Microeconomics Samuelson Essay Example for Free

Microeconomics Samuelson Essay Explain how the cool head might provide the essential positive economic analysis to implement the normative value judgments of the warm heart. Do you agree with Marshall’s view of the role of the teacher? Do you accept his challenge? In order to achieve the ultimate goal of economic science which is to â€Å"improve the living conditions of people in their everyday lives† (*) a cool head attitude has the knowledge and wisdom acquired through a lifetime relation to the economic momentum. Balancing this with a warm heart compassion vision, and a willingness to improve society, is the most appropriate way to use certain economic models in order to acquire economic sustainability with social improvement. We agree with Marshall’s view which was conceived through a social corporate responsibility. We, as leaders, accept his challenge through developing projects which should be not only profitable but also socially accepted and with respect to the environment. Also, we should use our cool heads to objectively take challenges and make difficult decisions that will lead us to a prosperous society with a sustainable economic growth. Some scientists believe that we are rapidly depleting our natural resources. Assume that there have only two inputs (labor and natural resources) producing two goods (concerts and gasoline) with no improvements in society’s technology over time. A. Show what would happen to the PPF over time as natural resources are exhausted. B. How would invention and technological improvement modify your answer? On the basis of this example, explain why it is said that â€Å"economic growth is a race between depletion and invention. It is said that economic growth is a race between depletion and invention because the continuous use of the natural resources of a country will tend to deplete them, over a long period of time but in the contrary, the invention of new technologies can extend a country PPF – making a race between them, since both things usually happens at the same time. Chapter 2 1. Question 1 . What determines the composition of national output? In some cases, we say th at there is â€Å"consumer sovereignty† meaning that consumers decide how to spend their income on the basis of taste and market prices. In other cases, decisions are made by political choices of legislatures. Consider the following examples: transportation, education, police, energy efficiency of appliances, health-care coverage, television advertising. For each, describe whether the allocation is by consumer sovereignty or by political decision. Would you change the method of allocation for any of these goods? National Output includes the total amount of goods and services that a country is capable to produce in a certain period of time. It is also known as the country? A country has the responsibility to decide what outputs to produce and in what quantity, how to produce them and for whom should they be produced. In a market society, the national output is influenced by consumer tastes and the resources and technology available in the country. On the other hand, governments may intervene to compensate for market failures that usually occurs inside a country, or to fund social programs. Here there are some examples that show mixed economies between consumer sovereignty and government interventions. Generally speaking transportation means are controlled by the private sector through companies that provide transportation services such as airlines, company taxis, trains, etc. Inside a country, there also exists public transportation for those people who can not afford the private one. In Peru, specially for the ground transportation, the government plays a fundamental role regulating tariffs, taxes and making sure we have a safe an organized transportation system in the country for the society. Education In a country generally exists public and private education. Usually, private schools tend to have a higher price but also delivering high quality and it is market driven. There are different private schools with different prices in the market. On the other hand, public education is provided by the government to lower socio economic levels in order to make education accessible to the whole population. Government applies procedures in order to maximize its quality. In Peru for example the government is trying to break the poverty cycle incentivizing the rural population to attend school through monetary allowances. There are also regulations in terms of the requirements asked for being a public teacher, the education syllabus of the country, etc. Police Police is a government regulated service to the population which is part of the arm forces of a country. Its function is to assure security to the population. However, in some countries where there is scarce resources allocated to this public entity, private police petrol are created. In Peru even in rural areas where police is not present, communities organize themselves to fight against crime. Energy efficiency of appliances Energy is a strategic scarce resource for a country. Therefore, the importance of having government regulations to control it, its tariffs while having private companies supplying the service in order to assure this service on the long term to the community. Health care coverage Health care is a private and public good also. Government provides health care services to the majority of the population by building public hospitals and providing insurance coverage programs. Usually private health care provides a higher quality service and is accessible to higher socio-economic levels of the population. Television advertising It is a consumer sovereignty good, driven basically by program ratings and market price. Usually, the government owns public television channels but even in those cases the advertising is not controlled. What government usually does is to control advertising of some products such as cigars, or the time and programs where you can advertise such products. Would you change the method of allocation for any of these goods? We would not change the method of allocation for any of the goods mentioned above. We think that in the examples mentioned, a mixed economy of public and private goods is the best to make services accessible to the whole population while having a market driven economy. However, if we customized this question to the Peruvian reality, we think that an example where government could intervene more is the banking regulations entity which should improve the credit policies in order to create a sustainable finance growth. 2. Question 3. This chapter discusses many â€Å"market failures† areas in which the invisible hand guides the economy poorly, and describes the role of government. It is possible that there are, as well, â€Å"government failures† government attempts to curb market failures that are worse than the original market failures? Think of some examples of government failures. Give some examples in which government failures are so bad that it is better to live with the market failures than to try and correct them. A possible failure can be represented by a tax system that discourages private and foreign investments in the country that at the end will affect government’s income. Another example is a bad monetary policy in which inorganic emission of currency will impact over inflation rate dramatically, affecting purchasing power of nationals (Peru 1985) . During this time Peru suffered more than 7000% inflation generating scarcity of basic goods and creating a parallel black market. During this time, another bad example would be that the banking system was nationalized and generated a lack of confidence in the population towards the banking system, loosing a high percentage of the savings of the population decreasing the country’s investment.

My Hero Essay example -- Hero Heroes Personal Essays

My Hero What is a hero? In my view a hero is someone that you admire. You may admirer them for their achievements, outlooks in life or maybe just because they are famous. In this case I admire my hero for his courage and his determination all through his personal life and his career. This story begins in Bellshill near Glasgow 24th September 1962 where a Glaswegian boy was born. His parents Alexander and May called their miracle Alistair Murdoch McCoist. If only his parents had known the difference this baby boy would make to Scottish football in years to come. At the age of 16 Ally left His High School Hunter high to take up a career in football after his chemistry teacher Archie Robertson noticed him and took him to the St Johnstone Boys Club trials. Unfortunately Mr Robertson died and did not see ally make it to the professional football stage in his career. This is one of Ally's biggest regrets in life. On the 1st December 1978 Ally started his career at St Johnstone FC from their Boys Club. During his first season he appears on the pitch 4 times, though he fails to score a goal but how it changed in the later stages of his football career. Then in 1981 he was transferred to Sunderland for two seasons but still gets no motivation. During his time playing for Sunderland he marries a girl named Allison who to this day is still his wife. Finally in 1983 after three attempts Ally's dream finally comes true when John Greig buys him for  £200,000 and is transferred to Rangers FC almost immediately. This is just the beginning of the success story of Ally Mc Coist. In the early years of his career wearing a number 9 shirt on his back at his new club he is not a popular player with the fans at all.... ... is for Scotland to win the World Cup but he accepts this will never happen, as it would help if they qualified first. He would also like to see one of his boys follow in their "daddy's" footsteps and become a professional footballer. Some general information about my hero is that his perfect happiness would be a Sunday lunch with his family. His greatest fear is his son Argylle. His idol is Robert the Bruce and he admires his son Mitchell the most. Finally his happiest time is when he is on a football pitch kicking a ball around. Overall I chose Alistair Mc Coist as my hero because I admire him for his determination throughout his career as a footballer and also the trials in his personal life that he has overcome including him having the will to save his marriage. Everyday life for me is meeting my hero at the shops and I feel privileged to do so.

Nordstrom vs. Macy’s

Nordstrom's vs. Macy's Future Challenges Historically speaking, Canada has never been a great market for American retailers. The Canadian dollar was weak, costs were higher, and with limited real estate development, it was difficult to find space. Not anymore, now the door to Canada is opening wider than ever thanks to a stronger Canadian dollar, a relatively robust economy, and a loosening of the commercial real estate market, in part because of the downsizing of some longtime retailers like Sears Canada.For American retailers, Canada’s allure is simple; sales per square foot at Canadian malls were almost 50 percent higher in 2011 than sales per square foot at American malls. This is a budding market that Nordstrom will need to act towards if they hope to keep up with the competition in the future. Important Decisions Nordstrom’s has made many very important decisions in the past that have shaped them into the company they are today. The first and most important came i n 1901 when founder John W.Nordstrom decided to use the money he had left from the gold rush to open a shoe store in Seattle with Carl Wallin, called Wallin & Nordstrom. The next big decision came in 1966 when it was decided that the Nordstrom's shoe store in Portland would begin selling clothing as well. This marked a pivotal change in direction for Nordstrom’s. After the success of the Portland store, it was decided to implement the idea in the other stores. In the 1980’s Nordstrom’s experienced a boom. This was due to many factors but one of the most prevalent was their amazing use of customer support.Over almost anyone else Nordstrom’s prides itself on having some of, if not the best, customer support. This is helped by them recruiting managers from the ranks of salespeople thereby encouraging their employees to work harder while maintaining high moral. Nordstrom, along with the retail industry, sources products from around the world, and this means t hey encounter a wide range of global challenges. Many of these challenges—such as forced labor and health and safety issues—are cause for very real concern for all retailers. To address these concerns, Nordstrom created the Nordstrom Social Responsibility team in 1994.This team works closely with their Nordstrom Product Group (NPG) manufacturers and vendors to ensure that Nordstrom-label products are made in accordance with all applicable laws and ethical labor practices. Past Challenges Single-digit growth became the norm for Nordstrom throughout the early and mid-1990s. Sales grew sluggish thanks in large part to fluctuations in demand for women's apparel and the severe recession in southern California, where more than half of the company's total store square footage was located in the early years of the decade. The double-digit growth of the 1980s was gone.The sales increases of the 1990s were largely attributable to new store openings. By 2003 after several changes in management Nordstrom appeared to have regained its lost luster through cost containment, technology initiatives, and a refocusing on its niche: luxury goods at affordable prices. Some analysts considered technology to be the key component, particularly a new state-of-the-art merchandising system, which began to be rolled out in 2002. The system could track sales minute by minute throughout its stores, enabling Nordstrom to reduce markdowns and better target its offerings to customers.On the merchandise side, the retailer began introducing edgier fashion offerings in a department called â€Å"via C,† in an attempt to leverage its core customer base, which was younger and had a wider age range than its main competitors, Neiman-Marcus Co. and Saks Incorporated. Nordstrom enjoyed its most profitable year ever in 2003. Nordstrom’s continued reliance on aggressive sales tactics came around to bite them in late 1980s. The employees' union (which was later decertified) com plained about the pressure on employees to sell.In late 1989 a group of unionized employees charged that they were not being paid for performing extra services to customers. In February 1990, after a three-month investigation, the Washington State Department of Labor & Industries alleged that the company had systematically violated state laws by failing to pay employees for a variety of duties, such as delivering merchandise and doing inventory work. The agency ordered Nordstrom to change its compensation and record-keeping procedures, and to pay back wages to some of Nordstrom's 30,000 employees.Soon after, the firm created a $15 million reserve to pay back-wage claims. The company, however, remained a target of class-action lawsuits on these matters, which were finally settled out of court in early 1993 when Nordstrom agreed to pay a set percentage of compensation to employees who worked at Nordstrom from 1987 to 1990. The settlement cost the company between $20 million and $30 mi llion. Specific Competitive Advantages One specific competitive advantage Macy's holds over Nordstrom's is its target demographic.While Nordstrom's focuses mainly on career moms between the ages of 35 and 50, Macy's recently launched â€Å"Millennial strategy† states that its merchandise areas primarily serve ages 19-30. The millennial generation (ages 13-30) is now America's largest and most diverse generation, spending an estimated $65 billion each year for the type of merchandise sold at Macy's. A much larger demographic gives Macy's a competitive advantage. On the other hand, Nordstrom's has a distinct advantage over Macy's when it comes to customer loyalty and social-oriented traffic.Macy's and Nordstrom's have been largely based in malls for decades, but recently, malls have become less popular in the United States. As a result, both companies have been forced to open free-standing stores in scattered locations in a community. Since Nordstrom's has a slightly older demo graphic with more buying power and need for social status through brands, loyal customers of Nordstrom's will be more willing to travel to shop there. Macy's, who targets a younger demographic, has less loyal customers with buying power and relies more on impulse buyers and young mall-goers looking to spend a little extra money.Comparative Statistics In 2011, Macy's boasted $26. 4 billion in net sales. That figure has grown steadily since the economic crash of 2008. Nordstrom's showed $10. 8 billion in net sales in the same year. Again, this figure has grown steadily since the economic downturn. Macy's has a whopping 171,000 employees. Nordstrom's has only 52,430 employees as of 2011. With Macy's being a much larger chain, this difference is to be expected. Macy's operates 400 stores in 33 states as of the year ended 2012. Currently, Nordstrom's operates 109 stores in 28 states.In May of 2007, Macy's reached its pinnacle of prosperity in terms of market shares value and profitabilit y. Its common stock price was valued at 45. 05 and business was looking up. Surprisingly, by October of the next year, the stock price had plummeted as low as 7. 42 as the company struggled to stay afloat and fight through the crippling recession. Today, the stock has recovered to 41. 71, and is predicted to continue its growth. Nordstrom's, however, has shown more resilience through the recession. While it still fell from 55. 1 to 11. 37 in 2008, it has shot up to rates above its previous record. With the stock price as high as 57. 2 in the past year, Nordstrom shows a stronger trend of increase than Macy's. Summary We recommend investing in Nordstrom over Macy’s. With Nordstrom’s forecasted growth and success in Canadian markets, we expect Nordstrom to grow consistently for years to come. While Macy’s size and net income are attractive, we feel that Nordstrom has a better management structure and potential for growth in coming years.

The Meaning Of The Word Profession - 874 Words

Across academia, scholars debate the meaning of the word profession. The term invokes many connotations and expectations, but few can agree on an actual meaning.1 Geoffrey Millerson, a prominent sociologist, defined profession as a â€Å"type of higher-grade, non-manual occupation, with both subjectively and objectively recognized occupational status, possessing a well-defined area of study or concern and providing a definite service, after advanced training and education.†2 According to Millerson’s definition, the United States Army is in fact a profession. Millerson identifies the first component of a profession as â€Å"higher-grade, non-manual occupation†. Many academics agree that a key component of a profession is specialized skill based on a body of knowledge.3 Initially, many will contend that the U.S. Army does not pass the first requirement. Soldiers work long and hard often completing tasks requiring physical strength and endurance. At first glance, the composition and mission of the military undermines the definition of a profession. Obviously, the military relies on a certain amount of physical labor to complete its mission. However, the military is also composed of personnel who manage and direct the employment of assets to strategically, operationally, or tactically defeat the enemy. The knowledge required to employ those capabilities offsets the physical labor necessary to accomplish the task. The army requires officers to be educated and to fulfillShow MoreRelatedNursing Has Evolved from Being an Occupation to Being a Profession and an Academic Discipline.1528 Words   |  7 Pagesscientific or technical colleges of nursing into institutes of higher education. In this paper I had the privilege to discuss how Nursing has evolved from being an occupation to being a profession and an academic discipline. 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