Tuesday, December 24, 2019

Microeconomics and the Laws of Supply and Demand Essay

Microeconomics and the Laws of Supply and Demand ECO/365 Principles of Microeconomics August 18, 2014 Sam Pirnazar Microeconomics and the Laws of Supply and Demand Abstract The objective of the laws and the supply and demand simulation is to apply the supply and demand concepts to provide a better understanding on how to use the curves in order to figure out the equilibrium in the market for leasing two bedroom apartments. The simulation will help determine the difference between the movement along and shift of the demand and supply curves. Furthermore, how equilibrium can be established after one or both curves shift will be provided. Microeconomics and Macroeconomics Concepts†¦show more content†¦The shift of demand curve happened when the quantity demand increased because of the cost for apartments decreased. The simulation showed that there was an increase in population in the city of Atlantis. The demand curve shifted to the right which means there was an increase. The concepts from the supply and demand introduced in the simulation are meant to help the taker understand how they can be applied to real world scenarios that may be encountered at a workplace or when using real-world products. The supply and demand is very much relatable to the workplace of the security industry I am a professional in. There is always a constant change in the products we use for life safety and peace of mind for consumers. The evolving of technology and the ability of gadgets we have at our fingertips is easily influenced by supply and demand. The desire or want of life safety and peace of mind could cause the price of t hese items to go up because the demand for them is much higher. The factor influencing the supply curve is everyone wants a security system for their home or fire alarm system for their business. Depending on the consumer demand for these products, the price could increase and cause the demand of these products to decrease then vice versa. The concepts of microeconomics and macroeconomics helped me understand the factors that affect shifts in supply and demand on equilibrium price and quantity by how they can affect theShow MoreRelatedMicroeconomics And The Laws Of Supply And Demand Essay937 Words   |  4 Pages Microeconomics and the Laws of Supply and Demand Microeconomics and the Law of Demand as reviewed in the Khan Academy videos are a simple enlightening of the business cycle. The descriptive teaching and evolving facts of real life cause and effects in the cycle of business production and supply are an exquisite piece of material. The concepts relation to microeconomics are demand, markets cost and price, they are listed in true relation to the area’s they occupy in analysis of the mathematical formulaRead MoreMicroeconomics And The Laws Of Supply And Demand900 Words   |  4 PagesMicroeconomics and the Laws of Supply and Demand There are a diversity of aspects that can sway changes in supply and demand. These aspects include price increases or reductions. An instance is a nominal reduction in an asking rental price can result in a significant growth in necessity for houses. To a similar effect, an growth in the rental cost of two-roomed apartments consequentially resulted in a reduction in the demand of houses by a material measure. Providers were willing to supply more housesRead MoreThe Demand And Supply Theory Of Microeconomics1055 Words   |  5 Pagesscience and is central to the concerns and problems around the globe† (2003). Microeconomics covers the micro aspects viz. fundamentals, elements of demand and supply, costs, production formation, revenue, markets etc. (Samuelson and Nordhaus, 2003). With that being said, a good knowledge of these above listed aspects is necessary for management students as well as managers. Therefore, a thorough understanding of microeconomics and its principles is vital for effective decision-making. However, sinceRead MoreLaws of Supply and Demand1244 Words   |  5 Pages Microeconomics and the Laws of Supply and DemandECO/365October 13, 2014Professor CoulibalyComedian P.J. O’Rourke said it best when he said, â€Å"microeconomics concerns things that economists are specifically wrong about, while macroeconomics concerns things economists are wrong about generally. Or to be more technical, microeconomics is about money you don’t have, and macroeconomics is about money the government is out of† (Beggs, 2014). On a serious note however, macroeconomics and microeconomicsRead MoreEco 365 Supply and Demand Simulation Essay855 Words   |  4 PagesSupply and Demand Simulation ECO/365 November 26, 2012 The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why theseRead MoreArticle Analysis 61110 Words   |  5 Pagessociety, the rush of supply and demand runs the ever-living world that many people call home. It runs so well that many have found ways to use this tool and create a mountain of riches that most will never see. To understand this mountain and incorporate a successful plan, society needs to understand how this mountain was built. It begins with a covering known as economics that leads to a multitude root system known as microeconomics only to be fed by the morsels of supply and demand. Though what seemsRead MoreSuppl y and Demand Simulation983 Words   |  4 Pages   ECO365 Supply and Demand Simulation Student Name ECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another, Supply and demand phrase according to Colander, (2010) is the most used phrase by economist and the reason is because the phrase provides a good â€Å"off-the-cuff† answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is GasolineRead MoreArticle Analysis for Economics1636 Words   |  7 PagesPrinciples of Microeconomics ECO/365 Professor James Harris III Aug 7, 2008 Article Analysis The article that will be used for this analysis is â€Å"Supply, demand, and the Internet-economic lessons for microeconomic principles courses† by Fred Englander and Ronald L. Moy. There will be definitions for the following economics, microeconomics, Law of supply and the Law of demand. Another subject that will be discussed is the identification of factors that lead to the changes in supply and demand. In orderRead MoreComparative Study on Consumption Patterns of Soft Drinks and Fruit Juices846 Words   |  4 Pagespreference among all the individuals before juices were being introduced, With the changing lifestyle and income levels, people are shifting their consumption patterns and have therefore become more health conscious thus leading to increase in demand of juices. Market Research is based on some underlying parameters like: †¢ Changing consumption pattern †¢ Health factor †¢ Status consciousness †¢ Varying lifestyle The basic subject matter of the research, comparative analysis of Soft DrinksRead MoreMicroeconomic Definition of Terms1208 Words   |  5 PagesDefinition of Terms Everyone needs to eat and many people will use a grill to cook their food. In looking at the supply and demand of barbecue grills, several terms will be defined, including economics, microeconomics, the law of supply, and the law of demand. Many factors can lead to a change in supply and demand, which will be reviewed prior to looking at an analysis of trends in barbecue grill consumption patterns. This detailed and difficult analysis is critical to businesses. Definition

Monday, December 16, 2019

Reflection on the Connection between Management Theory and Practice Throughout Free Essays

Section 1: Reflection on the Connection between Management Theory and Practice Throughout the tutorial program, the different organisations that were presented had evident connections between theory and practice. Although the connections may never be crystal clear, and may sometimes have more than one â€Å"right† answer, the connections were still inevitable in the case studies. One thing that I found most challenging from the case studies was choosing an exact management theory to apply to the particular organisation. We will write a custom essay sample on Reflection on the Connection between Management Theory and Practice Throughout or any similar topic only for you Order Now This difficulty was shown throughout all of the case studies, demonstrating that there is never one right method to apply to an organisation. For example, in the Outback Steakhouse case study (Tutorial 2), the Historical Perspectives of Management were being considered. Out of the four options, there were two options that were both equally contributable to the success of Outback Steakhouse (Administrative Principles [B] and combining Systems Theory with Humanistic Perspective [D]). Even though we did not have to choose an option in that tutorial, it would still be extremely difficult to put my hands down on one particular statement if we had to. Sometimes, theories that applied to one case study may not be relevant if applied to another, for example, trying to apply theories from Two Leaders: The Commander and the Principal (Tutorial 4) – which consisted of how effective the two leaders are in leading, to the QB House – 10 minutes, Just Cuts (Tutorial 3) case study would be like trying to fit a square peg into a round hole – it would be almost impossible. The theories that were presented in the case studies looked at different parts of the organisation, one was about people traits and the other was about the company traits, which made it irrelevant to apply knowledge from one case study to another. However, if we were to look at a particular part of the QB House – 10 minutes, Just Cuts (Tutorial 3) case study – i. e. information about Konishi, it shows that he is a charismatic leader and is supported by transactional leadership, as he created an atmosphere of change to the hairdressing industry and has a clear structure in his organisation. Every organisation has different goals, objectives, obstacles and are all managed differently by different leaders with various mindsets. Therefore, some organisation may seem to have more or less difficulty to achieve their organisational goals compared to others. For example, ethical issues may arise that may jeopardise the reputation of the company and the leaders, as shown in the The Whole System Seems Wrong (Tutorial 5) case study. Also, some organisations may operate on an international scale instead of a national scale, which means that they have to take into account many other factors such as cost, cultural barriers and many more which may ultimately take more time to achieve their organisational goals – i. e. Qantas (Tutorial 8) case study. Overall, the case studies presented had evident connections between management theory and practice. Some may seem less obvious that others or less straightforward, but there is a definite connection in the case studies. How to cite Reflection on the Connection between Management Theory and Practice Throughout, Essay examples

Sunday, December 8, 2019

Personal Journal Community Service Initiative

Question: Discuss about thePersonal Journalfor Community Service Initiative. Answer: Entry-1 Introduction of the CSI Project In this journal entry, I want to start explaining my experience the benefits of the Community Service Initiative (CSI). I have heard many benefits of the community services and I was very excited to accomplish my project. Through this project, I expected to develop an increased sense of social responsibility and about multiculturalism, which will not only help me in my academic learning but also enhance my goodwill to help a human at the time of their needs. One such community cares that I always want to help those people who are unable to do anything in the last stage of the life. Thus, my primary concern was in Hospice care services. I have always witnessed that older adults who are chronically ill are not treated well by their family members. My team member desired to collect funds for these people to arrange a celebration so that they can cheer for a day and gather happiness in their terminal stage. The primary objective behind this approach is that their family members are not k een to meet them and share time with them and as consulted with many doctors I have come to learn that there is a chance of healthy life for them if some happiness will be provided to them. In the context of the Projek 57, one thing I like to mention that I encourage all the students regarding the social aspect of our society and I would like to thank my mentor for providing me a chance to highlight a neglected field of the community. When my entire team went in one such hospice care unit, we felt very bad, as these people are unable to do anything on their own and have to rely on others. Those people, on the other hand, have to look after other patients and have their family to attend. Moreover, some older adults are unable to talk and thus they do not get exactly what they required. The issue that my team recognizes is that they need moral support and need happiness to overcome from the thinking that they are an isolated community of the society. We need a lot of funds so we can provide services to almost 60 elderly people and for that, I have created a WhatsApp group name MISSION HOSPICE. Entry-2 Brainstorming for the Project In this entry, I would explain my perspective for the planning of our approach so that it can be accomplished successfully. In order to complete my desire, I have to plan for a fund-raising event and then purchase some decoration items and medications for those extremely ill people. We planned to ask for charity to the leading organization of Malaysia so that they can also be aware of this group of the community, who need extreme care compared to any other group. In the WhatsApp group, my team member suggests organization from where funds have to be collected and the things can be bought so that the elderly people will be happy and the medical equipment so that effective care can be provided to them at their terminal stage of the life. We often held a meeting for discussion the opinion we shared in our WhatsApp group. In this group, my team member suggests organization from where funds have to be collected and the things can be bought so that the elderly people will be happy and the medical equipment so that effective care can be provided to them at their terminal stage of the life. The meeting often ends up late as we analyze the most effective plan for arranging the fund-raising event and then purchase the things for our desired product. Often there are some conflicts among the team members and I have learned to be patient so that I can learn everyone's concern and give them a proper reason of selecting one opinion out of the many. Even my teammates are also supporting and we divide into three teams so that one team can raise money and the second team will go any purchase all the obligatory objects; while the third team prepares for the occasion that we planned for the elderly patients in the hospice care service center. Entrey-3 Presentation of the Plan We have prepared a PowerPoint presentation for the plan that we have to make to out mentors and the assessor of Projek57. We have to present the illustration based on the division of our work and hence each one of us has to discuss the plan in details. Every one of us has some drawback; especially I was very nervous, as I have to start the illustration of the overview of the presentation. My team members encouraged me a lot and we practiced two times before the final review. We have incorporated the financial details, the work division and the expected outcome to the founder of the projek57 so that we got the approval. The founder asks us why we selected the chronically ill people when everyone selected a field that is accessed easily and everyone is aware of. I remember that I answered him that the first experience I got when I saw my neighbor to behave rudely with their old father. They hesitate to touch him and make him sit in a corner. I felt very bad, think about other elder mem bers and selected this field for the CIS project. We noted their feedback and noted them, which helped us to accomplish our planned thing with efficient. I would want to appreciate the founder and our mentors that with their valuable feedback we attained our expected outcome faster than our assumed approach. At last, I can say that I have learned that people in the higher designation are people like us and we can communicate with them as we do with our friends and mentors. They helped me to speak with confidence and taught me gestures that will help me to present my presentation with efficiency in the future. At the end of the meeting, we have greeted everyone and our team started to perform their roles as per as the business plan. Entry-4 Fund-Raising Experience We have opened our stall before Sunway Pyramid so that a maximum amount can be raised. Our team members also approach some leading companies like Maxis Berhad and Axiata Group Berhad for collecting some voluntary fund. In this way, we not only communicate with the leading brands but also bale to generate awareness of the hospice services running in the Malaysia and the adversity of those elderly people. The stalls have the facility to collect funds in cheques and through money transfer. Three of the team member made some hoarding with pictures of chronically ill elderly people and quotation so that people come to know about them and their condition. In my perception, this is the most effective field of selection as every family has their old parents or grandparent or they themselves will be in such age. Two more members illustrate speeches that I had written for them, which contains our project details and purpose we have selected for them. It is true that we are not present at the s ame place at the same time but at the end of the day when we meet, we discuss our experience. I came to know that everyone appreciates our initiatives and helps with monetary support. We have a shop for some decorative items so that hospice center can be decorated. Medical pieces of equipment and accessories like adult diapers, saline bottles and injection also bought by our team after all the collection. We also provide a printed bill with my number and the address of the hospice center for further contacts regarding our community services. During this journey, we have come to learn that many products are there that a person may require. Some of the team members also get detailed information about the medicines and equipment their patient need for initial treatment and care so that we can find those products and can make a successful purchase with the fund we raise. Entrey-5 Overall Experience The experience that we gather at the end of the Projek57 we have developed out social relations, communication skills and confidence to lead a charitable event. We had worked with collaboration and learned that every business approach needs planning and our mentors have helped us to execute our plan effectively. I also want to add that when we are decorating the hospice center, the caring staff members also cooperate with us and at the evening when we light on the lights and decoration, we observed a smile on their face and we felt a sensation of success. Our entire team cheered and we spoke to every elderly people over there and asked him or her to make a wish so that we can fulfill those wishes. They blessed us and asked us to come again and meet them. Moreover, on completion of this assessment, I have learned that people desire to help needy people of the society but due to lack of time they are always looking for a medium and they all congratulate us for performing as a medium fo r this charitable work. I would like to thank all of our mentors and the founder of the Projek57 and concluded that the plan we prepare is executed as expected. We are also success in delivering awareness to the locality about their elderly family member. All of my team members are also good and cooperative and we have performed our duties skillfully and hoped we had achieved the main objective of the assessment. My family members also su[port and encourage me with the details of few other hospice centers so that we can continue our work for those center and can spread smiles to hundred of elderly people who are suffering from severe disease and are unable to do their daily work.