1. Discuss Four Building Blocks for Achieving Competitive Advantage in an Organization.

PRINCIPLES OF MICROECONOMICS No: 12 PED 1113 1. | Name of Subject | PRINCIPLES OF MICROECONOMICS| 2. | Code of Subject| PED1113| 3. | Synopsis| This course will give students good exposure to basic economic concepts. They need to be able to understand, analyse and implement the theoretical conceptual into the existing economic situation. | 4. | Name of Teaching Staff | Rezal [email  protected] com| 5. | Semester and Year Offered| Year 1, Sem 1 | 6. | Credit Value | 3 credits (2 hours lecture and 1. 5 tutorial) | 7. | Prerequisite (if any) | Nil| 8. Rationale for the inclusion of the subject in the program | The need for economics knowledge in all fields of studies. | 9. | Mode of Delivery| Lecture and Tutorial| 10. | Subject Objectives| To equip students with basic economics knowledge so as to be able to apply in day to day tasks. Able to understand and analyse economics theories and conceptual. | 11. | Learning Outcomes| Upon completing this course, students will be able to: 1. Un derstand the basic concept of economics. 2. Apply the concepts demand and supply to identify how market reached its equilibrium position. 3.Identify various coefficients in elasticity and understand how rational consumers behave. 4. Identify the production process and how cost is determined. 5. Understand various market structures and its profit position both in the short and long run. | 12. | Transferable Skills| From this course, students will acquire additional transferable skills namely: * Analytical Skill – students were given questions and analyse the outcome that arises due to the situation given. * Research skills – Students are required to conduct assignment on selected topics either individually or in groups. Social skills – Students will develop basic social skills through class discussions and group assignments. * Time-management skills– Students will learn to practice and manage their time to balance between their academic and social responsi bilities. * Critical thinking skills– Students will develop critical thinking ability through coursework completion, problem solving exercises and class discussions. | 13. | Teaching Learning and Assessment Strategy | | Teaching & Learning Methods| Assessment Strategy | | Discussion| /| 1. Peer evaluation 2.Student assessment feedback| | Problem solving| | 3. | | Case study | /| | | Project | /| | | Lecture| /| | | Tutorial | | | 14. | Assessment Method and Types | Final Examination : 40%Course Work : 60%Course work comprises of the following items : – 2 Test : 30% – 4 Quizzes : 20% – Group Assignment : 10%| Content outline of the course/module and the SLT per topic| | TOPIC (S)| Lecture| Tutorial| Lab/ Practical| Independent Study| Student Learning Time (SLT)| | 1. 0 INTRODUCTION TO ECONOMICS 1. 1 Basic economic concepts: scarcity, choices and opportunity cost. 1. 2 Basic economic problems 1. 3 Economics system comprises free market, planned economy an d Mixed economy. | 2| 1. 5| | 5| 18| | 1. 0 Demand, Supply and Market Equilibrium. 1. 1 Demand 1. 2. 1 Definition of demand 1. 2. 2 Law of demand 1. . 3 Market demand curve 1. 2. 4 Determinants of demand 1. 2 Supply 1. 3. 5 Definition of supply 1. 3. 6 Law of supply 1. 3. 7 Market supply curve 1. 3. 8 Determinants of supply 1. 3 Market Equilibrium 1. 4. 9 Definition of equilibrium 1. 4. 10 Condition of equilibrium 1. 4. 11 Changes in demand and supply| 8| 6| | 20| 28| | 1. 0 Elasticity and Consumer Behavior 1. 1 Elasticity 1. 2. 1 Price elasticity of demand 1. 2. 2 Cross lasticity of demand 1. 2. 3 Income elasticity of demand 1. 2. 4 Elasticity of supply 1. 2 Consumer Behaviour 1. 3. 5 Ordinal Approach 1. 3. 6 Cardinal Approach| 6| 4. 5| | 16| 26| | 1. 0 Theory of Production and Costs of Production 1. 1 Theory of production 1. 2. 1 Definition of production 1. 2. 2 Variable input and fixed input 1. 2. 3 Short-run and long-run period 1. 2. 4 Total product, average product and marginal product 1. 2 Cost of production4. 2. Calculation of seven (7) types of cost of production the in the short-run period| 6| 4. 5| | 14| 24| | 6. 0 Market Structure 5. 1 Perfect competition5. 1. 1 Characteristics5. 1. 2 Profit maximization in the short-run5. 1. 3 Profit maximization in the long-run 5. 2 Monopolistic Competition5. 2. 1 Characteristics5. 2. 2 Profit maximization in the short-run5. 2. 3 Profit maximization in the long-run 5. 3 Monopoly5. 3. 1 Characteristics5. 3. 2 Profit maximization in the short-run5. 3. 3 Profit maximization in the long-run| 6| 4. | | 16| 24| | Total of Student Learning Time (SLT)| 28| 21| | 71| 120| | Main Reference supporting the course 1) Deviga, V and Karunagaran, M. (2007) Principles of Economics, 1st edition, Shah Alam: Oxford Fajar Sdn. Bhd. | 20. | Additional References: 1) David Begg, Stanley Fischer and Rudiger Dornbusch, 2003, Economics, 7th ed. , McGraw-Hill. 2) Baumol W. J and Blinder, 1998, A. S. Economics: Principles and Policy, Harcour t. 3) Sadono Sukirno, 1998, Mikroekonomi, Edisi ke-3. 4) Colanderm D. C. , 1995, Economics, Irwin. 5) Campbell R. Mc Connel & Stanley L.Brue, 1993, Economics, McGraw-Hill. 6) Lipsey, R. G. , 1992, The Fundamentals to Positive Economics, Harper and Row. 7) Hashim Ali (2003) Comprehensive Economics Guide, 2nd edition, Singapore: Oxford University Press. | Assignment topic. Choose one topic from the list below and form a group in which consists of minimum 4 students and maximum 6 students. Submission of assignment; first week after term break. 1. Economic system in the world 2. Government’s roles in the market 3. Demand and supply 4. Consumer behaviour 5. Production process and costs involve. . New product in the market. Introduction to economics -the word economy comes from the Greek word oikonomos, which means â€Å"one who manages a household -economics is the study of how society manages its scarce resources. -the management of society’s resources is important becaus e resources are scarce. -scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. -opportunity cost of an item is what you give up in order to get another item. Ten principles of economics 1. People face trade-off to get one thing that we like, we usually have to give up another thing that we like. -for example parents deciding how to spend their family income. They can buy food, clothing, or a family vacation. -efficiency means that society is getting the maximum benefits from its scarce resources. -equality means that those benefits are distributed uniformly among society’s members. 2. The cost of something is what you give up to get it -making decisions require comparing the costs and benefits of alternative courses of a action 3. Rational people think at the margin. rational people are the people who systematically do the best they can to achieve their objectives, given the available opportunities. -mar ginal changes mean small incremental adjustments to an existing plan of action. 4. People respond to incentives -incentives is something that induces a person to act, such as the prospect of a punishment or a reward. -example, a higher price in a market provides an incentive for buyers to consume less and an incentive for sellers to produce more. 5. Trade can make everyone better off trade allows each person to specialize in the activities he or she does best -by trading with other, people can buy a greater variety of goods and services at lower lower cost. 6. Markets are usually a good way to organize economic activity -market economy is an economy that allocates resources through the decentralized decisions of many firms and household as they interact in markets for goods and services. 7. Government can sometimes improve market outcomes -market economies needs institution to enforce property rights so individuals can own and control scarce resources. market failure refers to a sit uation in which market on its own fails to produce an efficient allocation of resources. -market power refers to the ability of a single person or small group to have a substantial influence on a market prices. 8. A country’s standard of living depends on its ability to produce goods and services -productivity means the quantity of goods and services produced from each of labor input. 9. Prices rise when the government prints too much money -inflation refers to an increase in the overall level of prices in the economy. 0. Society faces a short-run trade-off between inflation and unemployment -short run effects of monetary injections are; increasing the amount of money in the economy stimulates the overall level of spending, firms to raise their prices hiring more workers, produce larger quantity of product and services and lower employment. Economic system comprises: 1. Free market economy: allocation for resources is determined only by their supply and demand for them with a little or no government control.It is also called as capitalist. Advantages; quick respond to the people’s wants, wide variety of goods and services and efficient use of resources encouraged. Disadvantages; unemployment, certain goods and services may not be provided, consumption of harmful goods and services may be encouraged, and ignorance of social cost.Examples, United State, Canada, United Kingdom, South Africa, Mexico Germany. Lassez-Faire economics; one of the guiding principles of capitalism, this doctrine claims that economic system should be free from government intervention or moderation and be driven only by the market forces. French word means allow to pass or let go.Invisible hand: a term coined by economist Adam Smith in his 1776 book â€Å"An Inquiry into the Nature and Causes of the Wealth of Nations†. Smith assumed that individuals try to maximize their own good (and become wealthier), and by doing so, through trade and entrepreneurship. Furthermore , any government intervention in the economy isn’t needed because the invisible hand is the best guide for the economy.Thus, the invisible hand is essentially a natural phenomenon that guides free markets capitalism through competition for scarce resources. 2. Planned economy: market is controlled and determined by government. Give the government dictatorship type control over the resources of the country. It is also called as socialist.Advantages; the welfare of the citizen is the primary goal of the economic system, wasteful competition is avoided, wages are controlled by state and there is no industrial unrest, there is a greater emphasis on the quantity of life (health, education, elimination of poverty, moral direction) than on the quantity of production (output) in the country and can rovide stability. Disadvantages; can limit the growth and advancement of the country if the government does not allocate resources to the innovative enterprises, no freedom of choices for producers and or consumers and lack of incentives for workers results in low morale efficiency. Examples Cuba, Venezuela, China and Vietnam. 3.Mixed economy: includes a mixture of capitalism and socialism. The combination of private economic freedom and centralized economic planning and government regulation. Advantages; benefit from capitalist and socialist, still emphasis on welfare of society, less income inequality and monopolies exist but under close supervision of the government.Disadvantages; lower the optimum use of resources and enterprises face difficulties due to government favouritism and bureaucratic nature. Examples France, Spain Italy, South Korea and Brazil. Circular-flow diagram: a visual model of the economy that shows how dollars flows through markets among households and firms. MARKETS FOR GOODS AND SERVICES * Firms sell * Household buy FIRMS * Produce and sell goods and services * Hire and use factors of productionsMARKETS FOR FACTORS OF PRODUCTION * Hou seholds sell * Firms buy Revenue Spending HOUSEHOLDS * buy and consume goods and services * own and sell factors of production Goods and services sold Goods and services bought Factors of production Labor, land and capital Wages, rent and profit Income This diagram is a schematic representation of the organization of the economy.Decisions are made by households and firms. Household and firms interact in the markets for goods and services (where households are buyers and firms are sellers) and in the market for the factors of production (where firms are buyers and households are sellers). The outer set of arrows show the flow of dollars and the inner set of arrows show the corresponding flow of inputs and output. The Production Possibilities Frontier: shows the combination of output, in this case cars and computers that economy can possibly can produce.The economy can produce any combination on or inside the frontier . Points outside the frontier are not feasible given the economy ’s resources. A shift in the production Possibilities Frontier -a technological advance in the computer industry enables the economy to produces more computer for any given number of cars. As a result, the production possibilities frontier shifts outwards.Market Market: a group of buyer and sellers of a particular goods and services Competitive market: a market in which there are many buyers and sellers so that each has negligible impact on the market price. Perfectly competetive: must have 2 characteristics 1) the goods offered for sale are exactly the same 2) the buyers and sellers are so numerous that no single buyer or seller has any influence over the market price.Monopoly: only one seller offer for the specific goods and services and this seller sets the price. Demand Demand: goods and services that buyers are willing and able to purchase. Quantity demanded: the amount of goods that buyers are willing and able to purchase. The demand curve: The relationship between pric e and quantity demanded Law of demand: the claims that, other thing equal, the quantity demanded of a goods falls when the price of the goods rises. Demand schedule: a table shows the relationship between the price of good and the quantity demanded.Individual demand: the demands of one person for the particular goods and services Market demand: the sum of all the individual demands for the particular goods and services Price of ice-cream| Quantity of ice-cream demanded| | Nick| Mary| Market| $0. 00| 7| 5| 12| $0. 50| 6| 4| 10| $1. 00| 5| 3| 8| $1. 50| 4| 2| 6| $2. 00| 3| 1| 4| $2. 50| 1| 1| 2| $3. 00| 0| 0| 0| Variables/Determinants that shift the demand curve 1. Income 2. Price of related goods 3. Tastes 4. Expectation 5. Number of buyer Types of goods 1. Public goods: non rivalry and non excludability. National defence a. Free goods: goods with no opportunity cost.Air, sea b. Merit goods: people underestimate benefit. Education 2. Private goods: have rivalry and excludability a. D emerit goods: underestimate cost of consuming it. Drugs, cigarettes etc b. Normal goods: always use in a daily life. Income increases/demand increases. Clothes, shoes etc. c. Inferior goods: lower quality. Income increases/demand decreases. Bread, rice, bus service etc. d. Substitutes goods: have same functions. Price increases/demand for another brand increases. colgate, darlie, sensodyne etc. e. Complement goods: needs each other in using it. Price increases/demand for the other decreases. ar and gasoline. f. Luxury goods: very expensive goods. Price increases/demand increases. Supply Supply: goods and services that producers are willing and able to sell. Quantity supplied: the amount of a goods that sellers are willing and able to sell Law of supply: the claim that, other thing equal, the quantity supplied of a good rises when the price of a good rises. Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied. Supply curve: a grap h of the relationship between the price of good and the quantity supplied.Market supply: the sum of all the individual supplies for the particular goods and services Price of ice-cream| Quantity of ice-cream supplied| | Mike| John| Market| $0. 00| 0| 0| 0| $0. 50| 1| 1| 2| $1. 00| 3| 1| 4| $1. 50| 4| 2| 6| $2. 00| 5| 3| 8| $2. 50| 6| 4| 10| $3. 00| 7| 5| 12| Variables/Determinants that shift the supply curve. 1. Input prices 2. Technology 3. Expectations 4. Number of sellers Equilibrium Equilibrium: a situation in which the market price has reached the level at which quantity supplied equals to quantity demanded.Equilibrium price: the price that balances quantity supplied and quantity demanded Equilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium price. Surplus: a situation in which quantity supplied is greater than quantity demanded. Shortage: a situation in which quantity demanded is greater than quantity supplied Law of supply and demand: the cl aim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.A Change in Market Equilibrium Due to a shift in Demand -A hot weather makes peoples want to eat more ice cream, the demand curve shifts to the right. A Change in Market Equilibrium Due to a shift in Supply -Increase in price of sugar will increase the cost of production, the supply curve shifts to the left. Shifts in both Supply and demand -A hot weather will increases the demand of ice cream and the hurricane will decreases the supply of ice cream 1. Discuss Four Building Blocks for Achieving Competitive Advantage in an Organization. PRINCIPLES OF MICROECONOMICS No: 12 PED 1113 1. | Name of Subject | PRINCIPLES OF MICROECONOMICS| 2. | Code of Subject| PED1113| 3. | Synopsis| This course will give students good exposure to basic economic concepts. They need to be able to understand, analyse and implement the theoretical conceptual into the existing economic situation. | 4. | Name of Teaching Staff | Rezal [email  protected] com| 5. | Semester and Year Offered| Year 1, Sem 1 | 6. | Credit Value | 3 credits (2 hours lecture and 1. 5 tutorial) | 7. | Prerequisite (if any) | Nil| 8. Rationale for the inclusion of the subject in the program | The need for economics knowledge in all fields of studies. | 9. | Mode of Delivery| Lecture and Tutorial| 10. | Subject Objectives| To equip students with basic economics knowledge so as to be able to apply in day to day tasks. Able to understand and analyse economics theories and conceptual. | 11. | Learning Outcomes| Upon completing this course, students will be able to: 1. Un derstand the basic concept of economics. 2. Apply the concepts demand and supply to identify how market reached its equilibrium position. 3.Identify various coefficients in elasticity and understand how rational consumers behave. 4. Identify the production process and how cost is determined. 5. Understand various market structures and its profit position both in the short and long run. | 12. | Transferable Skills| From this course, students will acquire additional transferable skills namely: * Analytical Skill – students were given questions and analyse the outcome that arises due to the situation given. * Research skills – Students are required to conduct assignment on selected topics either individually or in groups. Social skills – Students will develop basic social skills through class discussions and group assignments. * Time-management skills– Students will learn to practice and manage their time to balance between their academic and social responsi bilities. * Critical thinking skills– Students will develop critical thinking ability through coursework completion, problem solving exercises and class discussions. | 13. | Teaching Learning and Assessment Strategy | | Teaching & Learning Methods| Assessment Strategy | | Discussion| /| 1. Peer evaluation 2.Student assessment feedback| | Problem solving| | 3. | | Case study | /| | | Project | /| | | Lecture| /| | | Tutorial | | | 14. | Assessment Method and Types | Final Examination : 40%Course Work : 60%Course work comprises of the following items : – 2 Test : 30% – 4 Quizzes : 20% – Group Assignment : 10%| Content outline of the course/module and the SLT per topic| | TOPIC (S)| Lecture| Tutorial| Lab/ Practical| Independent Study| Student Learning Time (SLT)| | 1. 0 INTRODUCTION TO ECONOMICS 1. 1 Basic economic concepts: scarcity, choices and opportunity cost. 1. 2 Basic economic problems 1. 3 Economics system comprises free market, planned economy an d Mixed economy. | 2| 1. 5| | 5| 18| | 1. 0 Demand, Supply and Market Equilibrium. 1. 1 Demand 1. 2. 1 Definition of demand 1. 2. 2 Law of demand 1. . 3 Market demand curve 1. 2. 4 Determinants of demand 1. 2 Supply 1. 3. 5 Definition of supply 1. 3. 6 Law of supply 1. 3. 7 Market supply curve 1. 3. 8 Determinants of supply 1. 3 Market Equilibrium 1. 4. 9 Definition of equilibrium 1. 4. 10 Condition of equilibrium 1. 4. 11 Changes in demand and supply| 8| 6| | 20| 28| | 1. 0 Elasticity and Consumer Behavior 1. 1 Elasticity 1. 2. 1 Price elasticity of demand 1. 2. 2 Cross lasticity of demand 1. 2. 3 Income elasticity of demand 1. 2. 4 Elasticity of supply 1. 2 Consumer Behaviour 1. 3. 5 Ordinal Approach 1. 3. 6 Cardinal Approach| 6| 4. 5| | 16| 26| | 1. 0 Theory of Production and Costs of Production 1. 1 Theory of production 1. 2. 1 Definition of production 1. 2. 2 Variable input and fixed input 1. 2. 3 Short-run and long-run period 1. 2. 4 Total product, average product and marginal product 1. 2 Cost of production4. 2. Calculation of seven (7) types of cost of production the in the short-run period| 6| 4. 5| | 14| 24| | 6. 0 Market Structure 5. 1 Perfect competition5. 1. 1 Characteristics5. 1. 2 Profit maximization in the short-run5. 1. 3 Profit maximization in the long-run 5. 2 Monopolistic Competition5. 2. 1 Characteristics5. 2. 2 Profit maximization in the short-run5. 2. 3 Profit maximization in the long-run 5. 3 Monopoly5. 3. 1 Characteristics5. 3. 2 Profit maximization in the short-run5. 3. 3 Profit maximization in the long-run| 6| 4. | | 16| 24| | Total of Student Learning Time (SLT)| 28| 21| | 71| 120| | Main Reference supporting the course 1) Deviga, V and Karunagaran, M. (2007) Principles of Economics, 1st edition, Shah Alam: Oxford Fajar Sdn. Bhd. | 20. | Additional References: 1) David Begg, Stanley Fischer and Rudiger Dornbusch, 2003, Economics, 7th ed. , McGraw-Hill. 2) Baumol W. J and Blinder, 1998, A. S. Economics: Principles and Policy, Harcour t. 3) Sadono Sukirno, 1998, Mikroekonomi, Edisi ke-3. 4) Colanderm D. C. , 1995, Economics, Irwin. 5) Campbell R. Mc Connel & Stanley L.Brue, 1993, Economics, McGraw-Hill. 6) Lipsey, R. G. , 1992, The Fundamentals to Positive Economics, Harper and Row. 7) Hashim Ali (2003) Comprehensive Economics Guide, 2nd edition, Singapore: Oxford University Press. | Assignment topic. Choose one topic from the list below and form a group in which consists of minimum 4 students and maximum 6 students. Submission of assignment; first week after term break. 1. Economic system in the world 2. Government’s roles in the market 3. Demand and supply 4. Consumer behaviour 5. Production process and costs involve. . New product in the market. Introduction to economics -the word economy comes from the Greek word oikonomos, which means â€Å"one who manages a household -economics is the study of how society manages its scarce resources. -the management of society’s resources is important becaus e resources are scarce. -scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. -opportunity cost of an item is what you give up in order to get another item. Ten principles of economics 1. People face trade-off to get one thing that we like, we usually have to give up another thing that we like. -for example parents deciding how to spend their family income. They can buy food, clothing, or a family vacation. -efficiency means that society is getting the maximum benefits from its scarce resources. -equality means that those benefits are distributed uniformly among society’s members. 2. The cost of something is what you give up to get it -making decisions require comparing the costs and benefits of alternative courses of a action 3. Rational people think at the margin. rational people are the people who systematically do the best they can to achieve their objectives, given the available opportunities. -mar ginal changes mean small incremental adjustments to an existing plan of action. 4. People respond to incentives -incentives is something that induces a person to act, such as the prospect of a punishment or a reward. -example, a higher price in a market provides an incentive for buyers to consume less and an incentive for sellers to produce more. 5. Trade can make everyone better off trade allows each person to specialize in the activities he or she does best -by trading with other, people can buy a greater variety of goods and services at lower lower cost. 6. Markets are usually a good way to organize economic activity -market economy is an economy that allocates resources through the decentralized decisions of many firms and household as they interact in markets for goods and services. 7. Government can sometimes improve market outcomes -market economies needs institution to enforce property rights so individuals can own and control scarce resources. market failure refers to a sit uation in which market on its own fails to produce an efficient allocation of resources. -market power refers to the ability of a single person or small group to have a substantial influence on a market prices. 8. A country’s standard of living depends on its ability to produce goods and services -productivity means the quantity of goods and services produced from each of labor input. 9. Prices rise when the government prints too much money -inflation refers to an increase in the overall level of prices in the economy. 0. Society faces a short-run trade-off between inflation and unemployment -short run effects of monetary injections are; increasing the amount of money in the economy stimulates the overall level of spending, firms to raise their prices hiring more workers, produce larger quantity of product and services and lower employment. Economic system comprises: 1. Free market economy: allocation for resources is determined only by their supply and demand for them with a little or no government control.It is also called as capitalist. Advantages; quick respond to the people’s wants, wide variety of goods and services and efficient use of resources encouraged. Disadvantages; unemployment, certain goods and services may not be provided, consumption of harmful goods and services may be encouraged, and ignorance of social cost.Examples, United State, Canada, United Kingdom, South Africa, Mexico Germany. Lassez-Faire economics; one of the guiding principles of capitalism, this doctrine claims that economic system should be free from government intervention or moderation and be driven only by the market forces. French word means allow to pass or let go.Invisible hand: a term coined by economist Adam Smith in his 1776 book â€Å"An Inquiry into the Nature and Causes of the Wealth of Nations†. Smith assumed that individuals try to maximize their own good (and become wealthier), and by doing so, through trade and entrepreneurship. Furthermore , any government intervention in the economy isn’t needed because the invisible hand is the best guide for the economy.Thus, the invisible hand is essentially a natural phenomenon that guides free markets capitalism through competition for scarce resources. 2. Planned economy: market is controlled and determined by government. Give the government dictatorship type control over the resources of the country. It is also called as socialist.Advantages; the welfare of the citizen is the primary goal of the economic system, wasteful competition is avoided, wages are controlled by state and there is no industrial unrest, there is a greater emphasis on the quantity of life (health, education, elimination of poverty, moral direction) than on the quantity of production (output) in the country and can rovide stability. Disadvantages; can limit the growth and advancement of the country if the government does not allocate resources to the innovative enterprises, no freedom of choices for producers and or consumers and lack of incentives for workers results in low morale efficiency. Examples Cuba, Venezuela, China and Vietnam. 3.Mixed economy: includes a mixture of capitalism and socialism. The combination of private economic freedom and centralized economic planning and government regulation. Advantages; benefit from capitalist and socialist, still emphasis on welfare of society, less income inequality and monopolies exist but under close supervision of the government.Disadvantages; lower the optimum use of resources and enterprises face difficulties due to government favouritism and bureaucratic nature. Examples France, Spain Italy, South Korea and Brazil. Circular-flow diagram: a visual model of the economy that shows how dollars flows through markets among households and firms. MARKETS FOR GOODS AND SERVICES * Firms sell * Household buy FIRMS * Produce and sell goods and services * Hire and use factors of productionsMARKETS FOR FACTORS OF PRODUCTION * Hou seholds sell * Firms buy Revenue Spending HOUSEHOLDS * buy and consume goods and services * own and sell factors of production Goods and services sold Goods and services bought Factors of production Labor, land and capital Wages, rent and profit Income This diagram is a schematic representation of the organization of the economy.Decisions are made by households and firms. Household and firms interact in the markets for goods and services (where households are buyers and firms are sellers) and in the market for the factors of production (where firms are buyers and households are sellers). The outer set of arrows show the flow of dollars and the inner set of arrows show the corresponding flow of inputs and output. The Production Possibilities Frontier: shows the combination of output, in this case cars and computers that economy can possibly can produce.The economy can produce any combination on or inside the frontier . Points outside the frontier are not feasible given the economy ’s resources. A shift in the production Possibilities Frontier -a technological advance in the computer industry enables the economy to produces more computer for any given number of cars. As a result, the production possibilities frontier shifts outwards.Market Market: a group of buyer and sellers of a particular goods and services Competitive market: a market in which there are many buyers and sellers so that each has negligible impact on the market price. Perfectly competetive: must have 2 characteristics 1) the goods offered for sale are exactly the same 2) the buyers and sellers are so numerous that no single buyer or seller has any influence over the market price.Monopoly: only one seller offer for the specific goods and services and this seller sets the price. Demand Demand: goods and services that buyers are willing and able to purchase. Quantity demanded: the amount of goods that buyers are willing and able to purchase. The demand curve: The relationship between pric e and quantity demanded Law of demand: the claims that, other thing equal, the quantity demanded of a goods falls when the price of the goods rises. Demand schedule: a table shows the relationship between the price of good and the quantity demanded.Individual demand: the demands of one person for the particular goods and services Market demand: the sum of all the individual demands for the particular goods and services Price of ice-cream| Quantity of ice-cream demanded| | Nick| Mary| Market| $0. 00| 7| 5| 12| $0. 50| 6| 4| 10| $1. 00| 5| 3| 8| $1. 50| 4| 2| 6| $2. 00| 3| 1| 4| $2. 50| 1| 1| 2| $3. 00| 0| 0| 0| Variables/Determinants that shift the demand curve 1. Income 2. Price of related goods 3. Tastes 4. Expectation 5. Number of buyer Types of goods 1. Public goods: non rivalry and non excludability. National defence a. Free goods: goods with no opportunity cost.Air, sea b. Merit goods: people underestimate benefit. Education 2. Private goods: have rivalry and excludability a. D emerit goods: underestimate cost of consuming it. Drugs, cigarettes etc b. Normal goods: always use in a daily life. Income increases/demand increases. Clothes, shoes etc. c. Inferior goods: lower quality. Income increases/demand decreases. Bread, rice, bus service etc. d. Substitutes goods: have same functions. Price increases/demand for another brand increases. colgate, darlie, sensodyne etc. e. Complement goods: needs each other in using it. Price increases/demand for the other decreases. ar and gasoline. f. Luxury goods: very expensive goods. Price increases/demand increases. Supply Supply: goods and services that producers are willing and able to sell. Quantity supplied: the amount of a goods that sellers are willing and able to sell Law of supply: the claim that, other thing equal, the quantity supplied of a good rises when the price of a good rises. Supply schedule: a table that shows the relationship between the price of a good and the quantity supplied. Supply curve: a grap h of the relationship between the price of good and the quantity supplied.Market supply: the sum of all the individual supplies for the particular goods and services Price of ice-cream| Quantity of ice-cream supplied| | Mike| John| Market| $0. 00| 0| 0| 0| $0. 50| 1| 1| 2| $1. 00| 3| 1| 4| $1. 50| 4| 2| 6| $2. 00| 5| 3| 8| $2. 50| 6| 4| 10| $3. 00| 7| 5| 12| Variables/Determinants that shift the supply curve. 1. Input prices 2. Technology 3. Expectations 4. Number of sellers Equilibrium Equilibrium: a situation in which the market price has reached the level at which quantity supplied equals to quantity demanded.Equilibrium price: the price that balances quantity supplied and quantity demanded Equilibrium quantity: the quantity supplied and the quantity demanded at the equilibrium price. Surplus: a situation in which quantity supplied is greater than quantity demanded. Shortage: a situation in which quantity demanded is greater than quantity supplied Law of supply and demand: the cl aim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.A Change in Market Equilibrium Due to a shift in Demand -A hot weather makes peoples want to eat more ice cream, the demand curve shifts to the right. A Change in Market Equilibrium Due to a shift in Supply -Increase in price of sugar will increase the cost of production, the supply curve shifts to the left. Shifts in both Supply and demand -A hot weather will increases the demand of ice cream and the hurricane will decreases the supply of ice cream

Analysis of Enter Without So Much as Knocking Essay

Enter Without So Much as Knocking What is the poem about? The Poem follows the journey of a man’s life from birth into society to death. It shows how he and his family conform to society as becomes just like everybody else taking a critical view of modern day society. The signs throughout the poem indicate that we, as humans, are told how to live. Beginning with the birth of the child in the hospital, comes home to hear Bobby Dazzler on the TV, where the baby is seen as lucky because he doesn’t understand what he is saying doesn’t mean anything to him. As a young child it is shown how he and his family conformed to be like every other family. As a young boy his mum won some money where the family was able to buy the typical ‘Australian’ station wagon. Going into young adult hood he changes from being optimistic to becoming just like everybody else and losing his individuality, greedy for money only thinking about himself. By death he is seen to have been an untrustworthy and selfish man. They try to give his body an identity â€Å"adding a healthy tan he’d never had† What is the poet trying to say? The main idea of the poem is Memento, homo, quia pulvis, et in pulverem reverteris†¦ Remember man that thoughart dust and unto dust that shall return. The poet is trying to say that it doesn’t matter how many consumer items and materialistic things you buy, everybody ends up the same way, back to dust again. He is trying to say that the world is run buy consumerism which has lead to conformity and taken away the individuality of many people. The conformity is shown in stanza three through the signs which we all live by. Bruce Dawe highlights that humans seem to destroy and change everything they can get their hands on, but they have been unable to change the stars, or had gotten around to fixing them yet. Dawe shows that as we change from childhood to adulthood our views on the world and society change, we become more greedy, selfish and most people only care about themselves in order to get ahead in life. We no longer appreciate the simple things as we get older and we tend to worry too much about the small things. Analyse the poetic devices/ Style of the poem Repetition: Hello, Hello, Hello Metaphor: A pure unadulterated fringe of sky, littered with stars. Short sentences vs long sentences. The short sentences indicate how society tells us we should live. The long sentences highlight the chaotic nature of life and how at times it can be out of control. Sarcasm /cynicism- Dawe makes many comments in which he is critical of Australian society- our lack of morals, materialism/ onsumerism. How does it fit into the theme- Identity and belonging? The poem shows how many people try to conform to what is normal and how it is seen that they should live their lives. The young man in the poem loses his identity as he becomes an adult, as he becomes just like everybody else â€Å"money-hungry backstabbing† suggests that the world is dominated by these types of identities and to belong he also must become like this. The poem also suggests that buying materialistic items is apart of belonging to society â€Å"Good as new station wagon†. Identity has been attempted to be restored upon his death â€Å"first class job on his face† yet in the end we all end up back to dust without identity. Themes- Being realistic vs having dreams Conformity Writing task: Expository: News piece, Eulogy Personal letter Imaginative: Script Persuasive Piece- Opinion Piece about the materialistic nature of Australian society. Creative- Narrative- about Bill.

Urban Planning and decision-making in Dubai Essay

Urban Planning and decision-making in Dubai - Essay Example n of this paper that the biggest concerns Dubai seems to have at this point are: 1) sustainability 2) cultural considerations 3) labor relations and 4) traffic. Sustainability is an issue that can best be judged from a future point. The cultural considerations are also elements that are being worked out in many ways. So labor and transport issues become the central themes of this paper. The biggest complaint to date is traffic problems. The planning of roads seems to have lost its way. This, in contrast to the other planning elements, seems a small problem but it is becoming more and more of an issue as Dubai becomes popular and established as an international city. What role does the public play in the decision-making process during the development of Dubai? To what extent did the government maintain a monopoly over these decisions? How active of a role did the private sector play in the urbanization of the city? How has globalization affected the decision-making process? A review of Leonie Sandercock’s â€Å"Toward Cosmopolis† shows that Sandercock writes about the cultural pluralism of planning theory in a way that is highly idealistic (Blanco 1998). She is said to discuss her social project in a political and economic vacuum, failing to address the underlying causes of the social problems. Cosmopolis is, for Sandercock, â€Å"a common civic culture which has embraced the social project of tolerance, alterity, and inclusion† (Blanco 1998). Sandercock states that there are three forces that create the major cultural politics of difference: migration and multiculturalism, postcolonialism, and the age of women and minorities. She believes that the history of planning has supported segregation and discrimination. These are major forces at work in Dubai’s planning. A perceived threat of marginalization (Aarts 1999) by less developed countries has often led to their full interaction with the world economy, before they may be ready. Aart feels that

Antitrust Practices and Market Power Essay Example | Topics and Well Written Essays - 1250 words

Antitrust Practices and Market Power - Essay Example Antitrust laws, often known as ‘competition laws’ are norms introduced by the government of U.S. to prevent the consumers from the negativities of rapacious pricing introduced by the potential business giants in market and thereby help in promoting free trading activities in the open economies. This essay will concentrate in the recent antitrust investigation against the giant web searcher Google. The Federal Trading Commission had introduced the antitrust inquiry against Google in October 2012 and recommended the government to completely sue the business giant. Such laws are generally incorporated over firms that exhibit monopolistic or oligopolistic characteristic features. In short, the imperfectly competitive market structures encourage the malpractices and bureaucracies of potential firms in almost all industrial segments. Antitrust investigation is the best combat against such ill practices. The issue of antitrust investigation against Google encompasses the online business industry (Lohr, 2012). Reason for Antitrust investigation against Google The Federal Trading Commission (FTC) augmented pressure in Google for an antitrust investigation and decided to sue the giant web searcher. The company was claimed to manipulate its search results in a way that would facilitate its own products and make the same difficult for its potential rivals in the industry. However, the officials of the company had announced to answer and prove its innocence against any charges imposed by the regulators. FTC has equipped itself with a team which would drag Google to the court if required. Beth A. Wilkinson was the legislator appointed by FTC to fight against Google in the court. The European Union Commissioner have also claimed that Google is monopolizing the online industry and forcing other specialized search engines and advertizes to foreclose their businesses. Google has also been accused for manipulating its e-commerce services results. It is also found tha t Google introduces lobbying affairs with smart phone makers and force them not to remove the Google android operating systems from their manufactured phones. The American Antitrust Institute (AAI) has also agreed to the claims of FTC made against Google. This case is a typical case of antitrust exploration that has been prerequisite because the firm concerned (Google) simply enjoys oligopolistic or monopolistic power in the digital market places (Cleland, 2013). Pecuniary and Non Pecuniary Cost due to Imperfect Competition The monopolistic and oligopolistic firms exist in markets where perfect competition does not exist. The firms in this type of a market structure are not ‘price takers’ but are ‘price makers’. There are a large number of buyers but only few sellers in such market structures. Thus, the existing producers in an imperfect market have power to discriminate the buyers both in social and economic grounds. The demand curve faced by these types o f firms is downward sloping in nature (W. Shepherd & J. Shepherd, 2003). Figure 1: AR and MR Curve of a Monopoly or Oligopoly Producer AR, MR Price or Average Revenue Curve (P or AR) Quantity Marginal Revenue Curve (MR) Antitrust behavior of the firms causes many economic and noneconomic costs. Imperfect competition in the market is responsible for inefficient allocation of resources, the monopolistic and the oligopolistic sellers often hoard their products to artificially increase the prices. Price discrimination is also one of the mal practices

Are We Abusing Our Free-Speech Rights Essay Example | Topics and Well Written Essays - 1250 words

Are We Abusing Our Free-Speech Rights - Essay Example This fundamental freedom must be continually fought for in every medium and circumstance if the nation is to remain the shining beacon of liberty for the world. The constant battle for the preservation of free speech has most recently been enjoined concerning the unabated flow of information on the internet. The Federal Communication Commission (FCC) ruled that radio and television was exempt from First Amendment protection therefore must comply with arbitrary content guidelines. Though clearly a legal matter, the FCC gave itself the power to censor the media without virtue of a court decision. Now that censorship has been accepted by the majority, the government is currently attempting to control the internet. The powers that be apparently believes the public is abusing it’s free speech rights. The American public seems to be in favor of restricting online gambling as well as material of a sexual nature but this is a generation that has grown accustomed to censorship by their government and in many cases encourages this unconstitutional practice. A disturbing trend that should end with this generation and the battle ground is cyber-space. The Internet, today’s battleground for free speech The internet itself is not regulated. As efficient and enormously informative as the web is, its content is not overseen as are other communications mediums such as television and radio. It is a groundbreaking new technology that has amalgamated societies of the country and the world and introduced the concept of truly free expression and the perception that nothing is taboo. Everything is exposed and available at everyone’s literal finger-tip. The Internet has no physical, ethical or moral boundaries. Lawmakers and legal scholars generally use legal precedents from broadcast media decisions as the model for definitions of indecency and obscenity when developing regulations governing the Internet. Governmental censorship rational The Communications Decenc y Act (CDA) of 1996 made it a federal crime to display ‘indecent material’ on any computer network unless the website owner utilizes ‘effective’ techniques to control access of that material to minors. This law appears to be a reasonable compromise that protects free speech and prevents children from accessing objectionable material, but in practice and effect, outlaws free speech from the Internet. The Internet allows everyone the freedom to connect with other people and suppliers worldwide but an economical means for individuals to restrict their art or thoughts to the eyes of children is yet to be developed. Because of this lack of security technology, across the board prohibition is justified under the law, a concept that is in itself considered unlawful by a strict definition of the First Amendment of the Constitution which unambiguously guarantees the right to free speech (Pilon, 1994). Supreme Court decisions have consistently found that the First Am endment does not apply to obscene communications and have allowed communities to establish their own restrictions regarding what is obscene. The court in Miller v. California explained that if the ‘average’ person would describe the work as obscene or if it showed or expressed patently offensive sexual conduct without ‘serious literary, artistic, political, or scientific value,’ the material is correctly defined as obscene (Mason, 2000). Censoring the Internet is impractical

Microbial Content of cooked meat kebab Lab Report

Microbial Content of cooked meat kebab - Lab Report Example However, because the meat is cooked on one surface only, there is an increased opportunity for pathogen outgrowth and microorganism multiplication (Vazgecer, Ulu and Oztan, 2004). There have been reported cases of food contamination and foodborne disease occurrences circumstantially connected to kebab consumptions which can lead to more complex outcomes (Angelillo, I.F., Viggiani, N.M.A., Rizzo, L. and Bianco, A., 2000. Food handlers and foodborne diseases: knowledge, attitudes, and reported behavior in Italy. Journal of Food Protection 63 3, pp. 381–385. View Record in Scopus | Cited By in Scopus (35)Angelillo, Viggiani, Rizzo, and Bianco, 2000). Some human ailments may be caused by foodborne pathogens, such as Salmonella serotypes, Campylobacter jejuni and Campylobacter coli, Staphylococcus aureus, Escherichia coli, Clostridium perfringens, and Bacillus cereus (Swaminathan and Feng, 1994). The changing epidemiology of foodborne diseases and the resurfacing of some microorganisms and pathogens are attributable to various conditions, such as everyday habits and routines of consumers, food handling and preparation, food manufacture and distribution, and understanding of food risks (Lacey, 1993; Roberts, 2000; Slutsker, Altekruse, and Swerdlow, 1998). This experiment will determine levels of aerobic microorganisms and identify probable pathogens in two kebab meat samples of chicken and lamb. Moreover, it will verify probabilities on disease transmission and assess kebab’s quality and safety for human consumption. 10 grams of the chicken sample was placed in a sterile stomacher bag with 90ml of buffered peptone water; homogenized with a blender; incubated for 24 hours. 1 ml of chicken sample was then suspended into 9ml of SCB and incubated for another 24 hours at 37 Â °C. 10 grams of the lamb sample was placed in a sterile stomacher bag with 90ml of Ringer solution; homogenized with a blender; diluted with 20uL of sample and 180ul of

THE NEW MUMBAI COLLEGE PROJECT Assignment Example | Topics and Well Written Essays - 4000 words

THE NEW MUMBAI COLLEGE PROJECT - Assignment Example This rear connection can either be removable or permanent (Constructions methods and technical specifications of Clinton county Engineer: Online). The backhoe loader is small and versatile. The excavator is earth moving equipment that is used for digging works and demolition of structures. They normally come in different sizes but they all have the same design. They are normally made with a pivotal cab that is located on the undercarriage. An arm that extends from the middle is connected to a bucket and on each side; the excavator has tracks that are normally used for mobility. Thirdly, the bulldozer is an item that comes in the form of a tractor and has an undercarriage in the form of a track (Winch, 2008). It has a metal blade that is connected to the front part of the bulldozer and it is used to push loads that are very heavy including sand and refuse after structures have been demolished. The blades of the bulldozer can be changed from time to time. The dump trucks are earth moving equipments that normally allow the transportation and deposition of materials at construction sites. An important feature of the dump trucks is that they provide an efficient mode of transport. The dump trucks are capable of being driven for distances that are long without causing any conflicts with the flow of the normal traffic (Winch, 2008). Skid steer loaders are also earth moving equipment that are simple and are capable of turning on their own footprints. They have wheels and this increases their traction in surfaces such as mud, snow and this helps to reduce the amount of soil compaction while their trend system prevents any damage to the finished parts (Winch, 2008). Trenchers are heavy equipment that is used to dig trenches for laying down pipe networks. They are very appropriate for trenching asphalt and other hard surfaces (Reese et al, 2004). The trencher normally has a conveyor system that carries the excavated materials and deposits it next to the