Applying Economics Using An Example Of Economic Problem...

Section A Question One: a) Define economics using an example of economic problem from your own life. Economics is the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society. Economic problem is to match resources to the unlimited wants and needs. For example: if you have $10 to spend, and you want to buy a book which costs $10 each and a pencil that costs $1 each. Now buying a book mean the loss of the benefit that would have been gained from the 10 pencils. b) Outline the steps needed to develop an economic model. Explain how models help in economic decision-making. An Economic model is defined as a theoretical construct that represents economic processes through a set of variables and a set of logical or quantitative relationships between the two. The steps needed to develop an economic model are:- 1. Identify the problem 2. Identify stakeholders in the problem 3. Identify alternate strategies to solve problem 4. Identify resources to implement chosen strategy 5. Implement 6. Evaluate â€Å"what was accomplished† 7. Modify or Disseminate problem Models help in decision-making as they focus to gain a better understanding of how things work, to observe patterns, and to predict the results of stimuli. They help to simplify and abstract from observed data, and also serve as a means of selection of data based on a paradigm of econometric study. b) Construct a Production PossibilityShow MoreRelatedPerfect Competition and Monopoly1722 Words   |  7 PagesPerfect Competition Market In economic theory, the perfect competition is a market form in which no producer or consumer has the power to influence prices in the market. According to the website wordIQ.com, in order to classify the market is a perfect competition market, the market must match below criteria: 1. There are a large number of small producers and consumers on a given market 2. None of the producers or consumers can influence the price on their own (ie. Price takers) 3. GoodsRead MorePerfect Competition and Monopoly1734 Words   |  7 PagesPerfect Competition Market In economic theory, the perfect competition is a market form in which no producer or consumer has the power to influence prices in the market. According to the website wordIQ.com, in order to classify the market is a perfect competition market, the market must match below criteria: 1. There are a large number of small producers and consumers on a given market 2. None of the producers or consumers can influence the price on their own (ie. Price takers) 3. GoodsRead MoreMarketing Social Of Social Marketing1208 Words   |  5 Pageswords, the acceptance of an idea alone does not guarantee the success of influencing behaviour. The latest interpretation of The International Social Marketing Association solves that problem by stating the outcome explicitly. (2013). 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Should We Use Capital Punishment Essay - 1050 Words

Should We Use Capital Punishment? Capital punishment is an extremely controversial issue on which some people have strong views. Capital Punishment is when a criminal is punished for committing crimes, such as murder, by being put to death. One reason for many people being against Capital Punishment is that inhumane methods are used to kill criminals. In the past, methods such as stoning, gassing, hanging, electrocuting and shooting have all been used to kill. Although I agree that these methods are inhumane I am still for Capital Punishment because I believe two things. Firstly, these criminals who are being put to death have committed evil crimes, such as murder or rape. When they†¦show more content†¦My suggestion is that if we were to use Capital Punishment we should allow medical professionals to be in attendance to make sure nothing goes wrong. Many people are against Capital Punishment because innocent people are killed when mistakes are made. Since 1973 eighty-eight people have been released from Death Row as it was proven that they were innocent. Those against the death penalty argue that if an innocent person is killed, they cannot be brought back but if they are placed in jail to serve a life sentence and it is proven they are innocent they can be set free. This is a valid point but I think the death penalty may be a practical solution because it costs a lot of money to keep people in jail for life. Also, although it is said that the criminal is to be placed in jail for life for committing a crime like rape, it is often the case that they are let out early for good behaviour. Do we really believe that somebody can change from being a murderer to being a person whom we can accept back into our society? Of course, the idea of rehabilitation is always an option. This would allow criminals to live and possibly cha nge the errors of their ways. However, it is often the case that people who are released from jail re-offend. 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Realizing free essay sample

When I was seven years old I started to lie about my life, it didn’t matter who I told these lies to, whether it was an adult, friend, or someone I just met. I always had to make my life seem interesting and fascinating to others. I remember lying about an ice cream shop a bike ride away from my house, when really I lived deep within the woods and only had a few neighbors near by. There were times when I lied about my nationality, and I even made up fake friends and family members and gave them exotic lifestyles that they shared with me. When I was nine, I met a boy a few years older than me, but to me that made him seem so much older. He had such an exciting life. His parents, though they weren’t in a relationship together, gave him whatever he wanted without him asking for it. We will write a custom essay sample on Realizing or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I remember him having a great fashion sense for an eleven year old, and he had been to so many different places. It was arranged for him to go to Germany to stay with his mother over the summer; I would ask him endless questions about Germany, feeling so jealous and fascinated at the same time as he explained the food and the way people talked. The day that I saw myself clearly was the day we had been walking up my long driveway one evening. I was telling him a made up story of how my big cousin (nonexistent big cousin) helped me sneak out of my house to go went swimming in the near by lake, when he cut me off by asking, â€Å"Why do you lie so much?† I laughed and shrugged at his question, not upset with being caught in my lie. I said, â€Å"I just like to make my life seem more fun.† He rolled his eyes and shook his head at me, with his reaction to my reply, I started to get defensive. Right when I was about to ask him why he rolled his eyes, he said, â€Å"You don’t have to lie so much about yourself,† â€Å"My life is boring,† I replied. â€Å"Your life is so much more interesting, you’re always having fun doing things I could never do.† With that, he shook his head again and became quiet for just a moment before he said, â€Å"Your life is a lot better then mine, you have parents that are together and are always around, you only have one brother with the same mom and dad, you’re always around your family, and they like to be around you. You have one nice house, not a bunch of houses you live in for a little while and then move again and the only reason I’m allowed to do all the fun stuff is because my parents just want to keep me busy all the time,† he said lastly. I didn’t know what to say to him, I wasn’t expecting the reality of his life, and as a nine year old I felt extremely awkward. Looking back at him then, I realized I really did have a great life; if not interesting, then normal. This was something he clearly wanted. As promised, he left for Germany in June. What he said to me that day always stuck with me. I didn’t lie about my life or my family anymore, because I realized that my life and my family were so much better than any lie I could have made up.

The sustainable tourism in New Zealand

Identification of the main points of the literature review The current paper explores the issues of sustainable tourism with special reference to New Zealand. Specifically, the paper examines the existing correlation between sustainable tourism in this country and the Resource Management Act.Advertising We will write a custom essay sample on The sustainable tourism in New Zealand specifically for you for only $16.05 $11/page Learn More The paper begins with the traditional requirements for tourism planning which include a physical-spatial approach, boosterism, a community-oriented approach, and an economic-industry approach (Page Thorn, 1997). It then narrows down to sustainable tourism planning as the fifth and more recent approach. This choice has been necessitated by its impact on the environment and economic development, long-term concern for resources, and a desire to fulfil both the current and future needs. Nonetheless, certain conditions must al so be fulfilled before the tourism planning approach can be achieved. They include industry co-ordination, co-operation, non-sustainable options, consumer awareness regarding the issue of sustainability, commitment to the sustainable goals, and strategic planning. The existence of sustainable tourism hinges on the ability of the tourism industry to embrace growth and development, along with varying levels of tourist at specific locations. This calls for proper planning. The paper argues that tourism development should be a concern for both the public and the private sectors New Zealand is both a local as well as an international tourist destination and as such, the government is concerned about tourism growth because of its potential to generate foreign exchange. The government therefore plays an active role in the sector, through the Resource Management Act (Page Thorn, 1997). This is a body charged with the responsibility of enacting legislation regarding land planning laws with regard to tourism. In this case, emphasis is on pollution, soil management, and waste disposal. However, New Zealand has failed to achieve sustainable tourism alternatives both at the local and regional level because there is a lacking national strategy or policy to guide the principles documented by the Resource Management Act.Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Research methods The study made use of a survey to examine the issue of tourism sustainability both at the local and the regional level. The research methodology for the research study was designed to explore the level to which tourism acted as a fundamental activity in as far as the planning process is concerned, not to mention its function with regard to the Resource Management Act (Page Thorn, 1997). The survey was quite descriptive in nature. In this case, the main objective of the survey was to capture how coun cils plan their tourism activities as a foundation for further research. The survey questionnaire consisted of 21 specific questions, each of which had multiple responses. The survey respondents were the planning managers at both the regional and local authorities within New Zealand. Therefore, the survey questionnaire was posted to the respondents and in order to encourage the response the questionnaire include a pre-paid return envelope. The study realized 49 responses out of the 81 posted. Findings The study realised a 64% response rate. It is worth of note hat of the 36% who did not respond, 50 % of these consisted of city councils. The non respondents were made up of primary rural and primary urban councils. Out of the 14 city councils interviewed, only 7 respondents and out of 55 district councils interviewed, only 22 did not respond. The patterns of identifying tourism reduced with increase in resident population. The ability of the respondents to forecast on the anticipated volume of visitors within their localities was also low, at 12%. 50% of the respondents were optimistic that the 1999/2000 America’s Cup Defence and the Sydney 200 Olympics would have a positive impact on the industry (Page Thorn, 1997). 63% of the respondents lacked a specific policy to tackle the issue of tourism within their area. Although almost two-thirds of the councils had already implemented a visitor management strategy, many of them (65%) are yet to embrace it as a tourism strategy. The RMA legislation was met with resistance by a number of the council. In terms of development, a majority of these were attributed to the private sector (68%). Discussion Although tourism continues to enjoy social and economic importance in New Zealand, nonetheless the government has abandoned regional and local economies to grapple with the challenge of attending to future tourism development. The RMA has also not succeeded in establishing if indeed tourism needs to be constrained, d eterred, or expanded in certain areas (Page Thorn, 1997).Advertising We will write a custom essay sample on The sustainable tourism in New Zealand specifically for you for only $16.05 $11/page Learn More The domestic and international tourism may be enjoying economic and social benefits of tourism but owing to a lack of a national framework, these benefits cannot be spread out to larger localities. Critique Although the article argues that the New Zealand government recognised the need to strike a balance between the profit-oriented private sector and the public sector which is more concerned with the issue of economic optimisation, it is not clear yet why the Tourism Policy Group is both understaffed and underfunded, yet tourism remains a key employer in New Zealand. It is also ironical that the same body is also charged with the responsibility of stimulating local and regional tourism. However, the study has managed to capitalise on one of the weakne sses of prior research studies that have failed to examine the role played by such statutory bodies as the RMA with respect to both local and regional tourism sustainability. Nonetheless, the study is characterized by a number of discrepancies with regard to the respondents. For example, some of the councils responded on behalf of others and this not a reflection of the true findings of the study. The method of administering the questionnaires (postal survey) may also have played part in reducing the response rate. Also, there was no follow-up of those respondents who did not submit their survey questionnaire, leaving the researchers to guess as to the lack of their response. The questionnaire was also detailed and demanding (21 multiple response questionnaires) and this could have contributed to the lack of completion of the questionnaire by some of the respondents. Details on the volumes of domestic tourist are also very sketchy and yet the study intends to examine sustainable tou rism at the local and regional levels. Planers and decision makers rely on outdated data and this may perhaps explain the lack of a clear picture on domestic tourism. Generation of Question One of the questions that could be generated from the current study is; does the future look bright for sustainable tourism planning in New Zealand?Advertising Looking for essay on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Reference List Page, S. J., Thorn, K. J., 1997. Towards Sustainable Tourism Planning in New Zealand: Public Sector Planning Responses. Journal of Sustainable Tourism, 5(1). This essay on The sustainable tourism in New Zealand was written and submitted by user Thunderball to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.