...demanded of a good or service is the amount that consumers plan to buy during a given time period at a particular price. Demand is the relationship between price and quantity demanded, other things remaining the same. Mathematical presentation: Linear Demand: p = a - bQd Note that the quantity demanded of a good or service is not necessarily the quantity actually bought. Sometimes the quantity demanded is greater than the amount of goods available, -excess demand-, or it may be less than the amount of goods available, -excess supply. Factors that affect Demand: The price of the good The prices of related goods Income Expected future prices Population Preferences Demand Curve- Movement along the curve Demand curves slope downward (negative slope) because as the law of demand states, “Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded.” If there is a change in the price of a good, while everything else remains the same, the quantity demanded changes and there is a movement along the demand curve. Changes in Demand- Shift of Demand Curve A decrease in demand shifts the demand curve left while an increase shifts the demand curve to the right. Demand Decreases if : Demand Increases if: The price of a substitute falls The price of a substitute rises The price of a complement rises The price of a complement falls Income falls (for normal goods*) Income rises (for normal goods) The price...
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...is therefore open to change. Absolute laws or rules of morality will never change. Another way of putting this is that they are objective. Objective means that I am not bringing in any personal opinions or bias, so the rules that I work out are rules that anybody else would rationally come up with. We may come to work out these rules by use of reason and so any rational human being would be able to use his/her reason to come up with the same set of rules. For example, I may, using reason, work out that it is wrong to lie. An absolutist would think that it is therefore always wrong to lie, in any situation and in any culture. So it is just as wrong for me to lie about cheating on my boyfriend as it is to lie about the fact that Santa isn't real. And I can never think it is right to lie, even, to use Kant's famous example, if there was a murder at my door enquiring as to the whereabouts of my friend. If I knew my friend was hiding in my house, I would have to tell this to the murderer. In this situation, Kant would say that if I had lied to the murdered, and then in some strange coincidence my friend had left my house and was met in the street by the murder who then killed him, I would be held morally accountable, since I had lied. Relative morality refers to the opposite theory. Whereas absolute means unchanging and universal, relative means your theory of morality can change. Relative morality means that different cultures can believe different things, and people across different...
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...is therefore open to change. Absolute laws or rules of morality will never change. Another way of putting this is that they are objective. Objective means that I am not bringing in any personal opinions or bias, so the rules that I work out are rules that anybody else would rationally come up with. We may come to work out these rules by use of reason and so any rational human being would be able to use his/her reason to come up with the same set of rules. For example, I may, using reason, work out that it is wrong to lie. An absolutist would think that it is therefore always wrong to lie, in any situation and in any culture. So it is just as wrong for me to lie about cheating on my boyfriend as it is to lie about the fact that Santa isn't real. And I can never think it is right to lie, even, to use Kant's famous example, if there was a murder at my door enquiring as to the whereabouts of my friend. If I knew my friend was hiding in my house, I would have to tell this to the murderer. In this situation, Kant would say that if I had lied to the murdered, and then in some strange coincidence my friend had left my house and was met in the street by the murder who then killed him, I would be held morally accountable, since I had lied. Relative morality refers to the opposite theory. Whereas absolute means unchanging and universal, relative means your theory of morality can change. Relative morality means that different cultures can believe different things, and people across different...
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...resources. Efficiency is the property of society getting the most it can from its scarce resources. Equity is the property of distributing economic prosperity fairly among the members of society Opportunity cost is whatever must be given up to obtain some item Marginal change is a small incremental adjustment to a plan of action Market economy is an economy that allocates resources through the decentralised decisions of many firms and households as they interact in markets for goods and services Invisible hand is the idea that buyers and sellers freely interacting in a market economy will create an outcome that allocates goods and services to those people who value them most highly and makes the best use of our scarce resources Market failure is a situation in which a market left on its own fails to allocate resources efficiently Externality is the uncompensated impact of one person’s actions on the wellbeing of a bystander. A positive externality makes the bystander better off. A negative externality makes the bystander worse off Market power is the ability of a single economic actor (or smaller good group of actors) to have a substantial influence on market places Productivity is the quantity of goods and services produced from each hour of a worker’s time Inflation an increase in the overall level of prices in the economy Phillips curve is the short-term trade-off between inflation and unemployment Circular-flow diagram is a visual model of the economy that shows...
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...numerous things went wrong with society. Why did people have such different ideas about the 1960’s? I believe the different ideas came from all of the changes that were witnessed during this era. During the 1960’s, many different changes were made. Some of the changes were made for the good, and some were seen as horrible changes. The people referred to as liberals believed in individual choices and to have greater freedom. The liberals supported things such as the contraceptive pill and abortion. On the other side of the coin were the traditionalists who believed that many of the changes made were bad, and society had broken many boundaries. The traditionalists believed many changes that had taken years to build were now being torn apart. The five things I found in my time capsule were: The hippie movement, the breakdown of the nuclear family, legalization of abortion, homosexuality, and the initiation of the BBC channel. The Hippie Movement The first thing I found in my time capsule that people struggled with in the 1960’s was the hippie movement. People in the 1960’s that dressed different highlighted their lives on “love and people” were labeled as “Hippies”. They were often seen in large groups and could be found at “sit ins” protesting war and wearing peace signs around their necks. The traditionalist thought the hippies were people that abandoned all responsibility and made society weaker because of their behavior. The liberals thought it was good to let...
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...for the people in our society. As a student, it is a good movie to watch and learn many things from the character Lola. The story of the movie revolves around the character “Charlie Price”, who was forced to step in and save his family’s shoe factory, due to the sudden death of his father in Northern England. Charlie was helpless and has no idea how to save his company from bankruptcy. He found an unexpected inspiration in the form of Lola, a fabulous drag performer. Lola helps Charlie discover that there are cross dressers who demand high heeled boots and there is an opportunity to serve this niche market segment. The movie shows how an unsuccessful business can be transformed into a successful business. How leaders should play its role, what kind of approach is required to make a difference. The movie has many lessons on leadership, personality, & behavior for business school students. How an effective leadership of Lola brought changes in the life of Charlie. It all became possible through acceptance of diversity, commitment and bringing new ideas to the table, an important message for the business owners of today. The report will focus on the character ‘Lola’ in relation with the class lectures. Discussion Identification & Application Kinky Boots is a great inspirational movie, with strong lessons for business leaders and entrepreneurs. The theme of the movie is very deep with a message for the society to change its perception & viewpoint on people it perceives...
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...several new things such as, smoke and do drugs. A student is not stubborn enough to not be able to accept new things. Earning good grades is an exercise that students have been practicing and forced to do since elementary. To pass a class, a student is pressured to get good grades. Peer pressure can simply put stress on the student and that will lead the student to practicing drugs since they relieve stress. In this society that we are in, everyone just wants to blend in and be accepted within the area. Peer pressure will not allow you to think on your own or do your own thing. It takes away your independence and makes you rely on people for every single thing that you do. You will always want to do exactly what your friends will do. Your opinion could be changed and you will completely ditch your own idea. Being independent is highly unlikely if you are peer pressured. Peer pressure can hypnotize a person and cause that person to be a mindless follower. Friends will always suggest for you to do something for the good or for the bad. A person should be able to think on their own then listen to what other people have to say. People can debate about their topics ,but in the end, it is possible that it will not remain in a stalemate. Peer pressure could also encourage a person to change their personality and attitude towards others. You could be the nicest person in the world and have the meanest person as your best friend. One of the friends could eventually change for the better...
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...ECO 201 Assignment 1 Explain the difference between the law of demand and the law of supply. What does the phrase ‘other things equal” mean? Why do we need that? Answer: The difference between the law of demand and the law of supply is that they both move into opposite direction. The law of demand states that the consumers will demand more of goods or services if the price goes down. The variable of the price drop creates an incentive to increase the demand for the goods and services. The law of supply moves in the opposite direction with its main focus being the suppliers of goods or services. There will be a larger incentive for the increase of goods supplied if the price increases. Both of these laws use the “other things equal” assumption or ceteris paribus. This assumption is used when identifying the relationship between two variables like a price and quantity. By using this assumption, economists can isolate the variables so other factors will not affect the development of the theory. When we see the term other things equal we know that this assumption is made to indicate that other variables are not changing or affecting the variables of interest. Without this assumption it would be impossible to develop theories about the relationships and make a causal connection between two variables that can be identified. 2 In your own words, explain the difference between a movement along the demand curve and a shift in demand. Then, provide an example from your own...
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...school of thought. Socrates taught Plato, though he did not write down his teachings. After he was executed, Plato did write down what Socrates had taught, in the forms of dialogues, as well as much more which Plato probably thought he might have taught had he lived. Aristotle studied in Plato’s school, the Academy, until after many years he left to form his own. One might characterize all of their philosophizing as the attempt to solve a number of problems left to them by their predecessors in a systematic way. Western philosophy is traditionally held to have begun with Thales. Thales is said to have taught that water is the source of all things. What this means is unclear. Perhaps he was saying that the essential element out of which things arise is water. He may have thought this because of the water, or sap or blood present in living things and their need for water. It is thought that Thales would have believed...
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...May 6, 2013 Economics is a tool that we use in our daily lives even if we don’t always realize it. As people we all have things that we want, and things that we need. This includes things like food, clothing, and shelter, but it is not limited to those things. In order to get those things, people have to spend money. The issue is that everything that people need and want costs money. More often than not, people do not have the money to do both so they have to decide which things are important for them to have right now. This does not only apply to families, but businesses as well. This paper will address different types of economics and some of the factors that contribute to its changes. Economics is “a social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy unlimited wants.” Economics is broken down into microeconomics and macroeconomics. Microeconomics analyzes how firms and households make decisions about how they should spend their money respectively. Microeconomics focuses on a smaller scale, hence the prefix micro-. It looks at the basic economic theory of supply and demand which tells businesses how much of a certain product they should produce, and how much they should be charging for it. Macroeconomics on the other hand studies the whole economy which includes things like unemployment rate, national income, rate of growth, gross domestic product, inflation, and price levels. There are also...
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...Climate Change Have you ever thought about climate change,Im here to clear that up. The problem with climate change is that “We have long droughts and winters.” -Josh Lederman .And the second problem with climate change “The bad wildfires that we have.” -Josh Lederman. The third problem with climate change is “Extreme weather is already hurting farmers and putting ranchers out of business.” - Josh Lederman The causes of climate change could be lots of things like pollution and human causes. The first cause of climate change is the “increasing livestock production”-Anonymous The manure from livestock creates gases in the atmosphere that causes climate change. A second cause of climate change could be “the burning of coal ,oil,and gases.”-Anonymous...
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...increasing inflation rate on national living standards, an increasing inflation rate on national living standards, Obamacare Economic models- Model: a simplified representation of reality Graphs and equations The Circular-Flow Diagram • Households – Consume goods and services – Own factors of production (e.g. labor) • Firms: – Produce goods and services Learn the Role of consumers and firms • Importance of markets • Economic agents are interrelated Does not include government, international markets, unemployment, raw materials, non-profits, banks or bank regulators, no illegal activities Course Outline • Markets – Gains from Trade – Supply and Demand – Efficiency of Markets – Price Controls, Taxes • Consumers and Producers – Making Decisions • What if markets fail? – Monopolies, Externalities, Public Goods Microeconomics Notes 8/29/14 • Today: –Opportunity cost – Production possibility frontier –Gains from trade • Scarcity – trade-offs • Making choices: compare benefits and costs Opportunity cost: what you must give up in order to get something – The value of the next best alternative Example: Shaq still hires movers instead of doing it himself Production possibility frontier • 2 goods: – Corn and rockets • Can produce: 50 rockets and 0 tons of corn, or 0 rockets and 100 tons of corn, or any linear combination Efficiency • Economy is efficient if – there is no missed opportunities –...
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...to worry about getting up for work, losing your job, of having an income. What major changes have you had in your life? Switching from week day high school environment to real world outside of school and adapting to it. 1. What has been your favorite memory so far? Getting his first pay check and realizing he can make money by himself and be independent. 2. After you retire (if not yet) what are your plans? Hasn’t really thought about but take care of his family and go on vaca. To somewhere hes always wanted to. 3. What age do you think is good to stop having kids? 40 4. What was your first career choice(when you were younger)? A Dr. 5. What is one thing present in life you would want to change? His job, wishes he worked more and made more to feel comfortable. Person 2: Middle-Age Adult (Mom) How does middle age differ from other ages? Should be in a better financial situation, smarter about things, and establishing your career. When do you think a person becomes old? 70 What has been the best period of your life so far? The last 2 years Do you (or did you) look forward to retiring? Absolutely What major changes have you had in your life? A good relationship and financially sound. 1. What has been your favorite memory so far? The day her children were born. 2. After you retire (if not yet) what are your plans? To move to a warm state. 3. What age do you think is good to stop having kids? 38 4. What was your first career choice? A...
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...Did you perceive most of the significant changes in your world as negative or positive initially? As a normal person its all depends than if the change is for good or if it is for bad. If it is for good of course anyone can take it as a positive initially who doesn’t like good things but in the other hand if it is something negative or bad than can affect me direct or indirect it could take some time until I star realizing that I need to do some changes so I can take it the best way possible. I don’t think it affect me at all because I am very positive person and I always say that everything happen in life for a reason and the only thing doesn’t have solution in life is death. Did some negatives event have positives outcomes? Well I personally think that yes, some of them or maybe all of them have positive outcomes the reason why it is because we are human an as human been we always are looking for solution to negatives stuff. Did some positives occurrences fail to result in a positive effect on your circumstances? Well if many things in one way or another that are good and can be created with an objective good sometimes do not meet expectations and do not end up being what we expected. So in a certain way if they fail but not to say that there were good or they were created for a good purpose. How do you think your worldview affects your choices going forward, especially your choice to further your education? Well my vision for the future is very clear and...
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... Expectations /_Vision_________ Attitudes /_Values 2. Definition of character. Character is habitually doing the right thing in the right way. 3. Character is result of your discipline. Where a spirituality results in inner power to do good, character results in your habits that make you do good. The believer needs both spirituality and character. One can have character without spirituality, but you can’t have spirituality without habitually doing the right thing in the right way. B. WHY WE MUST TEACH CHARACTER AND KNOW HOW IT IS FORMED 1. The public schools can no longer be trusted to do it. 2. Fewer models of character. 3. Influence of media and music. 4. Conflicting standards of secularization/humanization/etc. 5. Growing hostility of concept of Christian character and standards. 6. Growing lawlessness, divorce, emotional problems, etc. 7. Teaching character is biblical, it obeys God. C. THINKING/KNOWING When you change a person’s thinking / understanding, you influence their beliefs. 1. They must know they are sinners. Morality begins when you recognize the child is “Beauty and the Beast.” All have a dark side, yet great potential. 2. They must know there is a great conflict between good and evil in the world, and that is reflected in their inner life. 3. They must know the gospel and accept Christ as Savior. 4. They...
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