First Principles Of Economics Essay Example for Free

First Principles Of Economics Essay Trade offs are the costs and benefits obtained by taking a particular decision. Trade off analysis provide with the best decision to implement when comparing different activities. Each activity undertaken by an individual has costs and benefits. But the amount of costs and benefits differ and it is the discretion of an individual to determine the best activity to undertake (Krugmanwells, 2008). A trade off involves foregoing one activity which has more costs and pursuing another activity with higher benefits. In real life experience, a manufacturer may decide to install a new machine with higher production efficiency. As such, a cost will be incurred to establish the new system but the benefits of installing new machines supersede the costs. Opportunity costs refer to the forgone opportunity to undertake a particular activity. Since resources are scarce, a person must sacrifice some opportunities so as to pursue other activities (Krugmanwells, 2008). For example, a farmer has many opportunities to grow different crops in his/her farm. However, only one crop can be grown at a particular season. He/she will be forced to grow a particular crop instead of another. Opportunity cost reflects the true value of producing a particular commodity since it represents the lost opportunities. Marginal analysis provides a person with the appropriate decision about how much of a commodity to produce relative to another. Margin is the amount of one commodity that must be sacrificed to produce another (Krugmanwells, 2008). In the example of a farmer, he may decide to grow different crops on a portion of land such that there are different crops in the farm. But the farmer must decide how much to grow of a particular crop variety. This will be determined by the conditions surrounding the farmer. Market equilibrium is a situation where both buyers and sellers have agreed. There is no individual buyer or seller at a better position. Both parties are satisfied by the commodities and prices at the market place. At equilibrium, there are no opportunities that remain for the individuals to make themselves better than others in the market environment. The buyers and sellers are satisfied by the market conditions since buyers feel that the commodities satisfy their needs at particular prices while the sellers feel that the price meets the value of their products. Market equilibrium exists only when there are no government interventions. A free market situation is the most effective system since the forces of supply and demand dictate the prices of commodities as well as determining the quantity demanded and supplied (krugmanwells, 2008). Source: Author From the above diagram, the equilibrium shows intersection between supply and demand. Market equilibrium shows the quantity of a commodity that the sellers are willing to supply at a given price. It also provides information about the quantity of commodities that buyers are willing to buy at a particular price. Government intervenes when market efficiency is not achieved. As the market factors interact, they improve the welfare of the people involved by creating systems which satisfy both sellers and buyers. Market inefficiencies occur when one party benefits more at the expense of the other party. The government intervenes to provide equality and restore market equilibrium. Unintended consequences are the unexpected effects of individual actions in the market. As buyers and sellers interact in the market, they may unintentionally conduct some activities which affect others. An example of unintended consequences is pollution. Reference Krugmanwells (2008). First principles of Economics. worthpublishers

How We Acquire Knowledge :: Education Educating Essays

How We Acquire Knowledge When I think about knowledge the first thing that comes to my mind is education. I believe that knowledge comes to people by their experiences in life. In other words, life is an instrument that leads me to gain knowledge. Many people consider that old people are wise because they have learned from good and bad experiences throughout their lives. Education requires work, dedication and faith to gain knowledge. We acquired knowledge through the guidance of from parents, role models, college/University teachers and life experiences. When we were little our parents had to guided us because we did not have the ability to live by ourselves. Sometimes, for some people, their parents taught them or they sent them to school to develop their knowledge. Parents helped their children to do their homework. They encouraged them to continue their early education. Parents help their children to build confidence in their life. A child with confidence is able to has a positive attitude in school. Also, help the child to be positive in his leaning. Many children have problems learning in school because parents do not give them support. Instead, they tell them that they are not good nothing. Also, parents help to build ways of learning at an early age. When we were, little we did not know how to study, how to read. Our parents found the best way to learn the basic education. As students, knowledge is very important to guide us to continuo our education. A way to acquire knowledge is to have a role model in our lives. In this society almost every child, adult and elder has o had has a hero in their lives. It is very important to have someone to admire because it helps to increase our interest in education and eventually it will lead us to gain knowledge. Role models make the students to feel positive that they will be able to fulfill their dreams. For example, I grew up in a Christian family. My role model since I was a little girl was Jesus. I wanted to be like him, and follow all his teachings. I knew that I could gain knowledge through his words. I know that most religions have a leader that most of the people follow. In schools, teachers can be role models. Many students want to be like their favorite teacher.

Chunnel Project

Hlstorlcal background, overall objectives, political climate, and pre- feasibility studies. 2-Development-Overall planning, feasibility studies, financing, and conceptual design, 3-1mplementation-Detail design, construction, installation, testing, and commissioning. 4-Closeout-RefIection on overall performance, settlement of claims, financial status, and post-project evaluation. 1974- Initial tunnel ideas gather but abandoned. 1978-British & French discussions resumed. 83-Frensh & British banks & contractors propose tunnel scheme. 1984 British and French agree to common safety, environmental, and security concerns. 1. Please complete your evaluation of project management during this phase, using the following grid: Project Management Area Closeout Phase Scope Management Time Management Cost Management Quality Management HR Management Communication Management Risk Management Procurement Management Integration Management 2.Please highlight the major areas of strength In the management of this phase of he project: Scope Management 2 Communication Mangement 2. Please highlight the major areas of strength in the management of this phase of tOf2 the following grid: Project Management Area Time Management 3 Quality Management 4 HR Management 2 Communication Management2 Risk Management 2 Integration Management 3 Closeout Phase the project: 1. Please complete your evaluation of project management during this phase, using the following grid: Project Management Area Closeout Phase

Working At Fedex Express, My Boss Brian Buchwald - 884 Words

Working at FedEx Express, I had the privilege to interview my boss Brian Buchwald. We share the same work ethic background with the both of us serving in the military but serving in different branches. Brian served in the Army for 6 years, and then served in the Air Force for another 6 years after exiting the Army. Brian just recently got promoted to Operations Manager at FedEx Express after being with the company for only 3 years, which is quite incredible From the interview with Brian, his comments really brought back memories of the work ethics and leadership from the military. Even though, Brian exited the military as an E-6 in the Air Force and I exited the Army as an E-5. A lot of managers would have to attend classes and training†¦show more content†¦Being in a Leadership position doesn’t mean that the managers or supervisors get to do whatever they want, but they do have to lead by example. There have been times where the both of us have experienced certain e vents where we can hold specific friendships with our soldiers. Better way to explain is when the uniform comes on, it’s strictly business. We couldn’t hang out with the soldiers outside of work so that there wouldn’t be any favoritism in any working environment with our soldiers. It’s all about the way he treated his soldiers and how he took care of his soldiers. From his words, â€Å"If you take care of your people, your people take care of you.† It’s not all about dictatorship, yelling at your soldiers and the rank on your chest. â€Å"Taking care of your people is a manager’s first priority† coming from Brian. Being the umbrella or the shield for you people is basically what managers do to take care of their employees. Every company, whether if it was in the military or outside of the military, that every employee has to follow and that’s the proper â€Å"Chain of Command.† Basically if anything happens inside of work, whether if it’s an incident or a traffic citation, he would want to be informed immediately just so he could keep his group â€Å"off the radar† from the Senior Operations Manager. When talking