Humans have made pets of animals for thousands of years. From something as common as a cat to something as exotic as a lion, history has shown that humans have kept such animals as pets. However, there is one animal that stands out above the rest. Time after time, dogs have proven themselves to be loyal, protective and loving companions. This is why they make the best pet to adopt. The first reason why dogs make the best pets to adopt is because of their loyalty to their owner. They have been know to wait for years for their master to return. That kind of loyalty touches the heart deep down inside.
If only humans could be that loyal. Unless they have been severely mistreated, it is almost impossible to get a dog to turn against his master. Again, this elevates the dog above many humans. Wives have been know to turn against their husbands, husbands against their wives and children against their parents. Dogs are truly loyal creatures. The second reason why a dog is the best pet to adopt is because they are protective. There are many instances of dogs rushing to defend their owners against attackers. Sometimes they do this at the cost of their own lives.
I wonder how many people would as willingly risk their life for another human being. Dogs are routinely used to protect property, being made to stay outside in all kinds of weather just to do that job. Even people who don’t like dogs very much will use them for this purpose. I think this is pretty awful. The final reason why a dog is the best pet to adopt is because dogs are loving companions. Dogs don’t have “dad” moods. You never have to worry when you come through the door at the end of a hard day if your dog is going to be happy to see you! Of course he is! Don’t you wish all people were like that?
Many books and articles have been written on how a dog’s love can restore a person’s health and bring back their will to live. In my life, there have been many times when the comfort of my dogs love meant very much to me. Dogs seem to have a way of understanding you and somehow sharing your burdens and sorrows. They are equally adept at sharing your happiness and can make a good day even brighter. There are millions of dogs and cats that sit in shelters waiting for some person to come take them home every day of the week. Millions more are euthanized due to a lack of space or funding in the shelter each year.
While many people may feel that a pure-bred animal with papers is the only way to get a good dog or cat, this is completely untrue. There are millions of deserving animals that just want a home and family. While it may seem that there are disadvantages to adopting a pet from a shelter, the benefits far outweigh any negatives to adopting an animal. One of the biggest benefits of adopting a shelter animal is that the fee to adopt the pet is far less than anything a breeder or pet store will charge. Many shelters offer their pets for minimal fees in order to facilitate adoption.
In addition, the animals will generally come with a microchip already imbedded as well as have already been altered. These are two costs that you will not have to incur after taking your dog home. Pets from shelters also come with all of their shots and have been de-wormed, something that frequently can’t be said for pet shop animals. Another huge benefit of adopting a pet from a shelter is that mature animals are available. By adopting a mature pet, your family doesn’t have to go through extremely destructive phase of chewing or housebreaking, in many cases.
Another advantage is that the dog or cat is full grown. If your family with limited space available, it is a good idea to adopt a full-grown pet rather than a puppy because the dog won’t grow anymore. The dog or cat’s temperament is also already known at the time of adoption. This is very important, particularly for you because you will have your dog will be around your children a lot. Dogs have proven themselves time after time to be loyal, loving, and protective animals therefore making them the best pets to adopt and to have around your family. They will be loyal, loving, and protective even to your children.
History of Education essay help fairfax: essay help fairfax
In the decades that made up the fifties, sixties, and seventies numerous events that would paint the canvas of American education took place. Equality was an idea that some thought we would never see. Civil rights leaders like Martin Luther King, Jr. saw this idea of equity as an obtainable dream that was in the hearts of all Americans. Though desegregation and the fair treatment of African Americans was at the forefront of the civil rights movement, there were several issues that would be brought to the attention of law makers, federal judges, and the education system.
Such issues included segregation, bilingual students, and special needs education. In 1954, Chief Justice Earl Warren delivered the opinion of the court in one of the most influential cases to ever be presented on the floor of the Supreme Court: “? it is doubtful that any child may reasonably be expected to succeed in life if he is denied the opportunity of an education. Such an opportunity, where the state has undertaken to provide it, is a right which must be made available to all on equal terms. 1 This ruling, made in the case of Brown v. the Board of Education of Topeka, KS, effectively overturned a decision made in the 1896 Supreme Court case Plessy v. Ferguson. For nearly sixty years, it had been considered constitutionally justified to segregate the public education system. The opinion delivered by Chief Justice Warren served as a platform from which the Civil Rights Act (CRA) of 1964 would be propelled. Before this would occur, many obstacles would have to be conquered. On September 2, 1957 Arkansas Gov.
Orval Faubus defied a federal court order to desegregate public schools by dispatching the State National Guard unit to prevent 9 African American students from entering Central High School. It wasn’t until a federal judge had issued an injunction against the Governor’s use of National Guard troops and President Dwight D. Eisenhower had dispatched one thousand Army troops to the school that the students were able to attend their first day on September 25. Shortly thereafter, the case of Cooper v. Aaron was presented to the Supreme Court.
The request by the Little Rock Arkansas School Board to temporarily suspend their plan to desegregate was denied. It was the thought of the Chief Justices that if this request was granted it would be the first of many attempts to delay desegregation thereby further hindering the education of African American students. Subsequent Supreme Court decisions in cases such as Green v. Kent County School Board (1968), U. S. v. Montgomery County (1969), and Swann v. Charlotte-Mecklenburg (1971), were all in support of desegregation.
Title IV of the CRA of 1964 called for the desegregation of public schools. Title VI assured nondiscrimination when funds were distributed to federally assisted programs. Years of turmoil and strife led to the 1974 Equal Education Opportunities Act (EEOA). The EEOA provided that no state could deny equal education based on race, color, sex or national origin. The EEOA pointed out a set of students that had been previously overlooked. Those of different national origin also had a different native language. The case of Lau v. Nichols addressed the needs of bilingual students.
It was ruled that school districts must provide remedies for non-English speaking students. The ASPIRA Consent Decree of the same year required that Limited English Proficient (LEP) students must be taught, at least partly, in their native language. A year later, in 1975, the National Association of Bilingual Education was founded proving that we had taken another step towards equity in education. One of the most overlooked issues of the time period was the special needs student. Samuel Kirk coined the term “learning disability” at a Chicago conference in 1963.
A year later, the Association for Children with Learning Disabilities was formed. Later, it became known as the Learning Disabilities Association of America. It was some seven years later in 1971 when the Supreme Court ruled that students with mental retardation are entitled to a free public education. The case of Pennsylvania Association for Retarded Children (PARC) v. Pennsylvania served as a catalyst to bring to the public eye the needs of the mentally handicapped. The next year, Mills v the Board of Education of Washington, D. C. extended the ruling of PARC v.
Pennsylvania to include students with disabilities. This ruling also required that educational alternatives must be provided that fit the child’s needs. The Rehabilitation Act, which became law in 1973, required accommodations in school including participation in programs and activities as well as access to buildings. Section 504 of this act guaranteed people with disabilities would enjoy civil rights in the context of federally funded institutions. 504 plans are used today in place of Individualized Education Programs (IEP’s) for those students who do not qualify for special education.
The Education of All Handicapped Children Act (PL 94-142) became law in 1975. This law required free and appropriate public education (FAPE) that was suited to meet a student’s individual needs. If we look at this era as a whole, it’s a lot to take in. Several monumental legislative actions were taken to ensure that all students were granted an opportunity to receive an adequate education. We often times look at these decades and think only of the racial implications. We do it a great injustice if we do not take into account the other areas that were significantly impacted.
Due to the outspoken nature of critics of a broken education system, we now have a system in place that takes into consideration the needs of all students. Rev. Theodore Hesburgh, president of Notre Dame University and a member of the Civil Rights Commission, said it best in the Commission’s 1961 annual report: “Americans might well wonder how we can legitimately combat communism when we practice so widely it’s central folly: utter disregard for the God-given spiritual rights, freedom and dignity of every human person. ” 2
Selection and Recruitment summary and response essay help: summary and response essay help
This paper will analyze the theoretical principles behind the relevant screening and selection method and then apply the theories to the Jandal Air Call Centre. The first section of this paper defines and describes the key concepts of validity, predictive validity, utility and reliability and then investigating the nature of call centre work and identifying the key competencies required in the Jandal Air Call Centre. The second section will critically evaluates the selection methods such as application blanks, biographical data, resumes and cover letters, reference checks and initial interviews.
The third section will analyze and evaluate the selection methods of personality tests including service orientation inventories, cognitive testing, work samples, integrity tests, structure interviews and assessment centre’s. This paper concludes with a final screening and selection plan for the Jandal Air Call Centre and considers its implementation. Organization’s major challenge in the rapidly changing work environment is designing and managing successful staffing processes. (Heneman & Judge, 2006).
Organizations use external or internal recruitment methods to get the best possible candidate in order to achieve their goals and objectives. Legge (1995), argues that the integration and internal consistency of human resource systems is very important for organizational success. Thus he says that the selection and recruitment processes are the foremost part of finding and identifying potential candidates. Success in securing appropriate and skilled employees sets upper limits on potential organizational performance, however good the management and development of that workforce be (Wolf & Jenkins, 2006).
Heneman and Judge (2006), suggest that although costs need to be considered in evaluating assessment methods, more consideration should be given to the fact that valid selection measures pay off and will return many times their cost. Firms that are less selective or hire lower-skilled employees are likely to experience significant effects on productivity, while hiring a mismatched employee can result in poor performance and higher turnover rates (Batt, 2002).
The importance of careful selection is punctuated in the case of front-line service roles, as these employees are situated at the organizational-customer interface, representing the organization to customers (Ashforth & Humphery, 1993). However, according to Hays Recruitment (2009), due to the current economic climate, pressure to maximize sales and revenue has created demand for experienced telesales consultants, while the need to maintain customer bases has created demand for capable customer service representatives.
Selectors need to be aware of how well particular methods predict future performance which is the validity and of the different methods cost, relative to the increased accuracy they bring which the utility (Wolf & Jenkins, 2006). In staffing, there is a concern with the validity of predictors both in terms of accuracy of measurement and accuracy of prediction (Heneman and Judge, 2006). It is important to use predictors that are an accurate representation of the knowledge, skills and other abilities (KSAOs) to be measured.
In order to assess the various screening and selection methods we must first understand the key concepts of validity, reliability and utility. According to Heneman and Judge (2006), validity refers to the accuracy of measurement and accuracy of prediction, as reflected by the scores obtained from a measure. That is the strength of the relationship between a predictor and job performance; the degree to which we are measuring what we think we are measuring.
Models of the Criminal Justice System english essay help: english essay help
The crime control model and the due process model of the criminal justice system in use today seem only to have one thing in common. That is that each model obviously wishes to control crime. Each model seems to be like day and night as far as how that goal is met. The differences in these models are outstanding. Every step along the road to controlling crime is quite the opposite of each other. The major difference is how the criminal and criminal act is dealt with. The crime control model wishes to get the matter dealt with as quickly as possible whether or not all the proper steps to proving guilt have taken place.
The due process model wishes to take the time to have all rights and responsibilities accounted for. In addition, the crime control model allows for the brunt of the responsibilities to be carried out by law enforcement, while the due process model expects that evidence be handled correctly and provided in a trial where the judge and jury have the authority. The moral value of each process is quite different as well. The basic principles surrounding penalty for a criminal are set at opposite ends of a spectrum between the models.
The crime control model has no time to believe a criminal can change and suggests that the penalties should be severe, to include use of capital punishment. The due process model hopes to see the criminal rehabilitated and put back into society and disagrees with death as a suitable punishment. The crime control model holds the individual completely responsible for their actions no matter what the case may be. The due process model allows for human error basing crime on other standards such as age, demographics, or social standing.
I do not feel that either model could survive on its own. I absolutely believe that it has to be an even mix of the two. Both models are to extreme and separate. An individual, criminal or not should have the right to a trial with proper evidence one-way or the other. I do personally agree with the use of capital punishment but it should only be used in extreme cases. I also believe that humans do make mistakes and some are perfectly capable of realizing that mistake and should be given the opportunity to go through some sort of rehabilitation process.
As far as who should have the control in deciding the innocence or guilt and punishment when needed, it should be a group effort. Law enforcement should have the duty of obtaining evidence in a manner that does not infringe upon anyone’s rights and that evidence should be made available during a fair trial where a judge and jury decides the outcome. While both sides of each model have good reasoning and effectiveness, I cannot agree with one all the way.
Inside Criminal Law essay help services: essay help services
Running head: INSIDE CRIMINAL LAW Inside Criminal Law Robert Godin Axia University of Phoenix Inside Criminal Law The first main function of criminal law is protect and punish. It is also known as the legal function. The main function of this legal function is to uphold social order by protecting the citizens from criminal harm. There are two types of criminal harm. The first is harm caused to individual people both to themselves and their property. These crimes can be from murder, assault, theft or even arson.
The second harm can be cause to everyone by unsafe foods, contaminated city drinking water, poorly maintained sewage and unsafe buildings. The second main function of criminal law is maintain and teach also know as the social function of the law. This function of criminal law provides laws that make penalties for crimes that are wrong morally but do not cause any type of harm to anyone with the exception to maybe a persons family members. Some people believe that criminal laws do not just say what is expected of the people but also criminal laws teach people also. Laws change over time to fit how society looks upon things.
Take sodomy for example; Sodomy is a illegal and a criminal law but we see more and more now, married couples committing this act. Also look at the “porn” industry, they make a lot of movies and take many pictures of two people committing sodomy but it is now accepted by many in our society. There are four written sources of criminal law. One of the sources is the U. S. Constitution. The others include statutory law, administrative law, and case law. The Constitutional law is based on the U. S Constitution and the constitutions of each state. A constitutional law is the supreme law and all other laws are based off of the constitutional law.
If a law is considered unconstitutional, it will not be enforced and will be erased. Statutes are passed by legislative bodies at any level of government. Federal statutes are laws that are passed by Congress and become federal laws. State statutes are laws that are passed by the state legislature and those that are passed become state laws. There are also laws that are passed by both cities and counties which are called ordinances. An example of a city ordinance is no person shall ride a skate board on the sidewalk in the downtown area of the city.
A administrative law is a law that is passed by a federal, state, or local government agency which is created to perform a particular job. Some examples of these agencies are Occupational Safety and Health Administration (OSHA), Environmental Protection Agency (EPA), and the Food and Drug Administration (FDA). OSHA watches over the safety and health of all the workers in the U. S. If a company is not giving the proper amount of breaks or is not trying to provide a safe working environment for its employees, OSHA steps in and penalizes the company for the wrong doing.
The EPA is in charge of protecting our environment. If a company is disposing chemicals incorrectly the EPA is in charge of penalizing the company for the specific violation. The FDA controls the foods and drugs that are created in the U. S. All foods and drugs in the U. S. must go through the FDA for approval first before they are shipped out of factories. If the FDA finds something wrong an item, they are responsible to make sure that item does not get distributed to people in the U. S. A justification defense can be Duress.
Duress occurs when a person is threatened by another person to commit a crime which the person would not normally commit. In order to be able to use duress as a defense, there are certain requirements that must be met. The first requirement is the threat must be of either serious bodily harm or of death. The second is the threat to the person must be more severe than the crime that is going to be committed by the person. Next, the threat must me instant and unavoidable. Finally the person being threatened must have committed the crime because they were forced against their will to commit it.
An excuse defense can be voluntary intoxication. A person can say they were intoxicated by either drugs or alcohol when they committed the crime and were not in the right frame of mind when it occurred. The down fall of this is the person that was intoxicated at the time of the crime voluntarily became intoxicated by consuming too much alcohol or taking illegal drugs. If this person would not have consumed alcohol or took illegal drugs, the crime would not have committed. The Bill of Rights has provided the foundation for common safeguards of the accused in the U. S. ince it was established. The safeguards that were given to the people are of the following. 1. The Fourth Amendment protects people from unreasonable searches and seizures. 2. The Fourth Amendment requires that no warrants for a search or an arrest can be issued without probable cause. 3. The Fifth Amendment requires that no one can be deprived of life, liberty, or property without the “due process” of law. 4. The Fifth Amendment prohibits double jeopardy from occurring. 5. The Fifth Amendment guarantees that no one can be required self incriminate himself or herself. . The Sixth Amendment guarantees a person a speedy trial, a trial by jury, a public trial, the right to confront witnesses, and the right to a lawyer at different periods of criminal trials. 7. The Eighth Amendment prohibits excessive bails and fines and cruel and unusual punishments. At first the Bill of Rights offered people protection only against the federal government. Since then, the common safeguards for the Bill of Rights have been put in effect by state governments as well as more protection which was granted by the passing of the fourteenth amendment.
Both the Fifth and Fourteenth Amendments say that no one should be deprived of life, liberty, or property without due process of the law. This says that the government can not take away these items without having justifiable reason to do so. The decision can not be based on just an individuals judgment when making that decision. (Inside Criminal Law) Reference (2006). Inside Criminal Law. In Criminal Justice in Action: The Core (pp. 76-91). : Thomson Learning, Inc.
Economic Recession in India essay help cheap: essay help cheap
As it was started in US and now it’s touching the boundary of India also. Recession is a phase in which rupee depreciate, cash crunches, money market slowdown, inflation comes. All in all it’s become difficult to bring money from the pocket of an individual. As we know price of the steel, iron goes up, we would like to postpone our purchasing but if we won’t spend, how producer could makes his bread. If the producer starts reducing the price of the commodity with such belief that customer buy the product in all case.
This will bring only when he starts cutting its cost of production. Cost cutting means reduction in variable cost. As price of steel, iron, equipments, machinery, are touching sky, only way to reduce the cost is the reduction in employees. Hence people fear of their job security. In fear of the job security, people are generally shifting their purchasing. All of them either producer, investor, customer, employee posing each other to create recession Negative Aspect of Recession on Indian Economy As recession have various negative effects on Indian economy.
The capital market was facing the downfall, liquidity is dropping down, an individual don’t have money to spend, producers are increasing their price, but to cope with market they are creating deployment. Positive effect of recession on Indian economy The recession in US led to decrease in demand of products, reduces the price of crude oil. Foreign investors who were not able to find a good return, facing Indian like country, so foreign currency is coming. SURVIVAL STRATEGIES Government step: Government of India can took various steps to bear the pressure of recession.
The RBI by reducing the cash reserve ratio can float the money in market, so the liquidity crisis can be faced. And also it can remove burden of VAT on the business class. The government on Jan 5 released Rs. 800 crore to be paid to exporters as duty drawback. If government under its some scheme allows people to convert their black money into white money through investment will also help in boosting liquidity solution. Survival strategies for an Individual An individual when faces recession time, finds him unable to do anything. But an individual has a great power to reduce the effect of inflation.
Firstly an individual pay off its all debts, if any. Secondly he has planned his whole budget on monthly basis, on what product he has spent now, and things of which purchasing can be postponed. Survival strategies for investors The recession affects the stock market badly. The slowdown in capital market, tensed the investor. The investors now plugging back their money due to fear of recession. An investor after seeing the situation of US, obviously will behave in such manner. In this phase investor has to follow the policy of ‘wait and watch’. For compensating the risk he can diversify his portfolio.
Survival strategies for an employee Unemployment is the worst situation emerges due to recession. This has created fear in the mind of employee either the company will retain him or he has to switch to another one. But there is advice to employee this is not a right time to change the job. Stick to your job and try to find your actual worth in the company. Survival strategies for an employer/Business The businessman is finding impossible for them to stand in recession. The export industry, the IT industry, agriculture sector, banking services, are finding hard to earn bread.
So an employer has to change their policy. Firstly retain your existing customer then go for potential one. Prepare your expenditure chart daily. Instead of retrenchment, change the salary package. Motivate your employees for doing hard work. Convince them for long working hour. To reduce the risk, segment your market. Daily calculate the inflow and outflow of cash from the organization. Keep in touch the changes government made in economic policy.
Liquidity Ratio and Profitability Ratio Report free essay help online: free essay help online
Report Introduction: Any successful business the owners is always calculate the performance of the company, comparing it with the company’s historical figures, with its industry competitors, and even with successful businesses from other industries. To complete a thorough examination of your company’s effectiveness, however, I will calculate the statement of financial performance and statement of financial position, so I need to look at more than just easily attainable numbers like sales, profits, and total assets.
I must be able to read between the lines of the financial statements and make the seemingly inconsequential numbers accessible and comprehensible. This very big data overload could seem astounding. Luckily, many well-tested ratios out there make the task a bit less daunting. Comparative ratio analysis helps you identify and quantify of the desert hotel company’s strengths and weaknesses, evaluate its financial position, and understand the risks you may be taking. As with any other form of analysis, comparative ratio techniques are not definitive.
Numerous off the balance sheet and income statement factors can play a role in the success or failure of a company. This discussion contains descriptions and examples of the eight major types of ratios used in financial analysis: Profitability, Liquidity, short-term liquidity and Long-Term Analysis Ratios are highly important profit tools in financial analysis that help financial analysts implement plans that improve profitability, liquidity, financial stability and management efficiency for the business.
Stusy of Organisation Climate of Tata Steel buy argumentative essay help: buy argumentative essay help
Organizational climate is shared perception of the way things are around the organization. It is individual perception and cognitive representation of the work environment both. Organizational climate is comprised of mixture of norms, values, expectations, policies and procedures that influence work motivation, commitment and ultimately, individual and work unit performance. Positive climate encourages, while negative climates inhibits discretionary effort. ‘Organizational climate’ refers to the quality of working environment.
Every organization is different and has a unique feeling and character beyond its structural characteristics. Thus every organization deals with its member in a distinct way through its policies on allocations of resources, communication pattern, reward and penalty, leadership and decision making style, etc. The organizational policy and conviction with regard to all these and a cluster of other related activities influence the feelings, attitudes and behavior of its members and results in the creation of the unique organizational climate.
Organizational climate has a major influence on human performance through its impact on individual motivation and job satisfaction. It does this by carrying certain kinds of expectancies about what consequences will follow from different actions. Individuals in the organization have certain expectations and fulfillment of these expectations depend upon their perception as to how the organizational climate suits to the satisfaction of their needs. Thus organizational climate provides a type of work environment in which individuals feels satisfied or dissatisfied.
Since satisfaction of individual goes a long way in determining his efficiency, organizational climate can be said to be directly related with his performance in the organization. Organizational climate studies data relating to individual perception of organizational properties in identifying organizational climate. Denison (1996) argues that developing a universal set of dimensions was often the central issue of the climate researchers so that comparative studies could be made possible in different organizational settings.
He compared this approach to that of the culture research that used a post-modem perspective which examined the qualitative aspects of individual social contexts where each culture that was seen as unique and was not expected to have general qualities which had become central to the climate research. Jones and James (19790 argued that one of the assumptions of the climate literature is that a relatively limited number of dimensions could characterize a wide cross-section of social settings. Jones and James labeled their factors as follows: Conflict and ambiguity’, which ‘reflected perceived conflict in organizational goals and objectives, combined with ambiguity of organizational structure and roles, a lack of interdepartmental cooperation, and poor communication from management. Also included were poor planning, inefficient job design, a lack of awareness of employee needs and problems, and a lack of fairness and objectivity in the rewards process. ’ ‘Job challenge, importance and variety’, which ‘reflected a job perceived as challenging, which involve a variety of duties, including dealing with other people.
The job was seen as providing autonomy and feedback, and demanding high standards of quality and performance. ’ ‘Leader facilitation and support’, which ‘reflected perceived leader behaviors such as the extent to which the leader was seen as helping to accomplish work goals by means of scheduling activities, planning, etc. , as well as the extent to which he was perceived as facilitating interpersonal relationships and providing personal support. ’ ‘Workgroup cooperation, friendliness, and warmth’, which ‘generally described relationships among group members and their pride in the workgroup. ‘Professional and organizational esprit’, which ‘reflected perceived external image and desirable growth potential offered by the job. Also included were perceptions of an open atmosphere to express one’s feelings and thoughts, confidence in the leader, and consistently applied organizational policies, combined with non-conflicting roles expectations and reduced job pressure. ’ ‘Job standards’, which ‘reflected the degree to which the job was seen as having rigid standards of quality and accuracy, combined with inadequate time, manpower, training and resources to complete the task. 2.
Supply & Demand, and Price Elasticity popular mba argumentative essay help: popular mba argumentative essay help
Supply & Demand, and Price Elasticity All things in our society are connected in some way, for example, how humans relate to each other. Complex ideas and analysis are not without their own set of unique connections. The intricate theories of economics are a prime example of this connection. To gain an accurate understanding of how supply and demand are connected, and its role within the market, one must analyze the functions of each as separate entities, and how they relate to economics as a whole.
To begin analysis, one must examine what causes change between supply and demand. Once this has been achieved, investigating how changes in price and quantity influence market equilibrium, and how the necessity of a good and the availability of substitutions impact price elasticity will need to be conducted. The final step will be to compare and contrast market systems and the role of an economist within these systems. In order to discover what causes change in supply and demand, people need to understand the definition, different forms, components, and principles.
Supply is defined as the amount of product a producer is willing to provide or sell, while demand is the amount of product a buyer is willing to receive or buy. There are two forms of supply: individual and market. Individual supply is the amount of product offered at different prices at a given time by a seller. Market supply is the amount of the product in the marketplace. The components of supply are the price of the product, the price of input goods, the state of technology, taxes and subsidies, and expectations about the future market price.
An example of a cause that would change supply is the change in the cost of supplies and resources: if the cost goes up, producers will decrease their supply. The law of supply is the amount of the products offered by the sellers, directly related to prices of all things being equal (ceteris paribus). There are two forms of demand similar to supply: individual and market. Individual demand is the quantity of the product or service that one plans to buy at different prices at a given time. Market demand is the sum of people’s demand in the marketplace.
Just like supply, demand has its own determinants such as the price of the goods, the price of substitute goods, the price of complementary goods, tastes and preferences, a consumer’s income, and expectations about the future. An example of a cause that would affect demand is the change from a higher or lower income. This would cause an increase or decrease in demand. The law of demand is the quantity inversely related to the price, ceteris paribus. Oftentimes in supply and demand, pricing affects every aspect that goes along with it; if pricing stays stable, consumers will be able to purchase equal amounts of products.
A family’s income creates a demand for the amount of products that are used on a weekly basis. When price increases, consumers tend to buy less of a particular good creating a demand curve. Depending on the consumer who notices pricing starting to rise, they will purchase extra goods to help them save money until the price lowers. This frequently affects the way things are sold in our local markets. If a change in demand exists, people will use substitute items because of cost. The use of a substitute item will shift the demand curve and will create a new demand curve with the substitute item taken into account.
Additionally, prices change due to market value which impacts the consumer. Availability of certain goods helps keep prices low which influences market equilibrium because consumers will be able to purchase more goods. When a shortage of goods exists, this also affects the markets equilibrium because as prices go up, purchasing becomes less and the consumer only gets a portion of what they would normally pay for that good at the same price. The necessity of a good for a consumer can be determined by the following variables: price, substitution cost, complimentary goods, income, taste/preferences, and expectations.
Elasticity of demand can be summarized the measure of how responsive consumers are to a change in price. If the price of the good goes up, the consumer will buy less of the good, if the price of the desired good decreases, the consumer will purchase more of that good. This concept applies to all the variables listed above. A change in price in either direction is going to affect the consumer’s decision to acquire the good. A good way to look at all the variables is isolating each variable to determine the effect of each with respect to the elasticity price.
The key to elasticity is that it is a unit-less measure. The exact number of units does not matter; the ratio of the percentage changes in quantity divided by the percentage change in price. Additionally, time and budget percentages are variables of elasticity price. The longer a consumer has to look for an option to buy the good will determine the effect of the result to elasticity price. A product that requires a large percentage of the consumer’s budget will make the good elastic.
The above variables are examples of how necessity of a good can affect the price elasticity of a product. A competitive market is a group of buyers and sellers of a particular good or service which the individual buyer or seller has no impact on the price of the traded good or service. In the market there are two main systems: demand curve and supply curve. The demand curve shows the relationship between the prices of a good or service that consumers are willing and able to purchase in a given period, assuming all other variables stay constant.
The supply curve shows the relationship between the price of a good or service and the quantity of the good that producers are willing and able to supply to the market in a given period, assuming all other variables stay constant. The economist uses models to determine the competitive equilibrium and to define the comparative statics in a market. The economist, in these systems, uses the data to allocate resources in the most efficient way while reducing waste. The supply of goods and services and demand for goods and services are the two forces that make the market economies work.
There are similarities between these two forces — they both show the relationship between the price of the good and the quantity of that good. The future expectation of the market affects both curves. Supply and demand connect when their quantity and their price meet. A competitive equilibrium exists if the quantity demanded by the consumers meets the quantity supplied by the sellers, The competitive equilibrium point is determined by the demand and the supply forces, it is the point from which the market has no incentive to move.
The demand curve is based on the price of the good, the price of complimentary goods, the price of substitute goods, the consumer’s income, the consumer’s taste and preferences, and the future expectations; it is derived from the consumer’s behavior. The supply curve is based on the price of the good, the price of the ingredients to make the good, the technology that is used to make the good, the taxes and subsidies imposed on the good, and the future expectation; it is derived from the seller’s behavior. The economist collects information, analyzes it, and devises theories in an attempt to learn how the world works.
These theories rely heavily on the demand and the supply in a given market. These particular systems determine the competitive equilibrium and define the comparative statics in a market. The competitive equilibrium assist in reducing chaos in the market and in better allocating resources. In conclusion, identifying the concepts behind supply and demand will help one understand its role in economics. Additionally, this knowledge will assist in shaping the habits and decisions consumers are faced with on a daily basis. Having examined the factors listed above, one will have a more astute understanding of the connectedness of supply and demand.
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