Analyse The Concept Of Opportunity Cost Economics Essay

Analyse The Concept Of Opportunity Cost Economics Essay Introduction The answers start with the basic theories of microeconomics and contact with an analysis of actual cases to solve the following four problems. It refers from the opportunity cost, scarcity of resources, cross-price elasticity, income effect, substitution effect, the producer surplus to long-run equilibrium for a perfectly competitive industry. 1. (a) The concept of opportunity cost is due to the scarcity of resource, the scarcity of resource determines that the resource can not be used for purpose B any longer if the resource has been used for purpose A. Therefore, opportunity cost means that if a resource can be not only used for one purpose but also used for another purpose (if it used for one purpose, it must give up other uses due to the scarcity of resources), then the opportunity cost indicates that the resource used for purpose A refers to the net incomes it should have got if it was used for a better purpose B. That is, if the resource has been used for a purpos e A, you will lose the possible incomes, so it is a loss of opportunity. This loss must be taken into account when the company choose the use of corporate resources in the selection, only the opportunity cost is the real cost to the economists. Opportunity cost is characterized by selective and hidden. The friend above says he has a free pass to go to the game of cricket between Australia and South Africa and it won’t cost me anything, according to the concept of opportunity cost above, he is wrong about the cost of going to watch the cricket match .The reasons are as follows. On the one hand, I will lose my time on watching the match; on the other hand, if I do not go with him, I can do my own business, such as study or something meaningful, so I would have lost the incomes I should have got. (b) Resources are scarce. Scarcity of resources has two meanings: One meaning is that we have to cost if we want to obtain any resources . The other one is that any resources are limite d relative to people’s needs and desires. Nowadays, universities are confronted with the problem of scarcity of resources with respect to the degree courses it provides. It is the higher quality teaching resources and the scarcity of supply of higher education demand for high quality teaching resources that restrict the improvement of the quality of higher education. There are both structural imbalances and the total lack of teaching resources problems. The main factors that affect our level of sharing of teaching resources and efficiency are resource development, resource sharing mechanism design and resource sharing of technical support. For example, Ideological and Political Theory Course teaching resource are scarcity, which can not meet the normal practice of teaching needs; the scattered, idle and waste related issues in the use of the Ideological and Political Theory Course teaching resource are also important factors that affect the supply and demand balance in additi on to its own supply shortage. In specifically speaking, there are two aspects. On the one hand is the disperse regions, which refers to the non-uniformity of time and space in the rule of teaching resources in the Ideological and political theory; on the other hand is the non-uniformity on time, which refers to the differences between the history resources and reality performance.

Organization Behavior Essay Example | Topics and Well Written Essays - 250 words - 1

Organization Behavior - Essay Example Apparently, this special discipline is said to use scientific methods to unearth the diverse kinds of knowledge that emanates from observing the behavior of individual or groups from within the organization. In essence, people are said to behave differently even in the same situations.1 In light of this, managers with theoretical knowledge about human behavior are usually in a better position to predict the behavior of individuals or groups who are in most cases employees in their organizations (French, 2011, 7). In addition, organization behavior entails the interaction of people in organizations where diverse cultural value and backgrounds are brought together through working effectively and efficiently. Similarly, organization behaviour has both dependent and independent variable that must be used in the boosting the performance of individual and groups in the organization. Dependent variables include productivity, absenteeism and job satisfaction. On the other hand, independent variables include variables at individual levels and those of group behavior. It is worth mentioning that organizational behavior has sub disciplines with diverse perspectives such as psychology, communication, political science, sociology among others that are crucial in the management of organization (French, 2011,

Implications of Cultural Tourism for Host Communities Essay

Implications of Cultural Tourism for Host Communities - Essay Example were and there are societies where the idea of tour is practically unknown. Generally speaking holidaymaking and travel has become an important social phenomenon in most societies today. Often modern tourism is based on the pseudo-event. Most tourists find pleasure in the stage-managed events. Often The English race has been inveterate travelers. However the motive for travel till the dawn of renaissance was usually pilgrimage, ecclesiastical business, diplomacy, or commerce. With the delightful discovery of antiquity, increasing numbers of young men were lured to the monuments of ancient Rome. The flowering of renaissance first came about in Italy and the humanist education at an Italian university, especially in Padua was the dream of many English gentlemen of resources. In spite of the cleavage of Christendom to Catholicism and Protestantism the inter course between nations continued and it produced profound results for England. Before the invention of package tours the most popular form of travel to Italy was by The Grand Tours. Watching the extant antiquity and the prevailing culture of the peninsula provided a finish of culture and style to the young man. The Grand Tour Travel as the finishing school of a cultured English gentleman is an idea that was in the British psyche for many years. Chaucer's Prologue to the Canterbury Tales, a bold attempt, to string a number of tales in the backdrop of a pilgrimage is a monumental document of the English predilection towards travel. The travel in which monk and friar, captain and doctor, cook and scholar rubbed shoulder in hilarious camaraderie presents colourful vignettes of medieval social life. Francis Bacon in his aphoristic essay, On Travel reflects on the salutary aspect of travel as one that enriches the mind and completes the education of a gentleman. The Grand Tour as it developed later seems to have accepted the guidelines set by Bacon. He has recommended in the 16th century itself that young men should go abroad under the guidance of a tutor. He has enumerated the items that the young man should look for in his travel and what they must avoid. The first sentence of the essay itself declares travel as the inseparable component of a gentleman's education. TRAVEL, in the younger sort, is a part of education, in the elder, a