Principle Economics Essay

In your view, what is economics? Economics has been defined as the allocation of scarce resources among many different players.   Simply understood as mere supply and demand, Economics can also be made to apply to more complex systems such as production frontiers and economies of scale.   Put simply, economics can be understood as the study of how different market systems interact with each other in order to provide each with the resources that they desire. The law of diminishing returns is short run analysis. True or false? The law of diminishing returns is a long run analysis.   It basically postulates that for every additional input that is added to the production scale, the resulting output per unit will increase up to a certain point then start to increase.   This is a long run analysis because it factors in the effect of additional units of input vis-à  -vis output on the production scale over a long period of time.   Such effects cannot be tracked in a short term scale and if done would most probably be inaccurate. Demand and Supply are operating forces in the market. How then can the equilibrium achieved? The supply-demand model is one of the fundamental concepts of economics. The price level of a good essentially is determined by the point at which quantity supplied equals quantity demanded. To illustrate, consider the following case in which the supply and demand curves are plotted on the same graph. Supply and Demand On this graph, there is only one price level at which quantity demanded is in balance with the quantity supplied, and that price is the point at which the supply and demand curves cross. The law of supply and demand predicts that the price level will move toward the point that equalizes quantities supplied and demanded. To understand why this must be the equilibrium point, consider the situation in which the price is higher than the price at which the curves cross. In such a case, the quantity supplied would be greater than the quantity demanded and there would be a surplus of the good on the market. Specifically, from the graph we see that if the unit price is $3 (assuming relative pricing in dollars), the quantities supplied and demanded would be: Quantity Supplied = 42 units Quantity Demanded = 26 units Therefore there would be a surplus of 42 – 26 = 16 units. The sellers then would lower their price in order to sell the surplus. Suppose the sellers lowered their prices below the equilibrium point. In this case, the quantity demanded would increase beyond what was supplied, and there would be a shortage. If the price is held at $2, the quantity supplied then would be: Quantity Supplied = 28 units Quantity Demanded = 38 units Therefore, there would be a shortage of 38 – 28 = 10 units. The sellers then would increase their prices to earn more money. The equilibrium point must be the point at which quantity supplied and quantity demanded are in balance, which is where the supply and demand curves cross. From the graph above, one sees that this is at a price of approximately $2.40 and a quantity of 34 units.

Importance of Stakeholders Essay Example

Importance of Stakeholders Essay Example Importance of Stakeholders Essay Importance of Stakeholders Essay The importance of stakeholders has increased over recent years. Previously, shareholders were deemed as the main consideration for organisations. After all, these are the people that invest in the company. This is known as stockholder theory and is closely associated with Milton Friedman (1970). Friedman believed that an organisations primary responsibility is to increase its profits for the benefit of shareholders. This was demonstrated in the Dodge v Ford Motor Company case in 1919. Henry Ford deemed that the company had made too much profit, and wanted to share these profits with the public (stakeholders potential customers) by reducing the cost of vehicles. However, shareholders challenged this development and won the case in the Supreme Court, when the court ruled that a business was for the purpose of making profit for its investors. This view has changed in the past 80+ years since this case. Whilst shareholders are an important element to an organisation, they are only one group of stakeholders that organisations have a duty to. It is now recognised that organisations have obligations to other groups that have a vested interest its operations. This change in thinking has led to the development of the stakeholder theory, advocated by Freeman (1984). This theory argues that there are a number of groups to whom businesses are accountable to when determining strategy and pursuing objective(s). The traditional belief is that only direct links to a business, such as shareholders, customers and employees have an input into organisational decisions. But as previously mentioned, stakeholders are not just internal to the organisation itself. When commenting on the importance of stakeholders, Halal (1996:64) referred to a stakeholder model of the organisation. This model views the organisation as a socio-economic system composing of various equally important groups, a view which links in with Freemans theory. Halal believes in the theory of the nature of the firm. In this theory, its stated that managers are dependent on stakeholders and have a need to combine the unique resource each stakeholder contributes, such as investor capital, talents of employees etc. This is a valid viewpoint and builds on the stakeholder theory by identifying the importance of such groups. An organisation that embraces the stakeholder theory is the ING group. In a speech at the Georgetown Business Ethics Institute in 2002, Ewald Krist, the CEO of ING stated: Greater influence is now put on organisations by external stakeholders, such as society itself. Shell fell foul of this in the early 1990s with its Brent Spar plant. The plant, decommissioned in 1991, was due to be dismantled by Shell and disposed of via Deepwater disposal. This created outrage from environmental groups with a belief that the seas should be kept clean. This led both Shell and the UK Government to look at alternate options, with Shell abandoning the deepwater plans in 1995. The plant was finally disposed of in 1999 after long discussions with various stakeholders, and the majority of the construction was used to form a new quay in Norway, a solution acceptable to environmental groups, along with other stakeholders. This showed that even large global companies had important stakeholders to answer to. Shareholders are still an extremely powerful stakeholder. Investors primarily concentrate on profit maximisation but this is not the most important consideration for other stakeholders such as customers, contractors or the local community. There have been numerous occurrences of shareholders ousting directors and chairmen. The most recent one occurred this month, when the chief executive of Deutsche Telecom, Kai-Uwe Ricke resigned after losing the support of key shareholders in the organisation (the German government and private equity firm, Blackstone). FT.com reported that support was lost due to poor results and plans to move 45,000 jobs to lower paid areas. This shows the difficulty in keeping all stakeholders happy. By moving the jobs, it should have increased the profitability of the organisation, and therefore would please shareholders. However, this conflicts with the unions viewpoint, which looks after the workforce and did not want to see profits increase at the expense of employees. Many organisations hit problems when trying to change their strategy. Even basic changes can be met with disdain from certain stakeholders, e. g.

korean temple essays

korean temple essays Talk about irony. Buddhist monks, those shaven-headed figures in gray robes, choose to leave this earthly world (that is, mundane society) in favor of an ascetic existence based on prayer and self-denial. But now their unworldly lifestyle is becoming a tourist product... with the monastics' approval! Monastic life as a tourist attraction? It's part of a global craze for monasticism. From the Himalayas to the Hudson River, monks are in. Japanese salarymen are chucking their jobs and fleeing to monasteries. In Taiwan last year, monasticism become big news. Hundreds of families were shocked when their promising sons and daughters opted for Buddhist monastic life instead of comfy careers in business. Meanwhile, in the United States, at least one monastery finds it necessary to turn away would-be novices. we are not soliciting vocations, the monastery says gently The worldwide renewal of interest in monasticism has reached out to Korean Buddhists too. People are interested in Buddhist monks and how they live. Many people, whether seeking enlightenment or just fed up with the noise and glitz of consumer society, would like to try the monastic way of living. So why not give them a taste of it? That is precisely what monasteries in Korea are doing. They offer tourists a brief but revealing look inside Buddhist Monasticism. Western usually think of Buddhism as a religion of vegetarians who expect to be reincarnated after leaving this world at death. Buddhists aim to correct this oversimplified image. Buddhism has a long and complex history. It originated in India some 2,600 years ago and was introduced to Korea in about the fourth century A.D. Since then, Buddhism has exercised a tremendous influence on Korean culture and produced many widely admired works of art. Pulguksa Temple are Sokkuram Grotto, built in the eight century, are two of the most famous examples of Buddhist art and architecture. ...

A contract to enter into a contract is not enforceable. when contract Essay

A contract to enter into a contract is not enforceable. when contract is subject to Negotiation, it is too uncertain to have a binding force - Essay Example ses the Courts have generally demonstrated a tendency to render a decision on the basis of interpretation of such agreements, taking into account all the circumstances of the case. In the case of contracts where the price for a service or transaction is to be determined, this element of uncertainty has become even more relevant. The extent to which Courts have allowed recoveries in some cases has been determined by the extent to which damages may be suffered by one party, but when there is uncertainty introduced into the contract or pre-contractual agreement, such recoveries may be difficult. In the case of Courtney and Fairbairn Ltd v Tolaini Bros(Hotels) Ltd2 the appellants were property developers and had secured finances for the defendants to develop a hotel. Prior to the appellants securing the monies, they had entered into negotiations with the defendants; there was a written agreement between them that the defendants would negotiate to use the services of the appellant to develop the hotel property. However, when the appellant actually secured the finances, the defendants went ahead and hired different property developers rather than using the services of the appellants. This led to the legal action. Lord Denning, in providing the judgment on the case, pointed out that there had been some preliminary steps taken by both parties as an act of good faith in pursuance of their negotiations. Mr. Courtney of the appellants found a person willing to finance the property development, while the defendant Mr. Toliani appointed a quantity surveyor with a view to negotiating the price with Mr. Courtney. There was a written agreement between them; however Lord Denning did not equate this to a contract. He held that there was no actionable contract between the two parties because the agreement between them was only an agreement â€Å"to negotiate fair and reasonable contract sums†, and no agreement could be found â€Å"on the price or on any method by which the price was to

Formal Analysis Assignment Essay Example | Topics and Well Written Essays - 750 words

Formal Analysis Assignment - Essay Example The art places Christ in a liminal state transforming from death to life. The picture depicted is much calm and motionless as the final moments described by the Scripture1. For an artist who painted modern paintings, religion appears as an odd space indeed for Manet’s artistic skills. The style in which he composed Christ and the angels (with a careful attention to detailed copying of costumes, models, and stage) in design relation to the other parts of the piece, it definitely sums up to a notion of admiration. By looking at the piece of the dead Christ, It is difficult to establish whether a controversial effect was Manet’s objective with the piece. The intent is obviously contentious, but the level of artistic amazement is unquestionably classic. A profound streak of color is used by Manet to thicken Jesus’s face. Closer to his forehead top, varying smudges of maroon represents the appearance of desiccated, scaly blood. Manet uses Harsh yellow hues to emphasize the tip of nose of Christ, the curves just beneath Christ’s eyebrows and the apples of his cheekbones, while his nose and sunken-in eyes sockets are depicted using darker hues. Christ’s mouth and eyes are half-open. The spread of shadow transversely on face results in his head appearing to recede in the background. The white shading of fabric covering up his lower body justly dominates the composition. On both sides of this imposing corpse of Christ, two women, costumed in bright, colorful clothes and unusual angels’ wings, appear to attend to the lifeless body. The angels’ colorful looks fail to overshadow the Christ’s body’s overwhelming grimness. Out of the combination of repugnance and beauty, pallor and color, a to tally comfortless Christ emerged. The artist is demonstrative in his pallet exploration, and there’s no mix up with the pathos created in the scene. The Dense folds of clothes that cover Christ’s body instill the artist’s mastery of

2_Economics for Sustainability Essay Example | Topics and Well Written Essays - 3250 words

2_Economics for Sustainability - Essay Example Hundreds of millions of individuals might suffer water shortages, hunger and coastal flooding as a result of global warming. Scientists warn that if the world does not aggressively control climate change, the consequences will be disastrous. Carbon dioxide and other greenhouse gases are collecting in the atmosphere resembling a thickening blanket. The blanket traps the heat from the sun, thereby causing the earth to warm up (Houghton 2004, p. 30). Although temperatures vary naturally, over the past five decades, the average worldwide temperature has augmented at the fastest rate witnessed in history. Greenhouse gases emissions to the atmosphere emanates from the human activities. It is approximated that ninety percent of greenhouse gases emissions are human produced. Greenhouse gases such as methane, nitrous oxide, and carbon dioxide have caused much of the observed increase in world’s temperatures. Failure to lower level of greenhouse gases emissions, especially carbon dioxide, will destroy the global economy (Maslin 2007, p. 15). As Weart (2008, p. 37) notes, life on Earth relies on energy emanating from the sun. Approximately half the light getting into the globe’s atmosphere passes via the clouds and air to the surface. The light is absorbed and subsequently radiated upward in the form of infrared heat. Approximately ninety percent of this heat is subsequently absorbed by the conservatory gases and emitted back towards the earth’s surface, which is warmed to a life supporting average of fifteen degrees Celsius. A layer of greenhouse gases principally water vapour and smaller amounts of methane, carbon dioxide and nitrous oxide act as a thermal blanket for the planet. The thermal blanket absorbs heat and warms the Earth surface. Scientists have come to an agreement that the primary cause of the recent trends in global warming entails expansion of the greenhouse effect by

Peter Paul Rubens Essay Example for Free

Peter Paul Rubens Essay The most sought-after painter in northern Europe during the seventeenth century, Peter Paul Rubens, was also a diplomat, linguist, and scholar. His dramatic artistic style of the seventeenth century is now called baroque, a term apparently derived at a later time from ornate jewelry set with irregular pearls. At its most exuberant, the baroque involves restless motion, startling color contrasts, and vivid clashes of light and shadow. Rubens was born in Siegen, Westphalia, to Jan Rubens and Maria Pypelincks. Born the son of a lawyer and educated at a Jesuit school in Antwerp, Flanders, Rubens learned classical and modern languages. He spent the years 1600 to 1608 studying and working in Italy. Returning to Antwerp, he continued to travel as both courtier and painter. His repeated visits to Madrid, Paris, and London allowed him to negotiate treaties while accepting royal commissions for art. One of Rubens major innovations in procedure, which many later artists have followed, was his use of small oil studies as compositional sketches for his large pictures and tapestry designs. Rather than merely drawing, Rubens painted his modelli, or models, thereby establishing the color and lighting schemes and the distributions of shapes simultaneously. Rubens managed a very large studio in Antwerp, training many apprentices and employing independent colleagues to help execute specific projects. Among his mature collaborators whose baroque works are on view in the National Gallery of Art are Anthony van Dyck, Jacob Jordaens, Jan Brueghel, and Frans Snyders. Rubens style tremendously influenced baroque painters throughout Europe, even those such as the German-born Johann Liss who had no documented contact with the master. Liss The Satyr and the Peasant, for instance, is Rubensian in its lively gestures and telling expressions. Painted during the 1620s in Italy, it illustrates a tale from Aesops Fables in which an immortal satyr helped a peasant find his way through a winter storm. The goat-legged creature was astonished when the man put his chilled hands to his mouth to warm them. In thanks for the satyrs guidance, the peasant invited him home to eat. The satyr was further perplexed when the man blew on his spoon to cool the hot soup. The satyr jumped up in disgust at human hypocrisy, proclaiming, I will have nothing to do with someone who blows hot and cold with the same breath! The Fall of Man Rubens copied many of Titians paintings. Part of Rubens greatness was due to his eager study of earlier masters and his ability to combine their techniques with his own style. The Fall of Man is an interesting example of a work after Titian, that is very close to the original but in which Rubens has changed some details. The red parrot in the tree is not in Titians painting. The colors in Rubens painting are more yellowish and Rubens has actually improved Titians painting by giving Adam a more natural pose. In fact, Adam looks a lot like Rubens himself. When Rubens made this painting, he had just met his second wife-to-be, Helene Fourment. She was only 15 years old at the time. Adoration of the Magi Religious paintings were fashionable during the time of Peter Paul Rubens and were nearly always reverential. Adoration of the Magi is a good example of how Jesus was expected to be venerated in art. A painting of 99 inches by 133 inches, Adoration of the Magi is an oil on canvas painting that features a group of figures, who are waiting in turn to pay homage to the newly born Jesus. It is painting that was created by Rubens in 1616 and 1617. The Power of Christ The Virgin Mary is depicted holding up Jesus as an elderly magus kisses the babys feet. Rubens clearly shows that Jesus is no normal child, as quite apart from the large group of people who have come to see Christ, the infant Jesus is seen touching the head of the elderly magus as a sign of acknowledgment of the old mans devotion. Rubens also adds power to the image and of Jesus himself, with the ethnic mix of the visitors. This suggests that the men have traveled from many different parts of the world to witness seeing the baby Jesus and are not all, in fact, magi. The age of the men and the way they are dressed indicates men of power, and, consequently, their humble adoration of Christ gives the work an added weight. Though the expression of the figures in the painting are almost universally serious, there is one man who appears to be smiling and acts in a way many adults would normally act on seeing a baby. The Virgin Mary, however, looks very serious, almost severe, but she is concentrating on Jesus not coming to any harm, as he is standing upright to receive the line of visitors. The Propaganda Element As with most religious paintings of the early 17th Century there could be said to be an element of propaganda in Adoration of the Magi, as it is really showing the power of the Church. It is painting that is saying that however powerful leaders may be, the Church is more powerful than any earthly empire. The fact that there is little light in the painting gives it an air of mystery, as one wonders if some figures are deliberately hidden. Some of the visitors to the stable are also partly hidden by other visitors. The horse to the left of the painting infers that animals are also part of the kingdom of God. Adoration of the Magi currently hangs in the Musee des Beaux-Arts, Lyon, France. VENUS IN FRONT OF THE MIRROR Peter Paul Rubens presented his Venus in Front of the Mirror as the ultimate symbol of beauty. She is aware of the viewer in a mirror that frames her face like a portrait. Great play is made of the sensual reproduction of her skin and silky hair, which is further enlivened by the contrast with the dark-skinned maidservant. The few costly accessories, otherwise decorative additions to elaborate clothing, emphasize the figure’s nakedness. The sensual qualities of the painting are created by Rubens’s subtle painterly approach. He alternates sketchy brushstrokes, drawn over the ground like a transparent veil, with compact areas, painted in great detail. One particularly attractive feature of the picture is the contrast between the goddess’s encounter with the viewer, which seems to occur almost by chance, and the representation of her beauty, as if conceived for a spectator. The mirror that Cupid holds up for the goddess reveals an additional level of meaning: the reflection of Venus, which reveals her beauty to the viewer, becomes a symbol of painting that competes with nature to produce an image that is as real as possible.