autonomous consumption is hardly likely to change. Investment spending is considered volatile. Economists identify changes in aggregate expenditure as the key to understanding why national income changes. Changes in investment have highly magnified effects on national income. The income by which income changes as a result of a change in aggregate expenditure is called income multiplier. 16. The economy’s output or gross domestic product is the total value, measured in current market prices, of all final goods and services produced in the economy during a given year. 17. One solution is to combine wage and price controls with a Keynesian style job creating policy. Stabilization policy is one option. 18. Four principle factors contributing to a nations economic growth, the size of the labor force, the degree of labor specialization, or the division of labor, the size of its capital stock and the level of its technology. Savings automatically converts to investment; so that investment induced growth is dependent on savings. 19. Demand deposits are only half of a banks business. Loans are the other. The bank makes a profit only on the loans it provides, not on it deposits. Borrowers benefit from inflation where lenders, where as lenders lose money. 20. Through the circular flow model, how the economy’s resources, money, goods and services flow between households and firms through resource and product market. 21. Economies with negative balances on current account will find their exchange rate falling. And unless these rates are propped up by government intervention, they will fall to stem the currency outflows exist; the exchange rate will keep falling. Eventually the rate will reach the level appropriate to a zero balance on current account. It takes only time. He would think we were habitual borrows. 22. They are the â€Å"what is† and â€Å"what it should be† 23. Nothing because the infrastructure is what an economy’s ability for development depends upon. Such as with education to educate people involves not only the task of acquiring compliance but the funds needed to build the school and staff them.

Free Essays on Jack Danielsh

Jack Daniel’s is a type of whiskey which contains alcohol, a drug that in moderate amounts can cause a euphoric feeling in the individual who consumed the drug. Large amounts, however, lead to nausea, decreased coordination, and alcohol poisoning. Daniel has consumed enough Jack Daniel’s that he has ended up with a case of alcohol poisoning (which is harmful). He has consumed the Jack Daniel’s unaware that the alcohol in it would lead to harm for him. The folk psychological explanation for Daniel drinking the Jack Daniel’s is that he believed that by drinking a lot of Jack Daniel’s he would achieve something achieve something that he desired. The result of drinking that much whiskey is alcohol poisoning which is harmful. Socrates’ argument is that Daniel did not do this to intentionally harm himself. He claims that if Daniel knew that drinking the Jack Daniel’s would lead to alcohol poisoning, that would mean that Daniel desired to be harmed. Nobody desires to be harmed because harm means to be miserable and unhappy and nobody desires to be unhappy. Socrates argues that Daniel falsely believed that by drinking excessively he would achieve happiness. He did not know that the alcohol would lead to unhappiness or he would not have drank it. Socrates’ argument is successful, it is a sound argument. Someone who disagrees with Socrates would argue that people either desire things that lead to harm but they believe that harm benefits, or they desire things that lead to harm and believe that harmful things harm. If there are people that desire harmful things under the false belief that harmful things lead to benefit, which is an obvious contradiction, then there are people who believe obvious contradictions. Nobody believes obvious contradictions. That means there are no people who desire harmful things knowing they are harmful but believe that harmful things benefit. The only argument against Socrates left is ... Free Essays on Jack Danielsh Free Essays on Jack Danielsh Jack Daniel’s is a type of whiskey which contains alcohol, a drug that in moderate amounts can cause a euphoric feeling in the individual who consumed the drug. Large amounts, however, lead to nausea, decreased coordination, and alcohol poisoning. Daniel has consumed enough Jack Daniel’s that he has ended up with a case of alcohol poisoning (which is harmful). He has consumed the Jack Daniel’s unaware that the alcohol in it would lead to harm for him. The folk psychological explanation for Daniel drinking the Jack Daniel’s is that he believed that by drinking a lot of Jack Daniel’s he would achieve something achieve something that he desired. The result of drinking that much whiskey is alcohol poisoning which is harmful. Socrates’ argument is that Daniel did not do this to intentionally harm himself. He claims that if Daniel knew that drinking the Jack Daniel’s would lead to alcohol poisoning, that would mean that Daniel desired to be harmed. Nobody desires to be harmed because harm means to be miserable and unhappy and nobody desires to be unhappy. Socrates argues that Daniel falsely believed that by drinking excessively he would achieve happiness. He did not know that the alcohol would lead to unhappiness or he would not have drank it. Socrates’ argument is successful, it is a sound argument. Someone who disagrees with Socrates would argue that people either desire things that lead to harm but they believe that harm benefits, or they desire things that lead to harm and believe that harmful things harm. If there are people that desire harmful things under the false belief that harmful things lead to benefit, which is an obvious contradiction, then there are people who believe obvious contradictions. Nobody believes obvious contradictions. That means there are no people who desire harmful things knowing they are harmful but believe that harmful things benefit. The only argument against Socrates left is ...

The Power of Awe 5 Proven Benefits to Experiencing Awe in Your Life

The Power of Awe 5 Proven Benefits to Experiencing Awe in Your Life One of the themes at my leadership retreat last week was the power of awe. From the moment we arrived at the campus in Wisconsin, we were called upon to seek out awe-inspiring experiences. The first day, I saw a dragonfly caught in a spider’s web. I heard frogs that sounded like an orchestra. I saw fireflies that looked like sparklers. All of these were moments of awe. During one classroom section out on the grass, a green bug landed on me and I spent many minutes watching its movements. I was fascinated by how it shifted from side to side, bending its legs as it leaned to the left, then straightening and bending them again as it leaned to the right. Why would a bug do such a thing? I was captivated. Every time the bug jumped off my leg I would catch it again so I could watch its do this dance. In each of these moments, time stood still. I felt like I could sit there forever focusing on this one thing – a green bug, a sunset, a frog chorus. I was happy to be alive, for the simple fact that life occurred to me as captivating and miraculous. What I learned over the week is that scientific research supports my experience of awe. Specifically there are four documented effects of awe that make me want to pursue it more often! 5 Major Benefits of Awe We become more generous and caring after experiencing awe! In a study directed by Paul Piff, half the participants were directed to look at the side of a building, and the other half were directed to look at a grove of towering eucalyptus trees. After they looked at the scene, a researcher walked by the participants and dropped a box of pens by â€Å"accident.† The ones who had looked at the trees picked up more of the pens, exhibiting much more ethical and social behavior than the ones who looked at a building. Imagine the world we would live in if more people experienced awe on a regular basis! Awe inspires creativity. When a group of children looked at a series of photos, one beginning with objects like a pencil, and progressing to vast things like the Milky Way, they were more creative than another group starting with vast things and moving to more everyday things. This 2012 study from Tel Aviv University encourages me to look at an awe-inspiring video or photo before attempting any creative pursuit! Awe produces health benefits. A January 2015 study in the journal Emotion found that awe, especially when induced by a deep connection to art, nature, or spirituality, lowers cytokines in the body. Lower cytokines means less risk of heart disease, type-2 diabetes, and depression. Furthermore, if awe is inspired by a physical experience in nature, we get more vitamin D and also benefits related to exercise. Awe expands our sense of time. Researchers at Stanford and the University of Minnesota found that when people experience awe, they report that they have more time available and are less impatient. Awe brings people into the present moment- and the sense of having more time can lead to better sleep, less stress, less engaging in addictions, more motivation to acquire new knowledge, more willingness to volunteer, and overall, more life satisfaction. Awe gives you a better sense of well-being. Awe-inspiring experiences such as looking at a natural wonder, listening to a beautiful symphony, or even looking into another person’s eyes, can make us feel a connection with something greater. This experience is an emotion â€Å"in the upper reaches of pleasure and on the boundary of fear† as described by psychologists Dacher Keltner of UC Berkeley and Jonathan Haidt of New York University. Who wouldn’t want that? When was the last time you experienced awe? Are there awe-inspiring opportunities passing you by on a daily basis? I challenge you this week to have 10 awe-inspiring moments every day. I’d love to hear the difference it makes in your life!

Operation Management Essay Example | Topics and Well Written Essays - 500 words - 3

Operation Management - Essay Example They could be involved in trading activities. Under such circumstances, there should a clear green channel established which reduces the lead time to a manageable limit. In these cases, the turnaround time could be limited to say, 48 hours. In such exception orders, the customer service executives and managers need to play the role of single window clearance agents. In other words, they need to be the face of the company. The customer service personnel need to be capable of handling all order related communication, product related enquiries and any other pertinent information. There should be no involvement of sales and marketing personnel. In the case, we read about exceptions relating to the prices. Necessary approvals are obtained and the orders are processed. However, we also need to address customers who automatically become eligible for some price cuts, once they have placed a certain defined quantum of orders. This information needs to be decided in coordination with finance and sales personnel. Accordingly, for the specific customers, the applicable price discounts could be automatically applied for either bulk orders or for cumulative orders that have exceeded defined tonnage. We reiterate that this process should be captured in SAP and should not fall within the daily purview of sales and marketing divisions. In our case, we talk about shipments by sea and road. The company also needs to consider air shipment as another possible mode for express delivery. There could be a certain class of customers who are keen on availing this facility. Accordingly, the third party logistics provider should be informed to use this option in specific cases. The customer service team should also make provisions for the right set of documentation relating to air shipment. The case mentions modes of dispatch. We find that it does not talk about measuring supply chain efficiencies. Unless the company measures performance

Spanish Cuisine Essay Example | Topics and Well Written Essays - 750 words

Spanish Cuisine - Essay Example There are several fantastic contributions as well as influences (from Arabs and Romans who conquered Spain and stayed there) to Spanish cuisine and recipes. However, other dishes came from American and European influences and later adaptations were made to suit the Spanish taste. As a matter of fact, food prepared in Spain is usually abundant, fresh, as well as filled with flavor. In addition, Spaniards dearly love their food. It is important to note that the 2 essential ingredients that are must in Spanish food include garlic and olive oil. However, since Spain comprises of discrete geographical zones, settled by various cultural and ethnic groups, in addition to varying weather from one region to another, the regional cuisines vary a lot. The following are typical Spanish ingredients as well as food. The first ingredient is olive oil which is also called lard. Spain being the world’s largest producer of olive oil grows numerous olives all over the country and it is therefore no surprise that several Spanish dishes are prepared using this ingredient. Secondly is the Ham or jamon in Spanish which is a much cherished food and Spaniards take it very seriously and usually will pay a lot for quality ham. In fact, Spaniards are so proud of their ham that they have many museums for the same. The third common cuisine is seafood and fish. Spain is found in Iberian Peninsula and thus surrounded by water on 3 sides; there is always plenty of fresh seafood in the markets. Spaniards thus consume shellfish or fish every day. Anything, ranging from shrimp to halibut, in addition to octopus as well as baby eels is widespread on restaurant menus and markets. The fourth delicacy is cheeses which are of great quality and can be f ound everywhere in Spain. Spaniards make cheeses from goat, cow, sheep, milk as well as mixed milks. Various kinds vary from soft cheeses like

Aviva Case study Essay Example | Topics and Well Written Essays - 2500 words

Aviva Case study - Essay Example t model proposed by Kurt Lewin can be considered as an important change management model that can help an organisation to address problems and challenges in its decision to adopting and implementing change in business operation process. This three phase change management model consists of three stages, such as unfreeze, movement and refreeze (Neelin, 2010, p.91). These three steps have been discussed with respect to the case study of Aviva. The management of Aviva should try to adopt and implement this change management process before implementation of the newly developed strategy of job cutting across its global business operation. Unfreeze is the first and more important stage of this change management model. It is clear from the news that the management of Aviva has decided to job-cutting across globe in order to reduce the overall business operation cost. This sudden decision and implementation of this decision can affect the business process of the organization as it can demoralise several effective employees to perform effectively. Most importantly, it can create fear among each and every employee that he or she may be axed. Therefore, Unfreezing can be considered as an important stage as in this stage the managers or leaders of the organization as it is their responsibility to inform the sub-ordinates and followers within an organisation to be ready for change. Therefore, it is important for the leaders to notif y the employees of the Aviva about newly decided change process way before implementation of this strategy (Liu, 2011, p.89). Aviva is one of the leading organisations around the globe. Therefore, it is highly important to attract the attention of the global employees regarding this decided change management process so that the management of the organisation can avoid the issues, such as workplace conflicts and inadequate business output (Marcus, 2010, p.12). Movement can be considered as another important step of this model. In this step the

Sports And Active Lifestyles Children And Young People Essay

Sports And Active Lifestyles Children And Young People Essay Unfortunately, youth sport has for a long time, and still is, being organised, run and taught by persons who draw on their personal philosophies in their approaches. i)Discuss the dangers of this. ii)Which are the main areas within youth sport which need to be considered to shape such philosophical standpoints of people working with youth in sport? Introduction In many aspects of our life we find people who, either directly or indirectly, influence the path we follow to achieve growth towards reaching our future goals. Such influencing people could be parents, teachers, mentors, coaches, nursery leaders, policy makers and any other role model position we may encounter. They do so in line with their philosophy on that particular aspect of life, for which they are responsible to guide us through the path of success. Their philosophy is built from the theoretical knowledge they acquired in their own educational phase of life as well as through their practical experience in the area they are assigned to lead. This applies in particular to people who are trusted to work with our children in various sports disciplines. Parents still insist that their children should engage in organized sport for several reasons. Since six decades ago, there has been a growing belief that leaving child activities under the informal control of children themselves may lead to antisocial behaviour when they grow up. (Coakley, 2009) argues that many adults believe that this lack of control is eliminated by organised sports through which they constructively control their childrens activities. However it is of utmost importance that those who work in youth sport and policymakers adopt the right philosophy that encourages sport participation of youths in the long term. Individuals who are involved into such youth programmes ought to be aware about researched material that may be used to adjust the programmes to better serve the child interest, even when this goes against their philosophy. Negative Outcomes Participation is unlikely to persist when stubbornly sticking to the point of view of the adult whose way of thinking may be in conflict with that of the youth. One has to keep in mind the interest of the child; the fun aspect of the sport itself. Children tend to stray away from adult invasion into their sport. They like to create their own games, their own worlds, therefore forcing them to participate into organised activities might lead them into a path they do not want. (Gill, 2007) mentions several arguments in favour of exposing our children to environments where a degree of risks is involved, as opposed to institutionalised sports. We actually do children a disservice by trying to eliminate risks from their lives as they grow up (Gill, 2012). When children are allowed to experience risky situations, they learn practical skills, such as swimming, cycling and road safety, that help them manage similar situations and protect themselves in the outside world. In addition, if not allowed to experience risks, children tend to seek out situations that may potentially be too dangerous. In other words, children like the challenges present in risky situations. Parents usually fear the fact that the environment outside of home has become such a dangerous place for children. They feel more security by trusting their children to coaching methods that are sometimes found to be counterproductive. This ideology may sometimes expose our children to occasional high injury rates from organised youth sport such as stress fractures and other injuries caused by overuse. (Micheli, 1990) suggests certification of coaches as a part of the solution. In a study on US youth sports, (Seefeldt Ewing, 1992) found that there was a drop from 25% to 3% in sport participation from the ages of 10 to 18 respectively. This huge withdrawal was attributed to the competitive nature of sports in males. (Biddle, et al., 2005) drew similar conclusions for females. (Cotà ¨ Wall, 2007) postulate that children who do not experience fun in sport at their early ages, tend to drop out from the activity because they lack the intrinsic motivation to keep on participating. This hinders the higher level skills they would have obtained later on in their sports career. (Abbott Collins, 2002) propose that if youths do not engage successfully into sport activities at the participative phase (up to eight years of age) they will most likely lack self-efficacy beliefs which are necessary to persist in being physically active through life. (Coakley, 2009) mentions ample literature from critics of adult-organised sports that argues on many shortcomings of this approach. The presence of parents watching their child playing an organised, competitive game that is customised for adults is counterproductive both mentally and physically to the child. Some children make it clear that they feel most parents come to see them playing just to criticise them both during and after a game, making them feel embarrassed. Even worse, this sends the wrong message to children that physical activity and sport is there only for the young, given that their parents are always sitting there as spectators. Children are not to be treated as miniature adults; some youth sports organisations expose children to too little practice and too many competitions when studies show it should be the other way round. Equipment and rules are sometimes not suitable to the age and ability levels of children. Main Areas to be Considered Up to the young age of two years, children look for pleasure from discovering and mastering attempts. Up to around six years of age children exhibit an egocentric character. Starting from the age of five youngsters enter the social comparison phase in which they start to compare what they have and what they do with their peers. This is usually interpreted as a sign of the childs interest in competition. This phase continues to strengthen until the age of twelve. Children younger than twelve may find it difficult to get the full understanding of their role in a competition. To encourage participation the rules of the game must be modified to suit their developmental capabilities (Richardson, 2007). It is also suggested that children in this age range are  exposed to a variety of sports as well as different positional variations in each sport. To be ready for competitive sports, young individuals need to fully develop their physical, cognitive and social abilities. Several studies suggest that children start to develop their cognitive and social abilities at around the age of eight and these abilities are expected to reach their required levels at the age of twelve (Coakley, 2009). In fact literature shows that the ideal age of introducing competitive strategies is at the ages of twelve to fifteen, also known as the transitional phase, and children under eight years of age should not be put into competitive roles. Research consistently shows the attraction of children to freedom in whatever they do (Gill, 2007). The traditional sports organised by adults tend to focus more on rules as opposed to informal sports that emphasise action, an approach that shows more positive outcomes (Coakley, 2009). One of the benefits of rules is to allow for safety. However, (Mullarkey) maintains that We must try to make life as safe as necessary, not as safe as possible. Rules from organised games should be modified in such a way to allow for more action and personal involvement and to keep the difference in scores as low as possible. On the other hand, action must meet the requirements to strengthen personal involvement, excitement, decision making and interpersonal relationships between participants. When working with children one should not assume that the social and cognitive abilities are already fully developed in sports. (Bandura, 1997) stresses the importance of both perceived and actual competence in an individuals decision to both engage in and maintain involvement in an activity. Actual competence widens the choice of sport for the individual while perceived competence provides the drive to persist in the sport even when difficulties are met. Therefore, if a broad range of psychomotor skills have been successfully developed from a young age, the literature suggests these will act as a basis for subsequent involvement as well as equipping individuals with the ability to make appropriate participation choices. In informal sports, one must be careful not to allow any form of bullying, patronising of girls when playing with boys and exclusion. The role of the adults should be that of a guide who ensures safety, encourages participation, mediates disputes and not to impose organised sports rules. Sometimes informal games may require more play space, but this can be overcome by creativity from the coach. Creativity is also a quality that is strengthened on the child when exposed to an informal setup. Children get the message that in life they have make decisions and not always follow repetitive rules. Conclusion The above review suggests that in todays society, coaches, organisations and parents should be well aware of questions and issues which need to be addressed when involving themselves into organised youth sport programmes. People who work in youth sports must keep their mind open to new ideas and they should educate themselves to keep their knowledge up to date on the current studies in the field. To the contrary of adult sports, when dealing with youths, in particular at the participative level coaches need to emphasise less on structure and more on variety to keep motivation at high levels. Rather than early specialisation the ultimate goal is to make the child physically literate.