Definition Of Demand And Supply Economics Essay

Definition Of Demand And Supply Economics Essay Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. generally resulting in  market equilibrium  where  products  demanded at a price are equaled by products supplied at that price. Demand depends on the  price  of the commodity and refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply depends not only on the price obtainable for the commodity but also on the prices of similar products and represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. The law of demand and supply: The relationship between demand and supply underlie the forces behind the allocation of resources. In  market economy  theories, demand and supply theory will allocate resources in the most  efficient  way possible. How? By the following of demand and the law of supply. Generally, if there is a low supply and a  high demand, the price  will be high.  In contrast, the greater the supply and the lower the demand, the lower the price will be. The four basic laws of supply and demand are: If demand increases and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price. If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply increases, a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply decreases, a shortage occurs, leading to a higher equilibrium price. The Law of Demand   The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more. The brief meaning is when the price of a product is increased then less will be demanded. Also is the same for the opposite, when the price of a product is decreased then more will be demanded. The Law of Supply   Like the law of demand, the law of supply demonstrates the quantities that will be sold at a certain price. But unlike the law of demand, the supply relationship shows an upward slope. This means that the higher the price, the higher the quantity supplied. Producers supply more at a higher price because selling a higher quantity at a higher price increases revenue. The brief meaning is If  demand  is  held  constant, an  increase  in  supply  leads  to a decreased  price, while a  decrease  in supply leads to an increased price. Factors affecting demand and supply: Price: when the price goes up, demand goes down and vice versa. Changes in consumers Income spent on goods and services Changes in government fiscal policy  Ã‚  and monetary policy Changes in the growth rate of a Population Natural disasters (storms, hurricanes, earthquakes, tornadoes, floods etc) Changes in the Tastes/Preferences of consumers for goods/services Changes in the state of the art of business firms Nature of the good is basic commodity, it will lead to a higher demand As more or fewer producers enter the market this has a direct effect on the amount of a product that producers are willing and able to sell The producers expectations Paragraph of demand and supply( with an example) C:UsersRioDesktopsupply_and_demand.gif The perfect competition: Perfect competition is a theoretical market structure, Also is market structure where there are large number of buyers and sellers who are willing to buy or sell a product or service at a given price basically used as a benchmark against which other market structures are  compared. Perfect competition describes a  market structure  whose assumptions are extremely strong and highly unlikely to exist in most real-time and real-world markets. Economists have become more interested in pure competition partly because of the rapid growth of  e-commerce  in domestic and international markets as a means of buying and selling goods and services Basic assumptions required for conditions of pure competition to exist   Essentially these factors exist to prove that firms in perfect competition have no influence over other competitors or over the demand for its own goods. Large Number of Small Firms Each firm produces only a small percentage compared to the overall size of the market output.   If one firm decides to double its output or stop producing entirely, the market is unaffected. The price does not change and there is no discernible change in the quantity exchanged. The meaning is firms has no control over the market price. Many individual buyers,  none of whom has any control over the market price Firms have the freedom of entry and exit from the industry.  They are not restricted by government rules and regulations Perfect knowledge: In perfect competition, buyers are completely aware of sellers prices, such that one firm cannot sell its good at a higher price than other firms. Each seller also has complete information about the prices charged by other sellers so they do not inadvertently charge less than the going market price.   other words, there are few transactions costs involved in searching for the required information about prices Monopolies A monopoly exists where there is only one supplier of a product or service. This allows the supplier to charge higher prices than if there was competition The meaning of monopoly is that there is no competition and therefore the supplier has a very high degree of pricing power Monopolies can arise in a number of ways including: By developing or acquiring control over a unique product that is difficult or costly for other companies to copy   By using various legal and/or illegal tactics such as an agreements by former competitors to cooperate on pricing or market share illegal in most countries. And/ or taking control of suppliers of inputs required by competitors or conspiring with them to raise their prices (or lower their quality of service, etc.) to competitors  

The Last Yankee Summary :: essays research papers

The Last Yankee by Arthur Miller is about a woman named Patricia Hamilton who is about to be released from a mental institution. The story takes place around the 1960 the New England Area. The play contains four characters. Their names were Leroy Hamilton, Patricia Hamilton, Leroy Frick, and Karen Frick. Leroy Hamilton was a relative of Alexander Hamilton. Frick and Hamilton’s wives knew each other as they were friends in the institute. Frick is a rich, young business man. He works with oil companies and other things as well. Hamilton, was a member of an elite family and he was a carpenter. Hamilton described himself as a Yankee as did his wife. The behavior of a Yankee according to his wife was they could be abused and taxed as much as they want, they still would not do anything about it but complain and get even sadder. In the first act, Hamilton and Frick got into a heated discussion. Earlier they talked about how their wives got into the institute in the first place. Karen Frick, got into the hospital because she had a nervous breakdown in which she would alienate the outer world from herself. She locked herself at home and would not go out. Before, that occurred she was a real estate agent. Patricia was a home make and became a depressive. Patricia had been in the institute two times already in the fifteen years of her falling out. This was her third time and she was improving. Hamilton, got mad when Frick talked about labor as if it was a bad thing. Hamilton said nothing was wrong about being a carpenter and nobody was proud to be in labor it was just something people talked as if they were so low in the dirt. In the second act Karen and Patricia talk about their lives. Karen often trailed off into her own thing, while Patricia tried to talk about herself. Patricia talked on how she grew up in Sweden and how her family was full of beautiful people. Her brothers had died by committing suicide. Her mother’s beauty was everlasting until she died at 81 years old. Also, she talked about how she stopped taking her medication and then was gradually getting better. She had been off drugs for 21 days. So now she could be able to do much more. All that she wanted was to make her husband happy and how the church she like d and the preacher who would talk to her.

Inspiration and Inerrancy of the Bible

Inspiration and Inerrancy of the Bible The Bible is a collection of books, inspired by God, to be used as God’s revelation of Himself to us. It is God’s doorway to declare his authority over his people. Authority of the Bible is established and/or comes from its own claims. The Old Testament uses the phrase â€Å"This is what the Lord says† enough times to give any reader the understanding that it is the word of God. Because the Bible is viewed as God’s Word it is the final word concerning all issues it speaks. Inspiration is the supernatural guidance of biblical writers by the Holy Spirit.There are different theories as to how God inspired the Bible. Verbal and Plenary inspiration are two theories held by many. These are similar in the belief that they believe the Holy Spirit’s influence was so intense that each word ended up being the exact word God wanted used. Verbal inspiration is more text oriented than author oriented while Plenary holds more to author oriented rather than text oriented. I hold to the belief once taught to me by Dr. Orr that â€Å"God is God, and therefore can do anything God wants; God inspired the Bible in his own way; thus the Bible turned out exactly as God intended it†.With this belief I do not try to prove how the Bible was inspired but rather stress the Biblical support of the theories. 2 Timothy 3:16 is one of the verses most used when proving inspiration in that it tells us that all scripture is from God. In 1 Corinthians 2:9-13 we are given Paul’s view to the process of inspiration. In this verse Paul explains that the spirit revealed the things God wanted them to know so that they may understand and write what was freely given to them. As Christians we view the Bible as inerrant.Inerrancy is the belief that what God inspired in the Bible is without error. In Numbers 23:19 we are taught that God cannot lie, if this is so and the Bible was inspired by God then we are indirectly gi ven support to and definition of inerrancy. There are five common arguments for and against inerrancy of the Bible. The weakest argument is the Slippery Slope Argument. It just states that if you stop believing in the inerrancy of the Bible than you will stop believing in the teachings and end up an unbeliever. Though this may happen to a few people this is not the usual.Christians can hold to their beliefs without holding to the belief that the Bible is inerrant. The Epistemological Argument is just as weak of an argument. It states that claims of belief can only be justified by believers if scripture is without error. It states that scripture must be beyond a doubt the truth. The problem with this is that a believer should not have to rely on the belief that all scripture is without error to feel that their claim of belief is justified. The Biblical Argument is a great way to defend inerrancy.In this argument it states that the Bible teaches of its own inerrancy. We can see one of these teachings in Matthew 5:17-20. The argument against this is very weak. It argues that the Bible does not teach inerrancy because nowhere does it directly say that the Bible is inerrant, without error. This to me in no way disproves the argument just argues for arguments sake. The last and strongest is the Historical Argument. This argument states that the bible is inerrant because it has been the belief of Christians throughout history.Throughout history Christianity has not fallen as many other beliefs and cultures have. No matter how hard disbelievers try to fight scripture it still stands and is believed by many. There are many famous historical theologians that can be used to defend the inerrancy of the Bible. The argument against this is weak in that it argues that the Bible was not taught as inerrant till the 19th century. It argues that the only reason Christians began to say the Bible was inerrant was because of the need for it in apologetics.The relationship between i nspiration and inerrancy is powerful because they are united. Without the inspiration of the Holy Spirit there would be no need of inerrancy. We trust in the inerrancy of the Bible because we are taught that scripture was given to the authors by the breath of God. God is infallible and therefore the inspiration of the Bible is inerrant. When I reflect on the authority, inspiration, and inerrancy of the Bible I know that to be a committed follower of Jesus I must submit to each of these so that I may grow in my faith.

Free Essays on Fiber Optics

The Technology of Fiber Optics A fiber optic is a cable that is quickly replacing out-dated copper wires. Fiber optics are based on a concept known as total internal reflection. It can transmit video, sound, or data in either analog or digital form. Compared to copper wires it can transmit thousands of times more data and has many general uses ranging from telecommunications, computing, and medicine. In the summer of 1970, scientists at the Corning Glass Works developed a single mode fiber with a loss of 20 dB/km. This corresponds to over a 99% loss over one km, which may seem useless, but at the time it was a spectacular breakthrough. On October 30, 1986, a fiber across the English Channel became operational. In December 1988, the TAT-8, the first transatlantic fiber cable became fully functional. Currently, the standard losses of fiber are within 0.5 – 0.25 dB/km with a data transfer rate of one trillion bits per second. The basic setup for a fiber optical system is that first, a transmitter receives an electrical signal, usually from a copper wire. The transmitter drives a current on a light source and the light source launches the optical signal into the fiber. Inside the cable, repeaters often amplify the signal due to slight losses in power. Once the signal is through the cable, a light detector receives and converts it back to an electrical signal to send down another copper wire. There are five layers in almost all fiber optic cables. The inner most layer is the optical core. This is the light-carrying element typically made of silica or germania with an index of refraction of 1.48. The layer surrounding the central core is the optical cladding made of pure silica and has an index of refraction of 1.46. It is the boundary between these two layers that the light reflects off of, so the light never actually enters the cladding, it just reflects off the boundary. The next layer is the buffer material that shields the... Free Essays on Fiber Optics Free Essays on Fiber Optics The Technology of Fiber Optics A fiber optic is a cable that is quickly replacing out-dated copper wires. Fiber optics are based on a concept known as total internal reflection. It can transmit video, sound, or data in either analog or digital form. Compared to copper wires it can transmit thousands of times more data and has many general uses ranging from telecommunications, computing, and medicine. In the summer of 1970, scientists at the Corning Glass Works developed a single mode fiber with a loss of 20 dB/km. This corresponds to over a 99% loss over one km, which may seem useless, but at the time it was a spectacular breakthrough. On October 30, 1986, a fiber across the English Channel became operational. In December 1988, the TAT-8, the first transatlantic fiber cable became fully functional. Currently, the standard losses of fiber are within 0.5 – 0.25 dB/km with a data transfer rate of one trillion bits per second. The basic setup for a fiber optical system is that first, a transmitter receives an electrical signal, usually from a copper wire. The transmitter drives a current on a light source and the light source launches the optical signal into the fiber. Inside the cable, repeaters often amplify the signal due to slight losses in power. Once the signal is through the cable, a light detector receives and converts it back to an electrical signal to send down another copper wire. There are five layers in almost all fiber optic cables. The inner most layer is the optical core. This is the light-carrying element typically made of silica or germania with an index of refraction of 1.48. The layer surrounding the central core is the optical cladding made of pure silica and has an index of refraction of 1.46. It is the boundary between these two layers that the light reflects off of, so the light never actually enters the cladding, it just reflects off the boundary. The next layer is the buffer material that shields the...

Free Essays on Executive, Legislative and Judicial branches

The Constitution of the United States recognized the need for separate powers as well as checks and balances among the executive, legislative and judicial branches. Separation of powers prevents one branch from becoming excessively dominant over the other two. One of the biggest debates concerning the separation of powers is the attempt to determine which branch has the constitutional authority to undertake the involvement of war. This brings us to the argument of the constitutionality of the War Powers Resolution passed by congress in 1973 in effort to balance powers between congress and the president. Another example used to illustrate the concept of the separation of powers is the ratification of the treaty of Versailles in 1919. The separation of powers, however, has caused conflicts among the tree branches, and consequences that paved the road of the US history took place. When it comes to declare war†¦ which branch has the constitutional authority to do so? Section 3 of the War Powers Resolution act states: "The President in every possible instance shall consult with Congress before introducing United States Armed Forces into hostilities or into situation where imminent involvement in hostilities is clearly indicated by the circumstances, and after every such introduction shall consult regularly with the Congress until United Sates Armed Forces are no longer engaged in hostilities or have been removed from such situations." Section 3 of the War Powers Resolution is necessary for the perpetuation of democracy and its inherent system of checks and balances. The development of executive dominant role in war making has resulted in an attempt by congress to reassert its constitutional war-making powers. The War Powers Resolution (WPR) represents congress attempt to regain a degree of involvement in the nation decision to engage in war. Decisions t! hat presidents had made previously with little congressional participation. U... Free Essays on Executive, Legislative and Judicial branches Free Essays on Executive, Legislative and Judicial branches The Constitution of the United States recognized the need for separate powers as well as checks and balances among the executive, legislative and judicial branches. Separation of powers prevents one branch from becoming excessively dominant over the other two. One of the biggest debates concerning the separation of powers is the attempt to determine which branch has the constitutional authority to undertake the involvement of war. This brings us to the argument of the constitutionality of the War Powers Resolution passed by congress in 1973 in effort to balance powers between congress and the president. Another example used to illustrate the concept of the separation of powers is the ratification of the treaty of Versailles in 1919. The separation of powers, however, has caused conflicts among the tree branches, and consequences that paved the road of the US history took place. When it comes to declare war†¦ which branch has the constitutional authority to do so? Section 3 of the War Powers Resolution act states: "The President in every possible instance shall consult with Congress before introducing United States Armed Forces into hostilities or into situation where imminent involvement in hostilities is clearly indicated by the circumstances, and after every such introduction shall consult regularly with the Congress until United Sates Armed Forces are no longer engaged in hostilities or have been removed from such situations." Section 3 of the War Powers Resolution is necessary for the perpetuation of democracy and its inherent system of checks and balances. The development of executive dominant role in war making has resulted in an attempt by congress to reassert its constitutional war-making powers. The War Powers Resolution (WPR) represents congress attempt to regain a degree of involvement in the nation decision to engage in war. Decisions t! hat presidents had made previously with little congressional participation. U...

Sociological Media Analysis Coursework Example | Topics and Well Written Essays - 1000 words

Sociological Media Analysis - Coursework Example Roles are reversed to personify dogs, as though we care, and how mothers must feel to have to clean up after their babies. The cost is picking up the poo, the reward is taking the baby for a walk. We as an audience do not have to understand why they are matched. The whole series are based on such anomalies. This paper will develop the Four Stage Model and Equity Theory and show how they apply to this series. The Social Exchange Theorist use both the Four stage Model and the Equity Theory as they both depend on the relational dyad of two people, or in this case two beings which create interpersonal resources: rewards, costs, and reciprocity. The resources can be symbolic and, or material. (Thibaut & Kelley 1959). The Equity Theory of Walsfer, Walsfer and Berscheid (1978) went one step deeper to explain one on one relationships.. Rewards, Cost and an addition variable of comparison and an element of fairness. Family Guy has all the element but the joy is that the concept of normal role models does not exists. Social Exchange between two people implies that Rewards and Costs are an integral part of the relationship. Rewards are defined as an interchange of resources between the couple which bring gratification and pleasure. Costs are defined as a missed opportunity, or exchanged resources that result in a loss or punishment (Thibaut & Kelley, 1959). Maybe the popularity of this program is that the Rewards and Costs are changed as are other consequences and it doesn't matter. Outcomes equal rewards minus costs. Reciprocity is the interchange between partners. The terms Rewards, Costs and Outcomes are used in all general social exchange theories and models. Reciprocity in Family Guy shows the constant role reversal but the fact that there are true relationships. It does not matter how the dyad is created. In several shows, Peter fights with the chicken for having received an expired coupon, then he goes out to dinner with him and in the same show he starts fighting again. The 4 stage Model (Thibaut & Kelley, 1959) used rewards, costs, comparison level, and comparison level for alternatives. Thibaut and Kelley made the assumption that relationships would last based on rewards and costs if the importance of previous life experiences were brought into the relationship. On this basis, we have an easier time understanding Family Guy. Peter first feels sexually harassed by his boss. He is afraid of losing his job. These are common social fears that we all have as an audience. The popularity of the program is that it deals with day to day issues, in which touch us all. The humor comes from the constant surprises of the different role models. Peter uses previous life issues to bring into recent relationships. The concept of Comparison Level (CL) explains the level of contributions that previous experiences and expectations make to determine how satisfied an individual is with his or her interpersonal relationship. Individuals come to their relationshi ps with an awareness of societal norms for relationships and a backlog of their own experiences. The societal norms for Family Guy are normal. The CL is influenced by this information and, thus, reflects (a) what individuals feel is deserved and realistically obtainable within relationships, and (b) what individuals feel is important for them to experience within a relationship. According to exchange theorists, satisfaction with a relationship alone does not

Twenty Years at Hull House Essay Example | Topics and Well Written Essays - 1000 words

Twenty Years at Hull House - Essay Example The changes brought about in the living of thousands of people and the education and training that was provided in the Hull House which served as a centre for social work is also explained. The book serves to analyze the social injustices that are prevalent in our surroundings. It presents the conditions in which the immigrants of different countries had to live in the United States. It presents the silence of the government on these issues which are left for the people to deal with themselves. The necessity of proper education, proper health and environment are emphasized in this book. The importance of proper social gatherings and training of social skills is also embedded in this book. Jane Addams worked towards achieving a goal for the improvement of the living of many people and presenting many important concepts of health and the steps that needed to be taken by the government to curb such issues. Hull House was a place which was open for all and did not have any religious affiliation. It served as an important centre for the social gatherings and social development of individuals. With time, the Hull House matured and the services improved and it attained a cent ral position in the American society. It worked for the purpose of solving important matters of the society which included the laws against child labor and laws for improving the working conditions of the laborers. The period when the Hull House came into existence was a time when the American society was becoming industrialized and harsh labor laws were a part of the society. A very important event that Addams presents in the book assists in totally understanding the conditions of those times is: Our very first Christmas at Hull-House, when we as yet knew nothing of child labor, a number of little girls refused the candy which was offered them as part of the Christmas good cheer, saying simply that they â€Å"worked in a candy factory and could