Week 1 Assignment Grantham University Macroeconomics 09 June 2013 Week 1 Assignment Chapter 1 – 3 & 7 3. a. What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods‚ services‚ and resources to others? The method used is market price rationing. This method is done by applying a price to items that are to be rationed. The higher the price‚ the less people can afford the item
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* Water is a natural resource of the utmost importance; nothing on earth can survive without it. Aside from drinking‚ water is used for agriculture‚ cooking‚ bathing‚ cleaning‚ industrial purposes and sanitation. When the demand for water exceeds its supply for an extended period of time‚ scientists refer to the situation as water stress. This serious issue leads to lower quantity and quality of freshwater resources. While most causes are human-related‚ others are uncontrollable. Population Growth
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1. Given that an activity’s normal time and cost are ten days and $400‚ and its crash time and cost are five days and $800‚ what is the activity’s slope? The activity slope is $80 per day. 2. Identify and briefly describe the three types of constraints that can affect how you schedule resources. a.) Technical constraints – these address the sequence in which work activities must be performed. b.) Physical constraints – these occur when there are confined spaces in which the work must be
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One finds that adversity strikes constantly and at random‚ whether or not he expects it. Some fear adversity‚ while others accept and rebuff it. Each person deals with adversity differently‚ some with more extreme methods than others. Recently‚ a tragedy occurred in the tri-state area in the form of Hurricane Sandy. Those who were affected by it had shown their "true colors." Overall‚ adversity is seen to bring out the best in people. The events following Hurricane Sandy’s collision with New York
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Economics is the allocation of scarce resources among competing ends. To some extent‚ virtually everything is scarce - money‚ food‚ water‚ dates for the prom... but some resources are scarcer than others‚ and deserve special attention from those with the tools to allocate them properly. Basically scarce resources can be defined as the limit a society has on a particular resource that is less obtainable than others which are readily attainable. Some examples of some scarce resources that are found
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1) Create a basic organization chart for Robin Hood and his men. Robin Hood organization has a centralized top-down management style structure. Robin Hood is the CEO of the organization; his four lieutenants are directors of specific departments which are responsible for providing research and gathering information‚ finances‚ training‚ and provisioning. 2) What problems does Robin Hood have? What top 4 issues need to be addressed? * Misalignment of goals of the top executives and the
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WHAT IS PRODUCTIVITY? Productivity is about the effective and efficient use of all resources. Resources include time‚ people‚ knowledge‚ information‚ finance‚ equipment‚ space‚ energy‚ materials. IMPORTANCE For the country: Productivity enables the government to do more for the people and the economy: Ugrading the infrastructure Cleaning up the environment Providing more and better social services Providing better care for the poor‚ disabled and others. For organisations: Creating
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1. Power simply stated is the ability to control others. Legitimate power is real power; a manager has real power as it comes with a position. A manager has control as to how a task is preformed and who performs the task. The employees consent to the manager’s requests because there is mutual consent to follow an assortment of orders from people in management type positions. Legitimate power has limits‚ for it only provides the powerholder the right to ask for a set of behaviours from others. The
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VALUE FOR MONEY It could be defined as a concept that evaluates the use of resources at the disposal of an organization with the view to ensuring that the resources have been properly utilized. VFM frequently makes extensive use of performance indicators in the form of ratios and other statistics to sign post VFM through trends over time‚ in comparison to two operating units etc. Under this concept‚ we have three test ways to know if the firms resources have been properly utilized and it includes;
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For whom to produce? Scarcity Every society or economies of the world has to decide on these four questions. The first question of what to produce arises because of the limited resources for production and multiple uses of them. For example‚ wood can be used for the purpose of making furniture or used as a fuel for cooking purpose. Therefore‚ it is important to decide for what purpose the goods are to be produced. Secondly‚ another question that arises due to the scarcity and multiple use of a
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