Economics & study Essay

Economics is the study of how individuals use scarce resources to satisfy their needs (Lee, et al). There are a number of concepts that are associated in learning economics. These include limited resources, opportunity cost and trade-offs among many other factors of consideration. To understand and be able to make wise decisions in the purchasing of any good and service, one should better understand these concepts of economics. They are also imperative in the production of goods and services which is the primary aim of studying economics (Salaman, 1). Money and time are resources that are finite (Lee, et al). They are therefore called limited resources. A scarce resource is a resource that has a high demand and therefore proper decision making is needed to ensure that they are used optimally. Economics involves the distribution of resources so that they can satisfy individual needs. Money is scarce because it is limited in supply and therefore it should be used wisely to satisfy human needs (Lee, et al). For instance, if an individual has $ 500 in the pocket, he will choose to pay for his rent rather than buying beer for himself. Time on the other hand is an economic resource and one needs to decide well on what to do at a certain time and what to do at other times. In our daily lives, we often make decisions that impact the purchase of goods and services. These decisions depend on what our needs are and what are the resources that are at our proposal. Making decisions in economics is a very vital stage when it comes to purchasing of goods and services (Salaman, 1). An individual should make a decision that he or she will not regret when the scarce economic resource runs out. To make a good decision, one should really understand some concepts in economics like the price theory. Price theory makes one understand the prices of commodities that are in the market. When one understands the price theory, he or she can make the correct decision on what to buy at what price without incurring many losses. Opportunity cost results after careful decision making (Lee, et al). It is the cost which is equivalent to the value of the best alternative that an individual sacrifices in doing something else. By making a choice in whatever an individual does in life, he or she must incur opportunity cost. It can either be a marginal benefit or a marginal cost. For instance, an individual may have choices of either joining a masters program or getting employed in a company paying him $ 100,000. If the person decides to go for the masters program, his opportunity cost will be $ 100,000. Marginal benefit is defined as the benefit that is got by adding one extra unit in the level of activity (Lee, et al). Marginal cost on the other hand is the extra cost incurred by adding an extra unit in the level of activity. Generally, since all consumers are assumed to be rational, they tend to minimize marginal costs and maximize marginal benefits. The difference between the two gives the net benefit. Trade-offs on the other hand is closely related to opportunity cost although it reallocates the amount of time or money to be spent (Cage). This implies that there is that money that is set aside for spending on maybe house expenses. By buying less of what is not necessarily important and buying more of what is necessary, one shall have incurred a trade-off. It involves reallocation of money or time from what had been planned on (Cage). In conclusion, the study of economics helps individuals to determine on the type of choices they are to make in their daily lives. Deciding on what good or service to purchase may call for one to understand the concepts of opportunist cost, trade-offs and most importantly, have the knowledge of the scarce resources that are available to him or her. Works Cited: Cage, Michael. The differentiation trade-off and marketing to values. 2010. Web July 14, 2010 from http://www. entrepreneurslife. com/thoughts/entry/the-differentiation-trade-off-and- marketing-to-values/ Lee, Kylen, et al. The scope and methods of economics. September 17 2006. Web: July 14, 2010 from http://www. econguru. com/introduction_to_economics/scope-method. html Salaman, Graeme. Decision making for business: A reader. London: SAGE Publication Ltd, 2002.

Computer technology: Friend or Foe? Essay

As we are living in a digital world, computer technology has become a huge part of human life. We use computers in almost every situation to study, to work or to relax. Despite the useful helps from computer technology, it also has some negative effects on people. The effects of computer technology in daily life are to make people lazier, to affect the personalities of children and on their education, and to cause health problems. Computers are useful tools that make people lazier. Since people are working with technology every day, they are relying more on their computers. They depend on the technology in every work even in a simple calculation. By that way, they use their brain less, they don’t have to think and study more and develop themselves only because they have computers to help them. Next, people are lazier to talk with others face-to-face. They use e-mail instead. As a result, they find it hard to express their feelings when they talk with others in person. Computers can have massive effects on the personalities of children and on their education. In modern life, computers are so popular that even young kids know how to use them. As a consequence, children become addicted to computers at very young ages. They spend too much time playing on computers instead of doing their homework or playing sports with other kids. Moreover, parents cannot control what their children do with their computers. There are some bad programs or websites that are not suitable for kids. Lastly, children don’t use their imaginations because computers have offered them the whole virtual world. Therefore, they cannot create picture in their own minds and that limit their creativity. Using computers also causes health problems. The more people spend time with computer the less time they have for exercises. In fact, some people prefer surfing the internet more than playing sports. In addition, more people have to deal with illness such as obesity and eye problems because they use computers without discipline. Many people suffer problems related to sitting  incorrectly, or for too long in front of their computers. Headaches, back pains and sleeping disorders are the main problems. These health problems by using computers incorrectly can lead to a person `s poor attention, they cannot concentrate on their work that they may cause accident to themselves or others. In conclusion, it is good to know some effects of computers on our life style, our health and our children `s behaviors to avoid. Nowadays, computers play an important role in life. Computer is essential by the ways we using it. The computers become a most significant priority in every house. People use c omputers in different type of work but using it in a right way is also important. A computer may help us in some parts of life and it also has some negative effects. We should consider using computers effectively and not rely on them too much.

Corporate Secretaryship Essay Example | Topics and Well Written Essays - 2000 words

Corporate Secretaryship - Essay Example vided into the law of companies which are public nature and on companies which are private in nature, it serves the dual purpose of being both a very effective as well as a comprehensive piece of legislation. The primary purpose of enacting this legislation was to increase the competitiveness of the UK in the field of international trade and also ensure the creation of an effective legal and regulatory framework within which business within the UK operates and also promotion of enterprise, promoting growth and provide the right conditions for investment and employment and create them as and when necessary.3 The Act is a comprehensive code of company law. It restates and replaces most of the Company Law provisions of the 1985, 1989 and 2004 (Audit, Investigations and Communities Enterprise) Acts and also introduces a wide range of changes to a number of areas such as formation of company, directors’ duties and liabilities, shareholders’ rights, share capital maintenance etc. The intention is for all parts of the Act to be implemented by October 2008 although some parts may be introduced before than and others are already in force.4 Behind the 1300 sections of the Act lie 4 key themes which are ensuring the enhancement of shareholder engagement and a long-term investment culture; ensuring better regulation and a Think Small First approach. Through the Act, it is expected that it will now become far easier to set up and run a company; and also provide flexibility for the future.5 The advent of the Companies Act, 2006 will bring about a number of changes for companies during 2007 and 2008.  One such change will be the abolition of the need to appoint a company secretary for a private company.6 Part 12 of the Act of 2006 deals with the role that company secretaries have to play in any organization, Sections 270-280 from a part of Part 12 of the Act. The head note to Section 270 states that, a Private company not required to have secretary. With the sub sections

DOES THE PRACTISE OF HRM GIVE ORGANISATIONS A COMPETITIVE EDGE Essay

DOES THE PRACTISE OF HRM GIVE ORGANISATIONS A COMPETITIVE EDGE - Essay Example Business organizations has been apt in declaring their commitment in treating employees as valued assets and a source of competitive advantage yet empirically "organisational reality appears 'hard' with an emphasis on the quantitative, calculative, and strategic aspects of managing a head count" (Gill 1999). Empirical evidences on the effectiveness of human resource management as a source of competitive advantage have been widely documented. During 1995, the study of Huselid conducted in almost 1000 US players in various industries concluded that "the magnitude of the returns for investments in high performance work is substantial." Furthermore, "a one percent standard deviation increase in such practices is associated with 7.05% decrease in labour turnover, and on a per employee basis US$27, 044 more in sales, and US$18,641 and US$3,814 more in market value and profits, respectively" (Huselid 1995). This study has been one of the earliest and most extensive works linking HRM to actual business performance. The findings has been strongly supportive on the view that HRM provides companies with competitive edge because HR practices increased employees' trust, job satisfaction, and commitment while eliminating work intensification and reducing stress. In the United Kingdom, wide array of case studies have also been documented which strongly links HRM to organisational performance. In 1997, Patterson et al released the results of their survey utilizing 67 manufacturing industries. This has been published by the Institute of Personnel Development which is currently known as CIPD and highly quoted for its enlightening insights. The study has put forward the "importance of HRM as a driver of, and contributor to, improved performance" (Patterson et al 1997). It is also interesting to note that this study asserts that "HRM had a greater impact on productivity and profits than of other factors including strategy, research and development, and quality" (Patterson et al 19997). Going further, Patterson et al, uncovers that while 8% in variations from profitability is explained by R&D, 17% is explained by HRM practices. This is highly significant compared to the 2% and 1% garnered by the strategy and quality, respectively. The study of Guest et al in 2000 also stresses the importance of human resource management practices in organisational performance. This research links specific human resource practices like job security, recruitment and selection, and training and development with performance outcomes including financial performance, quality, and productivity. It has been uncovered that 70% of the chief executives interviewed for the study asserts that their business strategy relied a lot on people as a source of competitive advantage (Guest et al 2000). On the other hand, less than half of them "felt that 'people issues' are more important than financial and marketing issues" (Guest et al 2000). This particular research opens an important field for further queries. Even though it concluded that HRM is positively correlated with performance, it has also been observed that only a small proportion of the companies considered do practice more than

Leadership based on a video 12 angry men Essay Example | Topics and Well Written Essays - 750 words

Leadership based on a video 12 angry men - Essay Example At one instance where he got agitated he offered his own position to another jury member which shows his weakness. He did not portrayed any of the attributes that a leader might have practiced. He was not the most intelligent in the room neither was he extrovert or conscientious. He was bound by the rules and norms followed by a jury foreman and he kept on reminding jury members of them although he never used his influence to strictly enforce them. His pause when the architect did not favor the guilty verdict in the beginning shows that he was hesitant and was only a follower of popular opinion. Furthermore there were no inherent leadership qualities that would separate him from other jury members as a result his idea of conducted a secret ballot in the beginning was shot down and he was referred to as a â€Å"kid† by Juror # 10. After seeing the movie it is felt that there was a very insignificant role played by the jury foreman as he relinquished his responsibility to lead t he group and losses his composure. After losing his composure he was only fulfilling the demands of the Jurors, for example taking a vote or asking the guard for exhibits (12 Angry Men, 1997). Q2. How was the behavioral leadership theory depicted in the movie? Provide at least three examples from the movie to support your argument. The movie has substantial content that supports behavioral leadership theory, leadership can be learned and is not a born trait (Carpenter et al., 2010). It is observed in the movie that during the course of time most jurors show courage and learn to accept both fact based information and humanistic elements (Carpenter et al., 2010). Initially most of the Juror’s appeared convinced of guilty verdict and to a certain extent biased but as the discussions progressed they change themselves and learned to stand up for what they believed and distanced themselves from biasness. The foremost example is Juror # 9, the nice old man who agrees with the majori ty initially but later on his confidence, courage and ability to understand and present both fact and human based elements convinces other jury members, something presented in the behavioral theories as Laissez-faire style of leadership. His keen observation related to wearing the glasses proved sufficient to convince Juror 4 who was till then adamantly supporting the guilty verdict. Similarly the African American Juror, who grew up in slums was very shy as he abstains from commenting and stayed silent in the beginning although later on he stands up for who he was and using his experience he brought forward his arguments about the murder weapon (knife) and how they are usually applied. The third example was Juror # 7, the sports fan who had no interest what so ever in the case as he wanted to get over with it so he can go to the baseball match. Later on as facts are revealed to him he shows interest and changes his behavior as a sarcastic member of the group to an accepting member w ho supported the truth by removing his perceptual bias towards the accused teenager. It is a fact that all the men in that room learned and grew that day, fighting their personal prejudices, bias, indifference, anger, cultural difference, fears and bad experiences to reach a fair judgment but all due to Juror

He Reflective Commentary (Dissertation) Essay Example | Topics and Well Written Essays - 1000 words

He Reflective Commentary (Dissertation) - Essay Example 24). In addition were the visits to various eco-tourist destinations which are rather fragile in nature. Thus, the subject gave a lot of knowledge about the various theoretical and practical aspects of sustainable tourism development. Admittedly, I had never considered sustainable tourism as a concept that deserves appreciation. For me, it was more like the claims of the die-hard environmentalists, which are impractical in nature. So, I liked to consider sustainable tourism as a mere concept in its initial stage, which one in the tourism industry should bear in mind. This was so because from my personal experience, I had found that sustainable tourism is a word that was used by tour operators to attract the eco-friendly tourists and to reduce the investment in infrastructure; and the element of sustainability was seen only in green pamphlets and brochures. Thus, for me, sustainable tourism was rather a shallow concept that does not deserve much attention. So, when I started studying Sustainable Tourism, I wanted to see what the subject really meant in the current tourism world and how effective it could be in practical tourism. However, as a part of the studies, I got a chance to know about the impact of tourism on environment. In addition, I learnt about the fragile nature of the places which usually become tourist destinations. ... y various agencies around the world to promote sustainable tourism and the way they reduce the environmental impact of tourism, I understood the fact that sustainable tourism has grown much deeper and stronger than I anticipated. Also, I made the realisation that the future of tourism is almost totally reliant on the amount of sustainability it manages to introduce. Also, the subject gave me valuable insights about the role of various stakeholders; ranging from tourists, governments, tour operators and local population in sustainable tourism. Another important revelation for me was the importance of reflection in the subject I study. As I undertook the task of reflective writing, I learnt how useful, and in fact necessary, it is to learn through reflection in a subject like tourism management. According to Dewey (1933, p. 45), reflection is the practice of thinking for an extended period by linking the later experiences to the earlier ones. It helps one to understand what new things are added, what is lost, what remains the same, and what are interrelated. Thus, reflection in sustainable tourism development helps one look into the concept from the perspectives of all stakeholders. In addition, it helps one to understand if the various methods of sustainable tourism are useful or not. Another benefit of the study was that it helped me realise the areas where legal and governmental supports are lacking. As the subject revealed, it becomes necessary for governments to introduce better and stronger legal frameworks which support sustainable tourism by placing legal barriers on various activities of mass tourism. In fact, the subject acted as an eye opener by making me understand the fact that only sustainable tourism can ensure the survival of such sensitive and highly

Bram Stoker's Dracula Compared to Mary Shelly's Frankenstein Essay

Bram Stoker's Dracula Compared to Mary Shelly's Frankenstein - Essay Example aim being awarded to Shelley, who pioneered in brining a literary concept to light, which was initially an unchartered territory for most authors as she combined elements of Goth and Horror with that of science fiction. Although, Dracula and Frankenstein are essentially from the same genre with some overlapping themes, but the concept and the depiction of themes contain some stark dissimilarity as well. The substance of this prose will delve into each of the aspects one by one: Dracula and Frankenstein both entailed a similar theme about life, death and resurrection. Both creatures possess a strong fascination for the human world, which drives Frankenstein to read books by eminent authors, whereas Dracula reads English magazines to gain a deeper understanding of the human world. This is the prime reason as to why both Dracula and Frankenstein are known to have sophisticated intellect and are capable of making conversation on any subject, which adds to Dracula’s charisma in the society, but doesn’t help Frankenstein’s case because of his horrifying appearance. In fact the monster created by Frankenstein had grown miserable of his life and expressed it in the following words: â€Å"Cursed, cursed creator! Why did I live? Why, in that instant, did I not extinguish the spark of existence which you had so wantonly bestowed? I know not; despair had not yet taken possession of me; my feelings were those of rage and revenge† (Shelley, 2004, p. 137) Moreover, the stories are centered on the same theme that involves a group of men trying to eliminate a monster that is nothing but scourge for the society. Besides the character, the literary technique used to project the story is also quite similar as both authors wrote their novels in an epistolary form; in simpler word, the story is told through the correspondences of the main characters with each other. However, it is a clear indication that the entire story is told from a one-sided perspective of the protagonist