Marxism essays

Marxism essays Marxs work seems to be more of a criticism of Hegelian and other philosophy, than a statement of his own philosophy. While Hegel felt that philosophy explained reality, Marx felt that philosophy should be made into reality, a hard thing to do. He thought that one must not just look at and inspect the world, but must try to transform the world, much like Jean Paul Sartres view that man must choose what is best for the world; and he will do so. Marx is unique from other philosophers in that he chooses to regard man as an individual, a human being. This is evident in his Economic and Philosophic Manuscripts of 1844. There, he declares that man is a natural being who is endowed with natural [and] vital powers that exist in him as aptitudes [and] instincts.1 Humans simply struggle with nature for the satisfaction of mans needs. From this struggle comes mans awareness of himself as an individual and as something separate from nature. Therefore, he seeks to oppose nature. He sees that history is just the story of man creating and re-creating himself and sees that man creates himself, and that a god has no part in it. This might explain the communist belief in no religion. Marx also says that the more man works as a laborer, the less he has to consume for himself because his product and labor are estranged from him. Marx says that because the work of the laborer is taken away and does not belong to the him, the laborer loses his rightful existence and is made alien to himself. Private property becomes a product and cause of alienated labor and through that, causes disharmony. Alienated labor is seen as the consequence of market product, the division of labor, and the division of society Therefore, capitalism, which encourages the possession of private property, enco ...

The American Exchange - Shaping the Modern World essays

The American Exchange - Shaping the Modern World essays The voyages of historical European explorers in the early modern era between 1500 and 1800 resulted in short and long term consequences in both the Eastern and Western hemispheres. The diffusion of plants, food crops, human populations, disease pathogens, and animals changed the worlds biological fabrication for the first time since the continental drift. In 1492 Christopher Columbus stepped foot in the Americas with the desire to obtain basic resources, food, and land. The Europeans introduced the Americas to crops of wheat, barley, rice, and turnips, although these crops had little effect on the new world. When the Europeans introduced the Americas crops of white potatoes, sweet potatoes, maize, and manioc to the old world; they experienced improved nutritional value diets, increase caloric intake, and population growth. The white potato and maize had the most dramatic effect on the old world; Southern Africa adopted maize as a staple and began to harvest it; helping to format trading posts there. The white potato began to thrive in Europe having the most significant effect on Ireland where it promoted a rapid population increase. Ireland became so dependent on the white potato that when a potato blight raved the crops, Ireland experienced widespread famine. Europe experienced the most benefit from the exchange of foods and crops during this time; old world crops such as sugar, coffee, soybeans, oranges, and bananas could be cultivated in new world climates which fueled the demand for these crops . This increased the available supply of food and significantly dropped the prices, allowing the general population access leading to the adoption of new foods in all parts of the world. Perhaps the most beneficial crop discovery in the new world was the cinchona trees that produced quinine. Quinine was the first effective treatment for malaria between 1500 and 1800, as contact between the two worlds increased, malar...

Identify Gaps or Weaknesses of the Research or Outcomes Essay

Identify Gaps or Weaknesses of the Research or Outcomes - Essay Example Weaknesses refer to the quality of lacking strength or firmness. It refers to a state of having defective or inadequate character. The researcher finds Corporate Social Responsibility as an area of major concern in the society. All people and the government should emphasize on it since it addresses many issues affecting the diverse community. Research shows that there is numerous violations to CSR and the government should undertake measures to curb it. Description of research is unfocused and thus inefficient in describing the purpose of research There are many people who question the validity and authenticity of Corporate Social Responsibility since there is evidence of contradiction between what corporations do and say. This makes the description of the research appear as unfocussed or inefficient in describing its purpose. Despite that companies adhere to the rules governing Corporate Social Responsibility, impunities persist. These include the global economic crisis and other et hical issues involving pharmaceutical companies, child labour, and sweatshops. People, therefore, do not realize the relevance of Corporate Social Responsibility in the society since impunity and corporate abuses is increasing (Westhuizen and Maree, 2009). The hypothesis is doubtful, ill-defined, and unsound as the evidence is insufficient The research does not give comprehensive analysis of a wide range of information to assess the credibility of the information. To determine whether Corporate Social Responsibility is still significant, it carries out a documentary analysis of some articles only. The research should not rely on documentary analysis of articles only but should gather information from different sources. It should gather information from websites, journals, newspapers, research, and other documentaries that will enhance the credibility of the information. This will ensure that the research is thoroughly reliable and appropriate for decision making since it is credible . The research is inconsistent in defining Corporate Social Responsibility and gives various definitions that differ. This is an indication that the research is doubtful, unsound, insufficient or ill-defined since it has inconsistencies that should not exist. This definition makes it ambiguous to decision makers and deters them from assess the impacts of its each dimension to the company (Narayan, 2002). There are various ways that the researchers should design their method of research to overcome the weaknesses or plug the gaps. One of the major ways of achieving this role is by providing sound and sufficient evidence. The researchers should gather information for or against Corporate Social Responsibility from many different sources to avoid ambiguity. They have only relied on a few documentary articles. They do not provide sufficient information that one needs to make a viable conclusion about Corporate Social Responsibility. For a paper to have credibility of information, it sho uld ensure that it should gather information from different sources at different periods (Hoque, 2006). The fact that people question the validity and authenticity of Corporate Social Responsibility makes the description of the paper appear as unfocussed. Companies claim to follow the Corporate Social Responsibility rules, yet impunity is at the highest marked by various ethical problems in the society like child labour. This is an indi

Values of a servant leader Essay Example | Topics and Well Written Essays - 500 words

Values of a servant leader - Essay Example According to Myra, (1999), the term servant leader is used to describe ones power and authority to serve others through leadership. A nursing director is mandated to guide his or her followers by initiating and sustaining a relationship that support others in their work place and the environment (Savage-Austin, & Honeycutt, 2011). Servant leadership theory is practically a philosophy which explains the support of people that choose to serve first. It also encourages collaboration, trust, listening, and use of ethical power and empowerment. This theory explains the role of a servant leader and emphasizes on their duty to serve his or her followers, thus have desire to serve and this goes beyond desire to lead. Leadership is the art of the conduct and the person in any given organization. When persons are said to possess good or bad leadership qualities, it all depends on the way they carry themselves. According to Savage-Austin, & Honeycutt, (2011), great leadership works through emotions. However, it depends on whether these emotions are positive or negative. Positive emotions bring out the best outcomes from a leader. In this case, much of what a nursing director does when he or she is optimistic, can highly yield positive returns. On the other hand, when the director is negative about what he does, then, this leads to dissonance. Many people try to become leaders but they eventually fail. Those who succeed usually practice leadership strategies that are effective for them to be able to meet their desired goals or targets. One of the character traits of an effective leader is talent (Savage-Austin, & Honeycutt, 2011). Many people say that leaders are born with the talent but for them to be successful, they must gain experience through practice. It is apparent that most of the renowned and successful directors worldwide are very qualified

The Modern Prometheus Essay Example for Free

The Modern Prometheus Essay Frankenstein, costing just over $30 million dollars needed to re coup the costs. Therefore changes had to be made; such as the plot, character or action. The director had to edit and cut scenes to make it fit into the one hour and 40 minute time slot. The scenes had to be carefully put together to create a particular style and to create a certain effect. The director edited the scene where the daemon was being created. In this scene there was huge sets, dramatic music and a lot of hand-held camera work and many effective camera angles to capture the enormity of the laboratory. Many images were cut closely together to build up tension and suspense. This was a set piece designed for a modern audience. It is a very visual climax; where as in the book the creation of the monster is shown by, I became myself capable of bestowing animation upon lifeless matter. As a film is intense for a long time and when read a book you graze and they are much more complex; the director has to make it appealing and want to make you watch on. Often commercial pressures mean that the film is not a true or faithful adaptation of the novel. The film Frankenstein is lavish, sumptuous and has high production values. It is full of action sequences and set pieces. Frankenstein is a horror film and its purpose is to scare the audience. But the film cannot be all blood and gore of it would be given an 18 certificate, which would mean that not as many people could see it. Films are censored so that we can restrict groups of society from seeing them. But it is far more difficult to restrict people from reading published novels. In literature authors can truly express themselves. The film s a serious adaptation of the novel and there is an attempt to recreate authentically the period in which the novel is set. There is great care over detail such as costume, sets and props. The first half of the film sets about establishing the relationships, especially between Elizabeth and Victor, this way; if anything happens to them it would have a greater impact on us. It is hard to make a film and still stay faithful to the novel. When reading a novel, the reader has to use his or her imagination to what the characters look like and the background. But in a film it is laid out for you to take in. Because of this most people prefer to read the book rather than watch the film. When the director came to make Frankenstein he had to make a careful decisions about Victors mothers death. In the novel she dies peacefully in her sleep of Scarlet fever, but this had to be changed to fit the film. In the end the director made it, that his mother dies whilst giving birth to his brother. It is very dramatic and looks painful. The stains of blood on the white gown and the birthing chair made the scene very horrific and much more gripping. It also gave Victor and incentive to go and create life and rid the world of disease. The biggest dilemma for the director is to know what scenes to keep and which to change. The directors job is very demanding. The director is the person with ultimate responsibility for everything that takes place on a film set, from the technical aspects up to the movements of the actors. Many directors make a contractual obligation that the released film is their cut. However many directors come under great pressure from the producers to make compromises for commercial reasons. The producers make suggestions in what happens but it is the directors who have the final say in how the film is put together to create a certain effect. The producers represent those who have given financial backing to the film. They can have significant influence on how the film develops. They want to make a high grossing film, with high ratings to bring in the money. The whole project has to be some kind of compromise. The director will highlight the main elements of the novel and remain faithful to those. The rest of the film will be subject to dramatic licence. The film Frankenstein tries very hard to stay to the book. It shows the essence of the novel. The film employs a technique of voice-over briefly at key points within the narrative and this helps to summarise a characters actions, thoughts and motivations. A voice-over can help to cover significant sections of the novel in a short time, as the story is very long and complex. Amy Barrett Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Mary Shelley section.

Global Marketing :: essays papers

Global Marketing Internet Paper The internet’s first role is the delivery and collection of timely information about products and services. We will have a look at the realistic role that the internet might play in assisting firms to reach their international marketing objectives. There are two types of impediments to the internet’s adoption and growth in international marketing: structural and functional. Structural issues are likely to have greater impact on consumer internet marketing than on business-to-business marketing. Functional issues are likely to have a greater influence on consumer marketing because businesses are easier to identify, segment, and reach. Functional issues A distinction can be made in the use of the internet: a passive use and an active use. The passive mode is used when the company recognizes the importance of having a presence on the web. The company will offer products, services, contact opportunity and other information that can be used by the consumer. Much more complex is the active use of the internet. It demands the identification of its appropriate role in the firm’s global strategic marketing plan. One functional issue is the market segmentation that should be chosen by the company. At this moment the mass marketing via the internet can not be pursued yet since there are still some limitations at this moment. A limitation is that the public access to the internet is still limited. Prospects are declaring that, when correctly applied, the internet is quickly adopted by the target audience and grows rapidly. Another limitation is that there is no programming per se to attract the individual surfer on the internet. However, the internet is well-suited for relatively homogeneous products that enjoy a broad appeal. Second, advertising has been the most natural and perhaps best developed use of the internet to date. The internet can be viewed as a mulitmedium, so it should be treated with the same principles as other advertising media. Promotion is a very important issue in this whole concept since with promotion brand recognition can be reached. Pricing is a third issue that should be mentioned. Pricing on the internet at the manufacturer level makes it easier for the competition to accumulate relevant price data and modify its current marketing program. Even a new strategy can be developed to compete for a bigger share of the market.

Monopolistic Competition

INTRODUCTION Pure monopoly and perfect competition are two extreme cases of market structure. In reality, there are markets having large number of producers competing with each other in order to sell their product in the market. Thus, there is monopoly on the one hand and perfect competition, on the other hand. Such a mixture of monopoly and perfect competition is called monopolistic competition. It is a case of imperfect competition. The model of monopolistic competition describes a common  market structure  in which firms have many competitors, but each one sells a slightly different product. Monopolistic competition as a market structure was first identified in the 1930s by American economist  Edward Chamberlin, and English economist  Joan Robinson. Many small businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and restaurants. In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers. The aim of the given work is the study of monopolistic competition. The paper consists of introduction, body, conclusion and bibliography. In the introduction the aim of the work is defined and the structure of the paper is described. The body gives the definition of monopolistic competition, studies it main characteristics and comments on the main advantages and disadvantages of monopolistic competition. Conclusion sums up the results of the study. Bibliography comprises the list of references used when carrying out the work. MONOPOLISTIC COMPETITION Monopolistic competition  is a type of  imperfect competition  such that competing producers sell products that are  differentiated  from one another as good but not perfect  substitutes, such as from branding, quality, or location. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In a monopolistically competitive market, firms can behave like  monopolies  in the  short run, including by using market power to generate profit. In the  long run, however, other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like a  perfectly competitive  one where firms cannot gain economic profit. In practice, however, if consumer rationality/innovativeness is low and heuristics are preferred,  monopolistic competition  can fall into  natural monopoly, even in the complete absence of government intervention. In the presence of coercive government, monopolistic competition will fall into  government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Examples of industries with market structures similar to monopolistic competition include  restaurants,  cereal,  clothing,  shoes, and service industries in large cities. The â€Å"founding father† of the theory of monopolistic competition is  Edward Hastings Chamberlin, who wrote a pioneering book on the subject  Ã¢â‚¬Å"Theory of Monopolistic Competition†Ã‚  (1933). Joan Robinson  published a book  Ã¢â‚¬Å"The Economics of Imperfect Competition†Ã‚  with a comparable theme of distinguishing perfect from imperfect competition. Monopolistically competitive markets have the following characteristics: * There are many producers and many consumers in the market, and no business has total control over the market price. * Consumers perceive that there are non-price differences among the competitors' products. There are few  barriers to entry  and exit. * Producers have a degree of control over price. The long-run characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces heterogeneous products and that monopolistic competition involves a great deal of non-price competition, which is based on subtle product differentiation. A firm making profits in the short run will nonetheless only  break even  in the long run because demand will decrease and average total cost will increase. This means in the long run, a monopolistically competitive firm will make zero  economic profit. This illustrates the amount of influence the firm has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual firm's demand curve is downward sloping, in contrast to perfect competition, which has a  perfectly elastic  demand schedule. Monopolistically competitive markets exhibit the following characteristics: 1. Each firm makes independent decisions about price and output, based on its product, its market, and its  costs of production. . Knowledge is widely spread between participants, but it is unlikely to be perfect. For example, diners can review all the menus available from restaurants in a town, before they make their choice. Once inside the restaurant, they can view the menu again, before ordering. However, they cannot fully appreciate the restaurant or the meal until after they have dined. 3. The   entrepreneur  has a more significant role than in firms that are perfectly competitive because of the increased risks associated with decision making. 4. There is freedom to enter or leave the market, as there are no major  barriers to entry  or exit. 5. A central feature of monopolistic competition is that products are differentiated. There are four main types of differentiation: a. Physical product differentiation, where firms use size, design, colour, shape, performance, and features to make their products different. For example, consumer electronics can easily be physically differentiated. b. Marketing differentiation, where firms try to differentiate their product by distinctive packaging and other promotional techniques. For example, breakfast cereals can easily be differentiated through packaging. c. Human capital differentiation, where the firm creates differences through the skill of its employees, the level of training received, distinctive uniforms, and so on. d. Differentiation through distribution, including distribution via mail order or through internet shopping, such as Amazon. com, which differentiates itself from traditional bookstores by selling online. 6. Firms are  price makers  and are faced with a downward sloping  demand curve. Because each firm makes a unique product, it can charge a higher or lower price than its rivals. The firm can set its own price and does not have to ‘take' it from the industry as a whole, though the industry price may be a guideline, or becomes a constraint. This also means that the demand curve will slope downwards. 7. Firms  operating under monopolistic competition usually  have to engage in advertising. Firms are often in fierce competition with other (local) firms offering a similar product or service, and may need to advertise on a local basis, to let customers know their differences. Common methods of advertising for these firms are through local press and radio, local cinema, posters, leaflets and special promotions. 8. Monopolistically competitive firms are assumed to be  profit maximisers  because firms tend to be small with entrepreneurs actively involved in managing the business. 9. There are usually a large numbers of independent firms competing in the market. Product differentiation Monopolistic competition firms sell products that have real or perceived non-price differences. However, the differences are not so great as to eliminate other goods as substitutes. Technically, the cross price elasticity of demand between goods in such a market is positive. In fact, the XED would be high. Monopolistic competition goods are best described as close but imperfect substitutes. The goods perform the same basic functions but have differences in qualities such as type, style, quality, reputation, appearance, and location that tend to distinguish them from each other. For example, the basic function of motor vehicles is basically the same – to move people and objects from point A to B in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks, cars and SUVs and many variations even within these categories. There are many firms in each monopolistic competition product group and many firms on the side lines prepared to enter the market. A product group is a â€Å"collection of similar products†. The fact that there are â€Å"many firms† gives each MC firm the freedom to set prices without engaging in strategic decision making regarding the prices of other firms and each firm's actions have a negligible impact on the market. For example, a firm could cut prices and increase sales without fear that its actions will prompt retaliatory responses from competitors. How many firms will an MC market structure support at market equilibrium? The answer depends on factors such as fixed costs, economies of scale and the degree of product differentiation. For example, the higher the fixed costs, the fewer firms the market will support. Also the greater the degree of product differentiation – the more the firm can separate itself from the pack – the fewer firms there will be at market equilibrium. In the long run there is free entry and exit. There are numerous firms waiting to enter the market each with its own â€Å"unique† product or in pursuit of positive profits and any firm unable to cover its costs can leave the market without incurring liquidation costs. This assumption implies that there are low start up costs, no sunk costs and no exit costs. The cost of entering and exit is very low. Each monopolistic competition firm independently sets the terms of exchange for its product. The firm gives no consideration to what effect its decision may have on competitors. The theory is that any action will have such a negligible effect on the overall market demand that an MC firm can act without fear of prompting heightened competition. In other words each firm feels free to set prices as if it were a monopoly rather than an oligopoly. Monopolistic competition firms have some degree of market power. Market power means that the firm has control over the terms and conditions of exchange. An MC firm can raise it prices without losing all its customers. The firm can also lower prices without triggering a potentially ruinous price war with competitors. The source of an MC firm's market power is not barriers to entry since they are low. Rather, an MC firm has market power because it has relatively few competitors, those competitors do not engage in strategic decision making and the firms sells differentiated product. Market power also means that an MC firm faces a downward sloping demand curve. The demand curve is highly elastic although not â€Å"flat†. There are two sources of inefficiency in the MC market structure. First, at its optimum output the firm charges a price that exceeds marginal costs, the MC firm maximizes profits where MR = MC. Since the MC firm's demand curve is downward sloping this means that the firm will be charging a price that exceeds marginal costs. The monopoly power possessed by an MC firm means that at its profit maximizing level of production there will be a net loss of consumer (and producer) surplus. The second source of inefficiency is the fact that MC firms operate with excess capacity. That is, the MC firm's profit maximizing output is less than the output associated with minimum average cost. Both a PC and MC firm will operate at a point where demand or price equals average cost. For a PC firm this equilibrium condition occurs where the perfectly elastic demand curve equals minimum average cost. A MC firm’s demand curve is not flat but is downward sloping. Thus in the long run the demand curve will be tangent to the long run average cost curve at a point to the left of its minimum. The result is excess capacity. While monopolistically competitive firms are inefficient, it is usually the case that the costs of regulating prices for every product that is sold in monopolistic competition far exceed the benefits of such regulation. The government would have to regulate all firms that sold heterogeneous products—an impossible proposition in a  market economy. A monopolistically competitive firm might be said to be marginally inefficient because the firm produces at an output where average total cost is not a minimum. A monopolistically competitive market might be said to be a marginally inefficient market structure because marginal cost is less than price in the long run. Another concern of critics of monopolistic competition is that it fosters  advertising  and the creation of  brand names. Critics argue that advertising induces customers into spending more on products because of the name associated with them rather than because of rational factors. Defenders of advertising dispute this, arguing that brand names can represent a guarantee of quality and that advertising helps reduce the cost to consumers of weighing the tradeoffs of numerous competing brands. There are unique information and information processing costs associated with selecting a brand in a monopolistically competitive environment. In a monopoly market, the consumer is faced with a single brand, making information gathering relatively inexpensive. In a perfectly competitive industry, the consumer is faced with many brands, but because the brands are virtually identical information gathering is also relatively inexpensive. In a monopolistically competitive market, the consumer must collect and process information on a large number of different brands to be able to select the best of them. In many cases, the cost of gathering information necessary to selecting the best brand can exceed the benefit of consuming the best brand instead of a randomly selected brand. Evidence suggests that consumers use information obtained from advertising not only to assess the single brand advertised, but also to infer the possible existence of brands that the consumer has, heretofore, not observed, as well as to infer consumer satisfaction with brands similar to the advertised brand The advantages of monopolistic competition Monopolistic competition can bring the following advantages: 1. There are no significant  barriers to entry; therefore markets are relatively  contestable. 2. Differentiation creates diversity, choice and utility. For example, a typical high street in any town will have a number of different restaurants from which to choose. 3. The market is more efficient than monopoly but less efficient than perfect competition – less allocatively and less productively efficient. However, they may be dynamically efficient, innovative in terms of new production processes or new products. For example, retailers often constantly have to develop new ways to attract and retain local custom. The disadvantages of monopolistic competition There are several potential disadvantages associated with monopolistic competition, including: 1. Some differentiation does not create utility but generates unnecessary waste, such as excess packaging. Advertising may also be considered wasteful, though most is informative rather than persuasive. 2. As the diagram illustrates, assuming profit maximisation, there is allocative inefficiency in both the long and short run. This is  because price is above marginal cost in both cases. In the long run the firm is less allocatively inefficient, but it is still inefficient. . There is a tendency for excess capacity because firms can never fully exploit their fixed factors because mass production is difficult. This means they are  productively inefficient  in both the long and short run. However, this is may be outweighed by the advantages of diversity and choice. As an economic model of competition, monopolistic competition is more realistic than perfect competition – many famil iar and commonplace markets have many of the characteristics of this model. Conclusion Our study gives us an opportunity to come to the following conclusion. Monopolistic competition is a  market structure  in which several or many  sellers  each produce similar, but  slightly  differentiated  products. Each producer  can set its  price  and quantity without affecting the marketplace as a whole. Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. It is a type of competition within an industry where: * All firms produce similar yet not perfectly substitutable products. All firms are able to enter the industry if the profits are attractive. * All firms are profit maximizers. * All firms have some market power, which means none are price takers. Monopolistic competition has certain features, one of which is that there are large number of sellers producing differentiated products. So, competition among them is very keen. Since number of sellers is large, each seller produces a very smal l part of market supply. So no seller is in a position to control price of product. Every firm is limited in its size. Product differentiation is one of the most important features of monopolistic competition. In perfect competition, products are homogeneous in nature. On the contrary, here, every producer tries to keep his product dissimilar than his rival's product in order to maintain his separate identity. This boosts up the competition in market. So, every firm acquires some monopoly power. The feature of freedom of entry and exit leads to stiff competition in market. Free entry into the market enables new firms to come with close substitutes. Free entry or exit maintains normal profit in the market for a longer span of time. Selling cost is another unique feature of monopolistic competition. In such type of market, due to product differentiation, every firm has to incur some additional expenditure in the form of selling cost. This cost includes sales promotion expenses, advertisement expenses, salaries of marketing staff, etc. And the last feature of monopolistic competition is that a firm is facing downward sloping demand curve i. e. elastic demand curve. It means one can sell more at lower price and vice versa. BIBLIOGRAPHY 1. Ayers R. and Collinge R. , Microeconomics, Pearson, 2003 2. J. Gans, S. King, N. Gregory Mankiw, Principles of Economics, Thomson Learning, 2003 3. Hirschey, M, Managerial Economics Rev. Ed, Dryden, 2000 4. http://www. britannica. com/EBchecked/topic/390037/monopolistic-competition 5. http://www. investopedia. com/terms/m/monopolisticmarket. asp 6. http://kalyan-city. blogspot. com/2010/11/monopolistic-competition-meaning. html Monopolistic Competition INTRODUCTION Pure monopoly and perfect competition are two extreme cases of market structure. In reality, there are markets having large number of producers competing with each other in order to sell their product in the market. Thus, there is monopoly on the one hand and perfect competition, on the other hand. Such a mixture of monopoly and perfect competition is called monopolistic competition. It is a case of imperfect competition. The model of monopolistic competition describes a common  market structure  in which firms have many competitors, but each one sells a slightly different product. Monopolistic competition as a market structure was first identified in the 1930s by American economist  Edward Chamberlin, and English economist  Joan Robinson. Many small businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and restaurants. In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers. The aim of the given work is the study of monopolistic competition. The paper consists of introduction, body, conclusion and bibliography. In the introduction the aim of the work is defined and the structure of the paper is described. The body gives the definition of monopolistic competition, studies it main characteristics and comments on the main advantages and disadvantages of monopolistic competition. Conclusion sums up the results of the study. Bibliography comprises the list of references used when carrying out the work. MONOPOLISTIC COMPETITION Monopolistic competition  is a type of  imperfect competition  such that competing producers sell products that are  differentiated  from one another as good but not perfect  substitutes, such as from branding, quality, or location. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In a monopolistically competitive market, firms can behave like  monopolies  in the  short run, including by using market power to generate profit. In the  long run, however, other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like a  perfectly competitive  one where firms cannot gain economic profit. In practice, however, if consumer rationality/innovativeness is low and heuristics are preferred,  monopolistic competition  can fall into  natural monopoly, even in the complete absence of government intervention. In the presence of coercive government, monopolistic competition will fall into  government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Examples of industries with market structures similar to monopolistic competition include  restaurants,  cereal,  clothing,  shoes, and service industries in large cities. The â€Å"founding father† of the theory of monopolistic competition is  Edward Hastings Chamberlin, who wrote a pioneering book on the subject  Ã¢â‚¬Å"Theory of Monopolistic Competition†Ã‚  (1933). Joan Robinson  published a book  Ã¢â‚¬Å"The Economics of Imperfect Competition†Ã‚  with a comparable theme of distinguishing perfect from imperfect competition. Monopolistically competitive markets have the following characteristics: * There are many producers and many consumers in the market, and no business has total control over the market price. * Consumers perceive that there are non-price differences among the competitors' products. There are few  barriers to entry  and exit. * Producers have a degree of control over price. The long-run characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces heterogeneous products and that monopolistic competition involves a great deal of non-price competition, which is based on subtle product differentiation. A firm making profits in the short run will nonetheless only  break even  in the long run because demand will decrease and average total cost will increase. This means in the long run, a monopolistically competitive firm will make zero  economic profit. This illustrates the amount of influence the firm has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual firm's demand curve is downward sloping, in contrast to perfect competition, which has a  perfectly elastic  demand schedule. Monopolistically competitive markets exhibit the following characteristics: 1. Each firm makes independent decisions about price and output, based on its product, its market, and its  costs of production. . Knowledge is widely spread between participants, but it is unlikely to be perfect. For example, diners can review all the menus available from restaurants in a town, before they make their choice. Once inside the restaurant, they can view the menu again, before ordering. However, they cannot fully appreciate the restaurant or the meal until after they have dined. 3. The   entrepreneur  has a more significant role than in firms that are perfectly competitive because of the increased risks associated with decision making. 4. There is freedom to enter or leave the market, as there are no major  barriers to entry  or exit. 5. A central feature of monopolistic competition is that products are differentiated. There are four main types of differentiation: a. Physical product differentiation, where firms use size, design, colour, shape, performance, and features to make their products different. For example, consumer electronics can easily be physically differentiated. b. Marketing differentiation, where firms try to differentiate their product by distinctive packaging and other promotional techniques. For example, breakfast cereals can easily be differentiated through packaging. c. Human capital differentiation, where the firm creates differences through the skill of its employees, the level of training received, distinctive uniforms, and so on. d. Differentiation through distribution, including distribution via mail order or through internet shopping, such as Amazon. com, which differentiates itself from traditional bookstores by selling online. 6. Firms are  price makers  and are faced with a downward sloping  demand curve. Because each firm makes a unique product, it can charge a higher or lower price than its rivals. The firm can set its own price and does not have to ‘take' it from the industry as a whole, though the industry price may be a guideline, or becomes a constraint. This also means that the demand curve will slope downwards. 7. Firms  operating under monopolistic competition usually  have to engage in advertising. Firms are often in fierce competition with other (local) firms offering a similar product or service, and may need to advertise on a local basis, to let customers know their differences. Common methods of advertising for these firms are through local press and radio, local cinema, posters, leaflets and special promotions. 8. Monopolistically competitive firms are assumed to be  profit maximisers  because firms tend to be small with entrepreneurs actively involved in managing the business. 9. There are usually a large numbers of independent firms competing in the market. Product differentiation Monopolistic competition firms sell products that have real or perceived non-price differences. However, the differences are not so great as to eliminate other goods as substitutes. Technically, the cross price elasticity of demand between goods in such a market is positive. In fact, the XED would be high. Monopolistic competition goods are best described as close but imperfect substitutes. The goods perform the same basic functions but have differences in qualities such as type, style, quality, reputation, appearance, and location that tend to distinguish them from each other. For example, the basic function of motor vehicles is basically the same – to move people and objects from point A to B in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks, cars and SUVs and many variations even within these categories. There are many firms in each monopolistic competition product group and many firms on the side lines prepared to enter the market. A product group is a â€Å"collection of similar products†. The fact that there are â€Å"many firms† gives each MC firm the freedom to set prices without engaging in strategic decision making regarding the prices of other firms and each firm's actions have a negligible impact on the market. For example, a firm could cut prices and increase sales without fear that its actions will prompt retaliatory responses from competitors. How many firms will an MC market structure support at market equilibrium? The answer depends on factors such as fixed costs, economies of scale and the degree of product differentiation. For example, the higher the fixed costs, the fewer firms the market will support. Also the greater the degree of product differentiation – the more the firm can separate itself from the pack – the fewer firms there will be at market equilibrium. In the long run there is free entry and exit. There are numerous firms waiting to enter the market each with its own â€Å"unique† product or in pursuit of positive profits and any firm unable to cover its costs can leave the market without incurring liquidation costs. This assumption implies that there are low start up costs, no sunk costs and no exit costs. The cost of entering and exit is very low. Each monopolistic competition firm independently sets the terms of exchange for its product. The firm gives no consideration to what effect its decision may have on competitors. The theory is that any action will have such a negligible effect on the overall market demand that an MC firm can act without fear of prompting heightened competition. In other words each firm feels free to set prices as if it were a monopoly rather than an oligopoly. Monopolistic competition firms have some degree of market power. Market power means that the firm has control over the terms and conditions of exchange. An MC firm can raise it prices without losing all its customers. The firm can also lower prices without triggering a potentially ruinous price war with competitors. The source of an MC firm's market power is not barriers to entry since they are low. Rather, an MC firm has market power because it has relatively few competitors, those competitors do not engage in strategic decision making and the firms sells differentiated product. Market power also means that an MC firm faces a downward sloping demand curve. The demand curve is highly elastic although not â€Å"flat†. There are two sources of inefficiency in the MC market structure. First, at its optimum output the firm charges a price that exceeds marginal costs, the MC firm maximizes profits where MR = MC. Since the MC firm's demand curve is downward sloping this means that the firm will be charging a price that exceeds marginal costs. The monopoly power possessed by an MC firm means that at its profit maximizing level of production there will be a net loss of consumer (and producer) surplus. The second source of inefficiency is the fact that MC firms operate with excess capacity. That is, the MC firm's profit maximizing output is less than the output associated with minimum average cost. Both a PC and MC firm will operate at a point where demand or price equals average cost. For a PC firm this equilibrium condition occurs where the perfectly elastic demand curve equals minimum average cost. A MC firm’s demand curve is not flat but is downward sloping. Thus in the long run the demand curve will be tangent to the long run average cost curve at a point to the left of its minimum. The result is excess capacity. While monopolistically competitive firms are inefficient, it is usually the case that the costs of regulating prices for every product that is sold in monopolistic competition far exceed the benefits of such regulation. The government would have to regulate all firms that sold heterogeneous products—an impossible proposition in a  market economy. A monopolistically competitive firm might be said to be marginally inefficient because the firm produces at an output where average total cost is not a minimum. A monopolistically competitive market might be said to be a marginally inefficient market structure because marginal cost is less than price in the long run. Another concern of critics of monopolistic competition is that it fosters  advertising  and the creation of  brand names. Critics argue that advertising induces customers into spending more on products because of the name associated with them rather than because of rational factors. Defenders of advertising dispute this, arguing that brand names can represent a guarantee of quality and that advertising helps reduce the cost to consumers of weighing the tradeoffs of numerous competing brands. There are unique information and information processing costs associated with selecting a brand in a monopolistically competitive environment. In a monopoly market, the consumer is faced with a single brand, making information gathering relatively inexpensive. In a perfectly competitive industry, the consumer is faced with many brands, but because the brands are virtually identical information gathering is also relatively inexpensive. In a monopolistically competitive market, the consumer must collect and process information on a large number of different brands to be able to select the best of them. In many cases, the cost of gathering information necessary to selecting the best brand can exceed the benefit of consuming the best brand instead of a randomly selected brand. Evidence suggests that consumers use information obtained from advertising not only to assess the single brand advertised, but also to infer the possible existence of brands that the consumer has, heretofore, not observed, as well as to infer consumer satisfaction with brands similar to the advertised brand The advantages of monopolistic competition Monopolistic competition can bring the following advantages: 1. There are no significant  barriers to entry; therefore markets are relatively  contestable. 2. Differentiation creates diversity, choice and utility. For example, a typical high street in any town will have a number of different restaurants from which to choose. 3. The market is more efficient than monopoly but less efficient than perfect competition – less allocatively and less productively efficient. However, they may be dynamically efficient, innovative in terms of new production processes or new products. For example, retailers often constantly have to develop new ways to attract and retain local custom. The disadvantages of monopolistic competition There are several potential disadvantages associated with monopolistic competition, including: 1. Some differentiation does not create utility but generates unnecessary waste, such as excess packaging. Advertising may also be considered wasteful, though most is informative rather than persuasive. 2. As the diagram illustrates, assuming profit maximisation, there is allocative inefficiency in both the long and short run. This is  because price is above marginal cost in both cases. In the long run the firm is less allocatively inefficient, but it is still inefficient. . There is a tendency for excess capacity because firms can never fully exploit their fixed factors because mass production is difficult. This means they are  productively inefficient  in both the long and short run. However, this is may be outweighed by the advantages of diversity and choice. As an economic model of competition, monopolistic competition is more realistic than perfect competition – many famil iar and commonplace markets have many of the characteristics of this model. Conclusion Our study gives us an opportunity to come to the following conclusion. Monopolistic competition is a  market structure  in which several or many  sellers  each produce similar, but  slightly  differentiated  products. Each producer  can set its  price  and quantity without affecting the marketplace as a whole. Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. It is a type of competition within an industry where: * All firms produce similar yet not perfectly substitutable products. All firms are able to enter the industry if the profits are attractive. * All firms are profit maximizers. * All firms have some market power, which means none are price takers. Monopolistic competition has certain features, one of which is that there are large number of sellers producing differentiated products. So, competition among them is very keen. Since number of sellers is large, each seller produces a very smal l part of market supply. So no seller is in a position to control price of product. Every firm is limited in its size. Product differentiation is one of the most important features of monopolistic competition. In perfect competition, products are homogeneous in nature. On the contrary, here, every producer tries to keep his product dissimilar than his rival's product in order to maintain his separate identity. This boosts up the competition in market. So, every firm acquires some monopoly power. The feature of freedom of entry and exit leads to stiff competition in market. Free entry into the market enables new firms to come with close substitutes. Free entry or exit maintains normal profit in the market for a longer span of time. Selling cost is another unique feature of monopolistic competition. In such type of market, due to product differentiation, every firm has to incur some additional expenditure in the form of selling cost. This cost includes sales promotion expenses, advertisement expenses, salaries of marketing staff, etc. And the last feature of monopolistic competition is that a firm is facing downward sloping demand curve i. e. elastic demand curve. It means one can sell more at lower price and vice versa. BIBLIOGRAPHY 1. Ayers R. and Collinge R. , Microeconomics, Pearson, 2003 2. J. Gans, S. King, N. Gregory Mankiw, Principles of Economics, Thomson Learning, 2003 3. Hirschey, M, Managerial Economics Rev. Ed, Dryden, 2000 4. http://www. britannica. com/EBchecked/topic/390037/monopolistic-competition 5. http://www. investopedia. com/terms/m/monopolisticmarket. asp 6. http://kalyan-city. blogspot. com/2010/11/monopolistic-competition-meaning. html

Case Studies Abstract

Case Studies Abstract Alfredo Cano Abstract Innovative methods in language teaching may sometimes be slightly difficult for less experienced teachers. Case studies are a relatively new type of task-based activities for business English students. They have been used in language courses for some time now. It seems, however, that their full teaching potential has not been used yet. Teachers seem to be uncertain of how to use cases in class.The paper presents the main pedagogical aspects of using case studies in business English courses. It gives a short description of the structure of typical mini-cases included in recently published course-books of business English. It discusses the basic principles and techniques of using the case study method in class. The main aim of the paper is to present the advantages of the case study method as a new tool of developing learners’ linguistic and non-linguistic competence.Cases offer valuable teaching material that needs to be fully exploit ed. Suggestions given in teacher’s books can be supplemented by various innovative tasks aimed at developing the productive skills of speaking and writing. Cases are motivating for business English learners since they give them the authority to decide what to do to solve a real-life business problem (learners are in the role of managers). Learners can present their point of view, discuss its advantages and suggest a course of action.They have a chance to compete and to demonstrate their analytical and managerial skills. Doing the cases learners use language naturally. In the case study method language is a tool to solving a problem, it is a means of communicating in typical business situations. If teachers learn how to use cases more extensively in the future, they will certainly make the teaching process more effective and studentcentered. 1. Introduction The effectiveness of language teaching depends, among others, on teaching materials.Students and teachers need materials that can improve the language acquisition process and offer more opportunities to develop the productive language skills of speaking and writing. These skills, as opposed to the receptive skills of reading and listening comprehension, are more difficult to acquire and require much more practice and time. In her book on business English teaching Donna (2000) stresses the fact that if students believe that in a language course they do tasks relevant for their future professional communication, they are more motivated to learn.Case studies were first used in law to evidence verdicts given by judges and to teach law students. In the 30s of the 20th century cases were introduced in psychiatry. Case reports were written to document diseases and to consult the cases with other specialists. Today, all medical specialties use case reports for didactic and research purposes. Case studies started to be used in business in 1967 when Strauss and Glazer created their ‘grounded theoryâ€℠¢. In the mid-70s of the 20th century they were introduced in business schools.Harvard Business School has been using this method intensively to teach future managers how to solve real-life problems. Today, the case study method is widely used as a teaching and researching tool in medicine, psychology, anthropology, sociology, economics, management, finance and other sciences where the presentation and analysis of a real problem is of relevance in teaching and researching. The paper presents the case study method as an interesting and motivating teaching material that can be widely used in teaching business English to adult learners. 2.

Ramses essays

Ramses essays Ramses II a Egyptian king the third ruler of the 19th dynasty and the son of Seti I. Ramses was born some time around 1304 BC and died around 1237 BC. Ramses was one of the greatest rulers of ancient Egypt if not than the best as Pharaoh Ramses was the most powerful known to mankind under him came the high priest and below the high priests came the prophets. Ramses life remain a mystery but he always recorded his big achievements. Ramses II was on the Egyptian throne for 67 years. Over all those years it was mostly quite and peaceful. Also over his reign in ancient Egypt Ramses became known for his great construction He was the most prolific builder of any age . Ramses had a hard childhood he was given great responsibilities and great honors and by the age of ten Ramses was captain of the army. By 1920 BC Ramses, just like many new kings spent the first few years visiting his kingdom and all the territories to see where the troubled areas are. In his fifth year of ruling E gypt, Ramses ran into some trouble, King Muwatallish of the Hittites who was planning to attack Egypt. Therefore Ramses set out and crossed the Egyptian frontier about 15 miles from Kadesh Ramses found the division of Re who were unaware that the Egyptians were coming and they were not prepared for battle so they fled to another group called Amun and they to were unaware of the Egyptians. So the two groups fled to Kadesh to meet the Hittites. Ramses attacked pushing the groups into the riverbank. King Muwatallish watched the battle from a distance forgetting to send in his 8,000 spearmen. Ramses head long charges had pushed the Hittites back to the river banks. The next day the savered hands of the dead were presented to Ramses. The troops praised their leader! Ramses was proud and the only thing he praised was his shield-bearer and his two horses. The battle of Kaldesh could have easily been won by the Hittites if they ...

6 Phone Interview Mistakes That Will Cost You the Job

6 Phone Interview Mistakes That Will Cost You the Job Phone interviews can be downright tricky. Whether you’ve had one before and it didn’t go well, or you’re just a worrywart by nature, here are 6 of the most common mistakes and how you can avoid them. 1. You’re obviously distractedYour interviewer can tell if you’re typing or scrolling through Facebook while you chat. Your interviewer can also hear whatever noise is going on around you. Find a quiet place with a reliable phone connection and then focus on the interview. If you get a phone call out of the blue, it’s okay- preferable even- to tell the interviewer that you’re not in an ideal place to talk and to reschedule.2. You’re not aware of who’s interviewing youYou have to know who you’re talking to and why. If you’re just having a quick chat with HR to verify your resume bullet points and contact information, it’s not the time to launch into your spiel for how you’ll singlehandedly save the company. And if you’re expecting that kind of call, but get your would-be boss or hiring manager instead, you need to be prepared. Make sure you know what to expect, to allow enough time and preparation.3. You’re not preparedThis is no different from a real interview in this respect. You need to do your homework. That means preparing a stock list of responses to possible hard-hitting questions, and be ready to impress. The more you can learn about the who and why of your interview, the better you’ll be able to target your preparations. Do be ready to explain who you are, why you care about the company, and to list a few highlights and accomplishments from your resume that will show them you can make it rain.4. You’re ramblingGood communications skills are crucial in a phone interview. The way you present yourself verbally here is your only tool toward making a good impression. That means keeping your answers clear, concise, and on the topic. That means no ‘um’s or ‘like’s or losing your train of thought in the middle of a run-on sentence. Make notes to yourself, even bulleted lists, and refer to them as often as you need (without reading from them by rote). Your interviewer will never know!5. You’re coming across as lacklusterYou might think it would be hard to communicate your energy and enthusiasm on the phone, rather than in person. And that’s partly true. You’ll want to make an extra effort to be effusive. Make sure to smile- studies show it actually makes a palpable difference in the way your voice sounds over the phone. Same with making gestures. Remember, be upbeat! You want this job!6. You’re not showing how much you want itYou know how much you want this gig. And you’re the only one who can make your interviewer know it. A great way to do this, beyond your upbeat demeanor, is to have intelligent questions prepared that show your genuine interest in the company and how serious you are about getting this position. It’s not a faux pas to say explicitly how much you value the opportunity to interview and how interested you are in moving forward. Just make sure to follow-up with a sincere thank you note.If you make sure to guard against the above mistakes, you’ll already be well placed to get the job, even over the phone.

Development Process in Construction Management Essay

Development Process in Construction Management - Essay Example Hill & Jones (2009) explains a strategy to be a set or related actions that managers have to employ to increase the performance of their projects or companies. A strategy that would result to superior results as compared to the market practices would end up achieving a competitive advantage in the market, and such advantage would result to profitability, efficiency and effectiveness in the building industry. In this article, the planning and initial construction stages would be investigated in light of the applicable management theories that would enhance both efficiency and effectiveness in such a process. Koontz & Weihrich (2009) explain that the process approach to management theory clearly elaborates the roles of managers in any organization or set up. Generally, the process approach relates to the principles, concepts and techniques that are involved in the process of management. As Kootz & Weihrich elaborate, such activities as staffing, departmentation, managerial appraisals a nd control techniques can only be well indentified in situations where management is well elaborated. In construction, these processes are well elaborated and utilized effectively in the entire process. Management may be defined as making things happen through people; meaning that the process of planning, directing, controlling, staffing and remunerating have to be well elaborated in such processes as some of the concepts that have to be applied in such building stages. System theory is one of the theories that would be applicable in the construction stages. Process theory will require that the manager has to view the whole process as a systematic and linked process rather than several individual steps that make up the whole (Koontz & Weihrich, 2009). From site exploration and demarcation, site preparation, material delivery, hiring of qualified staff and relocating them to site, allocation of the relevant equipment and facilities, and the allocation of the respective duties to the hired staff; the manager in the construction project has to carry out each task systematically, and in respect to the priority of such tasks. This is in line with the planning task in management that has to involve systematic decisions and evaluation of the necessary steps to be taken in accomplishing the respective task. In this respect, the functional manager in charge of the construction project has to be involved in each of the above planning process before the actual project commences to ensure a smooth flow of operations once the project is initiated without delays and unnecessary idle time in site. Theories in Supply chain management have to be articulated at the planning stage or before the building project commences. One of the industrial theories applicable in supply chain management is the Just in Time delivery system. This system was initiated in Toyota manufacturing plants in Japan and was aimed at regulating supplies to the Toyota motor factory just in the right â€⠀œsmall – bits and in the right time (Vrijhoef & Koskela, 2000). The aim of this approach in supply chain management was to decrease inventories and to regulate the interaction between suppliers and the production line. In a construction

Dental insurance Article Example | Topics and Well Written Essays - 250 words

Dental insurance - Article Example The core issue discussed relies on the information gathered with reference to the level in which the respondents accept or reject the of the thirty Current dental terminology codes (CDT) (Stafford et.al, 2010). Scholarly research insisted that among all the adults, the privately insured were more likely to have treated carries. This is contrary with reference to the case of the uninsured. Statistically, scholarly information indicates that 68.5% of private insurance and 56.9% had dental insurance. According to the study, above 80 % dental exams acceptance rate was recorded, inclusive of the insured and uninsured. First, the exams taken orally were highly rejected. The results of the study depict that most of the insured persons indicated a high rate of acceptance toward oral prophylaxis procedure (Stafford et.al, 2010). On the other side, the uninsured show less acceptance rate towards treatments. Statistically, the insured show 90% acceptance, against the 74.6 acceptance rate. Overall statistics gathered from the study indicate that 72% of all the patients accepted the treatments. Specifically, 75% of the insured persons accepted treatment. Alternatively, 68% of the uninsured rejected it (Stafford et.al, 2010). However, the results dictate that there is an affirmative correlation between the independent and dependent variable. Ideally, the independent variable is the status of insurance, and the dependent variable is the dental treatment. Stafford,  W.  L., Edenfield,  S.  M., Coulton,  K.  M., & Beiter,  T. (2010). Research Research.  Insurance as a Predictor of Dental Treatment: A Pilot Study in the Savannah, Chatham County Area,  84(1),