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

Mao Zedong`s Dictatorship

By all standards, Mao Zedong belongs in the company of the few great political men of our century. Born and raised in the obscurity and restrictions of nineteenth-century rural China, he rose to assume the leadership of the Chinese Revolution, rule the largest population in the world with the most pervasive and intense government known in history, and finally has clung to life long enough to become the last of the political heroes of the great generation of World War II. His life spans the emergence of modern China and his character has shaped the manner and style of the Chinese Revolution.His name has become the label for revolutionary extremists throughout the world, â€Å"the Maoists,† yet it is Mao Zedong with whom leaders throughout the world seek audiences. The Pope in one day admits to his presence more people than Mao Zedong grants audiences in a year. When Mao last appeared publicly, more than a million people expressed tumultuous joy, and since then the occasions for allowing a select few into his presence have been newsworthy throughout the world.The announcement that the American Secretary of State has had a couple of hours of discussion with the Chairman is a signal to all that the Secretary has been favored, indeed, honored; and, of course, when a trip to China does not include a visit with the Chairman, the universal interpretation is that favor is being withheld.The extraordinary appeal of Mao Zedong is hard to identify. Some may suggest that it lies less in the man and more in the nature of Chinese society, for the Chinese do seem compelled to make all of their leaders into imperial figures. Yet, the fact remains that many non-Chinese, who have no affinity for his rural origins but represent a host of varied social and personal backgrounds, seem to find inspiration for their political lives in his words and his example. Restless youth scattered throughout the world who have more formal education than he had feel that in his revolutionary ardor and purity he speaks for them.What is the character of the man that lies behind all this greatness? Merely to raise the question is an act of sacrilege for many. For the Chinese and other worshippers of Mao and his thoughts, it is enough to dwell on his public virtues, read only hagiographies, and reject all else as being in bad taste. For his detractors, the whole spectacle is revolting, and Mao the man must be the devil behind the Chinese version of socialist totalitarianism. Yet between these extremes there are those who are honestly curious.The public record reveals a man at home in rural China, a man of the peasantry, who knows the myths and folklore of traditional China. Yet, although he received a Confucian education, Mao was also part of the first full generation of Chinese to explore Western knowledge. From his rural isolation, he moved effectively into the chaotic, competitive world of Chinese student politics and revolutionary scheming. As soldier, ideologist, and planner, he became the symbolic leader of the Chinese Communist guerrilla struggle. As victorious ruler he was a visionary who looked beyond immediate problems of administration to the goals of a new society and to the molding of a new form of man.The paradox of Mao Zedong is that while his claim to greatness is unassailable, in every specific sphere whether as philosopher, strategist, economic planner, ideologue or even world statesman, his qualities are not the match of his right to greatness. Since Mao's greatness lies so clearly in the realm of emotions, the problem of Mao Zedong is a problem in political psychology. To treat Mao merely as an intellectual or as a calculating strategist is to miss the essential dimensions of his historic role. Furthermore, if we are to understand how Mao came to be so successful in mobilizing the feelings of the Chinese, and of others, we must explore his own emotional world and discover the dynamics of his psychic relations with others.As an ind ividual, Mao is intrinsically fascinating. His acts and his words are startling and unexpected. In his conversations he will bring up the most unlikely subjects: Why are some Africans more dark-skinned than others? Have not all the advances in medical science only increased the number of diseases? The Chinese people have always known Marxism because they have always appreciated contradictions.A dedicated materialist, Mao can suddenly speak as a conventional believer in the hereafter: â€Å"I shall soon be seeing God† (Cheek 124). â€Å"When we see God, or rather Karl Marx, we will have to explain much† (Cheek 115).   At times he has depicted himself as an outstanding hero of Chinese history: â€Å"Yes, we are greater than Ch'in Shih Huang-ti† (Cheek 79). â€Å"We must look to the present to find our heroes† (Cheek 80).Intrinsic fascination aside, Mao's character demands serious analysis because there is much in the history of modern China that cannot be explained except in terms of Mao Zedong's personality. In the fluid circumstances of the Chinese Revolution, time and again events and processes took on decisive form in direct response to the personality of Mao Zedong. In stable societies with solid institutions the scope for the influence of personality considerations is constrained to the narrow limits of how different individuals may perform established roles. In the case of Mao Zedong there was no defined role for him to fill; rather his own personality created his own roles and thereby shaped Chinese history.When the story of modern China is systematically related to the activities of Mao, a key element of Mao's genius is immediately highlighted: his remarkable capacity to perform different, and even quite contradictory, roles at different times. As Mao took on the roles of peasant organizer, military commander, ideological spokesman, political strategist, and ruling statesman, he also vacillated between such contradictory pu blic persona as fiery revolutionary and wise philosopher; dynamic activist and isolated recluse; preacher of the sovereign powers of the human will and patient planner who knows that history cannot be rushed.In a very strange manner Mao Zedong has been able to communicate a sense of the integrity of the human spirit precisely because he has defied logic and spoken for exactly opposite points of view. He has praised books (indeed sanctified the presumed magic of his own â€Å"Little Red Book†) and he has denounced bookish knowledge–â€Å"Reading books only makes myopic children† (Cheek 117). He has equally extolled and denounced violence. He has championed reason and also scorned the paralyzing impulses of reasonableness. His intellectual integrity is as unassailable as folk wisdom, with its appropriate sayings for every option.Mao's revolutionary ideas, like those of his intellectual compatriots elsewhere, drew inspiration from both experience (observing and doi ng) and intellectual exercise. They were a response to the genuine plight of large numbers of poor, illiterate, and exploited people, although they were also the result of profound romanticization and sometimes willful ignorance of who and what the people really were.They reflected a strong inclination to distrust complex patterns of administration and governance — in a word, bureaucracy-because these only served the interests of ruling elites; and they relied upon popular enthusiasm and passion as substitutes for technical expertise and intellectual sophistication, and too frequently as a means for mobilizing (and manipulating) the masses. Moreover, they displayed an inconsistency born of a human inability to divorce oneself completely from one's cultural environment, with its heavy baggage of traditions, habits, and customs. Thus, rebellion against the decrepit and defeatist past of China was accompanied by appeals — sometimes disguised, sometimes not — to the social virtues, modes of discourse, and general spirit of that same past.If from a classical Marxist standpoint Lenin was wrong to represent Russia as an appropriate site for a Marxist revolution, Mao erred in proclaiming the same for China despite his disingenuous contention in 1942 that â€Å"Marxism-Leninism has no beauty, no mystical value; it is simply very useful† (Cheek 127). Much evidence existed, of course, to sustain an argument that China needed fundamental changes in its economic, social, and political order.Chinese had been debating this for many decades. It was also clear that foreign powers had an enormous impact on China's development, fostering it in some ways, but distorting and exploiting it in others. Mao's writings reveal that he understood quite well that his country's vulnerability to external aggression resulted largely from internal weaknesses, and that this relationship lay at the heart of his analysis and his demand for revolution.The doctrine of t he mass line did not develop in isolation but reflected what was arguably the most fundamental of Mao's attitudes: voluntarism. Like Lenin, whose successes must have been instrumental in showing Mao the value of seizing the moment, Mao was a committed voluntarist — a believer in the ability of human will to overcome virtually any obstacle, despite the essential irrelevancy of human motivation to Marx's revolutionary theory.By seeking to foster revolution in places unsuitable theoretically for such a process, both Lenin and Mao had to relinquish Marxist principle and emphatic determinism (the revolution will follow under the right, organically evolved, socioeconomic conditions) in favor of willful action (the revolution will occur under whatever conditions we can take advantage of). For the sake of possibly seeing the revolution transpire in their own lifetimes, they had to impose their own wills on circumstances and equate volition with accomplishment. Marxism's attraction wa s, thus, also its weakness.The theory was supposed to ensure that revolution would occur, but it never promised that it would occur to suit the timetables of revolutionaries. For tremendously egotistical men like Lenin and Mao, Marxist determinism had to be balanced by a voluntarist spirit, men and women had to help make the revolution by whatever means they could be sold on, and time had to be made an ally and not an enemy.The succession to Mao Zedong will in time   worked out, and China has new leaders. Regardless of whatever private feelings they may have about Mao, they acknowledged his greatness in the making of modern China. As all great men in history he will be honored, especially by those who will seek the magic of his greatness to insure the legitimacy of their authority.Thus it is likely that as time goes by the public Mao became increasingly shrouded in myth, and it   became even more difficult to penetrate to the domain of the private man where must lie the secrets of his greatness. Just possibly, however, history may take a slightly different turn, and, as unlikely as it may seem now, there may be revelations of more facts about the life of Mao Zedong making it possible to evaluate better our interpretation of his greatness.Mao Zedong's place in Chinese history is, however, secure, and his successors, whoever they may be, will be of quite different character. Mao's belonged to the era of China's response to the modern world: He wanted China to change, to become strong and powerful in the eyes of all the world; yet he also wanted China to be true to itself. He was a leader out of rural China, educated in a provincial setting, and unacquainted with any foreign language. His distrust of cities refiected in part that be was not at home with the more cosmopolitan generation of Chinese who went further in exploring foreign ways than he was ever ready to do.Works CitedCheek, Timothy. Mao Zedong and China’s Revolutions: A Brief History with Do cuments. Boston: Bedfort, 2002.

The Effective Use of Common Experience in The Lottery and Araby Essay

The Effective Use of Common Experience in The Lottery and Araby - Essay Example Both writers use recognizable situations and characters as effective tools, but in vastly different ways. Jackson uses typical characters and settings to deceive the reader into a complacence which is rudely shattered by the unexpected ending. On the other hand, in Araby, Joyce contrasts the commonplace situations and characteristics of the secondary characters with the uncommon emotions of the protagonist. In both cases, the reader is able to identify with the commonplace characters and situations in the narratives: this is the major contributing factor that has made The Lottery and Araby stand the test of time. Jackson sets her short story in an ordinary, commonplace village, and peoples it with typical, recognizable characters, with whom the reader can easily identify. This effectively serves to intensify the uncommon horror of the ritualistic stoning of Mrs. Hutchinson at the climax. The characters are reassuringly familiar: Mr. Summer, whose â€Å"wife was a scold,† and O ld Man Warner who shows the senior citizens’ resistance to change. The casual gathering of the people in the village square in the â€Å"warmth of a full-summer day† , the children at play, the everyday conversations taking place: the children talking of school, the women gossiping, the men â€Å"speaking of planting and rain, tractors and taxes†, the cheerful banter surrounding Mrs. Hutchinson’s late arrival – all these are shared experiences that lull the reader into complacency.

Assignment 2 Essay Example | Topics and Well Written Essays - 1000 words

Assignment 2 - Essay Example It also attempted to address the shortcomings of the Articles of Confederation. The Articles of Confederation was an agreement between the 13 founding States and the established United States of America as a confederation of these States. It also served as the first constitution of the country before it was replaced by the constitution to which this permeable was made part of. It is important to note, however, that the Articles were insufficient to put a strong government in place and failed to provide solid constitutional foundations for the country. It was also because of this reason that it was subsequently replaced with the US Constitution in which this Permeable set out important constitutional direction for the formation and role of government. The Permeable to the Constitution formulated were based upon some ideals and also attempted to remove the shortcomings of the articles. It specifically mentioned some of the ideals and also outlined the intent of the framers of the Const itution. This paper will discuss the various ideals mentioned in the Permeable and will also outline how it attempted to overcome shortcomings of the articles. ... Provide for the common defense 5. Promote the general Welfare   6. Secure the Blessings of Liberty to ourselves and our Posterity   The permeable referred the name of the country as â€Å"United States of America† which is long considered as the essential reference regarding the nature of the government in the country. It also provides a reference to the federal government as an entity which has been created under the constitution and, therefore, overrules the inherent assumption that the States may be independent from each other and can also carryout foreign relations with other States. This idea, therefore, has also given rise to the concept of formation of a more perfect union wherein Federal Government tend to have relatively higher power as compared to the powers adapted by the States according to Federal, as well as individual States constitutions. Still, Constitution allows the individual States to function as sovereign states. Article 1 of the constitution defines the powers of government and how it is actually going to be formulated as a more perfect union. The use of the world to form a more perfect union is also considered as a shift from the Articles of Confederation wherein Nationalists specifically made the case that the Articles failed to provide a mechanism for more cohesive union and governance mechanism (Rakove, 230). The Federal Government was given enough powers to act on the citizens and, therefore, Federal government was given specific mandate to charge taxes directly and also subject the citizens to other issues. This has particularly help overcome constitutional difficulty which articles failed to overcome. It is also important to note that the use of the phrase â€Å"We the People† also provides an inherent sense that the Federal government

Reflection Essay Example | Topics and Well Written Essays - 500 words - 64

Reflection - Essay Example Team Leader: Every team should have a leader to perform the function of motivation and to ensure that every member of the team is clear about the goals. This is essential to maintain concentration on the goals and to keep the team in a working position for acquisition of objectives (ANMC, 2006). Time Management: Time was always a limiting factor as workload was more due to involvement with other assignments and extensive materials to read while performing various online activities. This exerted a negative impact on our functioning. E.g meeting face to face on regular basis was essential to discuss the risks involved for Mrs Grenns, instead of utilizing email or WIKI based communication. The profession of nursing demands extensive teamwork not only for the purpose of providing treatment to patients, but also for conducting researches that are needed to improve therapy or other general healthcare related issues that need improvement. For this reason, ANMC has integrated Evidence-based practice competency in clinical practice to promote health care education and service. EBP plays an important role in clinical decision-making in modern health care setups (ANMC, 2006). EBP makes use of the best available evidence to improve patient outcomes and to provide best nursing services that are individualized and streamlined to provide maximum clinical benefits (ANMC, 2006). 3. Respect and Communication: Effective teamwork is limited if communication is poor. Members of a team who are either unaware of the importance of communication or are not willing to communicate with others often create hindrances in team development and hence progress. Barriers: Lack of familiarity with the WIKI site, lack of communication, non-existence of team leader and unclear goals are some of the factors that negatively impacted the success of team (World Health Organization,

Data analysis Speech or Presentation Example | Topics and Well Written Essays - 1500 words

Data analysis - Speech or Presentation Example (iv) In a random sample of 100 students at a particular university, 60 indicated that they favoured having the option of receiving pass-fail grade for elective courses. Obtain a 90% confidence interval for the proportion of the population of students who favour pass-fail grades for elective courses. Does this confidence interval contain the value? Explain why this particular value might be of interest. (i) Suppose 16 tax returns are randomly sampled by the Australian Taxation Office from the population of 1987 tax returns with adjusted gross income between $25000 and $30000. The interest deductions (in $) claimed on the returns are as follows: In 1980 the average interest deductions for individuals in this tax bracket was $3011. Do the sample data provide sufficient evidence to conclude that in 1987 the average interest deduction claimed by taxpayers in this income bracket was different from 1980? Use. State all the assumptions you need to perform the test. Assuming that the sample comes from a normal population. Since, the population standard deviation is unknown, therefore using t-distribution to perform the test. The hypothesis test will one sample mean vs. hypothesized value two tail test. (ii) An economist claims that the unemployment rate for non-English speaking individuals in New York City is at least 30%. In a random sample of 400 non-English speaking residents of New York City, 90 are unemployed. (iii) Twenty babies are randomly selected for an experiment to determine if different brands of baby food affect a child’s weight. The babies are separated into 5 groups, and each group is fed a different diet. The weight gained in pounds by each baby after being on the diet four months is recorded in the following table: Use a 1% level of significance level to test if the type of diet affects weight gain. Clearly state the null and alternative hypotheses and state all the necessary assumptions

Bell Hooks Class Matter Essay Example | Topics and Well Written Essays - 750 words

Bell Hooks Class Matter - Essay Example Regardless of these movements, classism continues to exist in society and many authors are trying to create awareness by discussing the topic. This essay analyses classism in contemporary America as discussed by Bell Hooks in her novel, ‘Where We Stand: Class Matters’. The essay has further discussed measures that can be taken to counter socioeconomic oppression that is brought about by classism. Bell Hooks discusses the theme of classism in contemporary America by addressing issues concerning racism, gender and white-supremacist ideologies. Hooks introduces the book by discussing her poor upbringing. Her story is that of transformation from modest roots upper class echelons. Through Hooks’ biographical narrative, we are able to comprehend her beliefs concerning racism, classism and gender bias. Classism is a dominant theme through the novel, and has been highlighted by racism since racism is used in society to propagate classism. In contemporary America, whites are generally of a higher class while African-Americans and other non-whites are generally considered of being of a low class. Hooks discusses how whites from various classes try their best to assist African –Americans and non-whites of a lower class so that they are able to maintain the status quo (Mahony & Zmroczek 46). Gender has been discussed by the author in association with the theme of classism. Hooks has explained the role that gender has played in the society in various capacities. In her initial tale, Hooks explains about her patriarchal family, her serious relationship and the liberation movement of women. Hooks asserts that patriarchal exists in various homes and classism/ racism exist in many movements of women. When Hooks combines these issues, she concludes that white women are generally victimized by the social system and the general population (Mahony & Zmroczek 46). Hooks has asserted that almost American neighborhoods have undergone class and racial segregation