...Introduction to Economics Economics has become quite a popular course at school in recent years. In fact, economics plays an important role in various fields of our life. Most of us may feel that we are familiar with economics, but we seldom think about what economics is and how we can apply it into our future life. These two questions are going to be covered in this essay. 1. What is economics? The definition of economicsWhy should your students consider studying economics at degree level? The Economics Network's website (whystudyeconomics.ac.uk) attempts to answer this question, guiding A-level students through the difficult decision of choosing a degree course and encouraging students who might otherwise not consider a degree in economics that it is a worthwhile subject. It also provides information to students and parents. This year the website has been relaunched with a brand new look. But why should students consider economics and what can they expect? [PUBLICATION ABSTRACT] As a new science, economics has been interpreted by professional economists in different ways. However, the definition of economics in Alfred Marshall’s textbook is as widely accepted today as it was in 1890, when the first edition of Principles of Economics was published. As Marshall (1961, p. 1) indicated, ‘Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the...
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...concerned with ways of behaving and standards of conduct; and applied ethics , concerned with solving practical moral problems as they arise, particularly in the professions, such as medicine and law. Ethics provides us with a way to make moral choices when we are uncertain about what to do in a situation involving moral issues. In the process of everyday life, moral rules are desirable, not because they express absolute truth but because they are generally reliable guides for normal circumstances. Normative Ethics Normative ethics is fundamental to ethical decision making in the criminal justice system. A central notion in normative ethics is that one’s conduct must take into account moral issues; that is, one should act morally, using reason to decide the proper way of conducting oneself. Essentially, ethics, in prescribing certain standards of conduct, gives us a way of making choices in situations where we are unsure how to act. What are these standards of conduct and how do we decide what is right and wrong? Some argue that because standards of conduct and ways of doing things differ from society to society, there can never be one single standard for all people everywhere,...
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...and competition; in the New Testament business ethics as it relates to poverty and wealth are discussed (Hoffman, Frederick, & Schwartz, 2001, p. 3). In current times the discussions of Business Ethics is moving towards a different approach. There will always be organizations more concern about the financial interest of the shareholders than the consumer; however, there is now a growing interest among US companies to corporate social responsibility as a way to benefit both the community and the organization. This paper will briefly compare and contrast the various theories of economic Justice of Fairness, Distributive Justice, Utilitarianism, Capitalism and Morality, and Socialism; and reveal the one theory I believe to be the most practical; and the best theory of economic justice as it applies to the “fairness in hiring and promotions, and employees’ rights and duties.” Justice of Fairness includes components of the Principle of Liberty that every one deserve the right to basic liberties; and the Principle of Equality falls in line with the distributive justice for social and economic liberties to be arranged so that they are the greatest benefit of the least advantaged and fair equality of opportunity. Rawls’ point of view on the Justice as Fairness is to be fair and impartial in making decisions about fundamental principles of justice. In order to adopt this point of view is to insure impartiality of judgment, remove any knowledge of personal general...
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...Management SELF DIRECTED LEARNING PLAN Your Name: Tiaira Walls Date: October 21, 2013 Course Title: GB519 Measurement and Decision Making Professional Goal (2-3 years) from now: My professional goal two to three years from now is to graduate with my Master’s degree in Human Resources and hopefully obtain a entry level position in Human Resources or management. Strengths to Leverage Step 1: The most effective and satisfied people align their work with their natural strong points. Identify 3-5 of your key strengths (see Column 1 below); these could be a competency, skill, ability, knowledge area or personal characteristic. Think about how you can leverage those strengths to be effective in your work, achieve your professional goals, and become a leader in your profession. Step 2: At the beginning of each course in your MBA program, answer the following question either using this template or a narrative format. What do you expect to learn in this course that will help you leverage your strengths? (See Column 2 below). Be as specific as you can, e.g., assume that strength is your analytical ability. You might expect to understand more about macroeconomics so that you can analyze how the housing crisis affects other segments of the economy, such as interest rates or unemployment. At the beginning of the course you are not expected to be an expert in all facets of the course learning; however, you can glean valuable insights from the course description...
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...need to ever change it. Answer: FALSE Diff: 1 Topic: The Financial Planning Process AACSB: 3. Analytical skills 2) When comparing two different investment opportunities the investor should always choose the investment that minimizes the total amount of taxes paid. Answer: FALSE Diff: 2 Topic: Minimization of Taxes AACSB: 3. Analytical skills 3) Being financially secure involves balancing what you earn with A) your investments. B) what you spend. C) your retirement plans. D) your current level of debt. Answer: B Diff: 1 Topic: Financial Planning AACSB: 3. Analytical skills 4) In order for your financial plan to be realistic and attainable it needs to be based upon your A) budget. B) income level. C) number of tax deductions, exemption, exclusions, and credits. D) balance sheet. E) none of the above Answer: B Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 5) Personal financial planning can help you to A) deal with unplanned health issues. B) minimize your tax payments to Uncle Sam. C) minimize your chances of personal bankruptcy. D) have enough money for a comfortable retirement. E) all of the above. Answer: E Diff: 2 Topic: Financial Planning AACSB: 3. Analytical skills 6) What are common factors found in an effective financial plan? A) Effective financial plans should be flexible to allow for changes in your situation B) Effective financial plans should provide sufficient liquidity to meet unexpected...
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...21-4-2016 SM 60.03 CORPORATE SOCIAL RESPONSIBILITY IN ISLAM SUBMITTED TO Prof. Willi Zimmermann SUBMITTED BY ASRLAN ASHRAF ST117493 WATAN YAR KHAN ST117487 ZAHBIULAH AHMADI ST118273 FUMIHIKO OJIRO ST117562 WEISI ZHAO ST118234 SCHOOL OF MANAGEMENT ASIAN INSTITUTE OF TECHNOLOGY CONTENTS Chapter 1: Introduction and Background 01 Chapter 2: The UN Global Compact And Islamic Perspective 03 The UN Global Compact 03 Islam and Human Right 03 1. Islam and Equality 03 2. Islam, Life and Security 04 3. Islam and Personnel Freedom 04 4. Islam Economic Social and Cultural Freedoms 05 Islam and Labor 05 Islam-Legal and Philanthropic Activities 07 Chapter 3: Islam beyond CSR 09 The Case of Moral and Ethical Economy and Individual Accountability 09 Conclusion 11 References CHAPTER 1 INTRODUCTION AND BACKGROUND Islam is derived from the Arabic root "Salema" which mean peace, purity, submission and obedience. In the religious sense, Islam means submission to the will of God and obedience to His law. Everything and every phenomenon in the world other than man is administered totally by God-made laws, i.e. they are obedient to God and submissive to his laws, they are in the State of Islam. Man possesses the qualities of intelligence and choice, thus he is invited to submit to...
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...cover the following topics: Principles of Economics (week 1) Thinking Like an Economist (week 1) Supply and Demand (week 2) Market Efficiency (week 3) Consumer Surplus (week 2) Your assignment for the final paper is to write a 2 to 3 page paper (double spaced) about how 3 of the above concepts applies to your daily life. For example how does consumer surplus impact the decisions you make when shopping for groceries? Be creative and think hard about these important concepts. Please use ProQuest and cite at least one source in text. Your paper will be due on Saturday night of the last week of the module. Submit your paper to Smarthinking. Attach their feedback along with your final submission. Smarthinking has about a 48 hour turn-around time so plan accordingly. Day to Day Concepts Perla Gomez ECN220 September 7, 2013 Sheneman Day to Day Concepts The thought of Economics can be a scary one. It is full of big words, difficult concepts, and challenging theories that can be hard to understand. The concepts that underlie Economics are scary ones and at some point were difficult to understand. However, I found that I could apply most of these concepts to my daily life. Supply and Demand, Consumer Surplus, and Thinking Like an Economist are all part of my day to day activities. I use them so often that I don’t even realize I am using them or taking advantage of them. Even if you have no idea what these are, chances are you have already used them, like...
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...CHAP 1. TEN PRINCIPLES OF ECONOMICS I. Introduction A. The word “economy” comes from the Greek word oikonomos meaning “one who manages a household.” B. This makes some sense because in the economy we are faced with many decisions (just as a household is). C. Fundamental economic problem: resources are scarce. D. Definition of scarcity: the limited nature of society’s resources. E. Definition of economics: the study of how society manages its scarce resources. II. How People Make Decisions A. Principle #1: People Face Trade-offs 1. “There ain’t no such thing as a free lunch.” Making decisions requires trading one goal for another. 2. Examples include how students spend their time, how a family decides to spend its income, how the U.S. government spends tax dollars, and how regulations may protect the environment at a cost to firm owners. 3. A special example of a trade-off is the trade-off between efficiency and equality. a. Definition of efficiency: the property of society getting the maximum benefits from its scarce resources. b. Definition of equality: the property of distributing economic prosperity uniformly among the members of society. c. For example, tax dollars paid by wealthy Americans and then distributed to those less fortunate may improve equality but lower the return to hard work and therefore reduce the level of output produced by our resources. d. This implies that the cost of this increased equality is a reduction in...
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...October 2012 Introduction Ethics, also known as moral philosophy, is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior. It comes from the Greek word “ethos”, which means "character". It is the study of morality. It is the value that is worth pursuing in life. Ethics is relative. It depends on several factors: world views, descriptive values and moral values. Business ethics is the behavior that a business adheres to in its daily dealings with the world. The ethics of a particular business can be diverse. They apply not only to how the business interacts with the world at large, but also to their one-on-one dealings with a single customer. Many businesses have gained a bad reputation just by being in business. To some people, businesses are interested in making money, and that is the bottom line. It could be called capitalism in its purest form. Making money is not wrong in itself. It is the manner in which some businesses conduct themselves that brings up the question of ethical behavior. Definition Business ethics can be defined as written and unwritten codes of principles and values that govern decisions and actions within a company. In the business world, the organization’s culture sets standards for determining the difference between good and bad decision making and behavior. In the most basic terms, a definition for business ethics boils down to knowing the...
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...ethics? 2. What ethical theories and frameworks can impact our analysis of ethical behavior examples to demonstrate these frameworks you are already learning 3. Professional ethics “Engineers shall hold paramount the safety, health, and welfare of the public in the performance of their professional duties.” ASCE Code of Ethics 1. What are ethics? Ethics: a set of values or group of moral principles that are right and good a code or principles of behavior or conduct governing an individual or group Engineering Ethics: activity or discipline aimed at understanding the moral values that should guide engineering practice (only since late 1970s has systematic attention to ethics been devoted by engineers and others, as spurred by a national engineering ethics project sponsored by the U.S. Government (NSF, NEH) in 1978-1980) Why study ethics? to increase your ability as engineers to responsibly confront moral issues raised by technological activity not always in short term best interest, and bring long-term into decision making ethics are imprecise, complex, and in a given situation may conflict vague = which moral considerations to apply to a situation and in what “hierarchy” conflicting moral reasons are common, resulting in a moral dilemma disagreement over how to interpret, apply, and balance moral reasons in particular situations Illustrative “Thinking” Exercise You and your best friend graduate from high school and decide to...
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...that you can spend your time on this assignment further researching the set of topics that most interest you and/or will be most beneficial in your future career. Be sure to address all the questions for your chosen case and demonstrate five or more theories or principles learned in this course as a part of your case analysis. Your paper must be written in APA format with a proper title page and reference list that cites at least 5 scholarly sources. Please do not simply record answers to the questions, rather synthesize your responses into a cohesive case study analysis. Please upload your final project paper to Blackboard through the Assignment Manager tool. The 2,000-word count does not include charts, graphs, title page or supporting appendices. I will be using the Final Project Rubric (see end of this assignment) to grade your case analysis. Please Note: There are few right or wrong answers in the business world. There are really only efficient and inefficient, and effective and ineffective business decisions. If there were always right answers businesses would never fail. These questions were created to challenge you to apply the materials you have learned to real business situations. For this reason, when grading your answers, I will be focusing on your justification or support for your specific answers. Use the Assignment Manager link to submit your project. Unit #1 Closing Case #1 - "Best of the Best of the Best – Under 25" - Assignment Questions 1. If you had...
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...Department of Maritime and Logistics Management National Centre for Ports and Shipping Semester 1, 2014 Distance Education/On-campus study (JNB 254) Principles of Freight Forwarding Undergraduate Studies Teaching Team: Lecturer and Unit Coordinator Lecturer (first point of contact) Livingstone Caesar Aust: 0469340820 Intl: (+61) 469340820 dlcaesar@amc.edu.au Consultations by appointment Unit Coordinator: Hilary Pateman Intl: Aust: (03) 6324 9800 (+613) 6324 9800 hilaryh@amc.edu.au Room F99 Unit Outline Contents WELCOME .................................................................................................................... 3 INFORMATION ABOUT THIS UNIT ................................................................................. 4 Unit description ................................................................................................................. 4 Linkage to other units ........................................................................................................ 4 Intended learning outcomes ............................................................................................. 4 Graduate attributes ........................................................................................................... 4 Alterations to the unit as a result of student feedback .................................................... 5 LEARNING RESOURCES .............................................................
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...| Syllabus School of Business ECO/561 Version 7 Economics | Copyright © 2012, 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course applies economic concepts to make management decisions. Students employ the concepts of scarce resources and opportunity costs to perform economic analysis. Other topics include supply and demand, profit maximization, market structure, macroeconomic measurement, money, trade, and foreign exchange. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. The discussion question points are now combined with the participation points for each week. You, as the instructor, may create a separate line item for discussion question points if you choose. Please note that some assignment points may have changed. Course Materials Ball, L. M. (2009). Money, banking, and financial markets. New York, NY: Worth Publishers. McConnell...
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... author of Stumbling on Happiness, say that experiences might bring more satisfaction than durable goods? Do you agree or disagree? Although happiness is not easily defined and it really depends on who you ask and what their degree of happiness is in their life, Gilbert the author of Stumbling on Happiness, explains that experiences might bring more satisfaction than that of durable goods. With this he is simply stating the fact that happiness is dependent the things you do in life and not the objects. It is the time that you share with friends and family what makes life meaningful and that creates happiness. All the objects in the world that money can buy is meaningless when you don't have anyone to share it with. 2. Harvard economists Alberto Alesina and Paolo Giuliano say that strong family ties imply more reliance on the family as an economic unit that provides goods and services and less on outside institutions such as those found in the market place and government. Why does household production (doing things together or making things within the home) activity have such an impact on family ties? Can you give an example from your own family? Not completely sure if I am answering this question correctly but basically the way I see things, I must say I agree with both economists who say that strong family ties imply more reliance on the family as an economic unit and etc. Household production has a huge impact on family ties because I believe that it is very important...
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...Fools speak because they must say something." Don't predict the future, invent it. Davies, Tony & Crawford, Ian 2012, ‘Financial Accounting”, Pearson, Harlow. Pg 7 Prudence Concept Prudence means being careful or cautious. The prudence concept is an ethical concept that is based on the principle that revenue and profits are not anticipated, but are included in the income statement only when realized in the form of cash or other assets, the ultimate cash realization of which can be assessed with reasonable certainty. Provision must be made for all known liabilities and expenses, whether the amount of these is known with certainty or is a best estimate in the light of information available, and for losses arising from specific commitments rather than just guesses. Therefore, companies should record all losses as soon as they are known, but should record profits only when they have actually been achieved in cash or other assets. Consistency concept The consistency concept is an ethical rule that is based on the principle that there is uniformity of accounting treatment of like items within each accounting period and from one period to the next. However, as we will see in Chapter 3, judgement may be exercised as to the application of accounting rules to the preparation of financial statements. For example, a company may choose from a variety of methods to calculate the depreciation of its machinery and equipment, or how to value its inventories. Until recently, once a particular...
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