StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Time constrained assessment - Essay Example

Comments (0) Cite this document
Summary
Economic Problem and the Concept of Opportunity Cost using the Production Possibility Frontier In the Dictionary of Economics (Collin 2006, 58), the concept of economics is defined as “the study of the production, distribution, selling and use of goods and services” or “the financial study of financial structures to show how a product or service is costed and what returns it produces”…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.3% of users find it useful
Time constrained assessment
Read TextPreview

Extract of sample "Time constrained assessment"

Download file to see previous pages In economic terms the needs and wants of individuals, companies, organizations, and whole countries are transformed into demand. This law of society raises the basic economic problem, as all these needs and wants can be satisfied only to certain extent as the resources required for its satisfaction are limited. Scarcity occurs when people want more than can be satisfied with the resources they have (Wessels 2006 2). Therefore, in order to satisfy certain needs and wants people have to choose among alternative uses of their scarce resources, such, for example, as time or money (Wessels 2006, 1). However, the economics as a study embraces a broader picture of this issue, taking into consideration not only those who consume but also those who produce. In terms of this concept, there is naturally raised the whole set of questions, such as: what goods to produce, how to produce these goods, and for whom to produce it. These questions are known as Samuelson's three questions (Howarth 2013) and help to solve the problem of scarcity resources. What to produce? – Answer to this question helps people to decide the best combination of goods and services to meet their needs (Howarth 2013). ...
For whom to produce? – This question makes people to decide who will get the output from the country’s economic activity, and how much they will get (Howarth 2013). For example, who will consume these grown vegetables or fruits that have been grown? This situation forces all actors to make choices and to prefer one choice to another one. In economics, this concept of the value, people refuse from, is known as the opportunity cost (Wessels 2006, 3). Opportunity cost, also known as economic cost, is the “cost of a scarce factor of production used to produce a good or service, as opposed to another that could have been used, instead of the one adopted” (Collin 2006, 58). To illustrate the concept of the opportunity costs there can be used the following example relative to student’s life and education. The opportunity cost of going to the university is the money a student would have earned if he worked instead during the 5 years of study. Here time is a scarce resource, which an individual can spend either by getting a degree or earning money. However, by graduating the university there is increased chance for a person to find a better paid job due to the professional qualification gained and thus to recover the lost wages (Investopedia.Com). Thus, an individual has to make a choice between going to university and being employed for a given period of time. The risk of achieving greater benefits with another option is the opportunity cost (Investopedia.Com). In order to illustrate the economic problem and opportunity costs faced by a person, company, or economy can be used the Production Possibility Frontier, also known as production possibility curve. Production Possibility Frontier is a graph ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Time constrained assessment Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Time constrained assessment Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/macro-microeconomics/1492219-time-constrained-assessment
(Time Constrained Assessment Essay Example | Topics and Well Written Essays - 1000 Words)
Time Constrained Assessment Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/macro-microeconomics/1492219-time-constrained-assessment.
“Time Constrained Assessment Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/macro-microeconomics/1492219-time-constrained-assessment.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Time constrained assessment

A Large Workforce and a Constrained Management System

... on the humans. Another reason why automated administration systems may be important is where the accuracy and consistency of the results is highly valued (Williams 2005). Automated administration systems are essential for organizations where transparency is required. These systems are also essential for organization where a significant change is in time and cost saving will be realized from the implementation of the automated system (Lambourn 1974). For a business to implement an automated administration system there must be a clear understanding of the problems associated with the system in place. To identify the problems, an assessment is conducted on the business processes. The implementation of the system is one of the final activities...
47 Pages(11750 words)Dissertation

Assessment

...?Examination An examination is a type of assessment instrument that is used to measure the skills, knowledge, aptitude, or physical fitness of the test taker (Thissen and Wainer, 2001). An exam may be oral, written, or physical. Tests also vary in requirements, rigor and style. A closed book exam, for example, requires the person being examined to rely on memory to answer the questions. Examinations are also formal or informal. Formal tests normally result in test scores or grades. A standardized test is a type of exam that is usually consistently administered and scored for legal defensibility (Thissen and Wainer, 2001). This type of exam is used in professional certification, education, psychology, military as well as many other fields...
3 Pages(750 words)Essay

In what way is Capacity (supply) Constrained

...? HANATOUR b) In what way is capa (supply) constrained? There is no doubt that HANATOUR is an aggressive company that is always interested in leveraging on their diversity, good public image, and professionalism to meet the ever growing demand for travelling and tours services. Travel and tour services have been on the rise since the economy started recovering from financial crisis (Euromonitor International, 2011). It is unfortunate that HANA TOUR is not in a position to serve all its existing as well as potential clients as it may wish. This may be due to the capacity (supply) constraint. Capacity constraint can be described as the limiting factor towards achieving the overall organizational objectives. Capacity constraints in cases...
3 Pages(750 words)Assignment

ASSESSMENT

... of Company Maturity?”Journal of Business 75, 387-424. Harding J, Liang X & Ross S 2006, ‘The Optimal Capital Structure Of Banks Under Deposit Insurance And Capital Requirements’, available at: http://www.econ.uconn.edu/working/2007-29r.pdf, accessed on the 28th March 2013. Jung, K., Y. C. Kim and R. Stulz, 1996, “Timing, Investment Opportunities, Managerial Discretion, and the Security Issue Decision”, Journal of Financial Economics 42, 159- 185. Lie, E., 2000, “Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements,” Review of Financial Studies 13, 219-248.... FINANCIAL MANAGEMENT by A company’s dividend policy refers to its decision to pay out cash to its shareholders, in what amount, and in what fashion....
5 Pages(1250 words)Essay

Assignment 2 Time Constrained Test-x

This should be geared towards addressing most of the challenges and needs that the society may be n need of. Therefore, through incorporating the triple bottom line theory, this paper will explore on how brands should create shared value (Junge 2011). Triple bottom line principles Social structure of the society One of the main characteristics of triple bottom line is the social structure that a brand is exposed too. For any social structure, the individuals expect that, a business that is being carried out should be beneficial to all the individuals involved and contributing to its success. This involves the laborers in the fields, the region and community in which a business is being conducted by a corporation. Therefore, for a...
6 Pages(1500 words)Assignment

Constrained Women

... Constrained Women Short stories can often focus a reader’s attention on various elements of our lives that frequently pass by under our radar because they are now so deeply ingrained in our society’s norms. Such concepts in our life would include the inherent male-dominant beliefs of old in which the woman’s space is considered to be only within the home. On a social level, the woman’s place remains below men even in modern times and is usually placed only slightly above children in matters of importance. While these are ideologies that have, in the past 100 years, been increasingly challenged, particularly by women who have continued to demonstrate their ability to keep up with men, it remains the case that women continue to struggle...
4 Pages(1000 words)Essay

Fun Time or Jail Time

Even though the police had a right to maintain law and order in Miami Beach during the festive season, they have no right to arrest people who are trying to find out why their friends have been arrested. The police also needed to be sensitive to the fact that the visitors to the city had come from different States with different cultures. These visitors were therefore inclined to engage in behaviors that were weird and strange to other people. Such should not attract arrests but only a warning. I think that the police had directives from the Police chief to make a certain number of arrests to show that they were really working hard. This is the reason why they ended up arresting anyone whom they thought was breaking the law, which...
1 Pages(250 words)Case Study

Time

...Measurement Assessment In Teaching” Review of definitions Chapter 2 “Measurement Assessment In Teaching” Review of definitions Chapter 1 & 2 1. Title I: Ttitle 1 is a stipulation for the distribution of funding to schools and school districts with a ate last 40% of student population coming from low income families (as defined by the United States Census). The provision is a part of the Elementary and Secondary Education Act passed in 1965 that allows State Educational Agencies to receive and then allocate funds to local educational agencies (LEAs) and eligible public and private schools. The funds are used to create a more robust learning environment for the students and increase educational standards. Other The two types of programs...
4 Pages(1000 words)Book Report/Review

Assessment

... International marketing assignment Population Saudi Arabia based on numerous studies so far conducted up to has experienced fluctuating population augmentation though currently boasts of 4% increase (“World Population Statistics”). This is due to its thriving fiscal status whereby besides natives, some immigrants especially from neighbouring states as well as globally are currently flocking into this country in pursuit of individual economic accomplishments. To date studies cite of 30 to about 30.39 million people having a distribution of approximately 31 per mile square (“World Population Statistics”). Significant age comprising this population embrace those aged, 15-24, 25-4 years, which is an active unit of the entire society... Internatio...
3 Pages(750 words)Assignment

ASSESSMENT

... time resolving conflicts and in ensuring that whatever conflicts there maybe do not interfere in the output or attainment of organizational goals. It can be tiring to have to follow everybody around as a way of making sure that they are working and not bickering around. A united team is a disciplined team that works under no pressure or strict/close supervision. Bonding sessions should be scheduled once in a while to enhance cohesion among workers. Bonding sessions help to iron out any conflicts among workers. Workplace cultural events should also be used as a way of making people appreciate the cultures of their work colleagues. As a manager, one is in a position that helps to keep the sight of the employees on the organizational goals...
4 Pages(1000 words)Essay

African-American Dance Has Evolved Throughout Time

For example, Elida Webb created a famous dance, still used today, called the Charleston. In fact, many African-American dances are still around today or has influenced dances and dance steps today. Many great African-American dancers have started dance studios to keep African-American dance alive such as Alvin Ailey, Pearl Primus and Bill Robinson.

March 13th is the date devoted to African-American Dance. Africans introduced their dances to North and South America and the Caribbean Islands as slave labor beginning in the 1500s. The dance methods of tons of African cultural crowd combined with European dances, figuring the expansion of the African visual in the Americas. Dance has always been an essential piece of everyd...
7 Pages(1750 words)Essay

Digital Video Broadcast: Handheld Assessment of Emerging Technology

This work will highlight the factors leading to business successes for companies that will be directly involved in DVB-H technology as well as potential drawbacks to the new media technology.

Digital Video Broadcast – Handheld, or DVB-H, is a new technology that allows simultaneous transmission of multiple channels of television, radio, video, audio and IP data to a range of multi-media devices including mobile phones, PDAs, PCs and other handheld devices [1]. Avoiding a radically extensive scientific evaluation of the components of DVB-H and how the technology is transmitted across networks, the concept involves transmission across various networks to offer digital video services to mobile consumers. One of the m...
9 Pages(2250 words)Article

Description of Two Established Personality Assessment Tools: Discussion of Strengths and Weaknesses

The Thematic Apperception Test (TAT) was developed in the 1930s by Harvard University psychiatrist Henry A. Murray and university student Christiana Morgan in the pursuit of identifying personality characteristics and unconscious human desires (Bosshardt, 2004). TAT assessments generally consist of 31 different cards in which varying ambiguous illustrations and photos are displayed, asking participants to respond to their interpretations of what is occurring within each visual image. Internal conflicts or motivational desires are generally projected by participants who are exposed to TAT assessments, allowing psychologists to determine the personality constructs of individuals.

The Sensation Seeking Scale (SSS) was deve...
6 Pages(1500 words)Term Paper

Community Assessment for Treatment and Prevention of Hepatitis C in Adult Population

With the increased awareness and advancement in research, involving human immunodeficiency virus (HIV) epidemic, clinical expertise exists for the prevention and management of chronic viral diseases like HCV among injection drug users, since the mode of infection and behavior of vulnerable population for both HIV and HCV contagion are identical. Since the transmission of HCV is similar to HIV and IDU is the primary risk factor for HCV infection, and coinfection of these two blood-borne diseases cause morbidity and mortality, harm reduction approach and the strategies that address the social and economic harms that impact an individual, community, or society are paramount in preventing the epidemic.

Hepatitis C is the ma...
11 Pages(2750 words)Term Paper

Project Risk Assessment: Qualitative Versus Quantitative Approach

The risks may vary in terms of nature or scope according to the situation. So since the risk is so common in project management, a very important aspect of managing a project is analyzing all the possible risks that are associated with that particular project. It makes no sense of going on with a project and not giving a thought to the risks that could affect the success. Once these risks are analyzed, the project manager will have all the possible risks in front of him. He will know the degree of risk and also the benefits that the organization will get if the risk is taken. Therefore only after a risk analysis, the project manager is in a position to conclude whether or not it is worth taking the risk and going on with a certain...
6 Pages(1500 words)Assignment

Implementing Schedule of Time Management

...Running head: PHASE 5 INDIVIDUAL PROJECT PHASE 5: Individual Project Affiliation October 2008 How often have you heard it said that planning is waste of time? No sooner is the plan completed than someone comes along to change it. These same naysayers would also argue that the plan, once completed is disregarded and merely put on the shelf so the team can get down to doing some real work. To people management, we mean the planning activity that involves deciding on the types of people in form of resources that are required to fulfill the requirements of the project. In other words the types of skills and number of workers we need to complete the project (kwysocki, 1997). Whenever we talk about the methods involved in the project management...
6 Pages(1500 words)Coursework

Health Needs Assessment among Internally Displaced People in Southern Darfur State

In the recent past, Sudan has gone through a very serious humanitarian crisis, rated by as among the worst in the world. This crisis has led to thousands of Sudanese being displaced from their homes. The crisis was a series of civil wars that have characterized the Southern Sudan regions, and quite recently the Darfur region. The conflict in the Darfur region is among the most recent crises in Sudan and has as a result drawn global attention. According to the UN, the Darfur conflict emerged as the worst crisis in the year 2003 as far as humanitarian aspects are concerned (UNEP/OCHA, 2004 pp 6).

So far, the Darfur crisis has led to the internal displacement of more than two million citizens. In the year 2008, the UN esti...
11 Pages(2750 words)Term Paper

Marks and Spencer Time Line

The company has a long-established history of delivering high-quality products marked with innovation, service, price, and trust to its customers. The history of the company could be traced back to Michael Marks who set up a penny stall in Leeds selling almost everything in 1884. From there onwards the company led by its chairman and other executives experienced organic and strategic growth becoming one of the largest retailers in the world (M&S 2009). The company offers a versatile blend of products and services to its customers ranging from clothing, accessories, home products, and food items. The company procures these products from 2,000 global suppliers keeping in view to offer the highest standards so that the customers...
8 Pages(2000 words)Case Study

Self Assessment: Conflict Management Style

...Please indicate Self Assessment: Conflict Management Style The assessment on conflict management that I took suggests that I am the type of person who tends to cooperate and work with people to achieve a desirable outcome. It suggests that when I am faced with a conflicting situation, although I listen and consider other viewpoints included in the discussion, I carefully evaluate and analyse every detail in accordance to my own. It depicts that I welcome other ideas or arguments but not easily swayed by them for I tend to make my point be heard and accepted as well, creating a really interesting discussion that in turn promotes a win-win situation. Furthermore, the assessment also indicated that second to collaborating attitude, I also...
7 Pages(1750 words)Essay

The Time Is Ripe for Reconceive Language Education

Language education is defined by Gao (2010:13) as the teaching and learning of a foreign or a second language. Increased globalization has increased the need for people to communicate in multiple languages, especially in education and religion. The European Union has placed the goal of requiring all the students to learn two non-native languages.
Language education needs to be culturally and linguistically responsive to the various needs of the students. This type of education needs to foster the principle of ‘reading first, no student left behind.’ In order for teachers to effectively teach a linguistically diverse classroom, they need to meet the needs of every each student individually and successfully, as well...
9 Pages(2250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Time constrained assessment for FREE!

Contact Us