Examples Of Important Trade Offs - 1387 Words

Gino Palummo Microeconomics Final Due: 12/12/15 1. Examples of important trade-offs that I face in my life†¦ - To go out with my friends or to stay in and study. - Whether to take a nap or do my homework. - To buy a new car or to save my money. 2. a) Economists make assumptions to simplify a complicated world to make it easier to understand and to focus our thinking to the importance of the problem. If we focus on what we are really looking for it will make coming up with a solution much easier. b) Economists sometimes offer conflicting advice to policy makers because each economist might have a different view on any situation depending on their religion, political view, etc. c) An economic model cannot describe reality because it would be too hard to understand. A model is simplified to show what is the most important. 3. a) No, economic output did not start growing faster than the population from the beginning of the human inhabitation of the earth because rapid and sustained economic growth is a modern phenomenon. b) Modern economic growth began with the Industrial Revolution in 1760. c) No, all of the world’s nations did not experience the same extent of modern economic growth because the vast differences in living standards seen today between rich and poor countries are almost entirely the result of the fact that only some countries have experienced modern economic growth. 4. a) The difference between macroeconomics and microeconomics is thatShow MoreRelatedOperational Effectiveness Is Not Strategy1123 Words   |  5 Pagesthe world of business today, rivals can quickly copy market position, and competitive advantage is temporary. The problem is the failure to distinguish between operational effectiveness and strategy. Operational effectiveness and strategy are very important but they work in very different ways. A company can outperform rivals only if they can deliver greater value to customers or create comparable value at a lower cost, or do both. We can have cost advantage if we perform particular activities moreRead MoreGscm550 Week1 Study Questions818 Words   |  4 Pages1: Illustrate a common trade-off that occurs between the work areas of logistics. According to Bowersox (2012) â€Å"trade-offs between procurement, manufacturing, and logistics is to understand that the trade-off is between the cost and risk associated with anticipatory manufacturing and the loss of economy of scale resulting from introducing flexible procedures†. The illustration of trade-off that occurs between the functional areas of logistics, the common trade-offs discussed in our textbookRead MoreQuestions On Problems And Applications1473 Words   |  6 Pages1,5,6,8,11 Chapter 1 Give three examples of important trade-offs that you face in your life. Some examples of trade-offs that I face in my life are rather I should go to sleep early or adding another hour of studying for a test. Another trade-off was that if I should watch some shows online or study more for the final. The last trade-off is when I could spend my money to go out to eat or I could save my money and eat at home. 5. Why isn t trade among counties like a game with someRead MoreWhat Is International Trade?1669 Words   |  7 PagesWhat is international Trade? International trade is the exchange of capital, goods, and services across international borders or territories, which could involve the activities of the government and individual. In most countries, such trade represents a significant share of gross domestic product (GDP). This type of trade allows for a greater competition and more competitive pricing in the market. The competition results in more affordable products for the consumer. The exchange of goods also affectsRead MoreQuestions On Common Types Of Contracts1061 Words   |  5 Pagesselection process, once established, the type of contract selected can have a significant influence on the decision making process related to the trade-off of the triple constraints of cost, time, and performance (Kerzner, 2013). This paper will briefly explain five common types of contracts focusing primarily on how each type can affect project constraint trade-off. Common Types of Contracts There are two general types of contracts: fixed price and cost reimbursable, with each main type having severalRead MoreEssay on Globalization and Localization in International Politics951 Words   |  4 PagesIn the United States today it is very easy to see the influence of international companies and customs within everyday life. From cars to food, trade and investment from other countries is very important to the American economy. Likewise, American influences are important internationally as well. This aspect of the international economy is commonly called globalization. Globalization, as defined by James N. Rosenau in his article The Complexities and Contradictions of Globalization, simply describesRead MoreWTO Essay792 Words   |  4 Pagesthat I was hoping to answer in this paper. In a world of turbulent econmic conditions it is important to no which organizations are responsible for what changes take place. There are many different organizations that affect many different things in our society and the global society and the WTO is one of them. The WTO is the only global international organization dealing with the rules of trade between nations. This organization deals with agreements that are negotiated and signed byRead MorePersonal Economic Decisions1455 Words   |  6 Pageswill list and explain these. I will also provide and an example of a decision that I have made in my personal experiences and what impact that has had or could have had if I had chosen to make a different decision. While each decision we make may not have an impact on the economy, the economy certainly comes into consideration when making any type of financial decision. The Four Principles of Economics Principle One: People Face Trade Offs â€Å"The first lesson about making decisions is summarized inRead MoreAre the Precepts of the IBM Training Program Consistent with the Concepts in This Chapter? Why or Why Not?859 Words   |  4 Pages1. The precepts of the IBM training program are consistent with the concepts in this chapter because there are a lot of consensuses. There are for example power, which is according to Robbins and Judge, â€Å"a capacity that A has to influence the behavior of B so that B acts in accordance with A’s wishes† (p.420) and the power tactics, which are, according to Robbins and Judge, â€Å"ways in which individuals translate power bases into specific actions† (p.425). There are different power tactics an individualRead MoreEssay Employee Organisations Unions697 Words   |  3 PagesEmployee Organisations Unions If employers and employees have a history of good working relationship and mutual trust, reaching decisions, which are fair under the circumstances, would be achievable. For example, if the business is poor and redundancies are possible, it would be impossible to find a solution to suit everyone so the employer would have to make a difficult decision. Good relations between employers and employees are only possible if both feel that they can discuss major