What Role does Bundle Sheaths Play in C4 Plants Essay

What Role packs Sheaths Play in C4 Plants - Essay Example Group sheath cells are the significant site of refixation of the CO2 and C4 corrosive decarboxylation. The mesophyll cells likewise concentrate the CO2 and send it to the pack sheath cells. NADP-malic compound (NADP-ME) and phosphoenolpyruvate carboxykinase (PCK) are communicated in the pack sheath cells of the C4 plants. They are the significant proteins answerable for the refixation of the CO2 from the C4 corrosive. (Nomura et al. 2005). In C4 leaves, each vein is encircled by a ring of the pack sheath cells encompassed again by the mesophyll cells. These pack sheaths have the chloroplasts masterminded divergently with the enormous starch granules and unstacked thylakoid films. In the pack sheath cells ribulose-1,5-bis-phosphate carboxylase/oxygenase (Rubisco) compound collects widely. The particular chemical action can be effectively controlled by utilizing the non fluid fractionation procedures and heartbeat marking strategies. (Majeran et al. 2005).

Effects of Earthquake Essay

Essential impacts are the prompt harm brought about by the shake, for example, falling structures, streets and extensions, which may slaughter numerous individuals. Those fortunate enough to endure can experience the ill effects of stun and frenzy. Optional impacts are the delayed consequences of the seismic tremor, for example, fires, tsunamis, avalanches and malady. Fire †seismic tremors demolish gas channels and electric links, making fires spread. Broken water mains forestall the Fires being doused. Flames spread rapidly in urban communities, particularly in low quality lodging zones where wooden structures are normal. Tidal waves †a seismic tremor on the ocean bottom or near the coast may cause immense waves. Avalanches †seismic tremors regularly cause avalanches, particularly in steep stream valleys and zones of frail rocks. Infection and starvation †new water supplies are regularly cut off causing typhoid and cholera. Absence of sanctuary and food causes a lot of anguish. soil liquefaction when soils with a high water content are viciously shaken they lose their mechanical quality and carry on like a liquid thus structures can actually sink. Great clasp 2011 Japan Tsunamis Uber wave brought about by a huge margin July ninth 1958 Clarification Blueprint causes A tidal wave can be produced when damaging plate limits unexpectedly move and vertically uproot the overlying water. It is impossible that they can frame at helpful or preservationist plate limits. This is on the grounds that valuable or moderate limits don't for the most part upset the vertical removal of the water section. Subduction zone related quakes create most everything being equal. Waves have a little wave tallness seaward, and an extremely long frequency (frequently several kilometers in length), which is the reason they by and large pass unnoticed adrift, shaping just a slight swell for the most part around 300 mm over the typical ocean surface. also, they travel rapidly at speeds more than 700 km/h. They develop in tallness when they reach shallower water.

Information Paper on World War I Research Example | Topics and Well Written Essays - 750 words

Data on World War I - Research Paper Example Antiquarians have distinguished three direct fundamental driver that prompted the war. They are the contention between the Central Powers like Germany, Austria, Hungary and the Ottoman Empire and the Allied Powers like France, Russia, Britain, Italy and the United States. Boundless militarism and monetary colonialism pushed the eager administration of the nations to the combat area. The death of Archduke Franz Ferdinand was the flashpoint that started the war. That was on June 28, 1914 when a Bosnian Serb understudy by name Gavrilo Princip, shot and executed him. Ferdinand was beneficiary to the Austro-Hungarian seat. That understudy needed Serbia to be free from the space of Austria Hungary. The last requested that those liable for the meeting must be rebuffed .Stewart Ross composes â€Å"On 23rd July, 1914 Vienna sent Serbia a final proposal that, whenever acknowledged, would have made Serbia for all intents and purposes an Austro-Hungarian area. The Serbs had 48 hours to acknowle dge itâ€or face the consequences.†(p.7)When Serbia didn't consent to the interest and Austria Hungary proclaimed war on Serbia. Serbia, as the partner of the Allied Powers, announced war on Austria Hungary. Focal Powers mediated in the interest of the later and along these lines a chain response came about and an undeniable war was in the offing. Far reaching militarism started the brain war first. The privileged with the reserve of weapons and riches in bounty stayed suspect about the influence of the other. Want for keeping up the unrivaled degree of military force irritated them much. The Royal Navy of Britain was the jealousy of Germany and Austria Hungary as it was a lot of better than theirs. They felt that the perfect methodology to contain the maritime may of Britain was to pronounce war. Monetary colonialism enabled in terms of professional career with the outside states was the solid point with Great Britain and France. Germany and Austria Hungary had hardly any remote settlements

Role of Client Servicing in Infrastructure Company

Job of Client Servicing in Infrastructure Company Prelude Organizations with a high client degree of consistency know the estimation of customer overhauling. Basically, this is the way toward making and keeping up a solid working affinity with every client. Frequently alluded to as client care, it is tied in with understanding the requirements and wants of the client, and moving to address those issues in a proactive way. While there are various customer administration programs available today, there are a couple of components that structure the reason for any sort that is powerful. One of the most significant keys is furnishing the customer with individuals who realize the record well and can be of help at whatever point required. This implies looking past the information that is assembled during the deal cycle. Customer adjusting directs that the seller build up a working information on the objectives of the client, the conditions that the customer works inside, and what desires must be met so as to keep the customer. Numerous organizations tragically secure another client, at that point never permit the business contact to acquaint other help faculty with the new customer. Frequently alluded to as a handoff, this permits the client to be gradually relocated from depending on the business contact and start to build up a relationship with client care experts. The thought is to enable the new customer to comprehend that the person in question has a help group that is set up for the long stretch. Substance Presentation Target of study Job of A customer overhauling official Prologue to Infrastructre Company. Research technique End List of sources Presentation Publicizing offers intriguing, rewarding and intellectually fulfilling vocation alternatives. In the course of the last 5-6 years the matter of adverting has expanded manifolds. Before you intend to enter the field you have to know how a run of the mill promoting office is organized. For the most part, the different divisions are: * Client Servicing/Account Management * Media Planning * Creative, which incorporates: Duplicate journalists Visualisers Customer Servicing/Account Executive Customer Service Executive: As the name clarifies, you will go about as the extension between the customer and the organization. You will address the customer to get a concise comprehension of what he/she needs. Likewise you will likewise read the market for the item or administration for which the notice is being made, break down market elements, target clients, their requirements and personal conduct standards, the contending item, purchasing behaviors of clients and different other market related components. Subsequent to experiencing the whole procedure the Client Service Executive at that point readies the short which will be utilized by the imaginative, account arranging, and media arranging branch of the organization. Over cups and cups of espresso youll conceptualize about the item includes, the objective market and clients, system what the promotion will talk, how it will talk and other significant subtleties to choose the correct idea for the commercial. It will at that point be taken over by the inventive individuals, visualisers and the media-arranging office who will set up an introduction for the customer. It is simply after the customers endorsement that the promotion lands at the creation table. Customer adjusting administrators are additionally called Account Executives. As a learner in this office you will answer to the Vice President †Accounts or an Accounts Director. The top manager plans business extension (acquiring more customers by moving toward different organizations), actualizes the plans with the assistance of Account Executives; and controls all the exercises. His essential obligation is to arrange all the exercises identifying with improvement and usage of publicizing efforts. Simply under the Vice President/Director Accounts are senior and junior Account Executives. In large organizations there might be a couple of Account Supervisors who care for huge corporate records. Positioning insightful Account Supervisors are legitimately beneath the Vice President/Director Accounts. Various Account Executives report to the Account Supervisors. Youll interface day by day with existing just as new customers. Some large offices likewise have an alternate division called Account Planning office headed by Senior Manager/Manager Account Planning. Senior Account Executives get the opportunity to work here. What is a customer Servicing Executive? Customer overhauling official ought to produce new customers Promoting organization runs by getting new customers or holding their current customers and help in marking their administrations through compelling publicizing arrangements. Consequently, customer overhauling turns into the most crucial piece of an office. Customer Servicing Department The significant focal point of a customer adjusting division lies on: Producing new customers Upgrading existing client relationship Open relationship Customer adjusting office is a significant piece of any publicizing organization which manages TV, print, radio or Internet. Customer Servicing Executive Customer adjusting official goes about as the extension between the customer and publicizing office. He speaks to what the office is about and what it is able to do. The customer adjusting official is liable for all the interchanges that occurs between the customer and the organization. Obligations of a Client Servicing Executive The customer overhauling official is liable for taking care of inquiries from the customers. Should bring down briefnotes from the customer and roll out the ideal improvements according to the client’s needs by imparting to the innovative group. Have a top to bottom information about the customers items, brand, culture, advertise position and their general needs/administrations. Ought to have excellent relational abilities, in order to expand the solace levels of the customer. The customer adjusting official ought to guarantee that the customer remains with the promoting office for a more extended timeframe. Liable for producing business and charging from the customer. Qualities of Client Servicing Executive Directions with all the divisions in the organization and customers, other than remaining quiet under tension Ought to have great administrative, introduction and excellent relational abilities Ought to invest sufficient measure of energy with the customer, satisfying their needs and prerequisites Go to gatherings with the customers when there is a need and scribble down the brief of the meeting Customer adjusting official ought to be very much prepped and appropriately attired Customer adjusting official is the essence of a promoting organization. Henceforth, selecting a fitting customer overhauling official will improve your business needs. How to Define a Good Client Service? Organizations work when they have clients or customers, and organizations endure and extend when they have great customer administration. Great customer, or client, administration is a sign of regarded organizations, to the degree that few associations, including the Customer Service Institute of America, give yearly honors to organizations that offer superb assistance to the individuals who prop their business up. Characterizing great customer administration is to a great extent a matter of setting the client first and settling on business choices that permit the organization to react to advertise changes and furnish clients with the most ideal help. Stage 1 Give clients the best assistance you can in an opportune way. Remember that your customers would prefer not to be continued pausing. On the off chance that you guarantee an item or administration inside a specific measure of time, make certain to give it inside that time, or offer the client something to apologize for the time augmentation. The word will spread about a business that stays faithful to its obligation to convey on schedule. Stage 2 Spot the client needs first by tuning in to what the client needs. Organizations that tune in to their clients are bound to hear what the client needs and in this manner have the option to react adequately. Tune in to the client’s needs, and regard anyrequestsor suggestions of the customer. Doing so will show the customer that his needs are your main goal. Stage 3 Incorporate an assurance with the item or administration that you sell. Show your clients that you remain by your item or administration, and that you are happy to ensure its quality. Be happy to give adjustments or substitutions if the item or administration isn't what the client needs. Doing so can really bring you further business, when the word spreads that you make a solid effort to satisfy your clients. Stage 4 Include new innovation where proper. The best in class innovative advances are a bit much for each business. Be that as it may, a few components of innovation can end up being helpful in giving incredible customer administration. For example, particular programming can assist you with monitoring client arranges better and find items from your stock that clients need. Apply innovation where it will assist you with overhauling your clients better. Stage 5 React quickly to customer questions and remarks. Give an expressed turnaround time to all customer correspondence; for instance, guarantee that your business will react inside 24 hours. Albeit some hold up time may be important, make certain to keep the hold up time as short as conceivable to exhibit to customers that you pay attention to their correspondence. Stage 6 Tell your clients that you value their business. Send cards to say thanks, or keep a customer address rundown to convey cards at the special seasons or birthday events. Doing so puts a human face on your business and makes a family air for the organization. Foundation and customer overhauling Foundation Client Services Foundation Client Services is the new amalgamation of Infrastructure Services and Client Services. One part structures and deals with the grounds phone and information systems and administrations; works NetID, email, and different grounds accounts; manages co-found servers and virtual extra room; and runs grounds managerial creation occupations. The other part are the client confronting units of UITS which offer types of assistance to understudies, personnel, re

21st Century Situational Ethics

21st Century Situational Ethics Despite the fact that the term Situational Ethics just appears to show up in Joseph Fletchers book named Situation Ethics: The New Morality in 1966, incomplete and comparable thoughts of situational morals have been in the brain of others prior previously. For example, will be Durant Drake that distributed The New Morality, Emil Brunner with his distributed work Divine Imperative just as Reinhold Niebuhr with his Moral Man and Immoral Society. During that year where Fletcher distributed his book, John Robinson distributed his book named Honest to God. In spite of the fact that as similarly famous as Fletchers book, it was Fletchers book that appeared to be more straightforward and less deliberate. In 1952, The Roman Catholic Sacred Congregation of the Holy Office named this new guideline as the new ethical quality. Upsides and downsides of situational morals Like other moral standards, Situational Ethics has its advantages and disadvantages also. To make things straightforward, after are the upsides and downsides of the Fletchers Model of Situation Ethics that depends on Christian Love:- Preferences:- Situational Ethics is close to home. Since Situational Ethics depends on the lessons that moral choices ought to be made dependent on adaptable rules it exhibits affectability towards conditions, setting, distinction and social conventions; additionally, it has just a solitary essential guideline to cling to, love, so individuals can openly, effectively, and innovatively settle on their choices in the different circumstances among the various choices accessible. Subsequently, this moral hypothesis may appear to be alluring to the numerous individualistic people exist in this cutting edge time. Situational Ethics is explicit. In Situational Ethics moral choices are put forth on a defense by-case premise as in there is no fixed answer for different cases. Along these lines, choices made rely upon the circumstance one is in and the answer for every circumstance is extraordinary. (for what reason is this acceptable? Legitimize more) Situational Ethics about goodness. Love should be a decent component and Situational Ethics trains that correct demonstrations are those which are focused to advance the prosperity of individuals (love). As indicated by Situational Ethics, the prosperity of individuals can be advanced by augmenting human government assistance and satisfaction that would be useful to people or a general public. Weaknesses:- Love is dubious and conceptual. Albeit hypothetically Situational Ethics depends on Christian love, yet the term love in this guideline doesn't have any distinct importance; each individual is extraordinary by oneself and everything about feels and decipher love in altogether different manners which might be because of various living conditions, childhood strategies, hereditary qualities, and societies. If everybody somehow managed to rehearse Situational Ethics, it may prompt disarray and in this way conflicting results. For instance, two exceptionally disparate choices may be made in two fundamentally the same as circumstances by two unique individuals in light of the fact that their loves are not the equivalent. Situational Ethics is abstract and enthusiastic based. Love is a sort of feeling and not a thinking component; since feelings are individual-based, it is unimaginable for two people to feel and express love in the very same manner. It is commonly concurred by ethicists that any moral hypothesis ought to be founded principally on reasons. So in what capacity can such an emotional based Situational Ethics be valid then in 21st century? Certainly individuals will include a biasness because of individual sentiments when settling on choices under such moral guideline; in this way, reasonableness or equity can't be maintained in Situational Ethics. Love by Fletcher was Self-Contradicting. As per Fletcher, he put together his model with respect to the essential standard, love as deciphered in the new Testament of Bible, God is Love. This announcement makes Situational Ethics sensible from the start, yet quite the following part of a similar Bible, there is another announcement says as much, This is the affection for God, that we keep His instructions. What's more, His precepts are not difficult. This last explanation is urging its adherents to observe Divine Command Laws, is it not? Because of this, it makes Fletcher together with its Situational Ethics to be less persuading. Situational Ethics is hard to actualize. Like Act Consequentialism, Situation Ethics is anything but a down to earth moral hypothesis in a general public as every circumstance is so unique in relation to another that on the off chance that this framework was to be actualized, at that point when an individual confronted an ethical quandary, the individual would require a lot of time to consider what was the best activity that could draw out the most love. Also, it is frequently hard to figure out what are the limits of each circumstance too (like when did the circumstance start and end). Besides, such moral framework that is so relativistic and has just a single essential rule regularly creates conflicting outcomes and in this manner is trying to be instructed to the more youthful ages as well. Situational Ethics might be abused by some in names of affection. In light of Situation Ethics, a specific activity doesn't have an intrinsic virtue as its fortunate or unfortunate relies upon the outcomes or the results of the activity. Along these lines, it appears that circumstance morals permits an individual to complete acts that are typically named terrible, for example, murdering and looting, if those demonstrations could be advocated to be the outflow of affection by the committer. To sum up, Situational Ethics is unreasonably unfeasible in its own sense and has such a large number of evident defects. In this 21st century where moral difficulties essentially become increasingly unpredictable, this moral hypothesis, whenever applied all around, will just deliver greater unsteadiness and turmoil in this world. To put it plainly, it will not be the best moral rule to follow. To additionally advocate our standing, we have kept on doing examination and discovered a few issues and issues with respect to Situational Ethics. Q: What are a portion of the issues or issues with Situational Ethics? Issues and Problems of Situational Ethics Is there an appropriate standard of significant worth in deciding the great? In the Fletcher model, moral operators are approached to figure which activity in a specific circumstance will deliver the best measure of products (love) for the best number of individuals. In any case, this strategy can't be applied without certain measures of significant worth to help making sense of the great and terrible impacts and afterward in adjusting them; without explaining the best possible gauges, what great deeds should be done in the circumstance can't be resolved. Moreover, Fletcher came to state that he has said enough when he recognized human government assistance as the standard of significant worth. For instance, he has subbed human government assistance for joy as the standard of assessment of the two closures and impacts, impliedly expressing that human government assistance is a definitive love that can be given to others in any circumstance. Nonetheless, it isn't evident that Fletchers request to human government assistance will get the job done. Will different strict individuals and agnostics be persuaded to follow Situational Ethics? As has been referenced previously, the primary wellspring of the hypothesis of Situational Ethics is the Christians sacred book of scriptures. Its unique essential rule, love which has been deciphered by Fletcher was generally impacted by its own confidence in Christianity. For instance, Fletcher considered love to be simply the Holy Spirit. In any case, what does Holy Spirit mean for different strict individuals? Do agnostics at any point perceive the presence of Holy Spirit? Without a doubt, the facts confirm that adoration exists in any general public and culture thus non-Christian individuals can really apply this moral hypothesis in their life also; in any case, its Christianity inception may hinder part if not these individuals from confiding in this moral hypothesis since it seems to have some biasness in its translation of affection. 3. Will individuals consistently carry on of affection and smother their personal matters? This is one of the primary issues that identifies with the common sense of Situational Love Ethics. As per Fletcher, the adoration he proposed should mean the biggest conceivable consideration of the prosperity of others; notwithstanding, is it extremely workable for every person to saved their personal circumstances and be as goal as conceivable while breaking down every circumstance? As referenced, love is a sort of feeling and everybody feels and communicates it particularly from another. The standard loves individuals give out are for families and companions. So imagine a scenario where in the particular good quandary setting, somebody an individual loves a great deal is included. Can the individual truly ready to forfeit that notable individual for the greater part and act in the most cherishing manner? 4. Do closes consistently legitimize the methods? Situational Ethics is fundamentally the same as Consequentialism in the manner that both accentuate the expectation of things to come and the end results that could occur, and afterward just choose the activity that could draw out the most wanted result. In that capacity, Situational Ethics imparts exactly the same issue to Consequentialism also: will any mean used to accomplish the end be reasonable? Much of the time, some living creatures may should be relinquished for the greater part. For instance, so as to discover the best medication to fix AIDS which influences a large number of individuals, would scientists be able to be permitted to utilize the quickest way (utilize chosen people to direct analyses) to accomplish that objective? These researchers should think about that as the most adoring approach to act since they are attempting to spare a huge number of individuals at long last by just gambling a couple of human lives. In any case, can this truly be legitimate? 5. Individuals like to have an increasingly Secure Environment Situational Ethics comprises of just one and only outright fundamental guideline to direct everyone; subsequently, it appears to abrogate all the current standards and laws that exist in each culture. In the event that individuals were permitted to disrupt the unbending guidelines and laws when they found that their activities could be legitimized in names of affection (or some other outright standards), werent those laws and rules be unenforceable any longer? Thi

Fictionalized Memoirs I Have Loved

Fictionalized Memoirs I Have Loved I am slowly reading Pioneer Girl, Laura Ingalls Wilder’s original, previously unpublished autobiography as edited and annotated by Pamela Smith Hill, and as I read it I am thinking about the many books I’ve read over the years that walk the line between autobiography and fiction, what I call fictionalized memoirs. The Little House books of course top that list, as they are fictionalized but wholly (at least in my opinion) true stories of pioneer life. Wilder wove together tales based on her childhood that somehow managed to combine history, family, emotion, the westward expansion, and so much more. (With a little racism.) Cheaper By The Dozen (1948) and Belles On Their Toes (1950) by Ernestine Gilbreth Carey and Frank Bunker Gilbreth, Jr. These books are, as best I can tell, 100% autobiographical stories about growing up in the Gilbreth family, but various editions have been published as novels. Frank and Lillian Gilbreth were efficiency experts in the early 20th century, pioneering such ideas as the efficiency kitchen, designed to be used by a single cook rather than a full staff and now standard in apartments and many houses. Two of their twelve children co-wrote the books about growing up in their large, happy family. Life Among The Savages (1953) and Raising Demons (1957) by Shirley Jackson. These books are masterful collections of the short family stories that paid the bills, woven together so well that you might never guess they were not written as a whole. In my heart I believe them to be absolutely true, but Shirley herself has made it quite clear that she made up most of the content. While Life Among the Savages is the tidier, more comprehensive book as a whole, Raising Demons contains the best stories about third child Sally and her witchcraft. (Sally grew up to be Sarah Hyman Dewitt, who, along with her elder brother Laurence Hyman, is responsible for Shirley’s continued publication posthumously.) Miguel Street (1959) by V.S. Naipaul. A collection of interconnected stories set in wartime Trinidad and Tobago and based on Naipauls childhood, these read almost more like personal essays rather than storiesmemories written down in beautiful prose. “The Thing Without A Name” is perhaps my all-time favorite short story, and also the one that makes me the saddest. A Woman of Independent Means (1978) by Elizabeth Forsythe Hailey. The outlier on this list, Hailey’s epistolary novel is not autobiographical, but is based on the life of her grandmother. This was not my introduction to epistolary novels (I’m sure I’d read Dear Mr. Henshaw in grade school, and I believe I’d tried to read Dracula around the time I read A Woman of Independent Meansthough I never did finish it). It did, however, convince me of the value of letters as a literary device. I suppose many novels are autobiographical to some degree or another (for example, I nearly included The House On Mango Street in this post) and many autobiographies include fictionalized elements, either for storytelling reasons, for privacy, or because memory is a tricky thing. I’m interested in the whole spectrum of fiction-to-memoir, but I find these fictionalized memoirs that are right on the line to be the most interesting of all. I’d love to hear about any other fictionalized memoirs you may have read. Want to read even more memoirs? How about 100 of our favorite memoirs? Sign up to Unusual Suspects to receive news and recommendations for mystery/thriller readers. Thank you for signing up! Keep an eye on your inbox.

Relationship Between Ecotourism and other Forms of Tourism - 3025 Words

Relationship Between Ecotourism and other Forms of Tourism (Essay Sample) Content: EcotourismStudentà ¢Ã¢â€š ¬s nameCourse code and nameProfessorUniversityStateDate dueECOTOURISMIntroductionEcotourism is a kind of tourism involving visiting pristine, fragile and to some extent undisturbed natural areas (Fennell 2009). According to Fennell (2009), ecotourism is often taken as a low-impact and small-scale form of tourism. There are various objectives for engaging in ecotourism. Some of them include raising funds for ecological conservation, political empowerment of the communities, educating the travelers, to promote different cultures and to benefit the local community through economic development among others. Environmentalists do consider ecotourism an important endeavor for the purpose of safeguarding the environment for future generations (Fennell 2009). Thus, ecotourism is a form of tourism that deals with living elements of the natural environment (Litvin Chiam 2014). The focus of ecotourism is to environmental sustainability, personal growth , and socially responsible travel. Ecotourism primarily involves travelling to destinations where the primary attractions are the fauna, flora, and the cultural heritage. Thus, the aim of ecotourism is to promote appreciation of natural habitats and to provide tourists with the insights on the effects of human activities on the environment. Nonexistent or poor implementation of regulations has led to some activities described as ecologically destructive classified as ecotourism. Some of these activities include wildlife themed parks, helicopter tours, and underwater hotels. Other activities that have been classified to include ecotourism include wildlife observation camping, canoeing, and photography. Ecotourism is one of the fastest-growing tourism sectors in the world today with an annual growth of 10-15% (Litvin Chiam 2014). This paper provides an analysis of ecotourism and how it differs from other forms of tourism.DiscussionThe term tourism ordinarily refers to moving or trave lling from one destination to another (Beaver 2005, p. 314). According to the world, Tourism Organization tourism is a form of economic, cultural and social phenomenon involving the movement of people to destinations outside they usual environment. In the modern world, there are a variety of tourism activities often resulting in different types of tourism. The types of tourism depend significantly on the existing transport means, social and cultural facilities and most importantly the needs of its objectives.Ecotourism is an essential part of sustainable tourism. The objective of ecotourism is to ensure sustainable development results (Diamantis 2004, p. 6-8). Over the years, there has been a discussion on the components of ecotourism. However, a universal consensus has been achieved. These components include a contribution to the conservation of biodiversity, involve interpretation and learning experience, the sustainable well-being of the local community, promote responsible touri sm, lowest consumption of non-renewable resources, provided by small scale business to small groups and insist on local ownership, participation and business opportunities especially for the local community. As a market segment ecotourism is rapidly growing and its primary motivation being appreciation and observation of cultural assets and natural environment (Diamantis 2004, p. 12-18).Blamey (2001) argues that in designing ecotourism programs the stakeholders are expected to put into consideration the ecotourism principles. These principles include; * Educating the tourists on the benefits of conservation * Minimizing the negative effects on culture and nature that could damage a destination * Stressing the essentials of responsible business that ensures local community participation and delivery of conservation benefits * Emphasizes on the importance of visitor management plans and regional tourism zoning * Need to maximize economic benefits for the host community * Reliance on d eveloped infrastructure * Ensuring tourism development is within acceptable changes of environmental and social limitWoodside Martin (2008 p. 41-58) point out that to some extent ecotourism is mixed with other forms of tourism. To clearly understand ecotourism it would be important to distinguish it from the other types of tourism as follows; * Sustainable tourism- it only focuses more on ensuring a sustainable environment and thus does not deplete resources. It concentrates on a small number of tourists for the purpose of protecting the environment by ensuring it is not disturbed. For example, a rafting trip on a river with a few friends. The main point of difference with ecotourism is its lack of focus on the economic benefit of the local community or in the preserving the natural habitat. * Adventure tourism- it is a form of tourism that involves outdoor physical activities. Examples include surfing at the coastal area, snorkeling or diving. Its difference with ecotourism is in the manner in which it is conducted. In the case of adventure tourism, the stakeholders may only be interested in conserving the environment within which these activities are taking place. Thus, it may not necessarily be operated to provide educational opportunities or in a manner that would be considered sustainable. * Cultural tourism- it is a form of tourism that concentrates on the discovery of the culture and heritage of the host community. For example, when a local artisan display or shows a tourist how to weave traditional attire. Thus, cultural tourism pays less attention to wildlife or nature as its main focus is the heritage and cultural practices of the local people. On the other hand, ecotourism focuses on wildlife and nature. * Responsible tourism- it is a form of tourism that mainly focus on the minimizing environmental degradation. Example, wilderness camping using the "No-Trace ethics" policy which ensures there is minimal disruption of the environment as possible. The main point of difference with ecotourism is the possibility that there could be no economic benefit to the host community. * Nature tourism- ità ¢Ã¢â€š ¬s a type of tourism that focus on observing the wildlife in their natural environment. For example, bird watching and use of cruise ships to watch penguins. Nature tourism includes different forms of tourism such as mass tourism and adventure tourism. The point of difference with ecotourism is to the possibility that these trips may not have an educational aspect to them. There is also a possibility that the trips may not provide economic benefits to the host community and may not be eco-friendly or environmentally sustainable. * Green tourism- it is a form of tourism that applies to any activity that operates in a manner that is considered as environmentally friendly. An example of such activities includes a lodge in the jungle using solar powered lighting and composite toilets. The main differences with ecotourism are that th e lodges may not benefit the local community as they may be owned by large corporations and centrally controlled. There could also be a possibility that the lodges do not focus on preservation of the wildlife or conservation education. * Wildlife tourism- it is a type of tourism that involves an encounter with non-domesticated animals. This form of tourism could include captive wildlife tourism and wildlife watching among others. The main difference with ecotourism is that it may not provide any economic benefit to the local community, or it may lack educational aspects. * Winter tourism- it is a form of tourism that is usually undertaken during winter to see the snow landscape. This form of tourism differs with ecotourism in that it may not provide educational value and ità ¢Ã¢â€š ¬s a commercial event, especially for the Swiss Ski Resorts. Thus, less emphasis is placed on the community benefits. * Mass tourism- this form of tourism has developed with technological improvements wh ich have contributed to the mass transportation of people. This form of tourism allows people organize themselves into travelling groups with a single destination. This form of tourism differs with ecotourism in the aspect that it promotes consumption of natural resources thus contributing to environmental degradation. It also gives less concern for the welfare of the community. * Pro-poor tourism- ità ¢Ã¢â€š ¬s a form of tourist that targets the developing countries. Its objective is to assist the poorest people in the community. This form of tourism is gaining attention especially from people in developed countries. This form of tourism differs with ecotourism in that it only concentrates on the welfare of the poorest in the community as opposed to the entire community. Another aspect of difference is that it only does not concentrate on the wildlife. * Recession tourism- it is a form of tourism that is informed by the world economy. This form of tourism involves high-value and l ow-cost experiences. However, the concept is not widely accepted, and only a small number of tourists are involved. It differs with ecotourism in that it does not take into account the environment but rather the economic conditions of the country.Thus, it would be important to appreciate that ecotourism involves actions that provide a meaningful impacts to the host community. However, other forms of tourism are motivated by very different objectives. With both ecotourism and other forms of tourism being significantly different it would be important to understand the various factors that could motivate the form of tourism a tourist may prefer.According to Woodside Martin (2008 p. 63-65), generally tourism is influenced by cultural, social as well as psychological factors. Cultural factors are the elements of culture that would influence a person decision to particip...

Questions On Black Lives Matter - 1402 Words

Mayuri Rana Topics Black Lives Matter Professor: Bartkowski and Butterfield In The Wire there are many institutions that are portrayed to the audience. From various institutions such police departments, schools, ship ports to the newspaper industry in which these all make an impact to the citizens of Baltimore. One character and institution that is worth noticing is detective Shakima â€Å"Kima† Greggs that works for the police department that is part of the criminal justice system. Kima starts out as a detective in Narcotics, working under Daniels, as being one of the most reliable detectives. As for her good work and dedication Daniels enlists her into a special investigation that deals with the Barksdale Organization. Firstly, being one of the skilled cops of the team, Greggs works mainly with surveillance and recruiting informants in which this case she particularly works with Reginald â€Å"Bubbles† Cousins, known to be a Baltimore drug addict, who is very useful because of the memory he has with faces. Greggs’ obtained valued information from Bubbles who told her correctly who and which each person was part of the Barksdale organization also informing her about methods of their operations. (S1,E:1) Also, another occurrence occurs with a useful confidential informant while working with Lester Freamon. Greggs there plays a game where she persuades D’Angelo’s new girlfriend Shardene Innes to turn against her own boyfriend by providing her information about how the BarksdaleShow MoreRelatedAnalysis Of Donald Trump s Black Lives Matter Essay1430 Words   |  6 Pagesthe article, â€Å"Donald Trump BLASTS ‘â€Å"Black Lives Matter†Ã¢â‚¬â„¢ Movement in a MA JOR WAY! BOOM† Kosar discusses Donald Trump’s reaction to Black Lives Matter movement protestors arriving to his rally. During the speech he was originally giving at his rally, he patronized fellow candidate, Bernie Sanders for allowing protesters to shut down his rally in Seattle Washington. He also went on to say that he would allow his supporters to fight for him if Black Lives Matter. If this does not sound like a bad candidateRead More`` Borrowed Powers : Essays On Cultural Appropriation, By Bruce Ziff1531 Words   |  7 PagesAmerica’s Black community for as long as it has been here. Cultural appropriation is taking aspects of another culture and using them disrespectfully or without credit to the original culture. This has happened to Black people since they were brought to America as slaves and still occurs today. From hairstyles to music white Americans have used Black culture as a basis for their own fashion and benefited off of it. This is an issue be cause as their culture is appropriated and sold back to them Black peopleRead MoreHow Professional Athletes Are Above The Average?1342 Words   |  6 Pages Some people think that professional athletes are above the average because of how much they make from whatever sport they play but the questions I want to ask you is what happens when you are no longer in the Spotlight when you go from all time high to all time low or from super bowl starting quarterback to nfl benchwarmer would you start a desperate movement to get back in the Spotlight,would you do or say what you could to become #1 again ,would you disrespect a nation and hide behind a movementRead MoreRacial Discrimination And African Americans1323 Words   |  6 Pagesuntil 1865, blacks were enslaved by white families. They were beaten if they chose to not listen, treated inhumanely, and forced to work against their will with no payment or appreciation. Some whites would try to justify slavery by saying they would have no home or place to sleep if they were not â€Å"working† for them. The segregation at this time was just horrendous. There were â€Å"black only† and â€Å"white only† restrooms as well as â€Å"black only† and â€Å"white only† school systems. Of course the blacks restroomsRead MoreBlack Women And The Black Lives Essay1418 Words   |  6 PagesAside from the history concerning the development of the Black Lives Matter Movement, this issue impacts people of varying identities differently. The first group of people I would like to examine is black women. Black women often believe the Black Lives Matter Movement is very male-centered. A number of women such as Yvette Smith, Tyisha Miller, Miriam Carey, and many others have been victims of police brutality. When these women were brutalized or even killed, their names weren’t raised, and theyRead MoreFederal Bureau Of Investigation ( Fbi ) Defines Terrorism1693 Words   |  7 Pagesideology of the movement must fit within the framework stated above. First, BLM stands for â€Å"Black Lives Matter†. It, in itself is nothing more than a concept about which all else revolves. It is true, the â€Å"Black Lives Matter† movement has motivates however the motivates of these individuals is what sets them apart from other groups in which has been labeled terrorist. Unlike terrorist groups, â€Å"Black Lives Matter† is not an organization based on their ideology, one cannot attach the use of force and violenceRead MoreThe Black Lives Matter Movement1144 Words   |  5 Pages Alicia Garza created the Black Lives Matter Movement with Patrisse Cullors and Opal Tometi after the death of 17 year old Trayvon Martin. Black Lives Matter is an ideological and social group in a world where black lives are systematically and institutionally targeted. It became more than a hashtag and began to empower people. They began to move the hashtag from social media to the streets. It is movement to all people and supports the coming together to fight and protest against oppressionRead MoreSocial Media As A Platform For Police Brut ality1646 Words   |  7 Pagesarticle does not directly state any key thinkers nor key theories but Black Lives Matter founders Patrisse Cullors, Alicia Garza, and Opal Tometi all encourage the content of the article and the supported sources. According to the motto Black Lives Matter is not a moment, but a movement. Communication has become the face of Black Lives Matter. Social media as a form of communication has allowed the fatal incidents of unarmed young black men to have a voice. It all started with the death of Trayvon MartinRead MoreThe Death Of The Black American From Miami Garden Essay1456 Words   |  6 Pages Treyvon Martin was a 17-year old Black American from Miami Garden FL, where he resided with his mother. In February 2012 Treyvon was visiting his father in Sanford FL when he was fatally shot in self-defense by 28-year old George Zimmerman. The evening on February 26, 2012 Martin went to a nearby convenient store in and purchased a bag of candy and a drink. While walking back from the store through the neighborhood of The Retreat at Twin Lakes in Sandford, A member of the community watch sawRead MoreRacial Disparities Of The United States780 Words   |  4 Pagesroad, I see a sign, â€Å"Black Live s Matter†, and I ponder on the question to myself, â€Å"what equality is there in humanity†. â€Å"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights that among these are life, liberty and the pursuit of happiness†( Congress, 1776). I ask myself, at the time the Declaration of Independence was being written, did they forget to disclose the statement,† except for Black people.† The vast

What Does Unity Mean in Mathematics

The word unity carries many meanings in the English language, but it is perhaps best known for its most simple and straightforward definition, which is the state of being one; oneness. While the word carries its own unique meaning in the field of mathematics, the unique use does not stray too far, at least symbolically, from this definition. In fact, in mathematics, unity is simply a synonym for the number one (1), the integer between the  integers zero (0) and two (2). The number one (1) represents a single entity and it is our unit of counting. It is the first non-zero number of our natural numbers, which are those numbers used for counting and ordering, and the first of our positive integers or whole numbers. The number 1 is also the first odd number of the natural numbers. The number one (1) actually goes by several names, unity being just one of them. The number 1 is also known as unit, identity, and multiplicative identity. Unity as an Identity Element Unity, or the number one, also represents an identity element, which is to say that when combined with another number in a certain mathematic operation, the number combined with the identity remains unchanged. For example, in the  addition  of real numbers, zero (0) is an identity element as any number added to zero remains unchanged (e.g, a 0 a and 0 a a). Unity, or one, is also an identity element when applied to numerical multiplication equations as any real number multiplied by unity remains unchanged (e.g., a x 1 a and 1 x a a). It is because of this unique characteristic of unity that is called the multiplicative identity. Identity elements are always their own factorial, which is to say that the product of all positive integers less than or equal to unity (1) is unity (1). Identity elements like unity are also always their own square, cube, and so on. That is to the say  that unity squared (1^2) or cubed (1^3) is equal to unity (1). The Meaning of Root of Unity   The root of unity refers to the state in which for any integer  n,  the  nth  root of a number k  is a number that, when multiplied by itself n  times, yields the number  k. A root of unity in, most simply put, any number which when multiplied by itself any number of times always equals 1. Therefore, an  nth root of unity is any number  k that satisfies the following equation: k^n   1 (k  to the  nth power equals 1), where  n is a positive integer. Roots of unity are also sometimes called de Moivre numbers, after the French mathematician Abraham de Moivre. Roots of unity are traditionally used in branches of mathematics like number theory. When considering real numbers, the only two that fit this definition of roots of unity are the numbers one (1) and negative one (-1). But the concept of the root of unity does not generally appear within such a simple context. Instead, the root of unity becomes a topic for mathematical discussion when dealing with complex numbers, which are those numbers that can be expressed in the form a  Ã‚  bi, where  a  and  b  are real  numbers and i  is the square root of negative one (-1) or an imaginary number. In fact, the number i is itself also a root of unity.

The Ethical Phenomenon Of Breast Cancer Screening And...

The ethical phenomenon, the â€Å"Jolie Effect†, receives much publicity about the BRCA 1 gene mutation that raised the actress’ risk and subsequent preventative double mastectomy. As a result, more women have been tested for both the BRCA1 and BRCA 2 gene mutations and choosing bilateral mastectomies for early-stage breast cancers (Weintraub, 2015). Oncologists saw a 50% increase for risk-reduction mastectomy surgery related to the â€Å"Jolie Effect†. The impact of an actress, known for her beauty, to willing risk her body image to increase her lifespan survival has philanthropically advanced the issues surrounding breast cancer. Racial Cultural Williams, Templin, and Hines (2013) identified that some populations groups are particularly vulnerable to be able to obtain diagnostic tests and attain positive outcomes related to breast cancer. Breast cancer screening and treatments are based on the Caucasian woman. A racial/cultural gap exists in both approach to screening and diagnostics, and gene expression in treatment. Each culture requires specific unique interventions, and may include such topics as: (a) health literacy associated with reduction in obtaining breast exam for black women; (b) lack of doctor recommendation associated with reduction in obtaining breast exam for Latino women; and (c) lack of doctor recommendation and other competing financial priorities associated with reduction in obtaining breast exams for Arab women (Roman et. al., 2014; Hawley et al., 2010). RaceShow MoreRelatedEssay on Analytical Summaries4643 Words   |  19 Pagesthe Huntington’s disease gene should be ready within one to two years. Researchers already have detected some of the genes that can lead to premature heart attacks and, in the near future, hope to spot those that could predispose a person to breast or colon cancer. Eventually, scientists believe they will be able to detect genes leading to diabetes, depression, schizophrenia and the premature senility called Alzheimer’s disease. â€Å"Extraordinary Power.† â€Å"This new technology has an extraordinary powerRead More The Ethics of Genetic Testing Essay3518 Words   |  15 Pagesand 180 million dollars are being spent on it annually. This adds up to a total of over 2 billion dollars for the 15 year budget. Of this 2 billion dollars budgeted, 5% is spent annually on the ethical, legal and social issues. This report focused on some of these issues. Before discussion of the ethical, legal and social issues can be successful, some background information is needed. For example, why is the goal of mapping the human genome important? Who is going to benefit or at least be affectedRead MoreGeriatric Assessment7902 Words   |  32 Pagesmultidimensional, multidisciplinary diagnostic instrument designed to collect data on the medical, psychosocial and functional capabilities and limitations of elderly patients. Various geriatric practitioners use the information generated to develop treatment and long-term follow-up plans, arrange for primary care and rehabilitative services, organize and facilitate the intricate process of case management, determine long-term care requirements and optimal placement, and make the best use of health careRead MoreCase Based Pediatrics for Medical Students10891 Words   |  44 Pagesseeks to: a. Include new modalities of care b. Resolve a clinical problem c. Clarify an ambiguous modality of care d. Enhance client care 9. Laura does review of related literature for the purpose of: a. Determine statistical treatment of data research b. Gathering data about what is already known or unknown about the problem c. To identify if problem can be replicated d. Answering the research question 10. Client’s right should be protected when doing researchRead MoreSmart Home Technology10920 Words   |  44 PagesEconomic Co-operation and Development, 2001).This population ageing is unprecedented, without parallel in human history. The 21st century is witnessing even more rapid ageing than did the century just past. Population ageing is pervasive, a global phenomenon affecting every man, woman and child. Different countries are at very different stages of the process, and the pace of change differs greatly. For example, Japan has experienced very rapid ageing to which it has had to quickly respond. CountriesRead MorePharmaceutical Price Controls in the Oecd Countries47662 Words   |  191 Pagesrequirements and can include brand substitution, limiting prescription of certain drugs to specialists, and recommending appropriate treatments. With increasing frequency, guidelines are used as a tool to evaluate pharmaceutical standards rather than to assist physicians in th e management of patients. When this occurs, the guidelines can dissuade doctors from prescribing treatments outside the guidelines. Similarly, when guidelines cover a large portion of clinical conditions, it is difficult for physiciansRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 PagesParagraph 575 Graphing Calculator Explorations 580 11 Comparing Two Populations or Treatments 583 11.1 Inferences Concerning the Difference Between Two Population or Treatment Means Using Independent Samples 583 11.2 Inferences Concerning the Difference Between Two Population or Treatment Means Using Paired Samples 606 11.3 Large Sample Inferences Concerning a Difference Between Two Population or Treatment Proportions 619 11.4 Interpreting and Communicating the Results of Statistical AnalysesRead MoreOverview of Hrm93778 Words   |  376 Pagesof people working together Individual vs. Group behavior and Teams History of HRM New trends at workplace with changing environment Workforce diversity, pros and cons Functions of HRM Relationship between HR specialist and line managers Legal and ethical issues in HRM Human resource planning (HRP)Human resource information system (HRIS) Job analysis Job analysis continued Job analysis outcomes. Recruitment Source of recruitment Selection Selection Tests Selection process, continued Socialization TrainingRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesBalance Work–Life Conflicts 21 †¢ Creating a Positive Work Environment 22 †¢ Improving Ethical Behavior 22 Coming Attractions: Developing an OB Model 23 An Overview 23 †¢ Inputs 24 †¢ Processes 25 †¢ Outcomes 25 Summary and Implications for Managers 30 S A L Self-Assessment Library How Much Do I Know About Organizational Behavior? 4 Myth or Science? â€Å"Most Acts of Workplace Bullying Are Men Attacking Women† 12 An Ethical Choice Can You Learn from Failure? 24 glOBalization! Does National Culture AffectRead MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagespotential of this particular type of control system looks set to increase in signiWcance. In discussing an operational control system relating to the usage of food in a restaurant chain, Ahrens and Chapman (2002) discuss the phenomenon of manipulated closing inventory Wgures. This phenomenon was at least partly supported by the relative lack of integration of the information systems in the restaurant chain that they studied at the time of the Weldwork (1995–7). The calculation of the cost of food used was

Fit Stop - 3345 Words

Please find enclosed Case Study One – Designing a Reward System for â€Å"The Fit Stop†, for your review. Using point form, write a brief description of the organization, its employees, and its challenges. What is the organizations domain? (10 points needed) Organization: * The Fit Stop is a new franchise opening in four months. * The Fit Stop will sell all types of training, fitness conditioning and exercise equipment to the general public * The Fit Stop plans to specialize beyond equipment to provide customers with personalized advice geared to customer’s specific training/conditioning needs * It will be starting out with stores in major cities in Ontario and in four western provinces – with plans of expanding to Quebec†¦show more content†¦* The business does not expect to make a profit for a least one year or maybe even two Lack of Experience: * Although the owner has great ideas towards the business, it appears that this is where her main focus is. * The owner has not defined what she will be receiving for investments in wages, salaries and benefits * The owner feels the safest thing to do is to use the same compensation systems as her competitors. This may or may not work because: * The success or failure of â€Å"The Fit Stop’s† reward system depends on how well it fits the organizational context and total organizational system. It is highly unlikely these aspects will be the same as herShow MoreRelatedThe Fit Stop2266 Words   |  10 PagesDetermine your compensation values Step 4 Design your performance pay and indirect pay plans Step 5 Implement, manage, evaluate, and adapt the compensation system Each step is just one part of the total organizational system, each part must fit with and support the other parts. There are three variable patterns into which these parts can be arranged, each pattern represents one type of managerial strategy. Each managerial strategy then relies on a different reward and compensation strategyRead MoreFinancial Planning During Economic Crisis1571 Words   |  7 Pagesprovide. In this regard, I would like to share some ideas that I use in consonance with prayers that has kept me financially fit through the years: 1. Plan a Budget- it is important to know how I will balance my income and my expenses. It is a matter of plus and minus using a paper and pen to list down everything I need at home or for personal use. 2. Stay physically fit and healthy- in order to avoid frequent doctor s visits and co pays on medications, I see to it that I take my maintenance medicinesRead MoreI Am My Driver s Test1330 Words   |  6 Pagesand that I used my direc tional. After making that last left turn there was a curb and two yellow poles between 20 to 25 feet apart and about 7 to 8 feet away from the curb. She told me to stop the car and explained to me that there were two ways to fail this, if one I hit one of the poles or, if two I couldn’t fit the car between the two poles at all. I thought to myself that this seems pretty easy and that I can do this. I pulled up past the second pole making sure I lined myself up good before IRead MoreThe Machine Stops, By Jonathan Forster1266 Words   |  6 Pagestheir medium of writing to comment on the dangers of relying on technology too excessively. E.M. Forster’s short story, â€Å"The Machine Stops,† written in 1909, highlights a dilemma that society’s over-reliance on technology created between virtual connectivity and face-to-face interaction. That over-reliance, perfect for the futuristic, dystopian society in â€Å"The Machine Stops,† also serves as a caut ionary tale for the technological culture of today. Vashti takes comfort in all the luxuries that the MachineRead MoreHumankind in The Three Forster Short Stories Essay1370 Words   |  6 Pageswere taken for the good of experimentation and knowledge. There was also a view of slave trade and sweatshops for cheap labour as well as hiring children to risk their lives and go inside the machines to fix them because only they could fit. Not to mention the pollution view of it, which was, and still is destroying Forsters passion, nature. Has humankind lost its way? Clearly in Forsters eyes he thinks so. For my coursework essay I am going to discuss Forsters view of Read MoreShopaholics Essay730 Words   |  3 Pagessome extreme cases shopaholics has even turned prostituted in order to finance their spending. 2. The group Walletwatch was made by Lawrence Michaels who is a Shopaholic. He spends thou-sands of pounds on albums he don ´t like and clothes which don ´t fit him. The reason why he started the group was because he wanted to help other people who have the same tendencies as himself. Walletwatch was started because shopaholics need to be under some kind of surveillance. 3. Richard Elliot wanted to proof thatRead MoreThe Horrifying World Forster Creates in The Machine Stops Essay1017 Words   |  5 PagesThe Horrifying World Forster Creates in The Machine Stops In The Machine Stops Forster creates a world set in the future, where machines rule. In fact, machines run life so much so that human beings, by this time, have adapted accordingly to life and the lifestyle it brings. In the arm-chair there sits a swaddled lump of flesh - a woman, about five feet high, with a face as white as a fungus, Forster writes. This is a pretty horrific description because it showsRead MoreProposal For Light Rail Transit Subway2375 Words   |  10 Pagessystem is a public transit project that could revolutionize the downtown core of Hamilton, Ontario and improve the city’s rate of urban development. This report will discuss and justify a proposal for a North-South route, including three stations/stops, and rejected routes and stations. Background of the proposed LRT system in Hamilton I. Rationale Great consideration has been taken by the provincial and municipal governments along with Metrolinx to ensure that the Light Rail Transit system wouldRead MoreA Public And Private Partnership And A Reciprocal Community Transport System Essay1984 Words   |  8 Pagesorder to reach a bus stop location. In order to determine applicable solutions for public transit issues, one first needs to understand type of service being provided. Public transportation is often miss-interrupted as a public good. The idea arises from the literal interpretation of the words â€Å"public† and â€Å"good.† This interpretation suggests that the good is provided to the public. However, this is not the case. Public Transportation is in fact not a public good nor does it fit the traditional definitionRead MoreA Public And Private Partnership And A Reciprocal Community Transport System Essay2020 Words   |  9 Pagestransportation in order to reach a bus stop location. In order to determine applicable solutions for public transit issues, one first needs to understand type of good being provided. Public transportation is sometimes miss interrupted as a public good. The idea arises from the literal interpretation of the words â€Å"public† and â€Å"good† which is understood as a good provided to the public. However, this is not the case. Public Transportation is in fact not a public good nor does it fit the traditional definition

Benefit of Telemedicine Free Essays

Nowadays, telemedicine, which is defined as using of telecommunication technology to provide clinical care to individuals at distant sites and the transmission of medical and surgical information and images needed to provide that care (Mosby’s Medical dictionary, 8th edition, 2009), has become a powerful tool in the world to enhance better health care due to widespread of modern technology. In developing countries, remote areas seem to be isolated and lack of qualified doctors or physicians as well as equipments, that’s why telemedicine will be provided a potential benefits to them. This essay will highlight prodigious benefits of telemedicine. We will write a custom essay sample on Benefit of Telemedicine or any similar topic only for you Order Now The most important advantages of telemedicine is allowing long-distant people to access advanced healthcare services and cost efficiencies. Scottish Centre for Telehealth had claimed that 99 percent of patients were more convenience with remote care and 95 percent of them widely felt acceptable with services (Jose, 2009, Internet). It also added that it can provided physicians and long distance patients interact in a clinical consultation. For example, the indigenous people who live in Ratanakiri 2004 had health problems because they rarely got treatment and often die due to lack of medical facilities and doctors. However, telemedicine nowadays can help them to receive conventional healthcare services and offer the possibility to consult with professional doctors over video link. Also, at the health centre needs nurses to conduct medical checkup by interviewing, examination and taking photographs and then send all these information via solar powered computer to physicians at Sihanouk Hospital Center of Hope in Phnom Penh or partners in Massachusetts to confirm diagnosis, recommend drugs and treatment procedure to the clinic (Hopebuilding Wiki, 2011, Internet). Furthermore, patients no longer need to travel long distance for healthcare because they not only can access these services in their communities but also gain effective treatment with accurate diagnosis of their illness. Therefore, healthcare cost could significantly decrease due to deducing travel expense, accommodation and hospital services fee (Sharma, 2000. 1529). More notably, over long term period, telemedicine can save billions of dollars for healthcare services (Premiere Telemedicine, 2008, Internet). Secondly, telemedicine provides a great opportunity to improve medical knowledge and practices. It is designed to help local healthcare practitioners and physicians broaden their knowledge and they can be trained and guided by local and international specialists to practice in the real work. In Cambodia, 2 telemedicine clinic projects in Robib village and Ratanakiri Referral Hospital were cooperated not only with Harvard associated medical doctors and Sihanouk Hospital Centre of Hope but also partner in Massachusetts. If medical staffs or doctors face difficulties whether in dealing with health problems or cannot confirm diagnosis of patient’s illness, they can access through email based telemedicine program to discuss with expertise or physicians (Heinzelman, 2011, Internet). In addition, India’s telemedicine also provides an opportunity to doctors to build up their education and skill through interaction with expert via satellite based tele-link and linking with Medical Institution with Specialty Hospitals and Research Centres (ISRO, 2005, Internet). As a result, medical staffs can dramatically improve their education and training through the telemedicine process. The last but not least, telemedicine enables home healthcare services. Patients can recently be inspected through mobile phone, Bluetooth wireless sensors and other hi-tech systems to check their health condition, upload and update data to their doctors. Consequently, these devices can be helped patients who are old or have some diseases such as cardiac disorders as well as diabetes to receive self routine check-up and especially they need to visit clinic only in emergency case or absolutely necessary. For instant, according to Honeywell, an American industrial giant, doctors can monitor and manage health condition of patients who have lung diseases and heart problems by measuring peak lung flow, ECG, oxygen saturation and blood pressure. Thus, they can analyze the data to find some problems or changing dose of medication (Harben et al, 2008). In conclusion, there are tremendous positive aspects of telemedicine such as enhancing health care services to rural areas or isolated areas, cost efficiencies, improving medical knowledge and practices as well as providing home healthcare. In my personality, I absolutely agree with positive aspects of telemedicine. Even though it needs to spend much money to establish this service initially, it will provide a huge long-term benefits to our country. How to cite Benefit of Telemedicine, Papers

Convoluted Skill of Communication and Thoughts

Question: Discuss about the Convoluted Skill of Communication and Thoughts. Answer: Introduction: The convoluted skill of communication is one attribute that is undoubtedly a necessity for organisations and individuals alike to achieve optimal results. This is because the interaction between people is needed for achieving success even on a basic level as the world is increasingly socially reliant. Particular sub-skills under communication category are more relevant to certain disciplines and fields in an organisation (De Janasz et al. 2014). The application of three interpersonal skills of listening, feedback and questioning are required for effective functionality in a workplace (Beebe, Beebe and Redmond 2014). A vital ingredient in the workplace is a suitable combination of honest dialogue and open interaction, and in the absence of these specific aspects, a professional is not capable of achieving the set objectives (Baker et al. 2013). Communication skills are therefore critical in order to excel in any discipline or field. The present essay explains the three interpersonal c ommunication skills of listening, feedback and questioning and critically discusses the benefits of applying these skills within the discipline of Occupational Health and Safety Officer (OSHO). The essay develops a persuasive argument as to why the skills are significant in the field of occupational health and safety. Farrell (2016) opines that listening is the capability to precisely gather and interpret messages in the process of communication. Listening is the fundamental factor in all successful communication, and without this skill, messages are often misunderstood. This results in the breakdown of the communication process and the sender suffers a loss due to such improper communication. The most powerful and basic tool to establish a connection with other people is to listen. According to Broadbent (2013), listening is something more than hearing as it requires concentrated efforts and focus, both physical and mental. Listening implies that both voice and language of the speaker is taken into account while the interpretation of the message. This means that both non-verbal and verbal messages are taken into account. Active listening is known to enhance the ability of an individual to pass on the information in the due course of exchanging information. By developing the technique to listen ef ficiently, the communication of an individual offers the empathy and clarity. Occupational health and safety officers are responsible for visiting places of employment for detection of unhealthy and unsafe working conditions. They are to ensure that the organisation has compliance with regulations and laws required for the workplace safety. Communication is, therefore, crucial for the officers when they come in contact with the employees of the organisation they are visiting for extracting out the maximal information. The main health and safety duties in a workplace are performed by the health and safety officer who undertakes development, implementation and improvement of the health and safety plans. It is decisive that the officers engage in active listening in order to communicate with the employees in the organisation. Active listening is helpful while investigating workplace accidents as the employees can provide with adequate information on such incidences. Identification of training needs can also be fostered if the plights of the employees are listened to adequately (Holt and Allen 2015). According to Men (2014) varied aspects of communication claim to be the most significant aspect, including feedback, both taking and giving. Effective feedback brings a number of benefits for the receiver, taker and the organisation as a whole. Feedback is necessary for all spheres of professional life as it forms a way of engaging in the better understanding of surrounding environment. Feedback communicates trust, respect and understanding that is incorporated in the workplace along with the nature of work that is undertaken. When an active communication is under process, both the parties experience two fundamental things- need to be understood and need to possess some value. Providing feedback means that both of these fundamental things are taken care of. As stated by Wiggins (2016) feedback is the opportunity to in build motivation among people by utilising the prospect to articulate appreciation. Feedback also leads to development in performance. Feedback is not always criticism but an encouraging act. Friend and Kohn (2014) outline the importance of feedback for occupational health and safety worker. As per the author, occupational health and safety officer needs to conduct safety inspections as well as risk assessments. Feedback is essential in this process as providing feedback means the employees of the organisation where inspection is undertaken are encouraged to perform better. Supervision of junior health and safety employees is a key role that officers fulfil, and it is already known that feedback is an integral element of supervision. The supervisory association is hugely based on feedback, ideally constructive in nature. Constructive feedback helps in achieving improvement in the way junior health and safety employees work and fulfil their responsibilities. Providing feedback can help prevent work-related illnesses, injuries and fatalities. Feedback is often directed to a suitable recipient, and it is desirable that response is transparent, prompt and effective. Feedback received by a health and safety officer from any external stakeholders regarding matters of occupational health safety is also highly beneficial. Cooren (2016) states that gathering information is considered as a fundamental human activity since information helps to learn, to solve critical problems and to aid the decision making process. Information is also to be gathered for understanding each other. Questioning is required for gaining adequate information. In the absence of questioning skills, interpersonal communication can witness failure miserably. Therefore one can say that for having a successful communication it is pivotal to raise questions. Poutanen, Siira and Aula (2016) highlight that some of the main reasons why an employee must ask questions frequently are to express interest in any subject, to get clarification of a doubt, to explore difficulties and test knowledge, and to encourage future thought. In addition, a control can be exhibited over any conversation. Questioning attempts to build up a rapport with the opponent and it is a good way of knowing the opponent better. Questions explore opinions, attitudes, beliefs, ideas and feelings. Reese (2015) throws light on the fact that questioning holds prime importance in the working process of occupational health and safety officer. Perhaps, adequate questioning is of utmost importance as officers need to extract out all information in any environment for ensuring that the health and safety are maintained. Proper questioning skills are necessary so that the optimal information is taken from the respondent who provides information on the health and safety attribute in a workplace. Questions encourage further thought of the employees in the workplace so that they can come up with some possible ideas on how to reduce the risks for health and safety hazards. Questions are used by the professionals to investigate any situation as often individuals have the tendency not to unfold the truth after any incidence of health and safety hazard. Drawing conclusion from the above discussion it can be concluded that communication skills of listening, feedback and questioning is necessary for achieving success in any professional field. This is also true for health and safety officer. Occupational health and safety officers utilise these three key skills for ensuring that all workplaces are free of any potential hazard and that the employees have a secured and safe working environment. Improved communication skills are fundamental for transferring information between parties, and occupational health and safety officers must make sure that they have the adequate training for exhibiting these skills. References Baker, A., Perreault, D., Reid, A. and Blanchard, C.M., 2013. Feedback and organizations: Feedback is good, feedback-friendly culture is better.Canadian Psychology/Psychologie canadienne,54(4), p.260. Beebe, S.A., Beebe, S.J. and Redmond, M.V., 2014.Interpersonal communication. Pearson Custom Pub.. Broadbent, D.E., 2013.Perception and communication. Elsevier. Cooren, F., 2016. 20 Verbal communication in organizational settings.Verbal Communication,3, p.395. De Janasz, S. C., Crossman, J., Campbell, N., and Power, M. 2014.Interpersonal Skills in Organisations(2nd ed.). North Ryde, N.S.W.: McGraw-Hill. Farrell, B., 2016, August. Active Listening Leads to Action: Communication and Partners in the Learning Commons. InAmerican Library Association Annual Conference. American Library Association. Friend, M.A. and Kohn, J.P., 2014.Fundamentals of occupational safety and health. Bernan Press. Holt, A.S.J. and Allen, J., 2015.Principles of health and safety at work. Routledge. Men, L.R., 2014. Strategic internal communication: Transformational leadership, communication channels, and employee satisfaction.Management Communication Quarterly,28(2), pp.264-284. Poutanen, P., Siira, K. and Aula, P., 2016. Complexity and Organizational Communication: A Quest for Common Ground.Human Resource Development Review,15(2), pp.182-207. Reese, C.D., 2015.Occupational health and safety management: a practical approach. CRC press. Wiggins, G., 2016. Seven keys to effective feedback.On Formative Assessment: Readings from Educational Leadership (EL Essentials), p.24.

Economics Text Book Chapter Summaries free essay sample

The following chapter summaries are mostly based on the McConnell Brue text â€Å"Economics- 16th Ed. † Details available at http://highered. mcgraw-hill. com/sites/0072819359/information_center_view0/ note .. arrow means â€Å"leads to,† â€Å"results in,† â€Å"causes† Chapter 1 – The Nature and Method of Economics Economics is the study of scarcity and choice Key concept- opportunity cost: for a person to get more of one thing he/she must forego getting something else e. g. to get food must pay (give up) money In economics rational behavior is assumed, e. g. people want more goods for less money Assumption: we all want to increase utility = happiness, satisfaction Rational self-interest not same as selfishness, e. g. one reason for donating to charity is because of derived satisfaction Key concept- marginal analysis- comparisons of marginal benefits and marginal costs, e. g. : keep eating until full, that is until marginal benefit = marginal cost i. e. not worth it to pay for more food when already full Why study economics? As John Maynard Keynes said â€Å"indeed, the world is ruled by little else. † Most practical ideology is found in economics Economics for citizenship- intelligent participation in a democracy requires a knowledge of fundamental economics However, from the 2004 â€Å"A Fifty College Study† by the American Council of Trustees and Alumni: â€Å"One of this study’s most extraordinary findings was that not one college or university among those studied requires a general course in economics† http://liberalorder. typepad. com/the_liberal_order/files/HollowCoreWeb. pdf Understanding of concept of marginal benefits / marginal costs are required for business management Ultimately economics is a social science seeking society’s overall fullest advantages and best interests Article 1. 1 – â€Å"The Opportunity Cost of Economics Education† – see end of this chapter Figure 1. 1 – Economic Methodology Figure 1. 1 economics methodology Scientific method: observe real-world activity, then formulate hypothesis statement, e. g. â€Å"seems A happens because of B,† then test hypothesis by gathering facts, then modify and strengthen hypothesis to become a theory Theoretical economics- the process of deriving economic theories and principles from observation Role of economic theorizing is to arrange facts, interpret them, and generalize from them Economic theories and principles- are statements about behavior of the economy that enable prediction of the probable effects of certain actions Principle (also called â€Å"law†) a strong, established theory, Model made from a combination of theories and/or principles, often graphic in form Generalizations economic theories, principles and models are generalizations, e. g. hen personal income goes up people tend to consume more, but some individuals will not Other-things-equal assumption often used e. g. : when price of product A goes down .. people will buy more of A, assuming quality of A has not also gone down Abstractions simplifications that omit irrelevant facts Policy economics economic theory and data .. formulation of government policies and courses of action .. solve economic problems and achieve economic goals Economic policy is most often applied by governments after problems arise, but with economic analysis we can predict problems and apply policy in advance, e. g. : Federal Reserve Bank (central bank of the U. S. ) anticipation of recession .. reduce interest rates .. increase business investment .. avoid recession Note throughout this summary the terms â€Å"firms† and â€Å"businesses† have the same meaning private (as opposed to government) profit-seeking organizations The four steps of economic policy: 1- statement of goal, e. g. maintain full employment 2- determine policy options, e. g. lower taxes or raise amount of government spending 3- implement the policy 4- evaluate the result and effectiveness the implemented policy Some of the economic issues and goals government policymakers must consider: conomic growth full employment increase personal income higher living standards price-level stability, i. e. avoid inflation economic freedom and efficiency through minimization of regulations taxation and government spending equitable income and wealth redistribution reduction of poverty economic security, e. g. social security p ayments for retirees expansion of free trade with other countries Economic goals often involve tradeoffs e. g. : redistribution of income/wealth transfers to the poor †¢ increased taxation of the rich †¢ reduced opportunities for the rich to invest including starting new businesses, and educed incentives for the poor to retrain, relocate, work hard †¢ slowed economic growth, slowed job growth The two main categories of economics study: macroeconomics and microeconomics Macroeconomics examines the economy as a whole and its main sectors: government sector, household sector, business sector An â€Å"aggregate† is a collection of specific economic units treated as one unit, e. g. the millions of consumers lumped together and called â€Å"consumers† Macroeconomics seeks to obtain an overview or outline of the economy, i. e. examines the beach, not the grains of sand Microeconomics examines details of specific economic units uch as one household (typically a nuclear family), company, or unit of government i. e. examines the sand grains not the beach Positive and normative economics Positive economics focuses on facts and cause-and-effect relationships includes theory development and testing avoids right-wrong value judgments central question- â€Å"what is? † example positive economic statement- â€Å"unemployment is high† Normative economics involve value judgments such as what the economy should be like what goals are desirable and what policy actions can achieve those goals central question- â€Å"what ought to be? † xample normative economic statement- â€Å"better to have overall lower standards of living than a high unemployment rate† most disagreements among economists are regarding normative economics, e. g. : economists agree on the principle of supply-demand curves, but do not agree on what is the best level of taxation Pitfalls to sound reasoning Discussions about economics can become personal and emotional, but one must think objectively and accurately, must avoid non-logical thinking Biases cloud thinking and interfere with objective analysis, must avoid preconceptions e. g. â€Å"large corporations are evil† Loaded terminology, must avoid language such as â€Å"all taxes are bad† Definitions and terms used in economics sometimes differ from common usage, e. g. â€Å"investment† used by economists strictly means purchase of new capital assets used for production/ output such as machinery Fallacy of composition assumption that what is true for one individual is necessarily true for a group e. g. if you stand you will get a better view, but if everyone stands the view for everyone is not improved e. g. if one farmer’s crop is larger than normal he will get sharply higher income, but ot if all farmers’ crops are larger- because prices will be down due to increased supply Causation fallacies mistakes in identifying which is cause and which is effect Post ad hoc fallacy (also called â€Å"after this, therefore because of this† fallacy) just because event A precedes event B, A does not necessarily .. B e. g. rain dance does not .. rain Correlation versus ca usation fallacy correlation between event X and event Y does not mean one causes the other, perhaps they are both caused by event Z e. g. rising river X does not .. greener grass Y, rather recent rain Z causes both e. . country A does not get richer because country B is getting richer, but rather because both have increased trade with country C End of chapter 1, next The Economizing Problem Go to the following link for background information for concepts in this chapter: http://highered. mcgraw-hill. com/sites/0072819359/student_view0/chapter1/origin_of_the_idea. html Article 1. 1 – â€Å"The Opportunity Cost of Economics Education† The following is a selection from the article: The Opportunity Cost of Economics Education By ROBERT H. FRANK The New York Times September 1, 2005 SHORTLY after I began teaching, more than 30 years ago, three friends in different cities independently sent me the same New Yorker cartoon depicting a woman introducing a man to a friend at a party. Mary, Id like you to meet Marty Thorndecker, she began. Hes an economist, but hes really very nice. Cartoons are data. That people find them amusing usually tells us something about reality. Curious about what drove responses to the economist cartoon, I began asking about the disappointed looks that appeared on peoples faces when they first discovered I was an economist. Invariably they mentioned unpleasant memories of an introductory economics course. There were all those incomprehensible graphs, was a common refrain. Needless to say, a course can be valuable even if unpleasant. Unfortunately, however, most students seem to emerge from introductory economics courses without having learned even the most important basic principles. According to one recent study, their ability to answer simple economic questions several months after leaving the course is not measurably different from that of people who never took a principles course. What explains such abysmal performance? One problem is the encyclopedic range typical of introductory courses. As the Nobel laureate George J. Stigler wrote more than 40 years ago, The brief exposure to each of a vast array of techniques and problems leaves the student no basic economic logic with which to analyze the economic questions he will face as a citizen. Another problem is that the introductory course is increasingly tailored not for the majority of students for whom it will be their only economics course, but for the negligible fraction who will go on to become professional economists. Such courses focus on the mathematical models that have become the cornerstone of modern economic theory. These models prove daunting for many students and leave them little time and energy to focus on how basic economic principles help explain everyday behavior. But there is an even more troubling explanation for students failure to learn fundamental economic concepts. It is that many of their professors may have only a tenuous grasp of these concepts, since they, too, took encyclopedic introductory courses, followed by advanced courses that were even more technical. Consider, for example, the cost-benefit principle, which says that an action should be taken only if its benefit is at least as great as its cost. Although this principle sounds disarmingly simple, many people fail to apply it correctly because they do not understand what constitutes a relevant cost. For instance, the true economic cost of attending a concert its opportunity cost includes not just the explicit cost of the ticket but also the implicit value of other opportunities that must be forgone to attend the concert http://www. ssc. wisc. edu/~gwallace/ECON_101/Resources/NYT_09_01_05. pdf Chapter 2 The Economizing Problem Fundamental elements of economics are scarcity, choices, and costs Economizing problem- wants are unlimited and insatiable, but resources are limited Objective of all economic activity is to fulfill needs and wants Economic goals: individuals- obtain goods and services for needs, satisfaction, pleasure, and fulfillment businesses- growth and profit governments- provide stable and prosperous economic environment Two categories of goods/services: Consumer goods- that directly satisfy consumer needs/wants Capital goods (or simply â€Å"capital†) equipment, machinery, tools, supplies used to create other goods Economic resources- all natural, human and manufactured resources used for production of goods and services Two types of economic resources: 1- property resources – land, raw materials, capital 2- human resources – labor and entrepreneurial ability Note that ecomomists estimate labor costs are about 75% of all costs for U. S. firms Resource categories as follows are collectively called â€Å"the factors of production† 1a- land- including all natural resources, such as water, minerals 1b- capital- equipment, machinery, tools used to create goods and services n economics the term â€Å"investment† means the acquisition of capital goods (in finance it means buying any asset) 2a- labor- physical and mental talents of individuals used in producing goods and services 2b- entrepreneurial ability- owners/managers activities, featuring: risking personal wealth innovating, inventing, setting goals, motivating bringing the other resources (1a, 1b, 2a above) together and managing them making main, strategic business decisions Resource income types income to entrepreneurs is called â€Å"profits† income to those who supply labor is called â€Å"wages† ncome to owners of property and assets is called â€Å"rent† and â€Å"interest† The four factors of production (1a, 1b, 2a, and 2b above) are limited in quantity, therefore productive output and wealth generation is limited labor unemployment results when labor is plentiful relative to the other three factors in year 2002 U. S. output was $36,000 per person; in the poorest nations it was as low as $300 Economics is concerned with efficient use of resources, getting the most from the available four factors of production .. maximizing business output/profits, and consumer satisfaction Full employment- current full use of all available 1a, 1b, 2a, and 2b resources Full production- efficient current use of all available 1a, 1b, 2a, and 2b resources to achieve maximum possible output Therefore, without efficiency it is possible to have full employment, but not full production Two types of efficiency- productive efficiency and allocative efficiency Productive efficiency- least costly production of any mix of goods and services if have only $100 in resources and can make a radio for $10 then have $90 remaining to make other things but if could make radio more efficiently for $5 ould have $95 remaining to make other things So, productive efficiency is a micro, narrow view of and approach to efficiency – make products efficiently regardless of what consumers want Allocative efficiency- production of the particular mix of goods and services most wanted by society, i. e. mix that maximizes people’s well-being do not have allocative efficiency if make radios f or $5 each, but making more than consumers want allocative efficiency means produce desired mix of goods/services, each item at lowest cost allocative efficiency means apportion limited resources among industries so we obtain the mix of oods/services consumers want So, allocative efficiency is a macro, wide view of and approach to efficiency, produce efficiently and produce what consumers want The production possibilities model (PPM) Because resources are limited, amount of produced goods/ services is limited, therefore choices must be made Four assumptions while creating PPM: 1- full employment and productive efficiency- the four factors of production are fully used and used most efficiently at least cost 2- fixed resources- available supplies of the four factors of production are fixed in quantity and quality 3- fixed level of technology two goods produced and consumed in the model economy The following PPM will show only two goods- pizzas and robots pizzas to represent consumer goods that directly satisfy consumer wants robots to represent capital goods, i. e. equipment and tools needed to make pizzas In this model: limited and fixed resources, and the economy output is at full capacity making two goods, pizzas and robots .. to get more of one good .. must give up some of the other Table 2. 1 Production Possibilities Table, production possibilities of pizzas and robots with full employment and productive efficiency Production Alternatives Type of product A B C D E Pizzas (in hundred thousands) 0 1 2 3 4 Robots (in thousands) 10 9 7 4 0 Production possibilities table 2. 1 above, shows what combinations of products can be made with current resources and at full output; for example at alternative A can make 10,000 robots and no pizzas Figure 2. 1 – Production Possibilities Curve Figure 2. 1 production possibilities curve (PPC) includes table 2. 1 data All possible combinations of maximum production are along the curve For the economy to operate at points on the PPC must have full employment and productive efficiency Inside the line, yellow area, e. . point I, combinations are possible but economy is not achieving maximum possible production, i. e. not achieving full employment and/ or productive efficiency Combinations outside the curve, e. g. point U, are not attainable with current resources and technology Law of increasing opportunity cost- the higher quantity of a product being produced, the greater its opport unity cost Opportunity cost here- amount of one product (e. g. robots) that must be given up to obtain one unit of the other product (e. g. pizzas) For example in figure 2. 1 and table 2. 1 above: On figure 2. when moving from point A to B, looking at table 2. 1 we see opportunity cost of one unit additional pizza is one less unit of robots when moving from point B to C, cost of one additional pizza is two less units of robots when moving from point C to D, cost of one additional pizza is three less units of robots when moving from point D to E cost of one additional pizza is four less units of robots Slope of the curve is bowed, rather than straight, because of increasing opportunity costs Economic rationale for law of increasing opportunity costs- resources cannot be used equally efficiently for any quantity of productive use . g. : once all bricklayers are employed, a carpenter forced into bricklaying will not be as productive as a trained bricklayer e. g. : with a factory of set size and equipment and 100 workers, cannot add more and more workers and continue to get a proportional increase in production for each added worker, and eventually it would be so crowded production would go down The PPC illustrates four concepts: 1- scarcity, shown by the area outside the curve representing unattainable combinations of output 2- choice, can have combinations of goods along the curve opportunity cost, the curve shows if you want more of one product, you must give up some of the other product 4- law of increasing opportunity costs- the concave shape of the curve shows you have to give up more and more of one product to get less and less of the other product Allocative efficiency If we have full employment of human and property economic resources, and Have productive efficiency, i. e. make things in the most efficient way We will be maximizing output, i. e. be on a point on the PPC However, maximum output does not mean we are making the mix of products most desired by society, . g. maybe we are making 4 units of pizzas and no robots, but society wants some robots If we have allocative efficiency it means we are making the desired mix point of robots and pizzas Finding the desired mix point involves comparison of marginal benefits and marginal cost Any economic activity should expanded if marginal benefit is greater than marginal cost, i. e. until: Marginal Benefit = Marginal Cost (MB = MC) Two main MB and MC concepts: 1- the current unit of a good a person consumes yields more satisfaction than the next unit of the same good the current unit of a good a person produces is less costly to produce than the next unit of the same good Figure 2. 2 – Allocative Efficiency: MB = MC Looking at figure 2. 2, we see intersection point MB=MC optimum quantity of pizzas is 2 units of pizzas, or 200,000 pizzas If we are making only 100,000 pizzas, marginal benefit for the next pizza is $15, but marginal cost is only $5, therefore we make more pizzas B y making the next pizza at quantity 1, in effect we are giving up one unit of something else we value at $5 for that next pizza we value at $15, so we ake the trade since $15 $5 This is how the free market sets prices and quantities produced unit price MB customers pay for a product decreases until unit cost MC for producers rise to equal that unit price It can be said all actions in life involve MB and MC decisions E. g. you sit down and play guitar for fun until the MC, the time given up to play guitar when you could be doing something else is no longer worth the MB i. e. eventually you reach the point of satisfaction, where MC = MB and move on to spend your time or other scarce resource on something else Figure 2. – Unemployment, Productive Inefficiency, and the Production Possibilities Curve In figure 2. 3: Any point inside the PPC, e. g. point I, represents unemployment and/or productive inefficiency The arrows indicate that, by achieving full employment and productive efficiency the economy could operate on the PPC, meaning the economy could produce more of one or both products than at point I Over time, a growing free market economy allows two things: 1- increases in resource supplies growing population and better training/ education allows more and better labor and entrepreneurial bilities increasing amount of capital (machinery and tools) discovery and utilization of new natural resources 2- advances in technology, new and better products and new and better ways to make them; more efficient use of natural resources to minimize depletion Figure 2. 4 – Economic Growth and the Production Possibilities Curve Economic growth means more production capacity, the ability to produce a larger total output, e. g. in figure 2. 4 movement of PP curve outward Here is a table showing the information in figure 2. 4: Table 2. 2 Production Possibilities Table, Increased Production Resulting From a Growing Economy Production Alternatives Type of product A B C D E Pizzas (in hundred thousands) 0 2 4 6 8 Robots (in thousands) 14 12 9 5 0 Figure 2. 5 – Economic growth affected by choice of present and future goods, countries Alta and Zorn Viewing figure 2. 5, an economy’s present choice of positions on its production possibilities curve helps determine the curve’s future location Country Alta’s current choice favoring present goods, (pizzas) will cause some outward shift of the curve in the future Country Zorn’s current choice favoring â€Å"future goods,† (robots) as made by Zorn, will result in a greater outward shift of the curve in the future Future goods include capital goods e. g. robots, tools, and education and are ingredients of economic growth Present goods are consumer goods that provide immediate satisfaction such as food e. g. pizza and clothing This is one argument for need of a large â€Å"rich† segment of people in a country, they will invest most of their excess income in future goods (e. g. shares of stock in public corporations), not having to spend it on present goods In this example countries Alta and Zorn at first are the same, except Alta favors present goods and Zorn favors future goods Zorn will achieve greater economic growth, shown by the farther right position of future production possibilities curve Production possibilities curve, interactive graph at: http://highered. mcgraw-hill. com/sites/0072819359/student_view0/chapter2/interactive_graphs. html International trade enriches the local economy, moving the production possibilities curve to the right Specialization and trade enables a country to get more of a desired good â€Å"A† at less sacrifice of other good â€Å"B,† e. . sacrifice 2 units of robots rather than 3 to get an extra unit of pizza Output gains from greater international specialization and trade are the equivalent of economic growth, i. e. pushing to right the PPC Economic systems types There are two general types of economic system- the market system, and the command system All economies have features of bot h, countries must decide where on the market-command spectrum they want to be, most political conflicts result from elements of making this decision, i. e. ow much government involvement in the economy is best The market system (capitalism, free enterprise) Private ownership of factors of production including property Each person seeks to maximize one’s own satisfaction or profit through their own decisions regarding consumption or investment Product and resource allocation and prices are determined through free and open markets Competition between many firms in the marketplace The U. S. is an example of market system: government role in economics is minimized overnment is involved in many ways as providing goods and services not provided by the private sector such as monetary and judicial systems, and pre-college schooling some redistribution of income, such as welfare and social security transfer payments Extreme case is laissez-faire, government role limited to law enforce ment including protecting private property, and maintaining optimum environment for operation of market system; e. g. schools not provided by government; the U. S. was close to this prior to the Great Depression of the 1930s The command system (socialism, government control) Government ownership and control of most factors of production and most property Government decides what is satisfactory, and how satisfaction can be gained Government allocates goods and production factors, and sets prices Government controls marketplace with many regulations and restrictions Government owns most large industries including oil and steel Extreme case is communism, the state owns and controls everything including all housing North Korea and Cuba are examples of command system, almost total government role in economics; some small street vendor businesses are allowed Figure 2. 6 – The Circular Flow Model Figure 2. 6 circular flow model shows how a market system works, Red counterclockwise arrows show â€Å"real flow† of resources and finished goods and inputs Black clockwise arrows show â€Å"money flow† of income and consumption A market economy has two main groups of decision makers- households and businesses (government will be added in a more detailed model in chapter 5) Public = households + businesses (but not including government) A market economy has two markets, resource market and product market Resource market This is where productive resources needed by businesses are bought and sold Viewing the top red counter-clockwise arrows, households sell their resource inputs labor, land, capital, entrepreneurial ability via the resource market to businesses needed to create products Viewing the top black clockwise arrows, businesses then pay for those resources Product market This is where goods and services produced by businesses are bought and sold Viewing the bottom red counter-clockwise arrows, businesses sell their products to households Viewing the bottom black clockwise arrows, households pay for the products End of Chapter 2, chapter -Individual Markets, Demand and Supply Go to the following link for background information for concepts in this chapter: http://highered. mcgraw-hill. com/sites/0072819359/student_view0/chapter2/origin_of_the_idea. html Chapter 3 – Individual Markets: Demand and Supply Market – institution or mechanism that brings together buyers (â€Å"demanders†) and sellers (â€Å"suppliers†) of goods, services and resources Market examples- local retail store, websites such as Amazon and EBay, New York Stock Exchange, newspaper containing a want ad for a company desiring to hire a new employee Demand schedule – table or curve showing amounts of a product consumers are willing and able to buy at various prices during a given time period Table 3. 1 – An individual buyer’s demand schedule for corn Price per bushel Bushels demanded per week $5 10 4 20 3 35 2 55 1 80 Table 3. 1 is a hypothetical demand schedule for a single consumer purchasing bushels of corn As expected, the lower the price, the more quantity is demanded â€Å"Willing and able† is key, must want to buy and be able to buy, in this case at price $5 the buyer is willing and able to buy 10 bushels per week Time period also key, stating a buyer will buy 10 bushels at $5 has no meaning because it could be over a lifetime; assumption of a limited time period is made when no time period is specified Law of demand- all else equal, as price falls the quantity demanded rises, and as price rises the quantity demanded falls â€Å"All else equal† is key, e. g. buyers’ perception of quality stays the same as price goes up For example in the 1980s Gibson raised the prices of their guitars, buyers perceived better quality and bought a higher number of Gibson guitars, although actual quality did not improve proportionally Why the inverse relationship between price and quantity demanded? common sense, people naturally buy higher quantities when prices are lower diminishing marginal utility in any time period a buyer of a product will derive less satisfaction (benefit, utility) from each successive unit of the product bought/ consumed income effect- lower prices increase purchasing power of consumer, i. e. when a person buys at a lower price more income remains enabling person to make more purchases substitution effect- when product A (corn) price falls and similar product B (soybeans) stays same, buyers substitute product A for product B, e. . consume more corn products and less soybean products Figure 3. 1 – An Individual Buyer’s Demand Curve For Corn Demand curve (D) -curve on a graph showing quantities demanded at various prices Figure 3. 1 demand curve is a graph of the relationship between price and quantity demanded, this plots the information in table 3. 1 The above example as sumes one buyer for corn, but in a competitive market there is more than one buyer By adding up quantities demanded by all buyers we move from individual demand to market demand Table 3. 2 – Market demand for corn, three buyers Quantity demanded, bushels, per buyer Total bushels Price per First Second Third demanded bushel buyer buyer buyer per week $5 10+ 12 +8= 30 4 20 + 23 +17 = 60 3 35 + 39 +26 = 100 2 55 + 60 +39 = 154 1 80 + 87 +54 = 221 Table 3. 2 shows an example of three buyers, with their resulting totals demanded Figure 3. 2 – Market Demand For Corn, Three Buyers Figure 3. 2 shows the resulting move to the right of the demand curve from D1 to D2 when market demand of three buyers is totaled You can visualize the D2 curve as continuing downward and to the right for quantities at prices $2 and $1 A demand curve can be a representation of an entire market with thousands or more buyers, the quantities of corn are multiplied, but the downward slope of the demand curve is similar reflecting higher quantities demanded at lower prices Determinants of demand- factors other than price affecting purchase quantity, including: Consumers’ tastes- if one loses interest in guitars, will not buy more if guitar prices go down Number of buyers in market, e. g. trade agreements have reduced foreign trade barriers resulting in more buyers overseas and higher sales of U. S. farm products there Income- rising income results in more purchases of â€Å"normal goods† (but not for â€Å"inferior goods† e. g. used clothing) Prices of related goods: if price of a substitute good goes down, such as soybean products, consumers buy less corn products if a price of a complementary good such as gasoline goes up consumers buy less motor oil, because they are driving their cars less Future expectations- people bought more gasoline ahead of Y2K (January 1, 2000) because they were worried about possible disruptions of supply of gasoline Change in demand results if any of the determinants of demand change (conditions other than price) The demand curve will move left for any decrease in demand (less quantity demanded at all prices) The demand curve will move right for any increase in demand (more quantity demanded at all prices) For example, if number of buyers (a condition other than price) increase the demand curve will shift right When drawing a demand curve, since only quantity and price is shown, the determinants of demand are assumed to remain constant for the time period In figure 3. , the demand curve shifts right from D1 to D2 because of increased number of buyers, even though price remains the same, this is a change in demand Change in quantity demanded is a movement along a current demand curve This is a straightforward change in quantity demanded because of change of price In figure 3. 2 this is shown by movement along D1 curve from one red dot to another Supply schedule table or curve showing amounts of a product suppliers are willing and able to supply at various prices during a given time period Table 3. 3 – An individual supplier’s supply of corn Quantity Price per Supplied bushel per week $5 60 4 50 3 35 2 20 1 5 Law of supply-all else equal, as price rises the quantity supplied rises, and as price falls the quantity demanded falls Prices serve as an incentive for a supplier, the higher the price the more of a product is made Amount supplied depends on cost of production, if revenue from additional products made will be more than costs of making those additional products, a company will supply more of those products Supply amount increases until: marginal cost = marginal benefit or ost of one more item = benefit gained from one more item E. g. if it costs $70 a barrel to pump out oil from an old deep well in Texas, the oil company will not pump it out until demand has driven the price of a barrel over $70 Figure 3. 3 – Supply Curve, Individual Supplier’s Supply of Corn Supply curve (S) -curve on a graph showing quantities supplied at various prices Figure 3. 3 shows one supplier’s supply curve, to get the full market supply curve all the individual suppliers’ curves would be added together, similar to demand table 3. 2 and figure 3. above Figure 3. 4 – Change In a Determinant of Supply Means a Change In Quantity Supplied Determinants of supply- factors other than price that affect quantity supplied of a product, including: Resource prices- e. g. decreased cost of supplies used for production .. more of a product will be offered to the market E. g. in figure 3. 4, assume a beginning market selling price of $3 and quantity demanded of 35 bushels, then: sudden decrease of fertilizer costs occur .. production cost per bushel decreases .. quantity supplied at price $3 increases from 35 to 60 Technology- as technology advances, costs of production go down and higher quantities are produced, e. g. modern farmers using tractors produce more than previous farmers growing by hand Taxes and subsidies- these raise or reduce supplier costs, shifting the supply curve left or right Prices of other goods- â€Å"substitution of production† can occur when a supplier can make more than one product e. g. if price of soybeans is higher than corn, a farmer will supply soybeans, resulting in a left shift of supply curve for corn Price expectations- farmers anticipating a higher wheat price in the future ight withhold some of their current wheat harvest from the market, causing a decrease in the current supply of wheat (shift to left of supply curve) Number of sellers- as more suppliers enter the market the farther to the right the supply curve shifts Change in supply results if any conditions change other than price, as we can see from the above Supply change caused by change of de terminants of supply, causing a shift to a new supply curve e. g. from S to S1 in figure 3. 4 The supply curve will move left for any decrease in supply The supply curve will move right for any increase in supply When drawing a supply curve, since only quantity and price is shown, the determinants of supply are assumed to remain constant for the time period Change in quantity supplied is a movement along a current supply curve This is a straightforward change in quantity supplied because of change of price In figure 3. 3 this is shown by movement along S curve from one red dot to another Supply and Demand – Market Equilibrium We can now bring supply and demand curves together to find the point where market price and quantity is determined Figure 3. 5 – Market supply of and demand for corn Figure 3. 5 above combines the previous demand and supply tables for corn, demand on left and supply on right Surplus- is excess supply, shown on right side in blue print above the 7,000 quantity E. g. at price of $4 per bushel farmers are willing to supply 10,000 bushels, but at that price buyers are only willing to buy 4,000 bushels, the resulting surplus production of corn is 6,000 bushels This could happen if the government set an artificially high price of $4 rather than letting the market decide price, which would be $3 Shortage- is too little supply, shown in blue below the 7,000 quantity E. g. at price of $2 a bushel farmers are willing to supply 4,000 bushels, but at that price buyers want to buy 11,000 bushels; again this could happen if the government set an artificially low price of $2 Equilibrium price- price where there is no excess supply nor excess demand, also called â€Å"market clearing price;† in the table 3. 5 example this is $3 Equilibrium quantity- results from equilibrium price, no fewer nor more quantities are demanded nor supplied in the market In summary: At a too high price suppliers want to sell more than consumers want to buy resulting in surplus At a too low price consumers want to buy more than suppliers want to sell resulting in shortage Figure 3. 6 – Equilibrium Price and Quantity Above demand and supply curves are combined in figure 3. 6 Point E1 is market-clearing equilibrium point E. g. distance between points A and B shows the surplus of 6000 bushels if price is set by government at $4 Supply and demand, interactive graph at: http://highered. mcgraw-hill. com/sites/0072819359/student_view0/chapter3/interactive_graphs. tml Rationing function of prices- ability of competing forces of supply and demand to establish a price at which selling and buying decisions clear the market Any change in determinants of supply or determinants of demand would move either S or D curve left or right resulting in a new supply-demand equilibrium point E. g. in figure 3. 6 an increase in quantity demanded, caused by increased number of buy ers determinant, would shift the demand curve to the right, e. g. intersecting the supply curve at point B What would the new equilibrium quantity supplied and price be? 10,000 bushels and $4 However, if there is a subsequent increase in quantity supplied, e. g. caused by increased number of suppliers determinant, the supply curve would shift to the right, e. g. causing intersection at point E2 What would the quantity supplied and price be? 14,000 bushels and $3 In a free market a product’s price tends to stabilize or even go down when its supply determinants are not scarce E. g. abundant cheap overseas labor †¢ S curve shift to right †¢ decrease in price of DVD players espite growing demand for DVD players, which moves D curve to right but more slowly A product’s price tends go up when its supply determinants are scarce, such as the increasing price of gasoline because of dwindling/ controlled supply of crude oil Figure 3. 7 – Price Ceiling Results I n Shortage Price ceiling-maximum legal price a seller may charge for a good or service Government-set price ceiling resulting in shortage example is shown in figure 3. 7 Substituting gasoline for corn if the US government mandated a gasoline pump price of $2 a gallon .. 11 units would be demanded but only 4 units would be supplied to the market (e. . only easiest-to-pump-lowest-cost Saudi oil) .. shortage of 7 units, and †¢ long lines at gas stations, and lack of incentives to conserve energy and develop new sources of energy†¢ Another result of government-set low price ceiling would be development of a black market some people would wait in line for many hours and then buy as much gasoline as they could, then. turn around and sell it at a price higher than $2 to those who don’t want to wait in line One real-world example of government-set low price ceiling is the rent price controls for apartments in New York City: the lower-than-market set rent prices †¢ ong wait lists for those wanting to rent, and lack of interest in renting by building owners, building owners thinking â€Å"why rent apartments when I can convert the units to condos and sell at higher market prices? †) Figure 3. 8 – Price Floor Resulting In Unemployment Price floor- a minimum price fixed by the government, often used when society feels the free market system does not provide a sufficient income for a certain group of resource suppliers An example is minimum wage laws Looking at figure 3. 8: if the government mandates artificially high minimum wage price (floor) of $4 upply of unskilled labor becomes point B 10 units but demand for unskilled labor is only point A 4 units with resulting unemployment of 7 – 4 = 3 units Note overall unskilled laborers are better off at wage of $3: $3 x 7 = $21 total income, but $4 x 4 = $16 total income Artificially high minimum wage price floor results fewer unskilled laborers employed smaller companies that cannot b ear the artificially high costs go out of business cost/ price of products increase companies decide to manufacture overseas rather than in the U. S. Note the use of the term â€Å"artificially high† here; if the market price for unskilled labor is $3. 0 and a law is passed mandating a minimum wage of $3. 00, there will be no unemployment caused Article 3. 1 – â€Å"Why the minimum wage doesnt matter† – see end of this chapter Price ceilings and price floors, interactive graph at: http://highered. mcgraw-hill. com/sites/0072819359/student_view0/chapter3/interactive_graphs. html End of chapter 3, next : Chapter 3w – Applications and Extensions of Supply and Demand Analysis Article 3. 1 – â€Å"Why the minimum wage doesnt matter† Why the minimum wage doesnt matter The once-reliable bugbear has lost much of its political bite. And there are better ways to help the working poor. By Elaine S. Povich, FSB Magazine August 21 2006: 9:53 AM EDT WASHINGTON, D. C. (FSB Magazine) If you were looking for an opponent of minimum-wage increases, you might turn to someone such as Mazyar Rahimzadeh, 25. Hes got a half-million dollars in debt hanging over him, employs 35 workers, and just opened his second restaurant, Bijan, in Walnut Creek, Calif. Yet when hes asked about the California legislatures proposed bill to raise the states minimum wage by 50 cents an hour, he just shrugs. It wouldnt make that much of a difference, he says, pointing out that he already pays his workers more than the states current minimum of $6. 5 an hour. This election season, the minimum wage has once again become a political rallying point. The Chicago City Councils recent decision to require big-box retailers to pay all employees at least $10 an hour, plus $3 an hour in benefits, is just the beginning. Democrats in Congress are renewing their efforts to raise the federal minimum wage stuck at $5. 15 sin ce 1997 as a way to paint themselves as the party of the little guy. Most Republicans, while wary of polls that show public support for a higher wage, oppose it on free-market grounds, especially when addressing small- business audiences. The Republican-controlled House approved a minimum-wage hike only after it was attached to a cut in the estate tax in late July, a move that doomed the bill in the Senate. ) But as Rahimzadehs shrugging response indicates, the issue may no longer hold the power it once did to provoke heated passions among most business owners or even many low-income workers. I dont see the minimum wage as something that can drive a Democratic message or become a political flash point, says Amy Walter, an analyst for the Cook Political Report, who closely follows congressional races. To be sure, the half-million Americans who earn the minimum would welcome a raise. And the major small- business lobbying groups have rallied against further increases. Employers of entry-level workers in businesses such as restaurants, landscaping firms, and retail shops, especially outside the major cities, are the most adamant opponents. But since that last minimum-wage hike in 1997, inflation has pushed up most wages to the point that only 0. 3% of full-time workers are paid the minimum. One percent make less than that, either illegally or because they receive tips. ) In a poll of small-business owners released in March by Wells Fargo and the Gallup Organization, 86% of those surveyed said the minimum wage had no effect on them or their hiring practices. And even if the wage went up by 10%, some 75% said there would be no effect on their business. Only 14% of small-business owners who said they were thinking about hiring a new employee told the pollsters they would hire at the mi nimum wage. Dennis Jacobe, Gallups chief economist, who conducted the survey, says that its results could be partially explained by the growing number of states and localities that have set their minimum wages higher than the federal level. Even more important, Jacobe says, the typical small business hires fewer unskilled workers and more specialists than in years past. And in a tight labor market, businesses are finding that they need to pay higher wages, even to entry-level employees, to find good workers and retain them. Between 1997 and 2004, the most recent year for which the U. S. Bureau of Labor Statistics has figures, the average hourly wage rose 8. 3%. The minimum wage has become irrelevant to a growing majority of business owners and workers. But if a minimum-wage hike wont raise many hackles, that doesnt mean that it will be without victims specifically, those businesses that do pay the minimum to many of their workers and operate in competitive industries. We cannot raise prices, says Jack Wolcott, the owner of a bookstore in Corvallis, Ore. So we have to consider discontinuing slower-moving items to compensate [for higher ages]. It gets more difficult to justify the burden on small employers of a mandated wage hike when you consider that the Bureau of Labor Statistics estimates that fewer than 30% of minimum wage earners are considered heads of household, according to Richard Burkhauser, professor of policy analysis and management at Cornell University. The other 70%? Mostly relatively well-off part-timers, such as suburban teenagers working sum mer jobs. Boosting the minimum wage, then, would benefit many workers who arent poor, and punish many businesses owners who cant afford it. There are more targeted ways to help the working poor. Burkhauser proposes an increase in the earned income tax credit, which would essentially rebate some of the 15. 3% federal payroll tax that is paid even by workers too poor to owe income taxes. Stuart Butler, vice president for domestic and economic policy at the conservative Heritage Foundation, suggests giving further tax incentives to the working poor, including offering refundable health-care tax credits and repealing the federal unemployment tax. Why havent these options gotten as much attention from lawmakers as has the minimum wage? Just a guess, but maybe its because they dont offer as many juicy election-year opportunities to pit workers and employers against each other. http://money. cnn. com/2006/08/18/magazines/fsb/whos_afraid_minimumwage. fsb/index. htm? postversion=2006082109 other minimum wage articles: http://money. cnn. com/2006/11/08/news/economy/minimum_wage/index. htm? postversion=2006110915 http://money. cnn. com/2006/08/18/magazines/fsb/whos_afraid_minimumwage. fsb/index. htm? postversion=2006082109 Chapter 3w – Applications and Extensions of Supply and Demand Analysis Note – this chapter was later added by the authors. This chapter is available for download the following link: http://highered. mcgraw-hill. com/sites/0072819359/student_view0/web_chapter3/origin_of_the_idea. html Figure 3w. 1 – Example- Change In Supply: Market for Lettuce After Crop Freeze Results In Decreased Supply Original supply curve for lettuce is S1, original demand curve for lettuce is D1, original price is P1, original quantity supplied is Q1 a weather freeze occurs .. smaller quantity of lettuce produced .. shift of the supply curve to S2 weather does not affect demand for lettuce, so demand curve remains D1.. rice becomes P2 and quantity supplied becomes Q2 This is an example of change in supply (shift to a new supply curve), and change in quantity demanded (movement along an existing demand curve) Figure 3w. 2 – Example- Change In Demand: Market For American Flag Sales After National Tragedy Results In Increased Demand Original supply curve for American flags is S1 original demand curve for American flags i s D1 original price is P1, original quantity supplied is Q1 The 9/11 terrorist attacks result in larger quantity of American flags demanded, shifting the demand curve to D2 The attack does not enable suppliers to make more flags and potential new suppliers know the demand will soon return to normal so new suppliers do not enter the market Result is price becomes P2 and quantity supplied becomes Q2 This is an example of change in demand (shift to a new demand curve) and change in quantity supplied (movement along an existing supply curve) Note that raised prices are not from â€Å"price gouging,† but rather from the normal workings of the economy if the government did not allow temporary higher prices for flags the suppliers would refuse to supply more than Q1 ecause they would be selling at a loss, e. g. paying workers overtime but not able to include overtime costs in selling price If the government did not allow temporary higher prices for flags the resulting shortage of Q2-Q1 would bid up prices of flags already available to a price well above P2 a black market for flags would arise profits going to black marketers rather than legal producers/ suppliers government tax collections are also hurt because black marketers do not collect sales taxes This government interference would create great profits for criminal black markets.. hese criminals would have plenty of money to bribe police/ government officials to look the other way and to keep the price restrictions in place Figure 3w. 3 – Example- Change In Both Supply and Demand: The Market For Pink Salmon After Change In Technology and Change In Consumer Tastes Results In Increased supply and Decreased Demand Original supply curve for pink salmon is S1 original demand curve is D1 original price is P1 original quantity supplied is Q1 Improved fishing technology including larger and better-equipped boats .. increased supply of pink salmon, shifting the supply curve right to S2 .. uantity supplied becomes Q2 and price becomes P2 But then consumer tastes change away from lower quality pink salmon to higher quality Chinook salmon .. shift of demand curve for pink salmon l eft to D2 .. quantity of pink salmon supplied becomes Q3 and price becomes P3 this is an example of change in supply = shift to a new supply curve and change in demand = shift to a new demand curve Figure 3w. 4 – Example- Change In Both Supply and Demand: The Market For Gasoline Decreased Supply and Increased Demand Original supply curve for gasoline is S1 original demand curve is D1 original price is $1. 00 riginal quantity supplied is Q1 Supply interruptions such as resulting from damage caused by hurricanes .. reduced supply shift of supply curve left to S2 quantity supplied becomes Q2 and price becomes $1. 50 Then, more use of SUV’s in the U. S and more people starting to use autos in China .. increase of consumer demand for gasoline .. demand curve shifts right to D2 .. quantity supplied becomes Q3 and price becomes $3. 00 Oil companies are large by nature so in the above model even if their net profit margin is and remains a normal 6% during move from D1 to D2 (p rice move from $1 to $3) heir total amount of profits will increase and it will seem to many that oil companies are unfairly benefiting from the higher prices created in the marketplace Note that along supply curve S2 the gasoline supplied at quantity/price Q3/$3 is more costly for the producers than Q1/$1 remember, price = cost, since cost includes a normal profit As always, the assumption is: no illegal artificial monopolistic shortages have been created by companies or governments there is free, open, transparent competition between suppliers Note, it is always in the best interest of an individual supplier to have a gain economic profits nd the way to maximize economic profits is to establish a monopoly it is always in the best interest of the economy as a whole and for consumers to have free markets so, a vital role of government is to enforce and assure free markets Legal ways for individual suppliers of goods to gain economic profits include differentiate their products from those of other companies obtain patents, copyrights, and trademarks Normal profit and economic profit will be discussed in the next chapter 4 Figure 3w. 5 – Example- Change In Both Supply and Demand: The Market For Sushi Results In Increased Demand And increased Supply Original supply curve for sushi is S1 original demand curve is D1 original price is P1 original quantity supplied is Q1 Then changing tastes .. increase of demand for sushi shifting demand curve right to D2 quantity supplied becomes Q2 and price becomes P2 Then more sushi restaurants open .. shifting supply curve right to S2 quantity supplied becomes Q3 and price returns to P1 Note that it is easy for new producers to enter the sushi market low capital investment required to open a restaurant than for new producers to enter the gasoline supply market high capital investment required Preset Prices Examples As discussed previously: a) when prices are fixed below market prices – producer shortages result b) when prices are fixed above market prices – producer surpluses result These cases mostly occur when government gets involved in pricing decisions but also can occur in the free market, as the two following examples show Figure 3w. 6 – Example: Market for Olympics Women’s Figure Skating Finals Tickets, Price Fixed Below Market Price Ticket price fixed in advance at $75, based on predicted D demand curve This arena seats 20,000 people which is the fixed quantity supplied indicated by vertical supply line S o matter what quantity is demanded the supplied amount of seats cannot change However, unexpectedly a low-ranked skater from the host country is near the top going into the finals resulting in shift right of demand curve for seats to D1 What are the results from the change in demand? they could have filled a (unavailable) 37,000 seat arena at price $75, or they could have charged $180 per seat and still filled the existing 20,000 seat arena However, since arena size nor ticket price can be changed a shortage of 17,000 tickets results, and under-pricing of tickets by $105 This results in a market for â€Å"ticket scalping† ome people who have bought tickets on the â€Å"primary market† for $75 sell them on the street â€Å"secondary market† for $180 Secondary markets may be illegal â€Å"black markets† such as when local laws prohibit ticket scalping or legal- such as trade of collectables, or stocks in the stock market Note that in some cases ticket prices are purposely under-priced, for example superstar rock bands may sell tickets for their performances at lower than market price to create buying frenzies and long lines in an attempt to create an image of super-popularity and good-will â€Å"concern for our fans† but the result? ticket scalpers make the profits that should go to the rock bands Figure 3w. 7 – Example Market For Olympics Curling Finals Tickets Price Fixed Above Market Price Ticket price fixed in advance is $75, based on predicted D demand curve This arena seats 10,000 people which is the fixed quantity supplied indicated by vertical supply line S no matter what quantity is demanded the supplied amount of seats cannot change However, unexpectedly a high-ranked curling team from the host country has lost and will not be in the finals resulting in shift left of demand curve for seats to D1 What are the results from the change in demand? they could fill a 3,000 seat arena at price $75 but, since 10,000 seats are available, demanded price for tickets has fallen to $25 What are the results from the change in demand from D to D1? they would have to lower ticket price to $25 to fill this 10,000 seat arena, but at ticket price $75 only 3,000 people plan to show up Since arena size nor ticket price can be changed a surplus of 7,000 tickets results Would the Olympics have been better off if they had charged $25 from the beginning? – yes $25 x 10,000 attendance = $250,000 but $75 x 3,000 attendance = $225,000 In these situations in many instances ticket prices are reduced for example performance-day half-price tickets for theatre plays sold at kiosks in New York City Situation of nonpriced goods â€Å"problem of the commons,† e. g. , historical plight of the buffalo goods that are owned in common by society and available for no-cost, unrestricted taking One example is the buffalo of the American western plains at one time there were hundreds of thousands of buffalo but then were nearly wiped out by â€Å"white† hunters and now just a relative few remain In the 1800s buffalo were a nonpriced good owned in common by everyone nd could be freely taken Figure 3w. 8a – Example- Nonpriced Good – Buffalo Before Arrival of White Hunters Supply curve S is vertical representing the stable, renewable, sustainable population of buffalo on the plains before the white hunters came The supply of buffalo in nature (as opposed to raised on farms) is independent of any price on buffalo In actuality, there is no price on buffalo nor on any nonpriced goods the hunters did not have to pay anything for the taking of buffalo, the price was zero The demand curve D above shows the weak demand for buffalo before the hunters came nly a relative few, Q1, were taken by Native Americans Since here there is only one real price, zero the demand curve is hypothetical- what the curve might be if there was a price In figure 3W. 8a we really only have to look at Q1 and Q2 along the bottom zero price line what does it show? there was small demand for buffalo compared to the quantity available (supplied) resulting in a large surplus (Q2-Q1) of buffalo on the plains Q2 could have been taken without affecting the Q2 supply of buffalo Because of the surplus Q1 was taken by Native Americans rather than Q2 nd the supply curve S was moving to the right over the years meaning there became a population of millions of buffalo on the plains Figure 3w. 8b – Example- Nonpriced Goo d – Buffalo After Arrival of White Hunters Then the railroad came west and with it white hunters who shot buffalo for food, hides, and for the sport of it As shown in figure 3w. 8b, the increased demand shifted the demand curve for buffalo to the right again we only have to look at Q3 and Q1 along the bottom zero price line and we can see the surplus became a shortage The sustainable supply of buffalo decreased and the supply curve S shifted left n this example to Q3 but eventually to near zero quantity In the end zero price, excess demand, and declining supply meant near extinction of the buffalo Nonpriced goods such as fish tend to get over-consumed and exhausted lacking governmental controls Nonpriced goods is one case where government intervention in the marketplace is justified using bans or number limits on taking certain species, set seasons, and costly licenses all of which reduce demand and stabilize supply In the ideal situation demand is adjusted by these governmen t controls o the demand curve intersects the supply curve at an optimum supply quantity In above figure 3w. 8b , because of government intervention the demand curve D would be moved to the left so it intersects the desired S supply curve and supply stabilizes at desired quantity Q3 along the bottom zero price line note that the zero price line would become $50 or whatever the hunting license fee was Today hunting buffalo is outlawed on public lands and their population has stabilized at about 350,000 Consumer and Producer Surplus Everyone has bought something thinking I just bought this at $10, but I would have paid up to $15 for it† the $5 difference is consumer surplus Consumer surplus- the difference between the maximum price a consumer is willing to pay for a product and the actual price that consumer pays for that product Consumer surplus is realized on most purchases only in those cases when you buy something only after spending time agonizing over whether or not to buy it are you not getting consumer surplus You would spend hours in a supermarket if you did not get a consumer surplus for almost every item you buy everything that you do not buy . g. that expensive snack you looked at but put back on the shelf has no consumer surplus However you might want to load up on every item at the supermarket if they were all discounted 90% E. g. , you have your eye on a handbag priced at $80 but don’t buy it then it goes on sale for $70 and you buy it therefore your consumer surplus is somewhere between $0 and $10 Figure 3w. 9 – Example- Consumer Surplus – HB Handbags In figure 3w9, blue triangle consumer surplus area shows the difference between the maximum prices a certain individual consumers are willing to pay for this type HB handbag nd the lower market equilibrium price these handbags sell for in stores selling price here shown to be $80 At quantity of 10,000 handbags supplied/bought consumers are willing to pay for this HB handbag the total dollar sum of the amounts represented by the blue triangle area and brown rectangle area But because all consumers only pay the amount in the brown rectangle area it means the blue triangle represents consumer surplus What is the total market dollar amount paid in this case? brown rectangle 10,000 x $80 = $800,000 What is the total market consumer surplus in this case? blue triangle (10,000 x $80) /2 = $400,000 Table 3w. 1 – Consumer Surplus, HB Handbag Maximum Actual Price Price Willing (Equilibrium Consumer Person To Pay for HB Price) Surplus Julia $130 $80 = $50 Angelina $120 $80 = $40 Kate $110 $80 = $30 Jennifer $100 $80 = $20 Betty $90 $80 = $10 Heather $80 $80 = $0 Table 3w. 1 shows the resulting consumer surplus for six of the consumers in this HB handbag market Julia values these handbags the most she may or may not be the richest of these six people and when she buys at the store price of $80 she gains a consumer surplus of $50 nd is delighted as she lea ves the store if it would have been priced $130 she still would have bought Heather values these handbags the least and when she buys at the store price of $80 she gains a consumer surplus of $0 she leaves the store wondering whether or not she should have bought the handbag if it had been priced $81 she would not have bought What of consumers who value these handbags at, say $70, point a on the demand curve? they will buy later if/when they go on sale for $70 or less In the case of a price lowered to $70, along the demand curve on figure 3w. 9 ou can approximate handbag quantity sold of about 11,000 so a lowered $70 price would result in about 1,000 more bags sold Note that the consumer surplus blue area would increase as a result of the lower $70 price Producer surplus- the difference between the minimum price a producer is willing to accept for a product and the actual price that producer receives for that product Producer surplus is realized on most sales only in those cases whe n the producer does not receive economic profit does the producer not get producer surplus Most producers would be