Scarcity and the Unlimited Wants of Mankind

Scarcity and the Unlimited Wants of Mankind Introduction In my view, economic is a study of the how the society uses the scarcity of resource to satisfy the needs and wants of people. Different well-known economists have different interpretations of the economic statement. So, economics is not a specific answer and explanation, It is made of various well-known economists to identify the definition and awareness of economic. As we know that, economics is very important to a country, not only country, it also important to people. Body Economics is the study of resources, their scarcity and the unlimited wants of mankind. From this sentence, it was talking about economics is the study of resources, the resources are categories by 4 type of resources. Firstly, the resource of land, the land not only represents a piece of land in a country; the land is containing all the natural resources such as trees, mineral, rivers and etc. Secondly, the resource of labour, the resource of labour is mean that consists of the physical and mental abilities of a worker. The worker able to work according to the job responsibility and job routine, for example of the worker, is engineer, supervisor, manager and so on. Thirdly, the resource of capital, capital refers to goods produced in an economy that are used to produce other goods and services. For example, machines, tools, vehicle and so on. Lastly, entrepreneur, the entrepreneur is mean a person who has to organize resources for production, has an idea and able to introduce new pr oduct or techniques of production. Other than this, the person gains the rewards and bears the risks of such endeavours. An entrepreneurs purpose is bringing innovation and risk-taking. There are 3 basic economic issues which is what goods to produce and in what quantities, how to produce them and for whom to produce them? In these 3 basic economic issues, it will cause the decision making to become many changes as the scarce resources. Besides that, it also will cause the demand changes in the market, it maybe affects the quantities of using the scarcity of resources. In this case, we may choose the most appropriate, efficient, and best option in order to overcome these 3 basic economic issues. Because it can help the producer or manufacturer to make a decision which goods and service to consume and utilize by effective using the scarcity resource. From this situation, the opportunity cost will occur. What is an opportunity cost? Opportunity cost is mean that the cost of an item measured in terms of alternatives forgone. For example, a financial manager who is living in Johor state and he/she working in Singapore and earn 2500 dollars by the month but he/she need to pay for the bus fees in 300 dollars and take a long time for Johor state to Singapore. Besides that, he/she able to work in Johor state as a financial manager too. The salary by a month is RM 3500 and the company provides transportation, and take a very short time for travel from the company to his/her home. In this situation, the financial manager needs to make a decision in order to make self as convenience as possible and calculate the best reward included the transport fees, so he/she need to foregone one job to satisfy his/her desire. From this, the opportunity cost was related between scare of resource, so a company, firm or organization need to choose the bes t option to develop. Different economists have different terms, view and statement to describe and delimit the economics. The most appropriate definition is that by Lionel Robbins who defined economics as The science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Lionel Robbins as a British famous economist was defined economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. In these phrases, there are few basic propositions emphasized in Lionel Robbinss definition as follows. Firstly, in this phrase, we talk about what actually meaning of human behaviour. Human behaviour in this phrase is meant that the human has unlimited human wants, even consumer. Basically human is looking for something in needs and wants to full fill their demand and able to reach their satisfaction even same as the consumer are looking for good quality of products and efficiency services. However, humans satisfaction is not fixed such as high demanding or easily satisfies, this also same as a consumer because consumer also has different satisfaction in products and services due to they are post-purchase. On the other hand, human is always insatiability in their need. The needs have to be satisfied for the life and the wants have to satisfy in order to live comfortably. Besides that, Human is also never feel satisfied as they have something they still want to get something that is better than the things they have. For example, previously we just need phones that can help us call each other, afterwards, we start to want some music in our phones, hence the radio and mp3, afterwards people have more needs, we want to be able to watch videos, internet, make video calls and so on. Limitless needs and wants make resources scarce and difficult to sustain. Therefore, needs are never-ending by the human and human was never stop working or keep hard work to earn money in order to satisfaction of their needs. Next, when human faced many options of wants, they need to choose the best one of the wants in order to achieve their satisfaction based on their limited resource. Based on the Lionel Robbinss theory, it talks about all wants are not same important, some are more important and some are less important, so we have to consider by well which wants is most important and arrange the wants we have by most important to less important. Then we choose the most important one to first and delaying the other wants. There are 4 basic resources which are land, labour, capital and entrepreneur. Sometimes these four resources will be scarcity it may cause the demand to exceed the supply. So, in order to avoid this situation occur, the decision making must be made by rational. First, lands are being inefficiency in the world, so that the people must be plan out the most effective method for using the limited land. For example, Singapore is a modern country nowadays, Singapore has fast development such as modern building, modern transportation and so on. In order to develop, it needs a large of space of land. Singapore is a country which is small and a narrow, in order to let more people living in Singapore so that, the government construct the high building to the people for live and builds more high building for other uses, thus the lack of land resource problem solved. Of course, the problem has been solved, but it spends much of funds to fetch up the defect, so it will cause Singapore to forego s ome projects and plans. Secondly, we talk about the labour, labour is referred that employee and workers which is willing to work and have the ability to work. Labour is a very important one in the 4 resources too, if a company lack of labour, which will cause many problems such as less production, the whole operation might be slowed down and so on. For example, a manufactory was facing less of labour, it caused the production is going slowing down and the packaging department was slow operation too. In order to solve the problem, the manufactory itself has to increase the salary to attract more people to come in the manufactory to work. Besides that, the manufactory also needs to buy the machine to replace the human resource. So that, the manufactory itself will be more efficiency in production, packaging and so on. Although the problem was solved, the net profit of the manufactory will decrease because of spending the income to the worker, it may cause the manufactory itself may foregone some plan or proj ect such as expand the manufactory scale and development of branches. Thirdly, we talk about the resource of capital. Capital is the items that a manufactory or a company using to produce goods and services such as machines, tools and vehicles. In other hand capital also refers to the real estate of a company or manufactory. Furthermore, a resource of capital is a very close relationship between resource of labour, it is because the capital needs labour to control or use. Resource of capital is quite important to a manufactory, firms, company and so on, it is because they using the resource of capital to serve the customer in order to earn a profit. Resource of capital is a resource which is tangible and intangible, so for the tangible capital resource will going to degradation because of the flow over time. So, some manufacturing factory or firms will renew update and be buying new capital to replace the old capital. For, example, a new manufacturing factory is full of the capital resource but lack of the technical staff and the capital resource withi n the new manufactory is used for mass production. In order to fulfil the capital resource being to control, the manufactorys labour resource manager has to hire the workers which able to control the capital to produce the product in the manufactory. If it hired the technical staff successfully, the lack of control of capital is been solved, but the manufactory are spent much of money in the salary to the workers. In this case, the headquarter has to consider by rational to make a decision as able to supply the product to the demand of the consumer as moderate as possible. In order to complete the production, they have to forgo some plans and program such as establish more branches in other areas, buy over the supplier and so on, it is because the new manufactory is spending much of money in the salary of the workers. So, it takes time to earn back the money and the other plans and program will be postponed. The last resource is the entrepreneur; an entrepreneur is a person who has the ability to organise resources for production and has the ability to introduce new products and services. The entrepreneur also has the ability to bring the innovation of the products and services, the entrepreneur also receives the reward and bears the risks. In economy, scarcity of resource will occur and not excluded entrepreneur. Why will the entrepreneur be scarcity? That was being many factors to cause it. For example, Sabah state was a second largest area of the state in Malaysia; these states are be living most poverty people, so the people unable to study in school and unable to enter a higher school because of financial problems. As an entrepreneur, besides having an education background and creativity of idea it also need the resources to produce goods and services such as land, capital, and labour resource. For example, an entrepreneur has idea to produce the product which is cloth, it needs workers, machine and place to produce this product, but the entrepreneur does not have enough too much of funds to buy over the factory and the entrepreneur only have funds to buy the machinery and able to hire some workers to work. So the entrepreneur just has to rent the factory to produce the product. In this case, the entrepreneur have to choose the best way to satisfy his/her wants if the entrepreneur spends the funds to buy over the factory it does not have enough to buy machinery and hire workers. In this scenario, the entrepreneur has to foregone to buy over the factory, so the entrepreneur can produce the product by renting the factory. Conclusion In the economy, the land, labour, capital and entrepreneur is very important to a company, manufactory and firms. When the company, manufactory and firms are facing scarcity of the resource, it needs to choose the best wants, arrange the important wants to first and postpone or foregone the less important wants. Furthermore, decision making is also very important. For the opportunity cost, for example, scarce of the resource is happened in a company, the companies headquarter has to choose the best wants in order to develop within some wants. In this case, it has to foregone the other wants. If the company headquarter has had chosen a wants to develop, after a period of time, there are no regret of chosen the wants to develop and no regret do not choose other wants before. So, in this situation, the companys headquarter have to consider by clear and be rational in order to make sure that does not feel regret after the decision is making by over a period of time. In this assignment, I was learning much of knowledge such as Lionel Robbinss theory and gain some useful information by doing internet research. Besides that, I also had an understood the 4 resources such as land, labour, capital and entrepreneur.

Project Management Life Cycle Essay

Four Steps of Project Management Life Cycle Project Management Life Cycle is a separation for a project. According to Ms. Cui’s research, managers can separate a whole project to some steps and connect those steps with project operation; the sum of all those steps are project management life cycle (Cui, 2011). There are four components in project management life cycle, which are time requirement, project stages, project task and project result. Generally, because the unpredictability of project, project management life cycle often uses time dimension to control and evaluate the project (Cui, 2011). There are many ways to separate project life cycle into steps. Project Management Institute in United States (PMI) separates the project life cycle into three steps: beginning stage, medium stage and final stage (Cui, 2011). Chinese Project Management Body of Knowledge (C-PMBOK) separates the project life cycle into four steps: Conception Phase, Development Phase, Implementation Phase and Final Phase. Though those two standards have some differences, both of them separate a project into many steps in order to survey and control the operation of project. In my opinion, the standard of C-PMBOK is better than the standard of PMI. C-PMBOK’s standard is not only based on time dimension but also based on activity dimension. C-PMBOK demonstrates the important aim for each stage. However, the standard of PMI is only based on time dimension and fails to demonstrate aims of stages. (1) Conception Phase In this step, the project practitioner should try his or her best to clarify the core mission, the clients’ demand, the aim and the definition of his or her project. In business, project practitioners may send a Request for Proposal (RFP) to customers. According to the feedback of RFP, project practitioner will make a basic concept for his or her project. Feasibility report and project design are two necessary documents in this step. (2) Development Phase In this step, project practitioner should make the detail plan for the whole project and discuss this plan with customers. This step is the last step before the project will be put into practice. Not only a plan, a scheduling duration should be set up for next stage. In addition, project practitioner should organize the team and arrange works. (3) Implementation Phase In this step, the project is implemented. Project team should works as the project plan and ensure all phased aims achieved. (4) Final Phase After Implementation Phase, the work of the project is finished. However, finishing all works does not means that the whole project finishes. In this step, some important work still should be done. For example, in trading business project, project practitioner should check out whether the goods are delivered to correct client and whether all invoices are paid in time. In addition, the feedback from clients and the lesson learned are both should be done in this step. People should understand that those steps above are a general method to separate the project life cycle. Both standards of C-PMBOK and PMI are guides rather than practical ways. In different industries, most of managers will use those ways to separate manage their projects. However, according to the different characters of industries, managers separate their project based on their different needs. For Instance, in urban construction industry, Morris Model is widely used in project management life cycle (Dong & Wang, 2010). Morris Model separates the project life cycle into four steps, which is same as general method. However, steps in Morris Model demonstrate the characters of urban construction industry: Feasibility step, urban planning and designing, building step and putting into use step (Dong & Wang, 2010). The Ways to Evaluate and Control the Project To ensure the project operating well and on time, the ways to evaluate and control are important. In current project management life cycle theory, three concepts are introduced to managers, which are used to evaluate the project operation. (1) Checkpoint Checkpoint is a specific time point. Managers will set up many checkpoints in each steps of project life cycle. Every checkpoint will have a specific time span with another one. Manager will compare the situation of project operation with project plan to check whether or not the project is on track. For example, when China Merchants Bank designed their new system, the manager of IT department set a checkpoint every two week to evaluate whether this employees finished their work as project plan that is 1000 lines computer programs per week. (2) Milestone Milestone is a specific time point, too. However, different with checkpoint, the project will be evaluated not only whether the time schedule is okay but also whether the quality and goal requirements are achieved on milestone. Milestone will be set after a stage work finish. In a step of project life cycle, there will be many checkpoints but only few milestones. (3) Baseline Baseline is a kind of special milestone. The stage work before a baseline will be the basis of the stage work after this baseline. For example, when airplane company designs a new plane, engine design and tuning will be a stage work followed by a baseline because of three reasons. First, the engine design and tuning should be finish in time because the fly test cannot be done without engine. Second, the quality of engine design and tune is the core element of the safety of test. Third, the engine design will be one of basics of next stage work – plane tuning. When manager set checkpoint, milestone and baseline, they need to consider carefully. If the time spans between them are too short, the evaluation will be meaningless. However, if time spans are too long, mistakes will accumulate too many and serious to be fixed and rescued. Managers should try to ensure the project is operating as schedule. If missing the checkpoint, milestone or baseline, managers need to fix their plan to chase the time expected schedule, or the project might be delay or failed on quality. Reference Gray, C. F., & Larson, E. W. (2000). Project Management: The Managerial Process. Boston: Irwin/McGraw-Hill, c2000. Project Life Cycle. (2010). Retrieved from http://wiki.mbalib.com/wiki/%E9%A1%B9%E7%9B%AE%E7%94%9F%E5%91%BD%E5%91%A8%E6%9C%9F Dong, W., & Wang, J. (2010). The Project Management Life Cycle of Urban Construction Based on Parallel Engineering. Urban Construction. 4(69). 161-162. Retrieved from http://doc.mbalib.com/view/72774efdf93f3360debc6fa5f66edfd8.html Miao, Z. (2012). The Management of Core Stage of PDM Project Life Cycle. E-Work. Retrieved from http://doc.mbalib.com/view/d1b58b855dd0dc9998b3ee7d4899a771.html Cui, L. (2011). The Optimization Research of Project Management of â€Å"Graduate Student Research Project†. Journal of Guangxi University. Retrieved from http://doc.mbalib.com/view/c6c150395dca43e5a5755d199261d8b5.html

The Rights Of Lgbt Individuals - 1320 Words

Is the right to refuse service to LGBT individuals an actual case of violating a person s religious rights or is it really a case of blatant discrimination? This may seem like a complicated question that has many unable to answer but in reality, it is actually quite simple. The refusal of service to LGBT individuals is not nor has it ever been a case of religious rights but a simple one of homophobic discrimination. There are those who would argue that being â€Å"forced† to serve those who go against their religious values and/or morals is illegal and must be stopped. However, when I attempt to follow their logic I immediately hit a road bump, they say that this is a violation of â€Å"their† civil rights. But in actuality, they provide services†¦show more content†¦They were planning to order a cake to serve at their wedding but when they tried to do this, they were refused. The owner, Phillips claimed that this was his store’s policy â€Å"to deny se rvice to customers who wished to order baked goods to celebrate a same-sex couple’s wedding† based solely on his religious beliefs (Source). However, what he did not realize was that there was a Colorado law which said that no one could refuse service to a person based on their race, religion or sexual orientation. Even if this had not been the case, â€Å"refusal of service is warranted where a customer’s presence in the restaurant detracts from the safety, welfare, and well-being of other patrons and the restaurant†; not if your only reason is you dislike that person’s sexuality. In addition to this, from what I have been able to locate these two men were none of these things, making this case to be considerably suspicious. After being refused service, Mullins and Craig filed a complaint against the business with the Civil Rights Union in Colorado. The union ruled in favor of them, agreeing that theirs was a case of discrimination not religious r ights with a judge from the administrative courts agreeing with their decision (Source). A woman by the name of Amanda Goad, the staff attorney at the ACLU Lesbian, Gay, Bisexual and Transgender Project released a comment which I believe to

The Conflict Between Aztecs And Incas - 1745 Words

Historically, war has been used to achieve power around the world. The necessity of one party to demonstrate that it has more physical and political power than the other has been necessary to consolidate status quo. If we talk about war as a pathway to achieve state formation and later consolidation of a system of states in Latin America, it is necessary to to back in history and analyze the distribution of power within the period even before the colonization. Despite our post Columbus state formation history of Latin America that has taught that the â€Å"real order† was established after the colonization, we have to understand that there already existed a consolidated power and order in the region, which in fact, it was a key factor for the†¦show more content†¦Considering the partition of Latin America, the different viceroyalties were on the necessity of establishing any form of communication to promote trade, this can be considered as the first step on the develo pment of diplomacy in the region. As years kept passing by, the social context of Latin America and the Caribbean became more complex as well as the sentiment of national identity. The involvement of African slaves in the continent moved towards the claim of a more civilized government. The development of slaves rising in Haiti seed the ideas of revolution and cessation from the European states. Haiti wanted real sovereignty without any international intervention. Their willingness to achieve their final goal of independence was what moved them to initiate a civil war against the French colonies and finally achieve their independence. Despite that it took them a few years to be internationally recognized by Europe, Haiti symbolized the first step of the series of revolutions that would define the new states in America, including its involvement in the world economy. The not so independent states of Latin America, in this case the viceroyalties, were on the necessity of being involved in the economic market to be able survive in the political system. The Spanish colonization period economy in Latin America was based on the ownership of land developing then the socialShow MoreRelatedEssay about Mayan, Inca, and Aztec Civilizations788 Words   |  4 PagesMayan, Inca, and Aztec Civilizations The Mayan, Inca, and Aztec civilizations each originated from Latin America. 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