...Supply and Demand Solution Summary Economics is the “the scientific study of the choices made by individuals and societies in regard to the alternative uses of scarce resources which are employed to satisfy wants” (Rodda, 2004, p. 1). One basic principle of economics is supply and demand, which is considered the most useful concept in economics. The theory of supply and demand is a powerful tool in predicting future behavior. Supply and demand is two key concepts for health care. Problem Baby Boomers make up about 78 million Americans. According to Sanderson (2010) “they account for 90% of nursing homes, 38% of emergency medical responses, 34% of prescription, 35% of hospital stays, and 26% of physician office visits” (p. 2). The Baby Boomers will need health care so the demand for employees will continue to increase over the next decade and beyond (Gigane, 2012). “The Baby Boomer generation is aging and will need more health care support (demand) over the next few years. “Nurses and primary care physicians (PCP) will be needed (supply) to meet this demand. Reduction in Medicare payments leaving PCP’s scrambling to keep their practices complicate the supply chain for this increasing demand” (UOPX, 2012, para.). According to the American Hospital Association “a Boomer population that is more ethnically and racially diverse will require delivery systems and caregivers that are sensitive to cultural differences and how those differences impact care” (p. 7). The nursing shortage...
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...The Theory of Supply and Demand as it Relates to the Stock Market Supply and demand is one of the most important influences in any economic marketplace. In most industries the law of supply and demand is an accepted theory to explain the price of products and services. One industry that overlooked the significance of the law of supply and demand in the past is the stock market. Experts attributed the Stock Bubble of the 1990s to an overly simple theory. It was believed that rising prices in stocks were caused by an underlying rise of companies’ value. The price of stocks in the 1990s is today better understood as derived from a shortage of equities in the market (Oswin, 2005). The law of supply and demand is a fundamental concept in economics that explains market factors such as the quantity of a product or service demanded by consumers, the supply of products or services that suppliers are willing to produce and the relationship between supply and demand to create market equilibrium. The law of supply and demand also tries to explain what conditions in the market create changes in quantity demand and supplied in the market (Colander, 2008). In his essay, The Relative shortage of Equities, Oswin (2005) describes some of the conditions that affect stock market activity and explains the theories behind the demand and supply of equities, which drive the prices of the market. According to Oswin (2005), the law of supply and demand is the cause behind bear and bull markets...
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...Microeconomics Article Summary The Microeconomics Article Summary must, in some way, relate to a change in one or more determinants of supply or demand or the imposition of a price ceiling or floor. Microeconomics Article Summary research papers take a vast amount of time to outline and write. Here is a suggestion on how Paper Masters lays out an assignment like that. For this project you must select a current (no more than 6 to 8 weeks old) article from the Wall Street Journal, Business Week, a newspaper or any other credible written conveyor of news. The article must in some way relate to a change in one or more determinants of supply or demand or the imposition of a price ceiling or floor. Below is an outline of how your topic research paper should be laid out. I. Article Summary In this section, provide a summary of the article you have selected. This section should be approximately one paragraph in length. II. Primary Economics Elements Identify the key economic elements of the article. Since this is a market analysis (Demand and Supply) then make sure what part of the market you are interested in, demand or supply or both. For example, explain if your article involves a change in the determinants of demand, supply, or maybe involve a price control (like price floor/ceiling, or tax). Discuss the specific economic components. This should also be about one page long. III. Graphical Analysis This analysis must include depiction of a market (demand and Supply) diagram of...
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...Reflection Summary Gene Kimball, Rachel Diaz, Nikki Smith ECON/372 June 1, 2014 Spyridon Patton Reflection Summary A supply chain is the system of organizations, people, activities, information, and resources required to put a product or service in motion. Activities of the supply chain change natural resources, raw materials, and components into a final product that is delivered to the consumer or customer. In some supply chains; used products can come back into the supply chain in a recycling value. In other words a supply chain is when all of the parties involved are directly or indirectly working for customers. This includes transportation, warehouses, retailers and customers. All of this creates a dynamic and constant flow of information. Walmart is a good example of a supply chain. When a customer buys a product is has been in inventory at the warehouse, delivered by a truck by the manufacturer who deals with packaging and raw materials. Supply and demand is an economic model of price determination in a market. For example, in a competitive market, the unit price for a specific good will vary until it settles at a point where the quantity demanded by consumers, at current price, will equal the quantity supplied by producers, at current price. This results in economic equilibrium for price and quantity. The supply and demand is controlled by the demand of a product, which in turn creates supply. The model shows where the point determines prices and quantities...
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...Reflection Summary Gene Kimball, Rachel Diaz, Nikki Smith ECON/372 June 1, 2014 Spyridon Patton Reflection Summary A supply chain is the system of organizations, people, activities, information, and resources required to put a product or service in motion. Activities of the supply chain change natural resources, raw materials, and components into a final product that is delivered to the consumer or customer. In some supply chains; used products can come back into the supply chain in a recycling value. In other words a supply chain is when all of the parties involved are directly or indirectly working for customers. This includes transportation, warehouses, retailers and customers. All of this creates a dynamic and constant flow of information. Walmart is a good example of a supply chain. When a customer buys a product is has been in inventory at the warehouse, delivered by a truck by the manufacturer who deals with packaging and raw materials. Supply and demand is an economic model of price determination in a market. For example, in a competitive market, the unit price for a specific good will vary until it settles at a point where the quantity demanded by consumers, at current price, will equal the quantity supplied by producers, at current price. This results in economic equilibrium for price and quantity. The supply and demand is controlled by the demand of a product, which in turn creates supply. The model shows where the point determines prices and quantities...
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...Electricity Market Outlook Country profiles of supply, demand, regulation and infrastructure By Business Insights Copyright © 2005 Business Insights Ltd This Management Report is published by Business Insights Ltd. All rights reserved. Reproduction or redistribution of this Management Report in any form for any purpose is expressly prohibited without the prior consent of Business Insights Ltd. The views expressed in this Management Report are those of the publisher, not of Business Insights. Business Insights Ltd accepts no liability for the accuracy or completeness of the information, advice or comment contained in this Management Report nor for any actions taken in reliance thereon. While information, advice or comment is believed to be correct at the time of publication, no responsibility can be accepted by Business Insights Ltd for its completeness or accuracy. ii Table of Contents The Eastern European Electricity Market Outlook Chapter 1 Czech Republic 10 Market summary 10 Supply and demand balance 11 Supply overview 12 Demand overview 13 Regulatory structure 15 Infrastructure 17 Chapter 2 Estonia 22 Market summary 22 Supply and demand balance 23 Supply/Demand overview 23 Regulatory structure 25 Infrastructure 26 Chapter 3 Hungary 30 Market summary 30 Supply and demand balance 31 Supply overview 32 Demand overview 33 Regulatory structure ...
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...Week 2 Supply and Demand Simulation Cindy Barnes University of Phoenix Economics for Business ECO 360 Richard M. McIntire, Ph.D. August 27, 2007 Supply and Demand Simulation Summary of Simulation In the supply and demand simulation, numerous decisions must be made for the supply and demand of two-bedroom rental apartments in the Atlantis area. Each decision made will effect the demand curve, supply curve, as well as equilibrium. Various factors are visited that directly impact supply and demand which ultimately effect equilibrium. During the simulation price ceiling pose a large impact on quality demand and quantity supplied. Monthly rental rates or quantity supplied must be determined while accounting for the current market situation. Changes in Supply and Demand Various factors in the simulation effect supply and demand. Monthly rental rates must be determined the keep apartments occupied while maximizing revenues. An increase in rental rates increase vacancies and surplus while decreasing revenues and quality demand. A simple decrease in rental rates leads to a deduction in vacancy and increase in revenues. The key to supply and demand is to determine a perfect balance in equilibrium. With no imbalance between quantity demand and quantity supplied, equilibrium is achieved. Shifts in Supply and Demand and Decision Making Shift in supply and demand and how they effect decision making can be explained quite simply. The ultimate...
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...Economics 100 Assignment 1 Table of Contents 1.0 2.0 3.0 3.1 3.2 3.3 3.4 3.5 4.0 5.0 ARTICLE SUMMARY ...................................................................................................................... 1 INTRODUCTION .............................................................................................................................. 1 ANALYSIS ....................................................................................................................................... 2 DEMAND AND SUPPLY ..................................................................................................................... 2 SHORTAGE ..................................................................................................................................... 4 SUBSIDY ........................................................................................................................................ 5 ELASTICITY .................................................................................................................................... 6 IMPORTS ........................................................................................................................................ 8 CONCLUSION ................................................................................................................................. 9 REFERENCES ..........................................................................................................
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...workers or a new worker to handle the increased demands for the company’s product can be a very hard decision for companies to make. In this paper I will discuss what takes place when making such an important decision to increase production and save the company money. This paper will include an executive summary, definition, factors or cost, measurement, analysis and summary. Executive Summary Should a company hire temporary workers or hire full-time workers to handle increase demand for the company’s product? Companies are constantly facing some of the most demanding situations due to challenging times of our economic society. No decision is an easy one to make however; these choices have to be made in order to maintain a steady flow of resources and incomes. The law of demand mentions the concepts which clearly clarify that quantity demanded increases when prices fall and quantity demanded decreases when prices rise to a degree. At some point in time, management has a desire of knowing what the maximum price should be to render a product or service. Qualitative forecast serves to make some of the viable predictions as to whether certain circumstances are economic suitable, such as price, quantity whether they will change. Quantitative forecasts serves as a predictor given both direction and the scale is economic feasible. Definition The law of demand assumes the maximum quantity price is already set. The quantity demand does not always limit the amount purchased by...
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...SUMMARY OF REPORT I. Introduction to Four Market Structure II. Comparative Characteristics of Four Market Structures III. Four Market Structures a. Pure Competition i. Characteristics ii. Demand Curve iii. Examples iv. Summary b. Pure Monopoly v. Characteristics vi. Demand Curve vii. Examples viii. Summary c. Oligopoly ix. Characteristics x. Demand Curve xi. Examples xii. Summary d. Monopolistic Competition xiii. Characteristics xiv. Demand Curve xv. Examples xvi. Summary FOUR MARKET STRUCTURES Market structure is the selling environment in which a firm produces and sells its product The preceding chapter on the theory of production and cost made us understand the behavior of producer towards an efficient use of productive inputs because the use of inputs is associated with economic cost be it explicit or implicit cost. Efficient use of resources means proper identification of the use of the land, labor, capital and entrepreneur. These should not be underused as in 1st stage production or overused as in the 3rd stage of production, so that the cost associated to the production level can be minimized. This chapter examines a broad range of markets and explains how the pricing and output decisions of firms depend on market structure and the behavior of competitors. To determine...
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...Supply and Demand Simulation Summary In the city of Atlantis, there are several issues dealing with macroeconomics and microeconomic principles that affect the supply and demand equilibrium. The simulation attempts to teach the student about demand and supply shifts or curves that in real life fluctuate with the needs and availability of what people desire and suppliers offer. The apartment rental company, GoodLife, employs the student as a manager who is responsible for making key decisions that affect the economy of Atlantis. The simulation positions the student to learn from his or her experience by showing the affects of their decisions. According to the simulation, Atlantis is a small city with adequate parks and easy access to freeways and highways. The city is well maintained in such a manner that it is considered desirable and encourages residents to be engaged in outdoor activities. In addition, pollution or crime is very low which drives a high demand for population increase. Apartments and detached homes are kept in good condition. Microeconomic Principles Microeconomics according to investopedia.com, is the branch of economics that deals and analyzes the market on an individual basis, of individual consumers, and the relationship between the buyer and seller and those factors that influence the choices made between the two (Investopedia, 2014). In the simulation of supply and demand the influencing factors are the availability of apartments to be rented; moreover...
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...Operational Level Paper E1 ENTERPRISE OPERATIONS (REVISION SUMMARIES) Chapter 1 2 3 4 5 6 7 8 9 10 11 12 Topic Organisations Corporate Responsibility and Ethics The International Economy Information Systems Managing Information Systems Operations Management Quality Management Marketing Buyer Behaviour Human Resource Management Management Theory and Motivation The Legal Environment Page Number 3 13 17 27 35 45 55 61 73 79 93 101 E1 revision summaries 1 E1 revision summaries 2 Chapter 1 Organisations E1 revision summaries 3 Key summary of chapter Private sector organisations Sub-sectors of the economy not directly controlled by the government or state private business and households. Examples • • • • Private businesses e.g. self employed sole traders or partnerships. Companies (corporations) e.g. separate legal identity with limited liability for shareholders (owners). Private banks and building societies. Non-governmental organisations e.g. trade unions, charities, clubs etc. e.g. Public organisations Sub-sectors of an economy, or organisations, owned and directly controlled by the state or government. Examples • • • Local authorities. State owned industries e.g. the UK post office. Public corporations e.g. the British Broadcasting Company (BBC). Characteristics of public organisations • • • • Ultimately accountable to government. Goals and guidelines determined by government. Not-for-profit motive (NPO). Funded by the general public...
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...Barilla SPA (A) Case Report By CHIEMEKA EZEJIOFOR Table of contents Summary Page Executive Summary 3 Issue identification 4 Root cause Analysis 5 Recommendation 6 Recommendation Implementation Plan 7 Conclusion 8 Part 1 Executive summary Barilla SPA (A), the largest producer of Pasta was founded in 1875, it faced a huge fluctuation on its production because the production was based on the traditional practice of delivering products to distributors based on the basis of whatever order was placed on the company. This resulted in difference or variation of production price, as well as piled up inventory at the distributor’s depot. My decision is to implement the Just in time Distribution (JITD) concepts based on the fact that production and manufacturing is determined by the consumer’s needs and controlled by barilla being able to achieve this by eliminating huge variation for manufacturing and distributors. Furthermore Just In timed Distribution will also avoid the accumulation of inventory at the distributor’s depot. Barilla SPA is a vertical integrated organization, the rise and fall in demand will affect the other arms of the organization since they don’t only manufacture only pasta, its affects transportation, flour mills, sales etc. However, JITD faced some...
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...to developan exceptional supply chain? Many of the challenges in improving the supply chain come with all of theunknowns. Most companies produce products they think the consumer will want. Thenthey ship these products to the retail stores. The stores then try to sell the products thatare on their shelves to the customers. The supply chain shows down while they arefiguring out what to build. Then they work with suppliers to get the raw materials andcomponents for the products. The chain slows down more while they are building the products and shipping them to the stores. Then the supply chain is still slow while theywait for the products to sell and get paid. Supply Chain Management: An Analysis of Dell¶s Value ChainDell has used its direct sales and build-to-order model to create this exceptionsupply chain by integrating everything from the beginning to the end process. Dell starts by researching customer to find out what they want. As soon as an initial product isdesigned, Dell starts to market that product on the web-site. Dell does not start to produce any of the products until the customer tells Dell exactly what they want and paysfor the product. Only then does the procurement process start. Dell has improved thesupply chain to make it exceptional by integrating the suppliers. The suppliers have aWeb page which informs them of pending orders. This allows the suppliers to plan basedon actual demand. This sales model created an exceptional supply chain because thisintegration...
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...Table of Contents | | | Section | TITLE | PAGE | | | | | | | | | 1 EXECUTIVE SUMMARY | 3 | | | | | * | | * 2 CHALLENGES OF A LEAN SUPPLY CHAIN | 4 | | | 3 PRACTICAL STEPS FOR BARILLA SPA | 5 | | | 4 CONCLUSION | 6 | | | * 5 BIBLIOGRAPHY | 7 | | | * | | | | ------------------------------------------------- Executive Summary Barilla SpA is the largest pasta manufacturer in the world, as a food manufacturer they sells to a wide range of retailers through a distribution network. An analysis of the demand for dry food pasta at Barilla SpA’s distribution centers and factories revealed extremely high variation in demand. The variation in demand observed was all the more remarkable considering that the underlying demand for pasta in Italy is fairly level. Currently, Barilla SpA is experiencing a full development burden of increasing production costs, inventory levels and inefficiencies in manufacturing and dissemination system due to huge fluctuations on demand and varied accuracy of forecasting knowledge. In order to combat this problem, we would like to realize and employ a Just-in-time scattering system (JITD) to enable information sharing along supply chain, improve production and distribution forecasts and reduce costs associate with inventories and inefficiency at...
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