...the study of economics is with: A. expanding the production of goods and services. B. equalizing the distribution of consumer income and wealth. C. making the most efficient use of scarce productive resources. D. reallocating resources from consumption to production in the economy. 3. The general concern of economics is with the study of the: A. degree of competition in stock and bond markets in the economy. B. efficient use of limited productive resources to satisfy economic wants. C. issue of equality in the distribution of income and wealth among households. D. budget deficits in the domestic economy and trade deficits in the international economy. 4. Which of the following is not a central focus of the "economic perspective"? A. Scarcity and choice. B. The scientific method. C. Purposeful behavior. D. Marginal analysis. 5. The term scarcity in economics refers to the fact that: A. economic wants are limited and resources are abused. B. even in the richest country some people go hungry. C. no country can produce enough products to satisfy everybody's economic wants. D. it is impossible to produce too much of any particular good or service in a market economy. 6. The basic economic problem is essentially one of deciding how to make the best use of: A. limited resources to satisfy limited economic wants....
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...distortions in the economy that occurred under colonial and apartheid governments during the 20th century (Turok, 2008). Consequently, the South African economy was unprepared for its re-entry into the global economy after 1990, so today the country attempts to compete with other countries on the basis of an under-developed socio-economic infrastructure (Abbott, Goosen and & Coetzee, 2013). Traditionally, there are three economic sectors in a country i.e. agriculture; the primary sector, manufacturing; the secondary sector, and services; the tertiary sector. The knowledge economy is known at the quaternary...
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...the study of economics is with: A. expanding the production of goods and services. B. equalizing the distribution of consumer income and wealth. C. making the most efficient use of scarce productive resources. D. reallocating resources from consumption to production in the economy. 3. The general concern of economics is with the study of the: A. degree of competition in stock and bond markets in the economy. B. efficient use of limited productive resources to satisfy economic wants. C. issue of equality in the distribution of income and wealth among households. D. budget deficits in the domestic economy and trade deficits in the international economy. 4. Which of the following is not a central focus of the "economic perspective"? A. Scarcity and choice. B. The scientific method. C. Purposeful behavior. D. Marginal analysis. 5. The term scarcity in economics refers to the fact that: A. economic wants are limited and resources are abused. B. even in the richest country some people go hungry. C. no country can produce enough products to satisfy everybody's economic wants. D. it is impossible to produce too much of any particular good or service in a market economy. 6. The basic economic problem is essentially one of deciding how to make the best use of: A. limited resources to satisfy limited economic wants....
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... LAB 404 Knowledge Management Why Knowledge Management? Before we start to explore and understand the details of what knowledge management is, and how to implement knowledge management projects and initiatives, we need to first ask ourselves why we want to consider knowledge management in the first place? What are the real benefits that can be gained from effective knowledge management for the individual, the team, the entire organization, the community, the nation, or even the entire planet Earth? Knowledge management is far reaching. Maybe you are considering developing your own personal knowledge management competencies, to become a more effective player in the global knowledge economy, or becoming a more competitive knowledge leader and knowledge driven organization. Maybe you wish to develop and apply knowledge management strategies to government, military operations, global poverty eradication, international disaster management and even, now, knowledge management for global climate change. The list is endless. Knowledge management is applied today across the world, in all industry sectors, public and private organizations and humanitarian institutions and international charities. Most importantly, effective knowledge management is now recognised to be 'the key driver of new knowledge and new ideas' to the innovation process, to new innovative products, services and solutions. Once we can understand the value and benefits to be gained, we will then...
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...the study of economics is with: A. expanding the production of goods and services. B. equalizing the distribution of consumer income and wealth. C. making the most efficient use of scarce productive resources. D. reallocating resources from consumption to production in the economy. 3. The general concern of economics is with the study of the: A. degree of competition in stock and bond markets in the economy. B. efficient use of limited productive resources to satisfy economic wants. C. issue of equality in the distribution of income and wealth among households. D. budget deficits in the domestic economy and trade deficits in the international economy. 4. Which of the following is not a central focus of the "economic perspective"? A. Scarcity and choice. B. The scientific method. C. Purposeful behavior. D. Marginal analysis. 5. The term scarcity in economics refers to the fact that: A. economic wants are limited and resources are abused. B. even in the richest country some people go hungry. C. no country can produce enough products to satisfy everybody's economic wants. D. it is impossible to produce too much of any particular good or service in a market economy. 6. The basic economic problem is essentially one of deciding how to make the best use of: A. limited resources to satisfy limited economic wants....
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...Discussion Questions: “The Use of Knowledge in Society”, Hayek, Friedrich A. 1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? Hayek “rational economic order” refers to the use of knowledge in a rational form. According to Hayek “data”, from which the economic calculus starts, are not “given” for the whole society. Knowledge is limited when given to us, therefore the need for the best allocation of resources in order to be economically efficient. b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? It means that people of different spheres of life will have a specific knowledge that they will utilize when needed. For example, business managers possess knowledge in regard to management and profit maximization, whereas a worker might have the knowledge on how to economize in the way he makes product, which perhaps the business manager does not know about it. c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? Because according to Hayek...
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...Topic of Research Proposal: HUMAN CAPITAL AND SUSTAINABLE DEVELOPMENT OF THE NIGERIAN ECONOMY. Background of the Study Human Capital has been recognized globally as one major factor that is responsible for the wealth of nations. According to Smith (1776) and Folloni & Vittadini (2010), human capital refers to the acquired and useful abilities of all the inhabitants or members of the society. Without adequate investment in developing the human capital which is the process of increasing knowledge, skills and the capacities of people in the country, the possibility of sustainable development might be minimal. Investment in the human resource determines the type, quality, availability and productivity of the nation’s manpower. It involves the socio-economic development strategies (European Commission, 2007) critically needed to facilitate sustainable development. One major challenge facing Nigeria as a nation within the global community, is how to achieve sustainable development. According to the IMF (2002), sustainable development is made of three pillars. They are economic development, social development and environmental development. The essence of these pillars are to maintain and enhance the capacity and capability of future generations while meeting the needs of the present generation. To accomplish these multi-dimensional tasks, human capital should be strategically cultivated and positioned for the preservation of both the present and the future economic growth and development...
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...Russian Academy of National Economy and Civil Service under the President of the Russian Federation Faculty of Economic and Social Sciences Scandinavian model: advantages and contradictions of a welfare state Anna Olkova 3rd year student 2011 Table of contents Introduction 3 Chapter 1. The role of Scandinavian model in economic theory and practice. 5 1.1. Scandinavian model in civilizational context: incarnation of integralism. 5 1.2. Scandinavia in European economy: comparative analysis 10 1.3. Cultural preconditions for the Scandinavian model formation. 13 Chapter 2. Model performance and competitiveness: distinctive features 16 2.1. The role of public sector in Scandinavian economies 16 2.2. Peculiarities of labour market in Scandinavia 21 2.3. Human capital and innovations: learning economy 26 Chapter 3. Scandinavian model: challenges and threats 33 3.1. Demographic challenge: ageing of population versus public finance 33 3.2. Paradoxes of economic growth in welfare states 36 3.3. The problem of labour disincentives and decommodification. 38 Conclusion 41 Bibliography 43 Introduction In the light of a current trend of moving towards socialization in economy, Scandinavian experience stands out, being probably a unique example of building a highly-socialized and at the same time viable economy. The image of Scandinavian countries appears...
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...Question Innovation is an important component of economic policy. Discuss Answer 1.0 Introduction “Today, more than ever, INNOVATION is central of survival” (Peter Drucker). Innovation has been an important component for economic growth, national economic competitiveness and economic policy for many country. It can occur in any sector of the economy, including government services such as health or education. Supporting nowadays with the rapid growth of technology industries, many policymakers in many nations have increasingly come to see technological innovations as a key driver of economic growth. This is why so many nations have made the promotion of innovation and new technologies a central part of their economic policy. Before discussing further about innovation and see why innovation play an important role for economic policies, it is important first to define innovations and its policies. Some people don’t really know what’s exactly an innovation. They are confused between invention, progress, innovation and updates. So it’s relevant to point out wrong ideas that peoples usually have over it and its creation to be able to erase it. Many people think of innovations as only technological in nature, resulting in shiny new products like Samsung’s Smartphones, Apple’s iPad, Sony’s PlayStation or in enhance machines or devices, such as lasers, autonomous robotics machines etc. Others might be thinking that innovation pertains only to research and development (R&D) activity...
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...Title: Reporting of Intangibles by Service Sector in Indian context Introduction "I can make a whole lot more money skillfully managing intangible assets than tangible assets." – Warren Buffet In the current knowledge based economy, there is a transition from matter based economy to one based on ideas. The emphasis is shifting from natural resources to new thoughts and designs. With the shift from monetary economy to knowledge based economy, the wealth can be added by increasing the intangibles. The intangibles are the growth drivers for the Indian Economy. The high productive sector is the service sector whose contribution to GDP of the nation has displaced the contribution of Agriculture and Industry and the contribution is rising. In service sector nearly 22% of the population of the nation is contributing around 55% of GDP. The reason for high productivity can be attributed to only intangibility. The financial statements of the service sector enterprises do not depict the intangibles – because of difficulty in identification, measurement and valuation. The growth of the Service Sector may be slowed down if the service firms which are mostly knowledge driven are not growing and the two major obstacles in the growth of knowledge driven firms are (a) Finance and (b) Coverage of risk. Since the methodologies have not been developed for valuation of the intellectual properties, there are no reported resources on the basis of which sources for raising the resources...
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...THE BENEFITS OF TRANSACTION COST ECONOMICS: THE BEGINNING OF A NEW DIRECTION Boudreau, Marie-Claude, University of Georgia, Athens, GA, USA, mcboudre@terry.uga.edu Watson, Richard T. University of Georgia, Athens, GA, USA, RWatson@terry.uga.edu Chen, Adela J. W., University of Georgia, Athens, GA, USA, chenjw@uga.edu Greiner, Martina, University of Georgia, Athens, GA, USA, mgreiner@uga.edu Sclavos, Peter, University of Georgia, Athens, GA, USA, psclavos@uga.edu Abstract In this conceptual paper, we argue that the organizational focus on transaction costs needs to be balanced by an attention to transaction benefits, both at the individual and organizational levels. To the transaction characteristics suggested by transaction costs economics, we add four additional ones likely to foster transaction benefits: intensity of knowledge, segmentation of knowledge, dispersion of knowledge, and scarcity of knowledge. The need to maximize transaction benefits while minimizing transaction costs results in the mixing of governance structures, where two (or more) “pure” governance structures are combined. We create a model of the relationships between transaction characteristics, mix of governance structures, transaction costs and benefits, and information systems; from an instantiated version of this general model, we elaborate four propositions. Moreover, with two “real world” examples (Google and JBoss), we illustrate the existence of the proposed transaction characteristics and mixed...
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...every active individual within a society to some extent. Taxpayers, families who budget for the future and businesses evaluating potential products use some form of accounting principles to accomplish the tasks required of them. A functional accounting system is critical to the success and health of any given economy. The purpose of this text is to suggest a solution to the lack of a medium through which accounting knowledge is disseminated. Knowledge of accounting is important in the innovation and improvement of accounting principles. These improvements are important in strengthening the economy of a country to compete in the emerging global market. In general, people would see benefit in their daily lives by understanding how and when to utilize various accounting principles. There are many instances in which these benefits can be seen. Individuals use accounting knowledge to more efficiently manage their financial resources. Also tied to this is the ability to keep accurate financial records in order for individuals to make more informed decisions regarding their money. These decisions include budgeting, fund allocation as well as general money management. These benefits stretch beyond the actual user of accounting principles. If people are better managing their money, they are less likely to fall into debt. If businesses do the same, they will be more averse to failure and bankruptcy. The use of accounting principles in daily decisions ultimately leads to a raised level of...
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...(3)Knowledge Management(KM)is a fashionable business term. Explain what is meant by knowledge and knowledge management(KM), and evaluate why KM is central to the success of an organization. Knowledge Management (KM) is a newly developed business term. Thanks to the booming of information technology (especially the internet) from the 1990s, people could get information and knowledge much easier than before. As the integration of individuals, organizations need to process and manage even more information and knowledge. Therefore, the art of knowledge management becomes very crucial for modern organizations. Before talking about the term Knowledge Management, first we need to know clearly what knowledge is. The definition for knowledge is a traditional debate topic among the philosophers. The most well known definition is as Plato suggested; knowledge is a statement which must be justified, true and believed. However, as modern people, we need to define it in a modern way, just as Oxford English Dictionary describes knowledge as (i) expertise, and skills acquired by a person through experience or education; the theoretical or practical understanding of a subject, (ii) what is known in a particular field or in total; facts and information or (iii) awareness or familiarity gained by experience of a fact or situation. Personally, I think the most refined and inclusive way to describe knowledge is; the kind of information that describes the relationship between other information...
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...societies. (1000 - 1250 Words) Readings Chosen (Bibliography): Grint, K. and Nixon, D. (2015) “Contemporary Work: The Service Sector and the Knowledge Economy” in Grint, K and Nixon, D., The Sociology of Work 4th Edition, Cambridge: Polity. Walby, S. (2011) “Is the Knowledge Society Gendered?”, Gender, Work and Organization, 18(1), 1 – 29. In this short treatise this author will initially discuss the research of Grint and Nixon (2015) followed by Walby (2011). This author will conclude the treatise with a brief evaluation of the theories presented. Grint and Nixon’s (2015) reading investigates the concept of the Post Industrial Society as espoused by Bell (1973) and explores its evolution through the end of the 20th Century and through the first decade of the 21st Century. In doing so it also highlights the decline in the active male workforce and the rise in the active female workforce. Bell’s argument that a post-industrial work environment would be characterised by knowledge-intensive work (the Knowledge Society) is counteracted by Braverman’s (1974) argument that a form of post-industrial Taylorism would serve to de-skill society rather than enhance knowledge. Braverman’s arguments are supported by Kumar (2005) who argues that information technology is more likely to proletarianize than professionalize, reducing knowledge and the level of control workers have over their work. Kumar (2005) cites Carlo de Benedetti, then the MD of Olivetti, who said “information...
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...CERTIFICATE IN KNOWLEDGE MANAGEMENT Intake 52 – 14th January 2008 to 18th January 2008 JT FRANK ACADEMY SDN. BHD A STRUCTURED APPROACH TO INIATE THE PRACTICE OF KNOWLEDGE MANAGEMENT AND TO NURTURE ILHAM MARA INTO A K-BASED ORGANISATION AZLINA BINTI MOHAMAD CIKM-52KL0629 ACKNOWLEDGEMENT In the name of Allah, The Compassionate, The Merciful… It is difficult to execute the Practice of Knowledge Management given by MARA without the collective commitment of MARA staff members. It requires a high level of positive mindset and pro-active approach in managing to the target groups. I would like to express my utmost gratitude to the MARA Human Resource Director, Encik Ibrahim bin Ahmad for the trust given by him and of course to make this project in the line of successful. To MARA Staff Training Institute, Encik Nor Hashimi bin Mahat for given me the chance for attending this course and to execute this project. I would also like to thank the members of JT Frank Academy Sdn Bhd for their hospitality and helpful in making my project successful. My special thanks would definitely goes to the Chief Knowledge Architect, Dr Frankie Ow for the most best guidance and as well to Mr Moi Kok Wah for the patience and great journey to the knowledge management. I am indeed grateful to the members of CIKM and colleagues of ILHAM for their continuous dedication, help and commitment to grant the successful of POKM...
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