...Introduction Economics involves making choices. Individuals, groups, businesses, and organizations like health care organizations choose how to use resources. Economics and health care are interlinked in that heath care practitioner apply economics in their activities. This is mainly through resource allocation. A health carte organization has to plan how to use the resources it has. Economic and health care share some terms like cost, quality and resources. This paper analyzes how the terms are similar in economics and health care. Also, the paper analyzes how the terms differ in economics and health care. Terms In economic a resource is considered to be any physical thing or virtual element that has limited availability. It is also considered to be anything that is used to help people earn a living. Economists use the term resources to refer to different things (Chung, 2006). In economics there are different types of resource like human resources, natural resources. Human resources in economics mean human capital or employees in an organization. Resources can also mean factors of production. Natural resources are used in production. A resource in economics has economic value (Hall & Jones, 2007). Economists view resources in economics important as they help in production. Resources in economics are limited, and people have to look for ways of allocating resource Resources in health care means all materials and funds used to provide health care services to people. In addition...
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...process and such input-output relationship is called as "Production Function". All factors of production like land, labor, capital and entrepreneur are required altogether at a time to produce a commodity. In economics, production means creation or an addition of utility. Factors of production can be classified into four categories. Such as: 1. Land 2. Labour 3. Capital 4. Enterprise Factors of production refer to inputs required for conducting production. Input is the starting point of every production activity. According to Prof. Benham, "Anything that contributes towards output is a factor of production." Mere existence of anything doesn't make it a factor of production but its contribution in production process is a necessary condition. Dr. Alfred Marshall described factors of production as "Agents of Production". Cooperation among factors is essential to produce anything because production is not a job of single factor Four Factors of Production in Economics - Chart Following chart provides brief tabulated information on 4 factors of production. * Mention the features of Land, Labor. * Land:- Land is a Natural and primary factor of Production. Land is not created by mankind but it is a gift of nature. So, it is called as natural factor of production. It is also called as original or primary factor of production. Normally, land means surface of...
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...bills. _ Venture capital is risk capital invested in a new business or one which Irestructuring, usually for a period of years. The venture capitalist hopes to make a large return on investment when the stake in the business is eventually sold, but also risks losing the whole investment.1 Land This means the land itself, and any natural resources that come with it. So oil, natural gas,bauxite, fertile soil, a pleasant climate and sandy beaches are all included in this factor of production. Every business uses some physical space – though, for example, a bank or small home-based business uses much less land than an agricultural business growing sugar. In economic terms, river and marine resources also count as land, for example fi sh, fresh water, or hydro-electric potential from a fast-fl owing river. Economists use the word “rent” to describe the earnings from land as a factor of production – even if it does not take the form of a regular weekly or monthly rent payment.Land and natural resources are in limited supply.The level of rent is related to scarcity. There is a high rent for resources such as: land in the central business district of the capital city_ beach-front land...
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...members are the Agrarian Reform Beneficiaries and Farmers Following purposes: * To develop appropriate system for land tenure, land development and management. Provide assistance in storage transport, marketing of farm products, financial facilities to beneficiaries for a reasonable cost, and arrange transfer of suitable technology in low cost. * To provide social security, medical, social insurance, non-formal education, vocational, technical training livelihood programs and promote the general welfare of agrarian reform beneficiaries and marginal farmers * To undertake comprehensive, integrated development program like agro-based, marine based, cottage based industries and act as a channel for external assistance for the beneficiaries. Section 90: Cooperative Estates Landholdings, plantations, haciendas acquired by the state of the workers in accordance with comprehensive agrarian reform program shall be owned collectively by the workers and beneficiaries Section 91: Infrastructure Government shall grant to agrarian reform cooperative the preferential treatment, authority to construct, maintain funding, roads, bridges, irrigation systems, reservoir, other infrastructure, and provide technical assistance facilities equipment to agrarian reform cooperative for their use. Section 92: Lease of Public Lands Government may lease public lands to agrarian reform cooperative members not exceeding 25 years. Renewal is for another 25 only with provided application...
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...Deyonne’s assets: 1. 400 sheep 2. 20 acres of land 3. A one-room cabin 4. A plow 5. Two carts 6. An ox Deyonne’s liabilities and deduction of assets: 1. 35 sheep 2. 3 sheep Due to the information, 20 acres of land equal 80 sheep according to the exchange rate of last year, a one-room cabin equal 3 acres of land and equal 12 sheep finally, a plow equals 2 goat and equal 2/3 sheep according to last year’s exchange rate and 2 carts which were traded with a poor acre of land equals 8 sheep plus 400 sheep. So Deyonne’s total assets are 500(2/3) sheep. Deyonne’s liabilities and assets deduction are 35 sheep plus 3 sheep, which will come to 38 sheep, therefore, his total net assets are 462(2/3) sheep. Batonne’s assets: 1. 360 sheep 2. 30 acres of land (which were trade with 35 sheep 10 years ago) 3. 10 acres of land (which were trade current year) 4. 10 goats ( 3 goat equals 1 sheep according to last year’s price) 5. An ox ( equals 3 sheep) 6. A two-room cabin (worth 3 acres of land) Explanations: 1. Although Batonne obtained 20 acres of land 10 years ago with 35 sheep, the worth of land increased to 4 sheep per acre of land. So all the land should be converted to sheep according to this later price. 2. There is no exchange price for the poor land, so it is assumed that the price for poor land is also 4 sheep per acre of land. 3. Because the order Batonne’s wife received cannot...
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...1. Economics is the study of how people choose to use resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services. 2. Needs are limited. These include food, liquid, heat, shelter, clothing (material needs), self-esteem and being loved (psychological and emotional needs). Whereas Wants are unlimited. Be it a farmer in Africa, a manager in the UK or the richest individual in the world. There is always something which he or she wants more of. 3. Land is the economic resource encompassing natural resources found within an economy. This resource includes timber, land, fisheries, farms and other similar natural resources. Land is usually a limited resource for many economies. Although some natural resources, such as timber, food and animals, are renewable, the physical land is usually a fixed resource. Nations must carefully use their land resource by creating a mix of natural and industrial uses. Labor represents the human capital available to transform raw or national resources into consumer goods. Human capital includes all able-bodied individuals capable of working in the economy and providing various services to other individuals or businesses. This factor of production is a flexible resource as workers can be allocated to different areas of the economy for producing consumer goods or services. Human capital can also be improved...
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...After that try and my friend Misha stuck it as well after that I knew that I had to do it because we are always battling each other to land a trick first. I really wanted it though I wanted to rub it in his face because he had beaten me to the last week that we are both trying and he rubbed it in my face. We were at the top of the stairs I looked at him and I told him that I'm going to beat him. Before I even got to put my board down and hop on heat first It Off threw down his board and got a head start. He was rolling up very fast and has the he flipped it felt like it was going in slow motion he did the perfect rotation and it looked like he was about to land it. Me being selfish ice cream to try to distract him. And it worked wonderfully. After that he got upset and yelled at me and when he was yelling at me always already rolling past him. That's why I put everything on the line I wasn't even thinking about it. I wanted to be him so bad that my fears became non apparent. It was that Triad I landed on it and rode away. Hand touch with both of my hands and went to a sliding...
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...1. What past forest management activities have lead to the unique landscape seen today at Shelburne Farms? The ice storm hurt the forest big time there for some management activities were focused on making sure the forest aspects can stand another storm like the ice storm more so than it did last time. And the landscape has changed due to water erosion and land movement. The hills make for the sugar lines to run smoother and quicker. On the other hand the steady land makes it easier to collect sap buckets. 2. How did the 1998 ice storm affect forestlands at Shelburne Farms? What kind of challenge does this type of natural disturbance present for forest managers? The 1998 ice storm affected the Shelburne Farms forestlands by destroying many trees and most things froze to where they broke. The sap had to stop flowing because the trees were so damaged and solid. The ground and landscape also could have been damaged as well. This kind of disturbance to the forest can prevent sales and even take time to rebuild the entire forest floor. 3. One major challenge facing forest managers and sugarbush owners in the northeast is deer overpopulation. How do deer affect the long-term management of a forestland? Sugar lines if any would be affected and possibly the buckets may be torn down. The deer also would eat the natural wild life around and bugs that are keeping the pests away. 4. In the Shelburne Farms management plan, the section on Harvest Systems is quite specific...
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...ECONOMICS AND ETHICAL ISSUES Economics and Ethical Issues Given the business situation of Mrs. Acres Homemade Pies and using the economic concepts of supply and demand, explain * Discuss what you think will happen to the supply, demand and price of the product in the short-term; * Discuss what you think will happen to the supply, demand and price of the product in the long-term. * Explain why you think supply, demand or equilibrium price will be different, if at all¸ in the short-term and long-term. I want to begin sharing my findings with the definition of supply and demand. Supply is defined as the number of products, goods and services that businesses are willing to sell at different prices at a specific time (McGraw-Hill p. 13). Demand is the number of goods and services that consumers are willing to buy at different prices at a specific time (McGraw-Hill p.13). Mrs. Acres Homemade Pies started out successful which caused an increase in demand for the product. In the short-term, the supply of the product can be increased to meet the demand. Shelly had already taken the necessary steps to meet the rising demand of her product, by expanding operations and borrowing money in order to increase her staff. In order to meet the increasing demand in the short-term, Shelly could consider another expansion and find the financial means to increase her staff so she will be able to keep up the supply of the product. I think the price of Shelly’s pies will...
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...Oriel John S. Gomez BSBM I - B The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. • Land - this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. Land resources are the raw materials in the production process. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas. The income that resource owners earn in return for land resources is called rent. • Labor - is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school. It includes an artist’s creation of a painting as well as the work of the pilot flying the airplane overhead. If you have ever been paid for a job, you have contributed labor resources to the production of goods or services. The income earned by labor resources is called wages and is the largest source of income for most people. • Capital - Think of capital as the machinery, tools and buildings humans use to produce goods and services. Some common examples of...
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...CJOJQJmH sH #h Lh|5?CJOJQJmH sH h~o25?CJOJQJimplified but understandable form. The more ‘realistic’ the map, the less use it will be (you wouldn’t be able to unfold it, for one thing!). [2] Boin A & Lagadec P (2000) Preparing for the Future, Journal of Contingencies and Crisis Management, 8, 4, www.patricklagadec.net/fr/pdf/Preparing_the_future.pdf [3] Some define this probability as the value of this ratio as n tends to infinity [4] Of course, you may be surprised to learn that this is the wrong answer as the coin could land on its edge if left to land on a hard surface. If you Google ‘coin landing on its edge’ you will find that the chance of this happening is thought to be about 1 in 6000 (but we don’t really know!): so the true probabilities of ‘head’ and ‘tail’ are around 0.4999166 and of‘ edge’ around 0.000166667. How much would you pay for a gamble where you win £0 for ‘tails’ and £10 for ‘heads’ but lose your entire family’s wealth if it lands on the edge? Still £3 - £6? [5] Listen to his May 2011 podcast about the feeling of risk http://ihrrblog.org/2011/05/27/prof-paul-slovic-the-feeling-of-risk/ where he talks about the research described in the rest of this lecture. Interesting? [6] “The affect heuristic is a swift, involuntary response to a stimulus that speeds up the time it takes to process information. Researchers have found that if we have pleasant feelings about something, we see the benefits as high and the risks as low, and vice versa. As such, the affect...
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...productivity they are also called factors of production. There are four major determinants of productivity of any country’s economy. · Land: the land itself, and raw materials such as oil and minerals beneath it. The natural resources that is available without alteration or effort on the part of humans. Land as a resource includes only unique fertility and mineral deposits, topography, climate, water and vegetation. Trees grown are not categorized as land because they have been deliberately grown on the other hand Trees in a natural rainforest are a natural resource and thus classify as land. The reward for letting others use land is called rent. · Labor: In order to produce the things, a human resource must be used. human resources consist of the productive aid of labor made by individuals who work—for instance, miners, artists, and professional baseball players. The contribution of labor to the production process can be amplified. Whenever potential workers obtain schooling and training and whenever actual workers acquire new skills, labor’s contribution to productive output will raise. In other words it is human effort, mental or physical. The reward to labor is label wages. · Capital: When labor is applied to land to grow wheat, for instance, something else is used. Generally it is a plow or a tractor. That is to say, land and labor are shared with manufactured resources in order to produce the things that we need. These manufactured resources are called capital...
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...Humanity Knowingly Crashing the Planets Natural Resources Progress is defined as a forward or onward movement towards a goal or destination. The film “Surviving Progress” explains the progress humanity as a whole has made and the progress we continue to make. Filmmakers Mathieu Roy and Harold Crooks show how much progress humans are making and how we have become into a progress trap with too much progress eventually leading to disaster and dead ends. No matter what humanity is always making progress in our civilization, economy, technology, and more; only problem, we’re making progress non-stop creating an eventual crash and destruction of Earth’s natural resources. Ronald White argues that humanity is in what he calls a “progress trap” which he explains “I came up with the term progress trap to define human behaviors that sort of seem to be good things, seem to be, to provide benefits in the short-term, but which ultimately lead to disaster, because they’re unsustainable.” Humanity as a whole has reached what is considered a “progress trap” many times already and is in the process of falling into deeper “progress traps” than ever with technology and our economics. In the past, as an example given by Ronald White, Hunting turned into a dead end when our ancestors were hunting to make their living. They went from killing one mammoth at a time and struggling to do so, to killing a whole heard of mammoths by running them over a cliff. This pushed them into a “progress trap”....
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...In the article called “The struggle for Hawaiian Sovereignty” it mostly focus on how Hawaiians lands and culture have been taken away from companies and tourism. On page two, the author argues that by the 1970’s, urbanization has developed quickly in Hawaii and evictions were notified to the Hawaiians that they must leave their land because companies would be building hotels or homes. One argument I want to make is where is the media plays a role? We hear about Justin Bieber blowing a blunt or Miley Cyrus twerking in one of her concerts. What I am trying to say is that we always hear all these pointless news every day. Many people don’t even know what is going on with our environment such as global warming, and they still buy plastic bottles or using pesticides for their garden. If more people knew what is actually going on with our environment and ways for people to make a difference, maybe our water wouldn’t be contaminated too much. The media does play a big role in our life. Today we hear that government is drilling a hole in a land to find oil, but they never mention who lives there and who is being affected. We never hear about indigenous losing their land or how we are losing our natural resources. Without any natural resources, what will happen to our future generation? In the “Paradigm War,” the author argues that corporate are claiming ownership over plants that indigenous people have used to heal and help the ill. On Page 64, the author argues that “TRIPS lays down...
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...1. For a business to be organized, it must combine four kinds of resources. List and describe the four categories of business resources and then provide at least three examples Graeter’s would likely use in each category. Land Lands Primary input and factor of production which is not consumed but without which no production is possible. It is the resource that has no cost of production and, although its usage can be switched from a less to more Profitable one, its Supply cannot be increased. Land is also a definite necessity for any business as that’s where their building for their business will end up being also remember that a business is always made or broken by their location so its very important when it comes to that aspect as well. Graeter's This might be one of the most important for graeter's as they have to make sure that the land and the building they are planning to build on the land can accommodate them to be able to make and process ice cream. As you have to keep in mind that have to keep it cool so it doesn’t melt and have to be able to transport it as well and that is why land is one of the top priorities for them.Labour Labor is basically the aggregate of all human physical and mental effort used in creation of goods and services. Labor is a primary factor of production. The size of a nation's labor force is determined by the size of its adult population, and the extent to which the adults are either working or are prepared to offer their labor for...
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