Microeconomic Business Product Consuming

Question: Describe about the Microeconomic Business for Product Consuming. Answer: 1: Assuming that the thought process was rational, the purchasing was done where the utility from consuming the product was at par with the price of the product. The recent purchasing done was of a product from clothing category. The questions that have been answered before making the transaction was: A. whether the demand for the good and supply of it, are at equilibrium, and B. whether the equilibrium price was feasible. The purchase was done according to the demand and supply concept to ensure the given price is one that comes from the equilibrium. The utility theory was also incorporated. According to Wang (2016), the mix of these two makes the decision rational. Because of this, the cloth that has been bought has given highest marginal utility. 2: The diminishing marginal utility describes that as more of a good is consumed, after a certain amount of consumption the utility achieved from the consumption will start to decrease. During the case of a budget cut as a consumer tries to maximize her utility, she will cut the items in the budget with lowest marginal utility. This way she will try to maximize her utility. On the other hand, the Washington monument strategy advocates of cutting the good from the budget which has highest marginal utility. As stated by Hugh-Jones (2014), here is the difference between the choices in economics and politics. As this behaviour represents irrationality, the choice seems misleading. The difference lies between these two is the hidden political agenda in Washington monument strategy. References: Hugh-Jones, D. (2014). Why do crises go to waste? Fiscal austerity and public service reform. Public Choice, 158(1-2), 209-220. Wang, S. (2016). Microeconomic Theory (Book). Browser Download This Paper.

10 Fun Facts About UVA

1. James Madison, Thomas Jefferson, and James Monroe all lived in Charlottesville. 2. Parts of Evan Almighty were filmed in Charlottesvilles surrounding areas!3. Edgar Allen Poe briefly attended UVA.4. Dr. Seuss was denied admittance to UVA. Rumor has it the name for the fictional town of Whoville was a pun off the Universitys nickname, Hoos5. UVA doesn’t refer to students as freshmen, sophomores, ect, but rather first-years, second-years and so on. 6. Number 5 is due to the fact that Thomas Jefferson, the school’s founder, believed that one never stops learning and that student’s education at UVA is just the beginning.7. The first class to accept women was the class of 1970. 8. Many refer to the campus as grounds. 9. The official mascot for UVA is the cavaliers, but they unofficially adopted the Wahoos, a fish that can drink its weight in water, as their second mascot. While it was originally shouted as an insult by an opposing school at a football game, the students at UVA instead adopted the name. 10. Both Tina Fey and Katie Couric went to UVA. If youre interested in applying to UVA, see all of our admitted studentshere! If youre already a student, make sure to sign up and upload your application materials to earn money.

Japan Essays - Empire Of Japan, Strategic Management, Shwa Period

Japan Essays - Empire Of Japan, Strategic Management, Shwa Period Japan The occupation of Japan was, from start to finish, an American operation. General Douglans MacArthur, sole supreme commander of the Allied Power was in charge. The Americans had insufficient men to make a military government of Japan possible; so t hey decided to act through the existing Japanese gobernment. General Mac Arthur became, except in name, dictator of Japan. He imposed his will on Japan. Demilitarization was speedily carried out, demobilization of the former imperial forces was complet ed by early 1946. Japan was extensively fire bomded during the second world war. The stench of sewer gas, rotting garbage, and the acrid smell of ashes and scorched debris pervaded the air. The Japanese people had to live in the damp, and col d of the concrete buildings, because they were the only ones left. Little remained of the vulnerable wooden frame, tile roof dwelling lived in by most Japanese. When the first signs of winter set in, the occupation forces immediately took over all the s team-heated buildings. The Japanese were out in the cold in the first post war winter fuel was very hard to find, a family was considered lucky if they had a small barely glowing charcoal brazier to huddle around. That next summer in random spots new ho uses were built, each house was standardized at 216 square feet, and required 2400 board feet of material in order to be built. A master plan for a modernistic city had been drafted, but it was cast aside because of the lack of time before the next winte r. The thousands of people who lived in railroad stations and public parks needed housing. All the Japanese heard was democracy from the Americans. All they cared about was food. General MacAruther asked the government to send food, when they refus ed he sent another telegram that said, "Send me food, or send me bullets." American troops were forbidden to eat local food, as to keep from cutting from cutting into the sparse local supply. No food was was brought in expressly for the Japanese durning the first six months after the American presence there. Herbert Hoover, serving as chairman of a special presidential advisory committee, recommended minimum imports to Japan of 870,000 tons of food to be distributed in different urban areas. Fi sh, the source of so much of the protein in the Japanese diet, were no longer available in adequate quantities because the fishing fleet, particularly the large vessels, had been badly decimated by the war and because the U.S.S.R. closed off the fishing g rounds in the north. The most important aspect of the democratization policy was the adoption of a new constitution and its supporting legislation. When the Japanese government proved too confused or too reluctant to come up with a constitutional reform that satisfied MacArthur, he had his own staff draft a new constitution in February 1946. This, with only minor changes, was then adopted by the Japanese government in the form of an imperial amendment to the 1889 constitution and went into effect on May 3, 1947. The new Constitution was a perfection of the British parliamentary form of government that the Japanese had been moving toward in the 1920s. Supreme political power was assigned to the Diet. Cabinets were made responsible to the Diet by having the prime minister elected by the lower house. The House of Peers was replaced by an elected House of Councillors. The judicial system was made as independent of executive interference as possible, and a newly created supreme court was given the power to review the constitutionality of laws. Local governments were given greatly increased powers. The Emperor was reduced to being a symbol of the unity of the nation. Japanese began to see him in person. He went to hospitals, schools, mines, industrial plants; he broke ground for public buildings and snipped tape at the opening of gates and highways. He was steered here and there, shown things, and kept muttering, "Ah so, ah so." People started to call him "Ah-so-san." Suddenly the puybli c began to take this shy, ill-at-ease man to their hearts. They saw in him something of their own conqured selves, force to do what was alien to them.

Water Resources Assignment Example | Topics and Well Written Essays - 250 words

Water Resources - Assignment Example At Sattler and Brussels points, the volume of discharge indicates similarity in the environmental conditions of the areas surrounding the river. Therefore, Guadalupe River covers areas with similar climatic conditions that do not change abruptly making the discharge to be even. The climatic conditions of the two areas is relatively same, making the discharge volumes relatively equal, with the daily maximum and daily minimum varying minimally. The areas around the branches did not register changes in the land use that could affect the amount of discharge. There is a significant correlation between the flow and precipitation as witnessed in the change of the volume of discharge. The months of January to April register constant precipitation with the rest of the years having minimal precipitation. The relation between the minimal, maximum and mean discharge is constant with minimal variation in the discharge indicating the similarity of the environmental

Individual Report Essay Example | Topics and Well Written Essays - 1250 words

Individual Report - Essay Example Being the largest employer in the world and one of the biggest companies in the world, Wal-Mart faces a number of business risks as well as human resource challenges. The human resource challenges faced by the company are factors of internal threat to the business and Wal-Mart has been trying its best to alter its strategies and adopt the best possible human resource practices to negate the effect of the negative publicity caused by the internal human resource challenges faced by the organization. Discussion The employees of Wal-Mart have been dissatisfied with the discrimination and low pay policies which is resulting in negative image of the company. The employee engagement issue has been chosen for this purpose. Employee engagement In an attempt to enhance employee engagement, Wal-Mart has started the employee advancement program. The company takes care to ensure that the employees are presented with enough opportunities to rise through the ranks. Wal-Mart has a reputation of not treating their employee’s right and not being as up to date with technology as they could be. Wal-Mart is showing improvement with using the technology of e-training to enhance the knowledge and skills of their employees. The company along with trying to be customer centric is also trying to touch the base with their consumers (Laris, 2013). In the company the employees are referred to as Associates to promote equality and advices the managers to think themselves as servant leaders. This policy is used to encourage the mangers to serve others while staying focused on reaching the objectives in keeping with the values and integrity of the organization (Wall Street Journal, 2006).Many issues have arisen inside the organization due to the large and diverse workforce in the company. Maintaining the work culture while balancing the diversity level has been a challenge for the human resources team. Due to the existence of numerous stores and a huge number of employees, a vast range of requirements for pay and benefit is necessary (Dessler, 2005, p.97). Wal-Mart recognizes the need for a comprehensive list of options for its employees. Wal-Mart maintains a wide range of choices in the benefits packages offered by them under the career benefits offered by the organization. In terms of employee engagement issue Wal-Mart had faced a number of wage discrimination and class action gender lawsuits resulting in tarnishing the image of the company. It hired more specialized human resource managers and created a team of five legal professionals to handle the workplace issues and the concern of the supervisors on employment matters. A class action lawsuit against Wal-Mart encompassing more than one million female employees, making it one of the largest workplace discrimination cases in the history of the United States. In response to the charges of discrimination, the organization has hired a director of diversity, implemented a companywide computer posting of managemen t opening and also implemented a system in which the bonuses of the executive managers are based on the diversity of the workforce (Ungar, 2013). In order to judge the engagement of the workers in the workplace the company follows the performance measurement system. It was implemented in an organization need to be aligned with both the organization's competitive strategy and the internal HR practices (Bratton, 2007, p. 374). The performance management system of

What Industry did to Develop Japan to be a strong nation Research Paper

What Industry did to Develop Japan to be a strong nation - Research Paper Example Several politicians and political scientists have a diverging opinion and consider that the progress of Japan under this system is just a mere example of exception (Sakoh, 521-548). In this report a discussion will be presented based on the industrial contributions which led to the development of Japan. The development within the society relies heavily on the understanding of scope and goals set by the economy to be achieved. This requires contribution and raising the standards of learning. Other than this offering employment to all and reducing the elements of obesity are essential measures for improving the overall economy. Adapting to various technological advancements and inventions leads to the progress and development of the overall economy. For the economic development the countries need to form strategies which promote knowledge sharing, technological advancement and growth within the economic realm. The economies must emphasize on the strategies which are based on the selection of long term goals and trends. Other than this the industries must also rely heavily on implementing innovative ideas. Development strategies and global recognition are the forms using which the economy can lay its foundation towards the path of economic growth. Creation, acquisition and use of knowledge are the tools using which the countries can develop and progress. The methods of competition within the economy and globally have changed and hence require continuous improvement of all the aspects which lead to the development of the society (Dahlman, 29-63). The Japanese society promotes education and learning as an essential component of the culture. Developing the human resource and providing the skill which nominate growth and development are essential for the progress of the society. The collective survival mechanism based on co-operation between the human workforce leads to the collective growth (OECD, 137-152). The key factors

The Culture Of Creativity And Innovation Commerce Essay

The Culture Of Creativity And Innovation Commerce Essay Creativity and innovation are two inherent qualities human possess that may not be embedded in each and every individual. An organization acquires staff and individual with various different attributes. However, creativity, for one, may not be amongst their major attribute. I believe that it is not easy for an organization to create a culture of creativity and innovation in an organization due to the diversity among members and the organizational identity but it is not impossible either. Depending on the existing organization culture with an evolving organizational identity and using proper language and discursive elements to bring cultural incrementalism, a culture of creativity and innovation in an organization is achievable. A culture of creativity and innovation in an organization can be created by providing staff of the organization proper understanding of the goals and objective and creating an environment to try new ideas and the right to freedom and get support. I believe that simply implementing theories to an organization wont make it creative or innovative. In order to create a culture of creativity and innovation in an organization, the organization needs to understand the behaviour of the people and needs to be open to new ideas and the changes these ideas generate. In this essay, I have tried to focus on implementing culture of creativity into organizations whilst evaluating existing organizational structure and culture. All the theories discussed and argued will be based upon creativity for an organization. The Weberian Thought and Taylorism along with models of organizational structures have been analyzed to understand how people are provided with authority and how they behave in an organization. HAS and IS approach has been compared alongside Darwins Theory of Evolution to put light into the theory of creativity. In order to implement a new concept of creativity and bring change, Kanter, Stein Jicks Big 3 Model of Change and Lewins Model for organizational change has been compared and contrasted. Organizational Culture is an outcome of cultural processes at work in a particular setting and focuses on people and the shared meaning within them. An organization with a strong culture may find it difficult to adapt with changes. If they want to bring a culture of creativity then the organization may find it hard to cope with it. A strong culture will have people with commonalities and may lack diversity which is essential in generating new and different ideas. However, subcultures can exist in such organization with strong culture which may bring creativity as a result of diversity. Such divisions are responsible for giving a different option or a direction to the organization which can result to new frontiers. Diversity is an integral element of an organizations culture. A manager has to be aware of the differences that exist among various employees working in the organization. People in an organization do not always come from the same background. A manager needs to be aware of the differences between the employees in order to create a friendly working environment. Organization, today, has come a long way from the classical approach of Max Weber (Bureaucracy and rationality) and F.W. Taylor (Division of Labour and Scientific Management). Humans are appendage of industrial machines. Humans can be programmed to perform according to loads, pace and fatigue-Max Weber. In order to establish a creative culture, people need to be given freedom to think and work. Webers theory will bring restrictions on the way people think and work by comparing human with machines. Similarly, Taylors Scientific Mangement theory suggests that certain knowledge, belief needs to be predetermined to create a culture. However, creativity cant be moulded by certain rules and regulations. In such a case, the result would not be original and hence, not creative. Darwins Theory of Evolution states that culture is a process of cultivation, i.e., the improvement of human condition which helps create a creative culture as it focuses on betterment of the human condition. Similarly , HAS and IS Approach provides further light towards organizational culture. HAS approach states that culture is constructed by basic assumptions where as IS approach starts from a clean slate where culture is not defined which can help the creativity flourish as there are no boundaries that needs to be met by the people. In recent times, a symbolic-interpretative approach or a postmodern approach is more popular where people and their behaviour are given importance and actions carried out based on them. A symbolic-interpretative approach would create meaning by associating with human through shared values, traditions and customs whereas the Postmodern approach is where managers are artist in themselves who are open to new ideas and based upon these knowledge and understanding come up with a new perspective with reference to the past. The diagram below shows different elements which collectively form a culture. In order to create a creative and innovative culture in an organization, all the elements need to embrace creativity and work accordingly. Creativity injected in these elements will eventually exude the creative culture of the organization. An artifact who would like to be a symbol of the organisation Organizational structure shows the relationship between members within the organization and the distribution of responsibilities and ultimately power. An organizational structure doesnt necessarily influence the organizational culture. An organization may have a strong, bureaucratic culture or a creative culture regardless of the hierarchical structure. In large organization such as Apple, a creative culture exists despite a hierarchical organizational structure. However, creativity needs to fulfil the goals and objectives of the organization and proper communication is necessary between the staff and the managers. So, a flat organizational structure would help in better communication and instant reaction to any changes even if the organization has a Top-Down hierarchy. Organizational Control helps to create an order to the activities carried out in an organization but it can affect the creativity of an organization as the essence of creativity is freedom and we know that organizational control is quite the opposite. The level of control needs to be determined in such a way that it wont hamper the creativity of the staff. In order to create a creative environment, the control needs to be decentralized. Even though managers are in charge, the employees need to have space to come up with ideas without being controlled. Page 345, teamwork and a concern with employee creativity. Language in the form of narrative and storytelling is essential in shaping a culture of an organization. Narration is bringing experience or sequence of episodes coherently into language. From stories we derive meaning, knowledge and experience, and as a result, we are able to understand our own and others existence. Narration helps improve communication between the manager and the employee resulting to better productivity. It even helps to improve quality of management and leadership and understand the direction the organization wants to take in the future. Stories can help people understand and get new ideas which will create a creative and innovative environment. People can relate to characters of the narration and learn from the events. For eg, learning about how Steve Jobs, CEO of Apple Computers, works can inspire people to come up with new ideas and be more innovative. Organizational Change occurs when a new system is introduced and implemented. It is not easy to bring change to an organization. Changing any functioning of the organization will have to change the perception and attitude of the people as well. Such changes need to be handled delicately without upsetting any party. Cultural Change in organizations can be of three types: Apparent Change, Revolutionary Change and Cultural Change. Apparent Change adapts while preserving its identity whereas Revolutionary change is brought about by outsiders by destroying old ones and creating a completely new culture. However, if creative culture needs to be created, Cultural Incrementalism is a good choice. It incorporates the old culture from narratives along with new ideas to come up with a new culture. In our case, changing the way the people work by providing more freedom or brainstorming and discussion sessions incorporated in an existing culture results to cultural incrementalism and hence, a cre ative culture. There are various theories on how change can be managed. Lewins Model: Unfreezing, Change, Refreezing is one of the most popular theorys for managing change in an organization. However, we are focused on changing the culture into a creative culture. For this purpose, Big 3 Model of Change is appropriate rather than Lewins Model. Lewins Model is effective but it focuses more on the manufacturing and operational side of the organization and doesnt take into account the human perspective. It plans and directs change. However, creativity in an organization cant be planned or directed. Big 3 Model of Change focuses on change can be managed by responding, harnessing and provoking change. According to this model, there are three forces of change: Macroevolutionary (Environmental Level), Microevolutionary (Organisational Level) and Political (Individual Level). This model has been criticised to be too broad but due to its inclusion of behaviour of people at different level and responding acc ordingly, makes it a better option towards managing change than Lewins Model. While creating a creative and innovative culture, a manager should not stray away from the identity of the organization. A creative culture may not be suitable for all types of organization. The working environment needs to be understood before changing or creating a culture and the change needs to align with the identity of the organization. For eg, In a Cafe, creativity has very less to do. The employee has to perform task that is routine and there is no room for improvement in terms of creativity. The identity of the cafe is to provide good service to customers. Albert and Whetten beleive that organizational identity has central, distinctive and enduring features. However, Gioia, Schultz and Corley argue that the organizations identity is fluid and not stable. Balmer emphasises on using evolving rather than enduring because these school of thought believe that even the organizational identity doesnt always remain the same and keeps on evolving with time and environment. Culture an d Identity of an organization go hand in hand and Michael Wood has stated, Identity is not something genetic, safe and secure. It is shaped by history and culture: it is about group feeling; allegiance to the state, but in an open society that can be wide and inclusive. It is always in the making and never made. So, if the organization needs to create an innovative and creative culture, the identity can be moulded accordingly. Example: Creative Industry of Jewellery Design. I interviewed a friend, AKG, who assists her father in a family business in Kathmandu, Nepal. The organization is a family business which is basically a jewellery design outsourcing company for various jewellery shops in Kathmandu. The organization was started by her grandfather 34 years ago, to employ people with a passion for their art-jewel crafting while utilising their abilities to their benefits therefore benefitting the organisation. The people hired were people that were fired by her grandfathers friends because they didnt craft the jewellery according to the specified designs. This gave her grandfather the opportunity to bring the best out of his employees in terms of creativity who believed that happy people make better employees. The organization has AKGs father as in-charge and 14 artisans who were hired by her grandfather. These artisans are responsible for coming up with ideas or working on ideas provided to them by the clients. The designs or ideas from clients are translated to the artisans as some are stories and some are an old piece and brainstorming sessions are carried out to understand the story more deeply. Then this raw idea is given to all 14 artisans along with the old piece or the story. They translate it however they think is best. So, by the end of the time given, AKG and her father along with the 14 artisans come together, discuss and look through all the designs. Then, among the 16 people, voting is carried out and sometimes there is a clear winner. However, at times all the 14 translations are sent to the clients to pick the best which makes it much simpler and the winning craftsman receives 35% of the sales proceeds! All 14 artisans work in the workshops at their home. They work separately and each idea and design is unique. They joined this family business because they were able to express themselves and not work under any restrictions. Before, they had to design what was told by the client or the owner and their own idea would not be given value. But now, they can use their creativity and imagination and work on the designs providing a style of their own. However, despite giving these artisans freedom to come up with new ideas, the manager says it is important to keep sidelines. AKG says. When you have such a thing, you got to keep sidelines. They cant just go tinkering around with everything. We do encourage creativity but its got to be marketable and what we ask of them is to judge for themselves if they would be attracted by the design if they say it in a store. The above example is based on a family business which is different from regular corporations. This firm can be classified as a creative industry due to the nature of work. The organization has a flat structure with the manager looking after the 14 artisans and dealing with clients. Due to the group of artisans working for the company for more than 30 years, a culture has been set on how tasks are carried out. Artisans were hired due to their skills of creativity and with an agreement of freedom to go beyond boundaries and try out new things. Having said that, goals and objectives are predetermined and a basic criterion is set which will fulfil the basic demand of the client. Creativity is the organizational identity for this company and it is reflected in the organizational culture as well. The artisans are able to use their skills without compromising on their creativity. The opportunity to work at their own workshops gives them freedom. Hence, this is an organization based around c reativity of the skilful workers where they are given freedom to come up with new ideas that goes along the story provided by the clients. The added incentive makes the workplace more competitive which will motivate artisans to come up with their best work as per customers requirement. This organization depicts an existing creativity culture which was possible due to the identity that was set when the firm was established. The organizational culture of this firm can be seen as IS approach of the organizational culture as the culture was created and it centred on the creation of meaning. Here, the meaning was freedom to creativity for better satisfaction to the workers. This culture of creativity opposes the Classical approach and Webers Bureaucracy theories. Instead of specialising and setting formal rules and regulations, the artisans were given the freedom to work at their workshops and be creative. So, for a culture of creativity to exist, the organizational structure needs to be flexible and interactive and creativity needs to be an element of the organizational identity. The creative is the place where no one else has ever been. You have to leave the city of your comfort and go into the wilderness of your intuition. What youll discover will be wonderful. What youll discover is yourself.- Alan Alda.