...Terms Comparison Paper Tracy Wells HCS/552 May 11, 2015 Nancy Jennings Terms Comparison Paper This paper will discuss three terms and there definition that relate to each other in the health care system. The three terms that will be discussed is value, derived demand and terms of trade. These all relate to each other in the health care because, patients or the people will benefit from the care they receive. Value because, what people are willing to pay for services of their health, terms of trade because, the buyer and seller will decide what is best for the facility or business to give the patients or their people the best products possible and derived demand because, it will do good for others and not just for itself. Definition of Terms Value is where health is all the things we possess. People are willing to pay the cost of health care because, if a person wants the proper care or treatment to stay healthy they are willing to spend the money on physician training, public health and health insurance to satisfy their needs and what the physicians or health care facilities or insurance companies produce to their patients or the people is or will be valuable to the patients and the people who are seeking the treatment they need (Getzen, 2013). Value is also the physical health and the sense of well being achieved at the right cost and means getting the right care at the right tie to the patient or person at the right price. According to Muir Gray (2013) value...
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...Demand Utility and Marginality Author’s Name: Institutional Affiliation: Demand Utility and Marginality The concept of derived demand Factors of production are defined as the various inputs used by firms in making goods and services available to the market. Just like other markets for various goods and services, factors of production also have a similar market controlled by the same mechanisms controlling markets. Nevertheless, an important distinction exists between market for factors of production and that of goods and services. Indeed, demand for the various factors of production is often stated as derived demand due to the fact that when a firm actually develops a demand for such factors, it is often as a result of a decision to supply certain goods and services to the target market. Demand for factors is often steered by the ability and willingness of a firm to employ the diverse factors of production (Hirschey, 2008). Often, demand for factors is associated with quantity and price and thus connotes the ranges of prices and quantities for such factors. Therefore, the four factors namely capital, entrepreneurship, land and labor are considered in the factor demand. Investopedia explains derived demand as an economic analytical term used in describing how demand is often placed on a good or service as a result of demand of another good or service (Investopedia, 2013). In a nutshell, derived demand is demand of factors of production...
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...Define and explain the significance of the term ‘derived demand’ as it applies to Strategic Human Resources Planning. (5 marks) Derived demand is defined as a requirement for one product that is created due to the purchase of another product. It occurs for consumers who purchase goods for further production, because their purchases are based on the demand for their final product.[1] For example, when the demand for automobiles is high, the derived demand for steel, and all other products used to make automobiles, is also high. Should the demand for automobiles drop, so will the demand for the products used to make the automobiles. Derived demand applies particularly to strategic human resources planning in relation to labour. Demand and supply of labour interact to determine the wages and affects the allocation of labour resources in ta corporation. It involves anticipating both the need for labor and the labor supply while planning programs necessary to ensure the organization will have the right mix of employees. The demand for labour is derived form the demand for the goods and services that labour is used to produce. Additionally the demand for labour is influenced by the level of economic activity, the productivity of labour and relative cost of labour compared to capital.[2] The demand and supply of labour are influenced by both macroeconomic and microeconomic factors. Macroeconomics refer to conditions in the whole economy affecting the general labour market. Microeconomic...
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...Planning and Development Define and explain the significance of the term ‘derived demand’ as it applies to Strategic Human Resources Planning. (5 marks) Derived demand is defined as a requirement for one product that is created due to the purchase of another product. It occurs for consumers who purchase goods for further production, because their purchases are based on the demand for their final product.[1] For example, when the demand for automobiles is high, the derived demand for steel, and all other products used to make automobiles, is also high. Should the demand for automobiles drop, so will the demand for the products used to make the automobiles. Derived demand applies particularly to strategic human resources planning in relation to labour. Demand and supply of labour interact to determine the wages and affects the allocation of labour resources in ta corporation. It involves anticipating both the need for labor and the labor supply while planning programs necessary to ensure the organization will have the right mix of employees. The demand for labour is derived form the demand for the goods and services that labour is used to produce. Additionally the demand for labour is influenced by the level of economic activity, the productivity of labour and relative cost of labour compared to capital.[2] The demand and supply of labour are influenced by both macroeconomic and microeconomic factors. Macroeconomics refer to conditions in the whole economy affecting the general...
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...Demand for Labor Report Microeconomic Principles June 14, 2014 Introduction Demand of labor is a concept that identifies specifically the amount of demand that a firm or the established economy is willing to employ at a given point in time. The common determining factors of demand of labor are; the amount of labor employees are willing to supply at that particular wage, the real identified wage, and the actual payments the firms are willing to pay for this particular labor. However, due to subsequent increase in the market wages for the demand of labor, more workers are seen to enter the market workforce enhancing more productivity. Ideally, high labor cost however is expensive because employers will be required to employ less labor making productivity in the firm to reduce, (Görge, 2004). Derived demand Derived demand is an economical term used normally to identify the high demand placed on one good and service due to the respective changes in the price for the respective identical goods and services. Market tends to exist for particular related goods and services due to existence of high demand, (Görge, 2004). Example of derived demand is the extreme demand for transport. Transport users exploit the service as they do not directly benefit from the transport consumption but it is because of the other important undertakings elsewhere. Also, production and demand for farmers’ fertilizer is an example of derived demand. Due to the crops grown by farmers, it will necessitate...
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...HRM822 Assignment 1 The Environment, Labour Demand and Supply, Downsizing 4/6/2014 Coretta Jacobs Student number 1. Define and explain the significance of the term ‘derived demand’ as it applies to Strategic Human Resources Planning. Derived demand is the demand for a product/services occurs as a result of a demand for another immediate good or service. When apply this concept on labour demand, the more a company's product or service the market wants, the higher the demand for labour to involve in the production process. The essence of strategic human resources planning is to align human resources planning organization's business strategy. This means company cannot perform their personnel forecast solely based on the product demand because there is some other factor that will affect the product demand. Thus, company need to have a thorough analysis of the external environment and examine potential factor that will affect the overall demand of product/service, then examine how these factors will affect the overall big picture. HR professionals will then be required to view how these factors will affect the business objectives in terms of operations and tried to look for different flexible interventions in order to support the corporate values. Derived demand is defined as a requirement for one product that is created due to the purchase of another product. It occurs for consumers who purchase goods for further production, because...
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...Supply and Demand Globally Shirley Leo Argosy University This discussion will include the definition and how it is used to determine the demand for labor. The factors used to determine the supply of labor market will be discussed. This will include the factors that have changed the supply of labor market over the last twenty years. Price and quantity of labor determination over a period of will be explained. Income inequalities will also be determined, if there are any. The way that income inequalities are measured, and how they have changed from 1980 to the present will be discussed. What role does the government play in the terms of inequality? There will also reasons for this and against this provided. Next, nations trading will be discussed. The concept of “Comparative Advantage” will be discussed. If a nation had an isolation policy would they be better off economically will also be answered. Then the trade balance of the United States will be discussed. The problems with having a negative trade balance, and how it can be corrected will be included in this discussion. The last thing that will be discussed is the exchange rates. The significance of currency devaluations concerning the United States, as well as other countries will be the last thing discussed. Now, to discuss derived demand. Derived demand is the product that is produced...
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...Elasticity of Demand Concepts and Measurement In economics, the demand elasticity refers to how sensitive the demand for a good is to changes in other economic variables. Demand elasticity is important because it helps firms model the potential change in demand due to changes in price of the good, the effect of changes in prices of other goods and many other important market factors. A firm grasp of demand elasticity helps to guide firms toward more optimal competitive behavior. Rate at which demand changes due to particular change of price of the commodity or price of other commodity or income of the consumer is called elasticity of demand. Elasticities greater than one are called "elastic," elasticities less than one are "inelastic", and elasticities equal to one are "unit elastic". Elasticities equal to infinity is called "perfectly elastic demand". Also elasticities equal to zero is called "perfectly inelastic demand". Demand elasticity is a measure of how much the quantity demanded will change if another factor changes. One example is the price elasticity of demand; this measures how the quantity demanded changes with price. This is important for setting prices so as to maximize profit. When price elasticity of demand is elastic, the firm should lower prices, since it will result in a big uptick in demand, increasing your total revenue. When price elasticity of demand is inelastic, the firm should increase prices because there will be only a...
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...basics forms of government regulation of business is economic and social regulation. I can’t think of how economic regulations affect me, but I do have friends that are affected because in order for them to enter a business they must have a license like working in a hair salon or becoming a lawyer. Social regulation affects me because I have to have a permit in order to carry a weapon. 2. Bundling is when you get two or more products for sale as a full set. When I bargain stop I look for deals and I receive my living room suit that was a seven piece for under $2000 dollars. 3. Natural monopoly occurs when a firm can supply the entire market lower price than two or more firms. This affects me because look to get the lower prices, but the goods or service has great quality. You cable television, trash collections, electric power are examples of natural monopoly. 4. Antitrust laws- One case of antitrust laws that I u because use is Microsoft because they bundled their Microsoft internet explorer with Microsoft Windows products. Antitrust is in place to protect the consumers and small businesses. 5. Relevant Product Market is determined by the demand-side, supply-side, and potential competition. This affects me because I tend to switch from one product to another depending on the price. Product and geographic market is determined when delimiting the relevant marketing. Chapter 28: 1. The supply and demand of labour determines the quantity and price which...
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...basics forms of government regulation of business is economic and social regulation. I can’t think of how economic regulations affect me, but I do have friends that are affected because in order for them to enter a business they must have a license like working in a hair salon or becoming a lawyer. Social regulation affects me because I have to have a permit in order to carry a weapon. 2. Bundling is when you get two or more products for sale as a full set. When I bargain stop I look for deals and I receive my living room suit that was a seven piece for under $2000 dollars. 3. Natural monopoly occurs when a firm can supply the entire market lower price than two or more firms. This affects me because look to get the lower prices, but the goods or service has great quality. You cable television, trash collections, electric power are examples of natural monopoly. 4. Antitrust laws- One case of antitrust laws that I u because use is Microsoft because they bundled their Microsoft internet explorer with Microsoft Windows products. Antitrust is in place to protect the consumers and small businesses. 5. Relevant Product Market is determined by the demand-side, supply-side, and potential competition. This affects me because I tend to switch from one product to another depending on the price. Product and geographic market is determined when delimiting the relevant marketing. Chapter 28: 1. The supply and demand of labour determines the quantity and price which...
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... Macroeconomics is the part of economics concerned with large scale of general economic factors, such as interest rate & national productivity. Simply, macroeconomics is the study of behavior of the economy as a whole. Broadly, macroeconomics is the field of economy that studies the behavior of the aggregate economy. Macroeconomics is the branch of economics that studies the entire economy. O. M. Amos Macroeconomics, which is the study of broad aggregates such as total employment & national income. Henderson & Quanat Macroeconomics deals with large scal economic activities of environment. G. Akle Macroeconomics examines economy in wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation & price level. Finally, macroeconomics is the study of broad economic activities & trends, is possibly the largest subfield in economy which consider the performance of the economy as a whole. Microeconomics | Macroeconomics | Microeconomics is the study of the individuals economy of a person, a company or a country. | Macroeconomics is the study of the economy as a whole. | Microeconomics is also known as price theory. | Macroeconomics is also known as income theory. | All kinds of requirements of an individual or a company can be identified. | All kinds of forces that affect the firms, consumers, or workers can be identified. | The demand & supply of the society individually...
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...Economic Factors That Influence Businesses Demand and Supply The demand and supply are two principal factors that affect the working of any business model. The demand is the will and ability of consumers to purchase a particular commodity, while supply is the ability of the business to provide for the demand of consumers. Suppose, a mobile phone infused with latest technology is introduced in the market, it will have a higher price because of its demand in the market. Its prices will continue to increase if the supply does not meet the demand. For instance, in the year 2000, weather played havoc with the sugar crops of Brazil, which is the largest sugar producer in the world. This led to a decrease in the supply of sugar, which in turn resulted in a steep rise in the sugar prices. However, after the initial price rise, the market forces came into play and the demand for sugar became equal to the supplied sugar. Marginal and Total Utility Utility is the amount of satisfaction, that is derived by consumers from the consumption of goods. It so happens that after continuous and successive consumption of units of the same goods, the satisfaction that is experienced by a consumer starts decreasing. This often results in short-term or long-term fall in sales. Some organizations prepare for the launch of another brand, before the fall in utility and sales is experienced. The launch of new brand ensures that the revenue trend of the business does not fall. Diminishing utility...
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...that could be bought with the same amount of money, there are affects in consumption and production could affect the price of a painting. Frey and Pommerehne (1989) suggested that there are benefits from seeing art from an economic perspective. Art paintings, similar to other goods are limited by scarce resources available. Individual agents seek to maximise satisfactions. As a result, the consumption and production derived from producers and consumers create a market for demand and supply. This essay will look at the over view of the art markets and possible determinants that could affect prices Economists study how supply and demand are used to determine prices. With regards to the art market; artists can be viewed at the producers to the market and as assumed like any other agent rationally seek to benefit (Pindyck 2000) their own interests. We know through history the physical number of goods made by dead artists like Picasso, however, the amount of works produced in the markets will depend on the marginal input cost, which increases prices and expected value of their goods Demand side of the market is a function that ultimately affects the price of a good/service. The law of diminishing marginal utility is an explanation of the negative sloped demand curve. Even though consumers want are unlimited, the wants from specific goods can be satisfied. The more of a good a consumer can obtain the less additional product they want. For example, when a person wants a painting...
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...The Foreign Exchange Market of South Korea Brief Introduction of currency Won The currency used in South Korea is the Won, (sign: ₩; code: KRW), it can be further divided in 100 jeons, the subunit. Won has been existed for thousands of years in South Korean History. After the world war two, the Korea continent was divided into North Korea and South Korea. Both of the two countries have been using won as their currencies. The foreign exchange policy of won followed a pegging method to dollars before 1980. From 1980 to 1997 South Korea had initiated a series of actions towards floating exchange rate. During the East Asian financial crisis, the won was devalued at almost half of its original value. The monetary system The monetary system is basically consisting of four major government entities; “the Ministry of Finance and Economy (MOFE), the Bank of Korea (BOK), the Financial Supervisory Service (FSS), and the Korea Customs Service (KSS)” (Korea, South-Money). The bank of Korea, according to Savada and Shaw in their country paper on South Korea, is established as the central bank of South Korea and supervised all the financial transactions of diversified financial institutions. Its major functions also includes the issuance of currency, the determination on the monetary and credit policies, the collection and record of the statistics of overall economy, and the regulation of all private banks. It also closely partners with the central government for raising funds for public...
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...Economics is a social science commerce with the production and distribution of goods and services. It analyzes how resources are allocated between different uses and groups within the economy. The study of economics is divided into two areas, Microeconomics which analyzes the behavior of individual producers and consumers, focusing on the factors that influence their levels of production and consumption and the mix of goods involved. Macroeconomic analyze the economy as a whole, and deals with such topics as national income, balance of payments, overall savings and investment (Stone, G. 2008). Economics contributes to the development of policy formulation and decision-making for animal health projects and programs at multiple levels. Economic theory explains the behavior of producers and consumers, and the result of this on the price structure and on the productivity of the economy as a whole. In the livestock sector, it explains how economic factors influence producers, how they decide what and how much to produce, what prices are acceptable to them, why production is expanded or contracted, how much they invest etc. It also explains the economic factors underlying demand for livestock products, how these affect the amount and mix of products bought, and how prices are fixed in different circumstances (micro-economics). The economic position of the diverse livestock production systems can be described with collecting related information and using it as well as the data derived...
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