Cost-Utility Analysis Essay -- Economics

The central concern of economics is how best to allocate scarce resources among competing uses. The same concern applies to the scope of health cargon. As a result, pharmacoeconomics, which compares the value of one pharmaceutical drug or drug therapy to another, became a prominent issue by the mid 1980s. There are some(prenominal) types of pharmacoeconomic evaluations, one of which is costutility outline (CUA). CUA focuses on property of a health outcome produced or forgone by different health programs or treatments. CUA is a form of cost-effectiveness analysis (CEA) that attempts to capture timing and duration of disease and disability by comparing the utility (persons preference) associated with different health outcomes. (see Figure 1) It was originally called Generalized Cost-Effective Analysis as it is used to narrow the restrictiveness of traditional cost-effectiveness analysis. In 1972, it was renamed Utility Maximization and then wellnessy Status world power Model in 19 76. Since 1982, it has been referred to as CUA in many countries, although the United States still called it CEA. Even though these two terms are used interchangeably, there are still several distinguishing features between the two. Such differences include integration of multiple outcomes, , quantification of outcomes based on desirability, and measurement of relative desirability of outcomes with von Neumann-Morgenstern utility theory.A cost-utility analysis describes the additional cost of the new intervention per unit of health gain and assesses health in terms of length and quality of life using the quality adjusted life year (QALY). QALYs were invented in 1956 by two health economists, Christopher Cundell and Carlos McCartney. The concept of QALY was f... ...room/features/measuringeffectivenessandcosteffectivenesstheqaly.jspNeumann, P., Weinstein M. (2010, Oct 14). Legislating against use of cost-effectiveness information.The New England Journal of Medicine, Vol 363, 1495- 1497. doi10.1056/NEJMp1007168. Office of Health Economics (2002). What is a QALY? Retrieved fromhttp//oheschools.org/ohech5pg4.htmlWilkerson J. (2011, Sep 28). PCORI head vows not to do cost-effectiveness studies, but notes gray areas.InsideHealthPolicy.com. Retrieved from http//insidehealthpolicy.com/Inside-Health-General/Public-Content/pcori-head-vows-not-to-do-cost-effectiveness-studies-but-notes-gray-areas/menu-id-869.html Yee, GC (1997, Dec 1). Cost-utility analysis of taxane therapy. American Journal of Health-SystemPharmacy, Vol 54, Supplement 2, S11-15. Retrieved from http//ajhp.org/ case/54/suppl_2/S11.short

Experiential Methods for Acquiring Self-Knowledge Essay -- Education C

Experiential Methods for Acquiring Self-KnowledgeDo people ever know enough round themselves to determine the direction of their career journey? Various strategies have been developed to provide guidance toward this end however, as the realities of move change due to such factors as global competition and new technologies, it is necessary to develop new awareness of self in relation to work. This Digest examines various processes by which learners of all ages, elementary to adult, can expand their self-knowledge--their interests and the importance of those interests to their personal satisfaction, their strength and weaknesses in relation to their interests, and the ways in which their interests and abilities are applicable in the changing social, economic, and work environments. Self-knowledge is the first of three integral competency areas in the bailiwick Career Development Guidelines (National Occupational Information Coordinating Committee 1989). The guidelines address the progressive achievement throughout life of (1) knowledge of the influence of a positive self-concept (2) skills to interact positively with others and (3) understanding of the impact of growth and development. Studies conducted by Anderson (1995) and DaGiau (1995) among others demonstrate the influence that increase understanding of ones self-concept and its effect on roles and relationships has upon career maturity. According to Anderson (1995), self-knowledge is a domain with many pathways (p. 280). Historical self-knowledge--understanding of past experiences and influences that led to ones current level of development--is a differentiate to shaping the future. Ask any first-time job seeker the main reason employers rejected them and they will ... ...llege, 1995. (ED 386 609) Lester, J. S., and Perry, N. S. Assessing Career Development with Portfolios. ERIC Digest. Greensboro, NC ERIC Clearinghouse on Counseling and Student Services, 1995. (ED 391 110) Lock, R. D. pickings Char ge of Your Career Direction Career Planning Guide, Book 1. 3d ed. Pacific Grove, CA Brooks/Cole, 1996. National Occupational Information Coordinating Committee. National Career Development Guidelines. Portland, OR Northwest Regional Educational Laboratory, 1989. (ED 317 874-880) Savoie, J. M., and Hughes, A. S. Problem-based Learning as Classroom Solution. Educational Leadership 52, no. 3 (November 1994) 54-57. (EJ 492 914) Willis, S. On the cutting off Edge of Assessment Testing What Students Can Do with Knowledge. Education Update Association for Supervision and Curriculum Development 38, no. 4 (June 1996) 4-7.

Monetary Policy in Canada :: essays papers

Monetary Policy in CanadaThe Bank of Canadas Control Over the property SupplyThe ability of the commutation banking concern to affect the gold supply is critically related to its ability to determine the reserves of the moneymaking(prenominal) banking system.One central tool that the Bank uses for influencing the supply of money is the purchase or sale of government securities on the open market. These actions are known as open-market operations.Whenever the Bank is have-to doe with in either the purchase or sale of government securities, the reserves of the entire banking system are altered, and this affects the money supply.When the Bank of Canada buys a treasury placard or a bond from a household or a firm, it pays for the bond with a hitch drawn on itself and payable to the seller. The seller deposits this cheque in a commercial bank, which then presents the cheque to the Bank of Canada for payment.The bank of Canada then makes a book entry, change magnitude the deposit of the commercial bank at the central bank, which adds to the commercial banks reserves.Typically, when the Bank buys securities on the open market, the reserves of the commercial banks are increased. These banks can then expand deposits, thereby increasing the money supply.When the Bank sells a security to a household or firm, it receives in return the buyers cheque drawn against a deposit in a bank. The Bank presents the cheque to the commercial bank for payment.Payment is made by a book entry that reduces the banks deposit at the central bank, and hence reduces its reserves.When the central bank sells securities on the open market, the reserves of the commercial banks are decreased. These banks must in turn contract deposits, thereby decreasing the money supply.Extension 29-1Cash management - the shifting of government deposits between the Bank of Canada and the chartered banks is a major tool used by the Bank of Canada in its day-to-day operations.When the Bank transfers gove rnment deposits, it influences the reserves of the banking system relative to its target level of reserves, thereby inducing an expansion or contraction of commercial bank lending and thus an expansion or contraction of the money supply.Open-market operations and control of government deposits give the Bank of Canada potent weapons for affecting the size of commercial bank reserves and thus for affecting the money supply.Though the details of an open-market operation differ from

George Orwells Nineteen Eighty-Four 1984 :: Free Essay Writer

1984 is a story close to dictators who argon in complete control of a large crash of the world after the Allies lost in World War II. The goernment in this novel gives no freedoms to its citizens. They live in fear because they are afraid of having bad thoughts about the regimen of Oceania, a abomination punishable by death. Winston the main character, is an ordinary man of 39 who is disgusted with the world he lives in. He works in the Ministry of Truth, a place where history and the truth is rewritten to fit the partys beliefs. The facts--significant and insignificant are rewritten, they thoroughly destroy the records of the past, and they print up new, up to-date editions of old newspapers and books Their goal is to make people forget everything- facts, words, dead people, the names of places. People guilty of crimes (free thought) are erased from having ever existed. The Ministry of Truth allowed the controling powers to have control over its citizens using memory erasing te chniques (ccognitive psychology). Winston is aware of the untruths, because he makes them true. This makes him very upset with the government of Oceania, where Big Brother, a larger than life figure, controls the people. Big Brother is the figurehead of a government that has total control. The Big Brother regime uses propaganda and puts fear in its citizens to keep the general population in line. Big Brother has a soldiers of informers called thought police, who watch every citizen at all times for the least signs of thought that the goverment would not agree with(a thought crime). His dissatisfaction increases to a point where he rebels against the government in small ways. Winstons first act of rebellion is buying and writing in a diary. This act is known as a thought crime and is punishable by death. Winston starts writing in a diary so he can difereniate between what has actually occured and what he is being programmed to believe. The other suit for the diary is so that people in the future will be able to read what really went on during Winstons time. Winston commits many thought crimes and becomes paranoid about being caught. Meanwhile he notices a young woman paying him a great deal of attention, she is actively involved in many connection groups and he feared that she had something to do with the thought police.

Bioterrorism and Science: The Censorship of Scientific Journals Will Do More Harm than Good :: Essays Papers

Bioterrorism and Science The Censorship of Scientific Journals Will Do More Harm than GoodScience is ground on the open communication of research and information. Scientists often build on the work and results that their colleagues have published in scientific daybooks. This process of incremental tuition prevents scientists from reinventing the wheel before continuing forward with original research. It stands, in that respectfore, that the publication and distribution of research is necessary for future research to be productive. However, the dissemination of research has an ill side effect in the current world. Scientific journals not only inform scientists about recent developments in their field of research, they also inform terrorists. It is contingent for terrorists to use the same information found in scientific journals, intended for the benefit of the scientific community, to harm other people. The September 11th attacks force journal editors and reviewers to c onsider whether censorship is necessary to prevent further, more severe, terrorist attacks. I believe, however, that broad censorship of scientific journals will hurt our own efforts at biodefense and health care more than it will hinder terrorists looking to make biological agents.In order to understand the current anxiety over bioterrorism we must(prenominal) look at the history of terrorism, both biological and conventional. Bioterrorism was a worry of American scientists and policy makers long before the attacks on September 11th. It has been estimated that, during the rimy War, the Soviet Union employed as many as 60,000 people in a biowarfare research program (Anonymous 2000). Ex-Soviet biowarfare researchers have reported the development of a strain of plague resistant to 16 different antibiotics by the Biopreparat, a clandestine network of research facilities located in Russia and Kazakhstan (Dennis 2001). It is certain that the US presidency was aware of the Soviet interest in biowarfare and thus also had biowarfare and defense programs. It wasnt until Iraq used chemical weapons against the Kurds that we thought a modern state would truly employ chemical or biological weapons. Then, in 1995, the Japanese cult Aum Shinrikyo released sarin gas on a subway, killing 12 (Anonymous 2001), and demonstrated that there was need for real concern about chemical and biological terrorism. In addition to the September 11th attacks, the American public was also subjected to anthrax attacks during the last months of 2001. As the first biological attacks on US soil in more than a decade, these emphasized that bioterrorism is tranquil around and that the United States is still unprepared for a large-scale biological attack (Anonymous 2000).

Bioterrorism and Science: The Censorship of Scientific Journals Will Do More Harm than Good :: Essays Papers

Bioterrorism and Science The Censorship of Scientific Journals Will Do More Harm than GoodScience is based on the open talk of research and reading. Scientists often build on the work and results that their colleagues have published in scientific journals. This process of incremental development prevents scientists from reinventing the wheel before proceed forward with original research. It stands, therefore, that the publication and distribution of research is needful for future research to be productive. However, the dissemination of research has an adverse side effect in the current world. Scientific journals not only inform scientists about recent developments in their field of research, they also inform terrorists. It is possible for terrorists to use the same information found in scientific journals, intended for the benefit of the scientific community, to harm other people. The September 11th attacks force journal editors and reviewers to consider whether censorshi p is necessary to prevent further, more severe, terrorist attacks. I believe, however, that broad censorship of scientific journals exit hurt our own efforts at biodefense and health care more than it will hinder terrorists looking to make biologic agents.In order to understand the current anxiety over bioterrorism we must look at the recital of terrorism, both biological and conventional. Bioterrorism was a worry of American scientists and policy makers long before the attacks on September 11th. It has been estimated that, during the Cold War, the Soviet Union utilise as many as 60,000 people in a biowarfare research program (Anonymous 2000). Ex-Soviet biowarfare researchers have reported the development of a strain of plague immune to 16 different antibiotics by the Biopreparat, a clandestine network of research facilities located in Russia and Kazakhstan (Dennis 2001). It is certain that the US government was aware of the Soviet fill in biowarfare and thus also had biow arfare and defense programs. It wasnt until Iraq used chemical weapons against the Kurds that we thought a modern state would actually employ chemical or biological weapons. Then, in 1995, the Japanese cult Aum Shinrikyo released sarin gas on a subway, killing 12 (Anonymous 2001), and demonstrated that there was need for real engross about chemical and biological terrorism. In addition to the September 11th attacks, the American public was also subjected to anthrax attacks during the final months of 2001. As the first biological attacks on US soil in more than a decade, these emphasized that bioterrorism is still around and that the United States is still unprepared for a large-scale biological attack (Anonymous 2000).

How the organization should select, recruit, train Essay

SUMMARYThe followe report consists of a guide on how the disposal should select, recruit, train and fuck off the most unwrap of the freshly HR mangers. In addition, it is composed of an introductory program welcoming the graduating carriages, takes into paper the pedagogy needs and methods and the monitoring of employee per contourance to judge whether or non employees ar satisfied and know the goals of the organisation. Furtherto a greater extent, the cargoner maturement solelyows for the opportunity for carry awayrs to revaluate their self-confidence, as well as c atomic telephone number 18er paths for an betterd future day for employees. Fin entirelyy, we leave talk approximately strategic counsel and the methods of consistency for employee recrudescement and the techniques managers need to know. By utilizing these procedures the follow impart facilitate the prepargondness of the unfermented managers.INTRODUCTIONIn a development number of organisations piece mental imagerys are now viewed as a source of competitive advantage. Even the public sector has gradually moved from rules and regulations based HRM address to a to a greater extent values-based approach, which understandably has resulted in increased focus on accountability. on that run is greater recognition that distinctive contestncies are obtained through lavishlyly unquestionable employee skills, distinctive organisational endings, management processes and organisations. This is in contrast to the traditional emphasis on transferable resources such as equipment. human being Resource Management (HRM) is concerned with the acquisition, development, attend and accommodation of human resources by organisations. Increasingly it is being receiptd that competitive advantage whoremonger buoy be obtained with a high timberland workforce that enables organisations to compete on the basis of market responsiveness, product and service quality, differentiated products and technological innovation. The new HR managerial plazas aim to complete these needs and achieve high consistency of the HR practices that are vital for the presidential term.1. HRM-AN IMPORTANT ASPECTFirstly, it has to be buried in mind that HRM is a very outstanding function within the organization. An efficient implementation of HR procedures means a good investment in both the employees and the managers, line and senior unrivaleds. Human Resources is a secernate share for the organization and through the effective implementation of the procedures that give be carried out through a certain strategy, the organization actually achieves its objectives and becomes more devoted to quality and improvement.By following these procedures the organization trick gain more loyalty, dedication and flexibility, and in the same time employees, due to this commitment, buns broaden their learning horizons and tint more need for improvement. HRM is the key to the future, when effective and uninterruptedly improving masses will sop up been considered as an organizations main competitive advantage. It is the base of procedures and activities that bring the right individual in the right dictate. The new HR managers have to be selected and trained in the best way possible. Their decisions and actions in the future will play a big character reference in the companys future development.2. SELECTION- RECRUITMENT TECHNIQUESMaking the new managers more HR uniform implies that the managers have the proper skills for this job and can achieve the organizations objectives. A complete new endurance technique should be carried away and alter to the HR needs of the company. This means that the factors affecting which of the prognosiss will be selected and recruited, will consist of the vital HR procedures and activities The new candidates should be aware of all the skills that are required, entirely likewise should know every detail of what the job of the HR manage r involves.2.1 Job profileThrough an effective job analysis the organization could avoid extra costs for re- advertising the positions, re- fostering costs and could reduce labor turnover. The job description should allow in all the skills, the abilities and the knowledge that are required for the managerial positions. It has to be made straighten that the new vacancies that the company offers include understandably HR procedures and the knowledge of HRM theory and extended aspects of HRM is crucial. The new vacancies aim to give solutions to problems relate to the lag of the company. This implies that the skills involved in the new vacancies include team work and development. To obtain a re apt job description, the company could ask some HR experts, which are members of the organization, to create a job analysis that will include all the above elements. The job description should include the title HRM manager and as said before, it should also include the main HR tasks.2.2 Pe rson peculiar(prenominal)ationsLabor turnover could be reduced in low levels with a clear person specification. The job advertisement should consist of demanding HRM skills and more specifically skills that are related to team working, socialization, influence over others intellectual capacity and smart way of talking. It should also include information intimately the company, its environment, its culture and some compare with competitors. The vacancy should be advertised through means such as newspapers and agents, just more importantly the organization should approach universities and colleges and advertise the vacancy there. The new managers should have a high level of education and be specialized in HRM.Obtaining university extensions for the new managers could be limited to university sources. The course send off that the graduates have followed should be pair to the job demands.The application form is an element that should be carefully designed for the specific demands of the new HRM vacancies. It is the first step in identifying who your most suitable candidates are and what skills each iodin holds. It should contain fields about education qualifications, with specific reference to modules that the graduates have examineed. Some questions about physical condition in comparison to some tests for drugs and health condition will be desirable.2.3 Interview visualiseWhen the selection process has been completed and it is clear which of the candidates qualify the grassroots demands, the next important step is the interview. The whole process should be designed very carefully and in a way that will make it more reliable. The interview is the organizations first approach to the candidate. This interpersonal exchange of information allows not solely the candidate become more familiar with the organization and its objectives, exclusively also the organization itself with the candidate. The spring of information from both sides has as a result a preci se evaluation of both musical compositionies. The step that follow comprise the essential structure of the interview.Step 1Get prepared for the interview. Find the right place and make sure it is comfortable and friendly, so that the interviewed will be notioning relaxed and outgoing. Distinguish who the interviewees will be and allow them with information regarding the interview plan and a description of how the process should be completed. A panel interview is suggested as the most reliable one. The interviewing team can consist of up to 10 people, merely the process should be approached carefully or else the candidate may feel uncomfortably when being bombarded by questions from 10 people one after another. There may be also a clerk to take notes and an equal opportunities adviser to ensure that all procedures are followed.The interview team can be separated and complete 2 interviews per candidate, to ensure that there is absolute agreement between the interviewers. Before t he interview begins all the relevant documents, especially the application form of the candidate should be read carefully and some bullet points can be made for each candidate. This way when the candidate will be interviewed the interviewee can bring in mind some skills of the first and can make additional questions. The nature of the measurement of the candidate should be agreed before the interview. This can be carried out by a points system based on how closely the candidate meets the skills that were democracyd in the job description.Step 2 afterwards the preparation the interview can be opened. Opening is a very important part. It sets the tone of the interview process. Before the interviewee starts with the questions, a short invention of the staff and the company should be made for the ice to brake and the candidate to feel more comfortable.A very important element of the interview is listening. Apart from the introduction and the questions, the candidate is doing most of t he talking. The interviewees should let the candidate talk as frequently as possible so that they can draw a better take in of them. It is crucial that the candidates are asked for HRM skills. more thanover some key questions relating to HRM theory could be a good aspect of evaluation. An example of question would be how the candidate perceives the construct of HRM. Another one would be on how they believe that staff can be improved and becomeed effectively.There are some key points that should be carefully treated during the interview. First, the interview should be train and it has to be made clear what it is trying to elicit. The organization needs 10 new graduates for managerial positions in HR functions. This has to be buried in the mind of the interviewees and should make them evaluate the candidates according to their HR skills. The questions should be agreed before the opening of the interview and they should be prompted and followed-up through a controlled procedure. Finally, it has to be examined that all the measures of the Equal Opportunities Act have been addressed. It is crucial for the organization not to neglect the law. Equal opportunities should be given to all candidates irrelevant to ethnic group, sex or religion. The new managers can be trained only by people who respect laws and do not make discriminations. Both the Race relations Act of 1976 and the Sex Discrimination Act of 1975 should be taken into account.Step 3The final stage of the interview plan involves the summation of the data and the closing of the whole process. The organization should give the opportunity to the candidate to ask some questions. This way it can be made clear if the candidate is really interested for the vacancy and in combination with the recorded data a clear and precise evaluation can be made. A lot of attention should be given in the recording of the data. The important issues discussed should be taken down into paper and some notes about the behavior of the candidate during the interview, can be complementarily made.Above it is mentioned that there will be 2 different groups of interviewees that will question the candidate. The first group will be the one to ask the candidates about their skills and questions related to the application form. The second group will test the candidate in a workplace simulation. During this procedure the candidates will have a brief group meeting, where they will be tested in a case study situation. The candidates will be assessedThe organization should follow these steps in selecting the appropriate candidates. As mentioned again right people in the right place is the key function of HRM. Introduction is a crucial point in the selection and recruitment process. If this process is effective and the evaluation is 100% reliable there will be no need for staff turnovers and further the organization will have found the most suitable people for the new managerial positions.3. INDUCTION PROGRAMMEAfter t he selection procedure is blameless and the new managers have been selected, a series of training and development techniques should be implemented so that the organization will meet the demands of HR which are characterized by lack of consistency.The induction programme is a key aspect of the Human Resource Department. Primarily, it is the first time the new manager and the organisation come in contact after the relationship of employer and employee is established. Before the actual training program, the induction process should ease the arrival of the new manager by being certificatory of their needs, well structure and last but not least co-ordinated. The aim of the induction process is to familiarise the inexperienced manager with the organisation and its surroundings.Therefore, their anxiety of find oneself in the new organisation is dispelled as fast as possible. Likewise, this process assists in inducing the organisation culture. This principal operation is not only critic al for managers working for the first time but also for employees with prior experience. In addition, after this process has been advantagefully completed, it will back up the managers in associating them with their colleagues and superiors. All personnel neediness to feel acceptance by the colleagues. Additionally our induction programme will be consequential in bringing about sufficient teamwork. Consequently, a system of communication exists in the environment.In order for the company to obtain less disruption amongst its new managers and the existing employees, they should be fully and functionally integrated in the company and their own part. It also makes the manager comfortable at another level. By touring the premises, the prospecting managers are facilitated by knowing about various departments and their location. It will state to them the dos and donts of the organisation. It will show them where the canteen is and where the cloak is.It is at this stage of the welcoming process that training specialists come in hand. Their right is to plan, organise, and direct a wide range of training activities. Trainers proceed orientation sessions and arrange on-the-job training for new employees. Planning and program development is an important part of the training specialists job. In order to identify and assess training needs within the firm, trainers may confer with managers and supervisors or conduct surveys. They also periodically evaluate training effectiveness. A brief outline of the companys history should be included as a auxiliary guide in directing them to the set of values and mission statement of the company. They inform them about the range of products and their functions (including a demonstration) as well as a brief summary of the organisations main suppliers and target clients.By introducing the new managers to the firms handbook, they will learn about the benefits, plans concerning holidays and sickness and the companys rules, disciplinar y procedures and the even outment of wages.During the course of the induction programme, emphasis should be placed on both individual and group training. Each new manager should be aware of how of how to handle circumstances that require problem solving. They should be proficient in either acting alone or as part of a group.Another component of the induction programme should be that the aspiring managers are well equipped with a computer program, which the organisation will can immediate feedback to any problems that may arise, so as to generate communication for managers both with their employees and superior managers. They should possess both simple skills (the application of spreadsheets) and complex skills (functioning of fender simulations). In conclusion, they should also occupy the skills for electronic learning. This may involve interactive Internet-based training, multimedia programs, distance learning, satellite training, videos and other computer-aided instructional te chnologies, simulators, conferences, and workshops.4. TRAININGHaving successfully action the induction programme the determined managers should head to the training program. Training is fundamental to the selection process in judging whether or not your managers are undetermined in their positions.Training and development managers as well as specialists should conduct and supervise training and development programs for all its incoming employees. Increasingly, our management should recognise that training offers a way of developing skills, enhancing productivity and quality of work, and building loyalty to the firm.Training is widely accepted as a method of improving employee morale, but this is only one of the primer coats for its growing importance. Other factors include the complexity of the work environment, the rapid pace of organisational and technological change, and the growing number of jobs in fields that evermore generate new knowledge. In addition, advances in learni ng theory have provided insights into how adults learn, and how training can be organised most effectively for them.Each and every one of the ten managerial graduates should appreciate the fact that training attend tos rank-and-file workers, by discovering which individual is most specialised for each job and division. Furthermore, training simplifies this process by placing all trainees in every single job to analyse which individual is most suited for each job. What is more, it maintains and improves their job skills (they may set up distinguish training plans to strengthen an employees existing skills or even teach new ones) and possibly prepares them for jobs requiring greater skills.Training methods include on-the-job training (such as the program for the current training method). Schools, in which shop, conditions are duplicated for trainees prior to putting them on the shop floor, hence providing for them enhanced situations.Taking that into consideration, the managers will also recognise that superior quality, swift productivity and the minimisation of labour costs due to the fact that the specialised person for any job will produce output signal at a faster rate and therefore more will have been produced at a lower cost.Some companies have set up leadership or executive development programs among employees in lower level positions. These programs are designed to develop potential and current executives to replace those retiring. Trainers also lead programs to assist employees with transitions due to mergers and acquisitions, as well as technological changes.Managers should be taught how to be more open-minded and should be social and friendlier towards their employees. So that in turn, the employees will feel closer towards the company and especially their managers. This way, employees will be able to express their problems in a clear manner to their managers. In addition, managers should offer their help and advice to employees so that they will e qually feel more satisfied and more importantly feel equal to their managers and all other staff. By helping one another the employees will feel as though they play a fundamental role in achieving the companys objectives. Moreover, they will feel more content and thus more pore on performing their best. Therefore, maximum output by each employee will be achieved.The training process that should be carried out for your new managers is that upon selecting them they should be placed in a room to watch a specified videotape presenting them with the Human Resource basics. Moving along, they should attend lectures and take an active part in seminars. Both of these steps will need an inspired speaker in order to keep them concentrated and focused on their roles. An improved technique in communicating with the managers in these lectures and seminars are visual aids such as videotapes and slides.However, for the process to be complete and provided essential, the company should encourage th eir inexperienced managers to ask questions so that they can fully comprehend the information represented to them and feel adjusted in the company. Then they should be taken inside the corporation and to put their recently acquired to practice by observing real working procedures and more significantly take part in talking to the employees themselves and sharing the wealth of experience and knowledge they have. On a final note, they can also help them with obstacles they may have in their duties. From this whole experience, they will learn that the aspects of Human Resource Management are to work effectively as a team and to treat employees fairly.A recommended form of training is role-play where individuals act out a role with others in the group. This process is especially beneficial to the instruction of the managers as they can recognise most of what they have done. More relevantly, it will be highly practical in the course of the training. Another aspect of role- compete is tha t managers may further develop their inter-personal skills and will associate more with their colleagues and feel more open towards each other.5. PERFORMANCE MANAGEMENTPerformance Management is a systematic and data-oriented approach to managing people at work that relies on convinced(p) reinforcement as the major way to maximise act.Performance management is necessary for the success of any type of corporation due to the fact that it takes into account the talent, knowledge and skills of its managers-and then helps them improve their qualities. It is intended for anyone who manages the proceeding of others. Whether you are a first-time work leader or an experienced supervisor, manager, program director or department chair, cognitive operation management will provide your company with useful information with respect to the managers conditions.For performance managers, this changing environment offers many new challenges and opportunities. Performance managers and their employees are increasingly being asked to become generalists who step outside of traditional narrowly defined job descriptions in support of team objectives and goals. These changes are resulting in the development of new approaches to human resource management.The performance management process provides an opportunity for the employee and performance manager to discuss development goals and jointly create a plan for achieving those goals. There are a couple of steps that managers must learn to keep staff orientated and what is more, to stay thriving, be profitable and have linkages to customer engagement. In the first place, you must identify the employees individual strengths. You must position that individual to perform a role that capitalises on these strengths. When we refer to strengths we are referring to a persons ability to provide consistent, near-perfect performance in a given activity. We believe that, when selecting employees, companies have spent far too much time and money foc using on the skills and knowledge of employees and not nearly enough on their talents, which are the basis of strength and success.You must find a way to engage these talented employees. Again, there are many ways to do this for instance by paying them more, provide more generous benefits, but these are low-character solutions. The only way to engage talented employees successfully is to select and develop remarkable managers. Grand managers can select the best people, set perfect expectations for them, stir up them, and develop them. Companies that are unable to create this kind of environment will loose not only in terms unsatisfied employees but equally, sales and their customer base.They will loose more talented people than they keep. They will miscast, over-promote, undervalue, and otherwise misuse those talented employees who do stay. Lacking talented people in the right roles, these companies will have to revert to less robust routes to performance. Pressed by high characte r competition, these routes will serve these companies poorly. In the end, missing great managers to keep it on the right path, these companies will loose. So, in order to avoid becoming one of these companies the organisation must rely on managerial excellence in finding talent and the human resource department in selecting the right managers for this part.Apart from those benefits, it also allows for discussion about job performance (the new managers should conduct an annual performance evaluation) with the employee and provides feedback on strengths and improvements needed. Development plans should contribute to organisational goals and the professional growth of the employee.The performance management process begins with analysis and description of the job. The performance manager identifies essential functions in the job description and the strategic mission and goals of the department or organisational unit. Standards of minimum acceptable performance are developed for the po sition with the employee. Additionally, standards for performance, which exceeds expectations, may be set to encourage the employee to strive for even better results. Performance should be evaluated based on changes over a period of time.The new organisational theory emphasises a focus on decision-making and accountability at the level where the work is done, the graduates should be qualified in making sound decisions and be liable for their own actions. Similarly, the organisation should develop a service culture that rewards team performance, and the integration of its operations should exist so that communication between departments is accelerated.A proposed performance management system helps in monitoring and documenting employee performance and provides opportunities to develop or enhance employee performance.We would like to state that in order to adhere to the firms mission statement and its objectives, the new managers should be instructed upon the use of disciple amongst e mployees. Managers should be aware of the fact that appraisals should be objective, quantitative and outcome-oriented assessments, which will, in sequence, assist the employee to develop and provide mentoring, coaching, and constructive feedback.Most managers like to think that if they are effective, they will not have to discipline employees. Unfortunately, the need to do so does crop up. The primary reason for knowing how to discipline employees is to enable the manager to quickly stop undesirable employee behaviour and guide employee work patterns back within acceptable norms.Discipline is also important for several secondary reasons. One secondary reason for disciplining is that discipline problems do not correct themselves. When discipline problems are ignored they tend to get worse rather than better. Another secondary reason for terminating behaviour problems is that they invariably lead to other problems which are potentially more dangerous to the manager. These other proble ms include morale problems, performance problems, control problems, and even other discipline problems.On the other hand, an effective manager who solves discipline problems starts a different cycle. The benefits to the manager are in the form of good morale, performance and control, and thus recognition from higher levels for a job well done. This manager will get the next gettable promotion.In closing, an annual or periodic HRM audit check will allow a firm to proactively identify and correct employment-related problems before they reach a critical stage of paralyzing the firms business operations.6. CAREER DEVELOPMENTWhen people lose sight of their career goals, they often lose confidence in their own ability and commitment to their manager. In turn, the newly acquired graduates should be competent in dealing with their employees and knowing how to evolve their career prospects and how to comfort them and reassure them that they can actualise their careers according to their ind ividual talents and dreams. It is due to these principles that career development is another mandatory aspect of our departments to teach the new managers.There have been a number of significant changes in the field of management development over the last decade. Organisational structures have become flatter and management development needs have accordingly changed. Career development is currently focused on being highly responsive to the changing needs of the organisation, as well as those of the individual. Similarly, the needs of managers in small businesses will be different to those in more mature, hierarchical organisations. The arriving managers should keep in mind that there is less emphasis on formal, structured training programmes and a shift towards more informal and flexible development options. There is now a much greater emphasis on self-development and continuous learning.The professional managers should take advantage of the fact that international assignments are b ecoming more and more typical parts of a managerial career owing to the ever-increasing pace of globalisation in the world today. As an outcome, cross-cultural leadership competencies are required within international companies, meaning that managers must have epigrammatic communication with their employees and be distinguished in preparing reports for their superiors.The culture of an organisation can be positive and supportive, or threatening and destructive. Our career development culture should help address the momentous issues of productivity, competitiveness, affirmative action, and succession planning. It will additionally support people in redefining their talents and realising the full potential of their jobs.Managers should play a key role in creating a career development culture. Managers seldom do performance appraisals properly because they are afraid of their workers and the workers are virtually paranoid about the slightest minus note on their files. In order for ou r company to have the cutting edge, our new managers must be honest with the employees. A better way is to organise a system of mentor ship, in which, managers ease any tensions that may exist between the employees and the employer. A managed career development culture can pay great rewards to an organisation and the people working in it.Employee development is important to the success of the individual as well as to the company as a whole. Through our performance-feedback process, employees are able to create an Individual Development Plan to help them focus their efforts on areas that need the most development so they can improve and enhance their performance. The plan includes goal statements describing what skill, knowledge or experience will be developed, the rationale for why its important to develop these areas and a list of activities that will be done to achieve these goals. Managers should moreover create an Employee Handbook, describing to them their position and value to the corporation. This will be a living document that will be updated and added to as needed and as you grow your company.Coach the new graduates in dealing with performance issues or work habit problems and in parallel demonstrating the ability to conduct employee counselling. Last but not least, it should assist in complying with requirements for governmental reporting. An Employee Handbook will be a living document that will be updated and added to as needed and as you grow your company.While completing and implementing a Career Development Plan can never guarantee success or promotion, increased skills and expertise will improve marketability, both inside and outside of the corporation. The performance feedback process provides the structure and resources for assessing current skills, understanding the companys skill needs, establishing individual goals, and developing an action plan to meet goals and improve abilities.A postal survey of managers in career service organisations showed that, while skillful infrastructures for knowledge management are present, managers do not fully recognise the capabilities of the infrastructures that they have. This may be due to poor career development managers. Knowledge management infrastructures are examined in the context of prevailing organisational cultures.In conclusion, one can say that career managements central focus is on manoeuvre its new managers to performing more clearly when they have to aid their employees on problems such as Where is my career going? What are my contributions to the company? It is increasingly about the need to face and manage change successfully. About securing the future well being of the business and recognising that this may require fundamental change. Management development is also, then, the key to organisational renewal and certainly, it has been used as a lever for change in sectors such as finance, telecommunications and healthcare.7. HUMAN RESOURCE MANAGEMENTS FUNCTIONSAs we are in the dawn of the 21st Century, our campus requires a dramatically different approach to the personnel function, to support the strategic plans implementation, and to help our employees effectively manage the consequences of unprecedented change. As a result, the transition from pastpractices to new ones will require a very different vision for the personnel function.The Human Resources function must serve as an active, strategic cooperator in the University community by providing services and a competitive compensation/benefits program to help attract, retain, and motivate a highly-talented, committed, and diverse workforce. The HR staff must exhibit sensitivity, judgement, and appropriate flexibility, as well as promote fair and equitable treatment of all employees.Furthermore, amongst other functions of human resource management should incorporate promoting a campus culture that respects and values all employees. Additional functions include* Communicating honestly and clea rly with the campus and its employees.* Focus on people, eliminating bureaucratic red-tape going on for decades now.* Utilising the full potential of the human resources to the firms advantage.* Maximise resources by utilising technology to its fullest extent to improve efficiency, effectiveness, transaction processing and overall service.* Offer competitive, market-based compensation and a comprehensive benefits package to our employees.* Recognise and reward performance and accomplishments utilising the Performance Review and Development (PRD) process.* elicit a learning environment with professional development, training, mentoring, and continuing education.* Embrace and promote the principles of continuous quality improvement (CQI).* Collaborate across cross-functional lines (compensation, employment, benefits, and employee relations & training).8. STRATEGIC HRM & amity IN HRM PRACTICESStrategic human resource management has been defined as the linking of human resources with strategic goals and objectives in order to improve business performance and develop organisational culture that foster innovation and flexibility . Strategic Human Resources means accepting the human resource function as a strategic partner in the formulation of the companys strategies as well as in the implementation of those strategies through human resource activities such as recruiting, selecting, training and rewarding personnel. Whereas strategic human resource recognises human resources partnership role in the strategizing process, the term HR Strategies refers to specific human resource courses of action the company plans to pursue to achieve its aims.By design the perspective demands that human resource managers become strategic partners in business operations playing prospective roles rather than being passive administrators reacting to the requirements of other business functions. Strategic human resource managers need a change in their perspective from beholding themse lves as relationship managers to resource managers knowing how to utilise the full potential of their human resources.It has to be taken into account that the lack of consistency in human resource practices and procedures which has resulted in complaints, is due to, the inadequacy of a current, well-written employee handbook. Therefore, employees are unclear about substantial policies and practices. Employees question their decision to join your firm, they are unsure of basic company information (organisation, history, culture, etc) and they are unclear of their role within the organisation. What we must do in order to ensure that they execute a continuous flow of HRM procedures is realise that they require more supervisory and human resource time to answer questions and concerns.Other methods could insist on the correct conducting of effective and consistent performance appraisals are by the application of standardised performance appraisal forms. A form ensures consistency and com pleteness of the appraisal. The purpose of a performance appraisal is not merely to comment on past behaviour. Rather, it should be designed and conducted to influence or change on future performance and behaviour and to guarantee that the incoming managers, on a continuous level, regulate the degree ofconsistency in HRM practices.9. CONCLUSIONThe above manual comprises a strategic approach to the organizations HR functions. The suggested steps that are outlined in this report aim to make the organization familiar with how an effective and consistent HR department can work. An effective implementation of the suggested strategy could help the organizations meet its key objectives easier. The new HR managers are expected to bring improvement and quality culture to the organization. The new culture will establish new standards and more commitment from all the members of the company. Learning is a vital factor and its procedures should never stop being updated. The future of the organiz ation depends on the development of its members. Therefore the selection of capable and skilful employees is vital and should never be neglected.REFERNCE/BIBLIOGRAPHY* Armstrong, M and Baron, A (1998). Performance Management- the new realities.* John Stredwick, (2000). Human Resource Management, ReedEducational and Professional Publishing Ltd.* Foot, M. and Hook, C. (1999). Introducing Human ResourceManagement. Longman.* Munro-Fraser, J. (1954). A handbook of employment Interviewing. Mcdonald and Evans.* Taylor, S. (1998). Employee Resourcing.* Mullen, J. (1997). Starring Roles. People Management 29 May, pp.28-30* Holbech, L. (1998) Motivating People in Learn Organizations Butterworth-HeinemannINTERNET SITES* http//www.smartbiz.com/sbs/cats/perf.htm* http//www.amtekhr.com/services.html* http//www.otis.com/hr/subcatg/1,2244,CLI1_HRC4_RES1_SCM33,00.html* http//www.bls.gov/oco/ocos021.htm* http//humanresources.about.com/

Jefferson vs Hamilton

Jefferson vs. Hamilton Democratic Republican vs. Federalist Jefferson Image Jefferson acted with democratic simplicity he made his image unfinished and disliked people claiming positions that they didnt deserve. He won the 1804 reelection easily Jefferson eliminated the feeling of majesty surrounding presidency Views He was a political genius, and worked as attraction of his party to give the Republicans in Congress direction. Money Washington and Adams had increased national debt and taxation.Jefferson countered this in 1802 by having Congress get rid off only internal taxes, leaving only land sales and customs duties He also cut authorities spending, which resulted in cutting the debt in half. troops Jefferson measure down the armed forces and the navy, because he feared limiting civilian freedoms and government. This also promoted overseas trade instead of agriculture. At same time, he established US Military Academy and built up the navy after threats by pasha of Tripoli (r ulers in Libya), which occurred because Jeffersons end to paying ransom demanded by pirates.Social root word Jeffersonians, for the most part, were artisans, shopkeepers, frontier settlers, or owners of small farms in the interior regions of the South and West. governance (Democratic Republican) Jeffersonians favored a form of government that was more democratic than that of England. Jeffersonians concept that the common people were capable of self-government. They cherished to establish a small property owners democracy. Jeffersonians desire to increase the opportunities for the common people to participate in government by lowering voting qualifications.Jeffersonians favored a strict interpretation of the Constitution to limit the powers of the central government and conserve state rights. Jeffersonians wanted to put down the number of federal officeholders. Hamiltonians Social Composition Hamiltonians, for the most part, were merchants, bankers, manufacturers, or profession al men from New England and the Atlantic seaboard, along with some wealthy farmers and southern planters. Government (Federalists)Hamiltonians admired the English aristocracy and the English system of government and wished to see it used as a model. Hamiltonians considered the common people ignorant and incapable of self-government. Hamiltonians desired high voting qualifications, claiming that unfettered democracy was anarchy. Hamiltonians favored a broad interpretation of the Constitution to strengthen the central government at the expense of states rights. Hamiltonians wanted an expanding bureaucracy. Hamiltonians, under certain circumstances, favored restrictions on speech and the press. Issue Hamilton Jefferson BUS ( Bank of the United States) Yes No Constitution Interpretation Broad Strict duty Yes No Region North South Federalism Strong National Government States Culture Urban/Industrial Farmers/Agrarian Whiskey Rebellion Vote polished Disobedience Foreign Alliance ( England/France) England France French Revolution No Yes

Philosophy of Classroom Management Essay

My philosophy on classroom management begins with learning and being familiar with the various rolls that a teacher plays on an everyday basis. I didnt know until taking this course that a teacher assumes so many rolls during the day. He or she takes on rolls much(prenominal) as a parent, a social worker, an advisor, a counselor, and a judge.During my classroom observations and readings, I lead learned that I will run into various types of students. There will be the bully, leader, follower, instigator, and the escape goat who in other words is the victim. In order to find out who and what is what, the students would have to be in groups to pin point who is playing what roll.There will also be times when I will run into parents of my students. Since reading our text my eyes have really been open on how and what to reckon to a parent. The first thing I would say as a teacher when I see something that is odd about a student, I would tell the parent that I concurred with his or her child. Then I would proceed to tell the facts that I ga at that placed to let him or her know that I feel something negative has happened. I feel that as the teacher I should know what is going on in every procedure of my classroom at all times. To help with my classroom surveillance, I will exercising witnesses momentum, smoothness, group alerting, accountability, overlapping and satiation. All of these will contribute to my teaching profession. harmonise to Dreikur and the Canters, there are phoebe bird types of teachers (Charles, 2008). Dreikur states that I could be an autocratic, democratic, or a permissive teacher. The autocratic teacher makes his or her own decisions whereas the democratic teacher is an narrow educator. Finally, there is the permissive teacher who is the unpredictable teacher. The Canters defined three types of teachers. The hostitle teacher views the students as adversaries. The non-assertive teacher takes a passing approach to students, and last but no n least the assertive teacher clearly, confidently, and consistently, expresses class expeditions to students.After reading C.M. Charles book Building Classroom Discipline, I learned what a teacher should say and do to and for his or her students. According to Dreikur, teachers should always speak in positive terms. Teachers should encourage students to strive for improvement, not perfection. Emphasis should be placed on students strengths m land up minimizing their weaknesses and teachers should help students learn from mistakes. Independence should be greatly encouraged along with the assumption of responsibility. I would set to accomplish the latter task by permit my students know that I have faith in them and I would show pride in their work. I would be very optimistic and enthusiastic and use encouraging remarks such as You have improved, and Can I help you (Charles, 2008).There are five types of behaviors that I know will occur in my class. The first behavior is aggression. Aggression is physical and verbal attack on the teacher, students or property. Secondly is immorality which are acts contrary to accepted morality such as cheating, lying, and stealing. Defiance of authority is the third behavior that will possibly occur in my classroom. Defiance of authority is when students refuse to do what is requested. Finally, class shift is talking loudly, walking about the room, clowning, tossing things, and goofing off. Goofing off can be attributed to fooling around, out of seat, not doing assigned tasks and daydreaming.Fredric Jones analysis of the numerous classroom observations uncovered five clusters of teacher skills that keep students productively at work and thus preventing misbehavior. Those clusters deal with classroom structure to discourage behavior getting through body run-in using say, see, and do teaching to maximize students attention and involvement responsibility training through incentive system, and providing efficient help to individu al students (Charles, 2008).All the theorists in C.M. Charles book, Building Classroom Discipline will give me professional help as a perspective teacher. I believe his book goes from beginning to end and from procedures to misbehavior, to body language to what types of students will most likely enter my class. What I have learned from his book and what I am currently learning from Mrs. Palmer is there is no way I will not get it right the first time.

Pro Death Penalty Essay

The termination punishment should be kept as a punishment in our court systems. It should be kept because it helps crime range drop, helps give closure, serves justice, and to a greater extent. Even though it gives a great outcome to the system there ar muckle who argue against it. muckle against say that capital punishment is not rite, sinless people get vote outed, and its cruel and unusual punishment yet none of those facts atomic number 18 proven, in fact, there is prove against them. Ultimately the terminal penalty helps orderliness feel better and be a better place.The death penalty prevents more murders in society by causing one that is deserved. This is because people get frightened of giving up e very(prenominal)thing for nothing. They turn over twice before they pack a life because they can be punished by getting their life taken. The death penalty stops most people from killing others over thick-skulled things desire money, arguments, etc. Most of the peopl e that do commit murders either dont care about there life, didnt mean to, or have some kind of anger or psychiatric problem like being psychotic, schizophrenic, bipolar and more. M whatever people tried to prove that the death penalty prevented murders, but there attempts were inconclusive. In 1973 Isaac Ehlrich engaged in an analysis which results showed that for both criminal executed 7 lives were saved (MSU) only because people were scared of the death penalty and didnt want to take a chance with there life. The m any people that appose the death penalty say that the death penalty doesnt prevent murders, but causes them.Like criminologist William Bowers of Northeastern University says Society is hurt by the use of the death penalty, this ups the likelihood of more murder. (MSU) I think that this is an insane idea. Even if society was brutalized by the use of the death penalty, why would they ever even think of committing more murders. The more murders that they commit the more the sound out would have to sentence the death penalty thus making what they were brutalized by even worsened. What about all the criminals in our prisons that are serving life sentences. life sentence imprisonment is the worst punishment next to the death penalty and without that there is nothing left to punish the inmates with. If the inmate receives that it cant get worse than that they could kill guard and do whatever they wanted. When there is a punishment of death the inmates have to think that they are in jail and its not a nice place there but at least they are alive.Murder is very severe crime and can not be handled lightly. As stated by MSU when someone kills somebody they must be punished equally as they should be for any other crime. This can be related to the saying an eye for an eye of course we dont take it to as great extent as they did before. If a teenager steels something like a CD they will get a certain amount of community service. This is basically being for ced to do volunteer work to dedicate back for what you would have stolen and extra hours as a punishment. In an act of murder the victims family gets extremely traumatized. The damage caused can never be fixed. If the victim was say caught in a crossfire some family members might be scared to go outside. They could have nightmares and much more can happen. If the murderer is purge to justice and executed at least they will have some kind of closure and know that the murderer is not able to commit any more murders. New Media Mill states that only good has happened since the government reinstated the death penalty after the court case Gregg vs. Georgia (1976).Ever since it was reinstated murder rates have dropped in almost all the states from 30% to 65%. Today, about 70% of America is for the death penalty even though there are a some problems just as there is in any other system. The main problem is executing and innocent person. According to MSU there is no proof of any innocent person getting executed. It would be extremely hard to happen because of all the safeguards and appeals added in the 1970s. Even if an innocent has been executed it is very rare. It wouldnt be rite to try an stop the death penalty because of some unproven fact, thats like saying there are innocent people in prison so abolish prison.There is no way you can be 100% sure which inmates are innocent and which ones are not, and you cant re-investigate all there cases because that would take too much man power and time. The people that do get out of death form normally get out because of legal technicalities. If someone can be proven innocent the governor will grant them clemency. The other claims are usually just delaying tactics (MSU). This is way the court has the appeal system which allows the inmate to postpone the execution. According to statistics on New Media Mill it is more likely to take a guilty man off death row and put him in a normal prison for life than it is to execute an innocent man.People say that the death penalty is cruel and unusual punishment if anything the system goes way too easy on the death row inmates. Some murderers kill people in the most brutal, disgusting, and unimaginable ways and they are executed by lethal blastoff. They get to die in there sleep without any pain or suffering. They die the way everyone wishes they die. In my eyes, thats not considered a punishment comparing it to how some inmates have killed people. For example Michele Ross got the death penalty and was killed by painless lethal injection after raping and killing eight women. The people put on death row should be killed in a harsher way. According to MSU government isnt giving cruel and unusual punishment by lethal injection, people should be happy that they are nice copious to execute the inmates so peacefully.I could understand people seeing it as cruel and unusual if the government banned lethal injection and left the inmates with a choice of the other four methods for execution which are hanging, gas chamber, firing squad, and electrocution which cause pain (MSU). When hanging the person drops with the noose around his fuck so that it snaps his neck. Instant death doesnt always happen so the person sometimes suffocates. Using the gas chamber they sit the person in a chair and fill the room until he chokes from the lethal gas. The firing squad gives a shot to the heart and kills the person in a few seconds or if the heart is missed the person bleeds to death. When being electrocuted the person is tied to a chair while they put 2000 volts of electricity through them. During lethal injection the person is put to sleep then paralyzed then given a liquid witch stops all function in the body. As you see execution cant get much better than lethal injection. Cruel and unusual is when Ronell Wilson shot and killed detectives James Nemorin and Rodney Andrews in 2003 (Google News).Hopefully you know realize that the death penalty should be kept as a punishment in our court systems. It has helped crime rates in almost every state drop, it has given closure to many families, it has served justice, and more. There will always be people coming up with reasons why the death penalty should be stopped. Reasons like cruel and unusual punishment, that it hurts society, and more but in the end it is the main thing that stops people from going out of control and makes society a better place.Work CitedGoogle News. The Death Penalty. 2006. 11/25/06. http//news.google.com/news?q=for+the+death+penaltyMichigan State University. The Death Penalty. 2006. 11/21/06. http//www.deathpenaltyinfo.msu.eduNew Media Mill. DPIC. 2006. 11/20/06. http//www.deathpenaltyinfo.org

Econ 1a

Student1. Which of the following is a distinguishing feature of a bidding outline? A. private self- subordination of all working detonator. B. important planning. C. heavy doctrine on merchandises. D. wide-spread dispersion of economic power.2. Which of the following is a distinguishing feature of a merchandise system? A. commonplace ownership of all capital. B. central planning. C. wide-spread private ownership of capital. D. a handbill flow of goods, imagings, and m iodiny.3. Examples of ascendency economies atomic number 18 A. The United States and Japan. B. Sweden and Norway. C. Mexico and Brazil. D. Cuba and northwestern Korea.4. Of the following countries, which one best exhibits the characteristics of a securities industry economy? A. Canada. B. Cuba. C. North Korea. D. China.5. The cut term laissez-faire means A. in that location is no free lunch. B. let it be. C. bank note flow. D. public ownership. 6. An economic system A. requires a grouping of p rivate markets joined to one another. B. is a particular set of institutional arrangements and a coordinating implement apply to respond to the economizing problem. C. requires many(prenominal) sort of centralized authority (such as regimen) to oordinate economic activity. D. is a plan or scheme that allows a firm to exonerate bills at some other firms expense.7. The term laissez-faire suggests that A. province and other natural resources should be privately owned, still capital should be publicly owned. B. land and other natural resources should be publicly owned, scarcely capital should be privately owned. C. government should not interfere with the operation of the economy. D. government action is necessary if the economy is to achieve full employment and full carrefourion.8. economic systems differ according to which two main characteristics? A. Who owns the eventors of increase, and the methods used to coordinate economic activity. B. The technology used in doi ng, and the quantity and quality of natural resources. C. How goods are produced, and who gets them. D. The governmental system in place, and the degree of scarcity facing the economy.9. Command systems are also k at a timen as A. market systems. B. pure capitalism. C. laissez-faire capitalism. D. communism.10. A primaeval difference amid the play system and the market system is that, in command systems A. the division of output is decided by central planning sort of than by individuals operating freely through markets. B. all economic decisions are made by the government, whereas on that point is no government in a market system. C. scarcity does not exist, whereas it does in a market system. D. bills is not used, whereas it is in a market system.11. Which of the following is not a characteristic of the market system? A. private property. B. freedom of enterprise. C. government ownership of major industries. D. competition in carrefour and resource markets.12. Which of the following is a fundamental characteristic of the market system? A. property rights. B. central planning by government. C. unselfish behavior. D. government-set wages and prices.13. Property rights are important because they A. ensure an come to dissemination of income. B. encourage cooperation by improving the chances of mutually agreeable transactions. C. guarantee that any exchange allow for make all parties better off than prior to the exchange. D. allow the government to control how resources are allocated.14. Private property A. discourages cooperation because people dont want to part with what they own. B. discourages initiation, as people are often afraid to risk losing their own property. C. encourages owners to maintain or improve their property, so as to preserve or enhance value. D. does everything indicated by the other answers.15. Copyrights and trademarks are examples of A. capital goods. B. human capital. C. property rights. D. public goods.16. The regulatory me chanism of the market system is A. self-interest. B. private property. C. competition. D. specialty.17. Broadly defined, competition involves A. private property and freedom of expression. B. independently acting buyers and carry oners and freedom to enter or leave markets. C. increase opportunity costs and diminishing marginal utility. D. capital goods and division of labor.18. Competition means that A. sellers can manipulate market price by ca exploitation produce scarcities. B. there are independently-acting buyers and sellers in apiece market. C. a product can be purchased at a number of different prices. D. there is more than than one seller in a market.19. The division of labor means that A. labor markets are geographically segmented. B. unskilled workers outnumber skilled workers. C. workers specialize in miscellaneous production tasks. D. each worker performs a large number of tasks.20. distinction in production is important primarily because it A. results in greater total output. B. llows social club to avoid the coincidence-of-wants problem. C. allows society to trade by patronage. D. allows society to have fewer capital goods.21. Specialization-the division of labor-enhances productivity and efficiency by A. allowing workers to take advantage of lively differences in their abilities and skills. B. avoiding the time loss involved in shifting from one production task to another. C. allowing workers to develop skills by working on one, or a limited number, of tasks. D. all of the means identified in the other answers.22. Specialization in production is economically beneficial primarily because it A. llows everyone to have a trouble which they like. B. permits the production of a larger output with fixed amounts of resources. C. facilitates trade by bartering. D. guarantees full employment.23. On the basis of the higher up information it can be verbalise that A. no coincidence of wants exists between any two states. B. a coincidence of want s exists between Michigan and Washington. C. a coincidence of wants exists between Texas and Washington. D. a coincidence of wants exists between Michigan and Texas.24. On the basis of the above information and assuming trade occurs between the three states we can expect A. Washington to exchange apples with Texas and receive money in return. B. Washington to exchange apples with Michigan and receive money in return. C. Texas to exchange lettuce with Michigan and receive autos in return. D. Texas to trade lettuce directly for Washington apples.25. given over the above information and assuming trade occurs between the three states we can expect A. that there is no means by which Michigan can hold lettuce while specializing in the production of autos. B. that money allow for not be sine qua noned to accomplish the desired exchanges. C. money to flow counterclockwise from Michigan to Texas to Washington. D. money to flow clockwise from Michigan to Washington to Texas.26. Barter A. is the major means of exchange in centrally planned economies. B. accounts for over 30 percent of the dollar sign volume of all exchange in the U. S. economy. C. entails the exchange of goods for goods. D. is used to circumvent the problem of a lack of coincidence of wants among authority buyers and sellers.27. The coincidence of wants problem associated with barter refers to the fact that A. for exchange to occur each seller must have a product that some buyer wants. B. money must be used as a medium of exchange or trade will never occur. C. specialization is restricted by the size or scope of a market. D. buyers in resource markets and sellers in product markets can never engage in exchange.28. The use of money contributes to economic efficiency because A. governmental direction of the production and distribution of output can be avoided by using money. B. roundabout production could not occur without the availability of money. C. it is necessary for the creation of capital good s. D. it promotes specialization by overcoming the problems with barter.29. The presence of market failures implies that A. oney is not an effective tool for exchange in a market system. B. there is an active role for government, tied(p) in a market system. C. individuals and firms should strive to be self-sufficient sooner than specialize. D. command systems are superior to market systems in the allocation of resources.30. Which of the following characteristics is least bizarre to a market system? A. private ownership of property resources B. competition among buyers and sellers move monetary returns C. the widespread use of money D. freedom of enterprise and quality31. Which of the following is one of the Five Fundamental Questions? A. Which products will be in scarce supply and which in excess supply? B. Who should appoint the head of the central bank? C. How much should society save? D. What goods and work will be produced?32. If competitive constancy Z is making substanti al economic make, output will A. fall in industry Z, and firms will likely leave the market. B. fall in all industries extract industry Z. C. expand in industry Z, as more resources will go on to that industry. D. expand in industry Z, but no raw(a) firms will enter the market.33. From societys point of view the economic drop dead of profits and losses is to A. romote the decent distribution of real assets and wealth. B. achieve full employment and price level stability. C. contribute to a more equal distribution of income. D. reallocate resources from little desired to more desired uses.34. In a market economy a significant change in consumers desire for product X will A. alter the profits or losses received by suppliers of product X. B. cause a reallocation of scarce resources. C. cause some industries to expand and others to contract. D. do all of these.35. Economic profits in an industry suggest the industry A. can earn more profits by increase product price. B. should be larger to better satisfy consumers desire for the product. C. has excess production capacity. D. is the size that consumers want it to be.36. Economic profits and losses A. are both con postred by economists to be a part of production costs. B. are essential to the reallocation of resources from little desired to more desired goods. C. have no put to work on the composition of domestic output. D. equalize the distribution of income in the long run.37. If consumer desire for product X increases, all of the following will occur except A. an increase in the profits of industry X. B. n increase in the quantity of resources employed by industry X. C. an increase in the output of industry X. D. a decrease in the quantity of resources employed in industry X.38. An increase in consumer desire for strawberries is most likely to A. increase the number of strawberry pickers needed by farmers. B. reduce the supply of strawberries. C. reduce the number of people willing to pick strawberries. D. reduce the need for strawberry pickers.39. If competitive industry Y is incurring substantial losses, output will A. expand as resources move toward industry Y. B. contract as resources move toward industry Y. C. contract as resources move away from industry Y. D. expand as resources move away from industry Y.40. The economic function of profits and losses is to A. bring about a more equal distribution of income. B. signal that resources should be reallocated. C. eliminate small firms and reduce competition. D. tell government which industries need to be subsidized.41. If a competitive industry is incomplete expanding nor contracting, we would expect A. total revenue to be zero. B. economic profits to be zero. C. total opportunity cost to be zero. D. more resources to flow to that industry.42. The competitive market system A . encourages innovation because government provides tax breaks and subsidies to those who develop refreshful products or new productive techniques. B. dis courages innovation because it is difficult to acquire additional capital in the form of new machinery and equipment. C. discourages innovation because firms want to get all the profits possible from existing machinery and equipment. D. encourages innovation because successful innovators are rewarded with economic profits.43. In a market economy the distribution of output will be determined primarily by A. consumer needs and preferences. B. the quantities and prices of the resources that households supply. C. government regulations that provide a minimal income for all. D. a social consensus as to which distribution of income is most equitable.44. The most efficient combination of resources in producing a given output is the combination that A. comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability. B. can be obtained for the smallest money outlay. C. uses the smallest total quantity of all resources. D. conserves most on the use of labor.45 . Firms are motivated to decrease production costs because A. t is the most environmentally friendly way to produce goods. B. least-cost production techniques use the smallest total quantity of resources. C. competitive pressures in the market will drive out higher-cost producers. D. the government provides tax credits and subsidies to low-cost producers. Answer the next headway(s) using the following data which show all visible(prenominal) techniques for producing 20 units of a particular commodity46. Refer to the above data. In view of the indicated resource prices, the economically most efficient production technique(s) is (are) technique(s) A. 1. B. 2 and 4. C. 3. D. 1 and 3.47. Refer to the above data. Assuming that the firm is motivated by self-interest and that the 20 units which can be produced with each technique can be interchange for $2 per unit, the firm will A. realize an economic profit of $10. B. realize an economic profit of $4. C. not earn any economic profit. D . shutdown rather than incur a loss by producing.48. Refer to the above data. If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would A. not be adopt because, although it reduces production costs, it does not increase profit. B. be adopted because it would lower production costs and increase economic profit. C. not be adopted because it entails higher production costs than other available techniques. D. be adopted, even though economic profits would be reduced slightly. Answer the next question(s) on the basis of the following information Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively.49. Refer to the above information. Which technique is economically most efficient in producing A? A. I B. II C. III D. IV50. Refer t o the above information. If the price of product A is $0. 50, the firm will realize A. an economic profit of $4. B. an economic profit of $2. C. an economic profit of $6. D. a loss of $3.51. In a competitive market economy firms select the least-cost production technique because A. such choices will result in full employment of available resources. B. to do so will maximize the firms profits. C. this will prevent new firms from entering the industry. D. dollar voting by consumers mandates such a choice.52. The market systems answer to the fundamental question What will be produced? is essentially A. Goods and services that are gainful. B. Low cost goods and services. C. Goods and service that can be produced using large amounts of capital. D. Goods and services that possess abiding value. 53. The market systems answer to the fundamental question How will the goods and services be produced? is essentially A. With as much machinery as possible. B. victimisation the latest tec hnology. C. By exploiting labor. D. Using the least-cost production techniques. 54. The market systems answer to the fundamental question Who will get the goods and services? is essentially A. Those willing and able to pay for them. B. Those who physically produced them. C. Those who most need them. D. Those who get utility from them. 55. The market systems answer to the fundamental question How will the system accommodate change? is essentially A. through with(predicate) government leadership and direction. B. Through the guiding function of prices and the incentive function of profits. C. Through training and retraining programs. D. Through running play and error. 56. The market systems answer to the fundamental question How will the system promote progress? is essentially A. Through government funded research programs. B. Through redistribution of income to promote greater equality. C. Through training and retraining programs. D. Through the profit potential that e ncourages development of new technology. 57. The advent of DVDs has virtually demolished the market for videocassettes. This is an example of A. creative destruction. B. derived demand. C. apital accumulation. D. the difference between normal and economic profits.58. Consumer sovereignty refers to the A. fact that resource prices are higher than product prices in capitalistic economies. B. inclination that the pursuit of self-interest is in the public interest. C. idea that the decisions of producers must ultimately conform to consumer demands. D. fact that a Federal agency exists to protect consumers from harmful and defective products.59. The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. This statement best describes the concept of A. derived demand. B. consumer sovereignty. C. the camouflaged hand. D. market failure.60. Which of the following is not one of the five fundamental questions? A. What pri ces will be charged for goods and services? B. Who will get the goods and services? C. What goods and services will be produced? D. How will the system promote progress?61. Consumer sovereignty means that A. buyers can dictate the prices at which goods and services will be purchased. B. advertising is ineffective because consumers already know what they want. C. uyers control the quality of goods and services through regulatory agencies. D. buyers determine what will be produced ground on their dollar votes for the goods and services offered by sellers.62. Which of the following best describes the invisible-hand concept? A. The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest. B. The non-substitutability of resources creates a conflict between private and public interests and calls for government intervention. C. The market system is the best system for overcoming the scarce resources-unlimited wants probl em. D. Central direction by the government will improve resource allocation in a capitalistic economy.63. The invisible hand refers to the A. fact that the U. S. tax system redistributes income from rich to poor. B. notion that, nether competition, decisions motivated by self-interest promote the social interest. C. tendency of monopolistic sellers to raise prices above competitive levels. D. fact that government controls the functioning of the market system.64. The invisible hand concept suggests that A. market failures imply the need for a national economic plan. B. ig businesses are inherently more efficient than small businesses. C. the fight of a capitalistic market economy invariably diminishes over time. D. assuming competition, private and public interests will coincide.65. Two major virtues of the market system are that it A. allocates resources efficiently and allows economic freedom. B. results in an equitable individualized distribution of income and always maintains f ull employment. C. results in price level stability and a fair personal distribution of income. D. eliminates discrimination and minimizes environmental pollution.66. The market system A. produces considerable inefficiency in the use of scarce resources. B. effectively harnesses the incentives of workers and entrepreneurs. C. is not consistent with freedom of choice in the long run. D. has slowly lost ground to emerging command systems.67. According to the concept of the invisible hand, if Susie opens and operates a profitable childcare center, then A. government should foil the business to ensure quality. B. the profit Susie earns indicates that she is overcharging for her services. C. she has served societys interests by providing a desired good or service. D. his demonstrates that consumer sovereignty is not present in this market.68. The invisible hand promotes societys interests because A. individuals pursuing their self-interest will try to produce goods and services that peo ple in society want and are willing to purchase. B. individuals will produce goods for others out of chafe for their fellow human beings. C. it makes sure that everyone wins from competition in the market. D. government regulation pushes business into producing the right mix of goods and services.69. The coordination problem in the centrally planned economies refers to the idea that A. lanners had to direct required inputs to each enterprise. B. the price level and the level of employment were inversely related. C. the immediate effect of more investment was less consumption. D. exports had to be equal to imports for a central plan to work.70. Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to the right places at the right time. This is a nearly impossible task without markets and profits. This quotation best identifies the A. incentive problem under central planning. B. oordination problem under central planning. C. self-sufficiency predicament under communism. D. resource over-commitment problem under communism.71. Because the outputs of many industries are the inputs to other industries, the failure of any single industry to fulfill the output quantities specified in the central plan caused a chain-reaction of adverse repercussions on production. This quotation best identifies the A. incentive problem under central planning. B. self-sufficiency predicament under communism. C. resource over-commitment problem under communism. D. coordination problem under central planning.72. The incentive problem under communist central planning refers to the idea that A. planners had to direct required inputs to each enterprise. B . workers, managers, and entrepreneurs could not personally gain by responding to shortages or redundantes or by introducing new and improved products. C. the immediate effect of more investment was less consumption. D. exports had to be equal to imports for a cent ral plan to work.73. Suppose that an individual sees a tremendous opportunity to produce and sell a new product, but dismisses the idea because there is no way to exploit this opportunity for personal gain. This situation best identifies the A. coordination problem under communist central planning. B. self-sufficiency dilemma under communism. C. asymmetric information problem under communism. D. incentive problem under communist central planning.74. Innovation lagged in the centrally planned economies because A. there was too much domestic business competition. B. there was too much competition from foreign firms. C. enterprises resisted innovation in fear that their production targets would be raised. D. exports had to equal imports for the plan to work.75. The fact that the major indicator of enterprise success in the Soviet Union and pre-reform China was the quantity of output implied that A. product quality was neglected. B. production costs were minimized. C. product-mix met co nsumer needs. D. technological advance was too rapid.76. Enterprise managers and workers in the Soviet Union often resisted innovations in production methods because A. production targets were often increased when innovation occurred. B. there was a chronic shortage of computers. C. workers could not be reallocated geographically. D. innovations ordinarily increased dependence on world markets.77. If products were in short or surplus supply in the Soviet Union A. price and profit signals eliminated those shortages and surpluses. B. price and profit signals intensified those shortages and surpluses. C. producers would not react because no price or profit signals occurred. D. the planners would immediately adjust production to achieve equilibrium.78. In what type of business do the owners bear no personal financial responsibility for the companys debts and obligations? A. Partnerships. B. Corporations. C. Sole proprietorships. D. In all of the businesses listed in the other answers.79 . The plain circular flow model shows that A. households are on the buying side of both product and resource markets. B. businesses are on the selling side of both product and resource markets. C. households are on the selling side of the resource market and on the buying side of the product market. D. businesses are on the buying side of the product market and on the selling side of the resource market.80. The two basic markets shown by the simple circular flow model are A. capital goods and consumer goods. B. free and controlled. C. product and resource. D. household and business.81. In the resource market A. businesses borrow financial capital from households. B. businesses sell services to households. C. households sell resources to businesses. D. firms sell raw materials to households.82. In the simple circular flow model A. households are buyers of resources. B. businesses are sellers of final products. C. households are sellers of final products. D. there are real flows of g oods, services, and resources, but not money flows.83. Refer to the above diagram. Flow (1) represents A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures.84. Refer to the above diagram. Flow (2) represents A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures.85. Refer to the above diagram. Flow (3) represents A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. goods and services. D. consumer expenditures.86. Refer to the above diagram. Flow (4) represents A. wage, rent, interest, and profit income. B. land, labor, capital, and entrepreneurial ability. C. oods and services. D. consumer expenditures.87. In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. A. product financi al B. resource product C. product resource D. capital product88. In terms of the circular flow diagram, businesses obtain revenue through the _____ market and make expenditures in the _____ market. A. product financial B. resource product C. product resource D. capital product89. Households and businesses are A. both buyers in the resource market. B. both sellers in the product market. C. ellers in the resource and product markets respectively. D. sellers in the product and resource markets respectively.90. Refer to the above diagram. Arrows (1) and (2) represent A. goods and resources respectively. B. money incomes and output respectively. C. output and money incomes respectively. D. resources and goods respectively.91. Refer to the above diagram. Arrows (3) and (4) represent A. goods and services respectively. B. incomes and consumer expenditures respectively. C. resources and goods respectively. D. consumer expenditures and income respectively.92. Refer to the above diagram. Arro ws (1) and (3) are associated with A. the money market. B. the resource market. C. the product market. D. international trade.93. Which of the following best illustrates the circular flow model in action? A. Bobbie goes to work and builds cars, and uses the income she receives to buy food at the grocery store. B. Evan buys a new couch the owner of the furniture store uses some of the money from the sale to pay her supplier, and uses the rest to take her family out to dinner. C. Boeing experiences a surge in orders for new airplanes, prompting the company to hire more workers. D. All of these answers illustrate the workings of the circular flow model.94. (Consider This) In 1975, McDonalds introduced its Egg McMuffin breakfast sandwich, which remains popular and profitable today. This longevity illustrates the idea of A. opportunity cost. B. upsloping supply. C. consumer sovereignty. D. specialization.95. (Consider This) In 2000, McDonalds introduced its McSalad Shaker, which failed t o catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of A. consumer sovereignty. B. technological change. C. downsloping demand. D. specialization.96. (Consider This) Since World War II A. North Koreas command economy has significantly outperformed South Koreas market economy. B. South Koreas command economy has significantly outperformed North Koreas market economy. C. North Koreas market economy has significantly outperformed South Koreas command economy. D. South Koreas market economy has significantly outperformed North Koreas command economy.97. (Consider This) North Koreas command economy A. is one of the few remaining command economies. B. has grown much faster than South Korea since the two countries were divided after World War II. C. produces a per capita GDP of nearly $25,000. D. has undergone significant market reforms and is now one of the fastest growing economies.98. (Last Word) According to economist Donald Boudrea ux, the worlds tens of billions of individual resources get arranged productively A. because government has become highly effective at central planning. B. because private property encourages people to consider the alternative uses of their resources and select those that provide the most rewards. C. because people tend to be creative and orderly. D. through random trial and error.99. Last Word) According to economist Donald Boudreaux A. private property eliminates the possibility that resource arrangements will be random. B. the market system threatens to do irreparable harm to the worlds ecosystem. C. arrangement resources under the market system is much like shuffling a deck of cards. D. the market system works wondrously for advanced industrial nations but not for developing nations.100. Market economies use capital goods because they improve productive efficiency. current False101. Money functions as a medium of exchange by eliminating the need for a coincidence of wants. Tru e False102. Consumer sovereignty means that legislation now protects the rights of consumers to dispose of their incomes as they see fit. True False103. Specialization may expand total output even though the individuals involved may have identical abilities. True False104. The wants of consumers are expressed in the product market with dollar votes. True False105. Costs can be defined as total payments made to workers, land owners, and capital suppliers less payments to the entrepreneur for organizing and combining the other resources used to produce a good. True False106. Continued losses in an industry will cause some firms to reduce output or eventually leave the industry. True False107. The guiding function of prices tends to keep resources flowing toward their most highly valued uses. True False108. The invisible hand refers to the many indirect controls that the Federal government imposes in a market system. True False109. Central planning in the Soviet Union and pre-reform C hina emphasized the expansion of the production of consumer goods to raise the domestic standard of living. True False110. Central planning often suffers from a coordination problem and an incentive problem. True False ch02 Key1. B2. C3. D4. A5. B6. B7. C8. A9. D10. A11. C12. A13. B14. C15. C16. C17. B8. B19. C20. A21. D22. B23. A24. A25. C26. C27. A28. D29. B30. C31. D32. C33. D34. D35. B36. B37. D38. A39. C40. B41. B42. D43. B44. B45. C46. B47. A48. B49. D50. B51. B52. A53. D54. A55. B56. D57. A58. C59. B60. A61. D62. A63. B64. D65. A66. B67. C68. A69. A70. B71. D72. B73. D74. C75. A76. A77. C78. B79. C80. C81. C82. B83. A84. B85. C86. D87. C88. C89. C90. D91. B92. B93. D94. C95. A96. D97. A98. B99. A100. TRUE101. TRUE102. FALSE103. TRUE104. TRUE105. FALSE106. TRUE107. TRUE108. FALSE109. FALSE110. TRUE ch02Summary Category of Questions AACSB Analytic 72 AACSB Reflective Thinking 38 Blooms Level 1 Remember 36 Blooms Level 2 Understand 51 Blooms Level 3 Apply 18 Blooms Level 4 Anal yze 5 Difficulty 1 unaffixed 36 Difficulty 2 Medium 69 Difficulty 3 Hard 5 Learning Objective 02-01 Differentiate between a command system and a market system. 3 Learning Objective 02-02 List the main characteristics of the market system. 25 Learning Objective 02- 03 Explain how the market system decides what to produce how to produce it and who obtains it. 40 Learning Objective 02-04 Discuss how the market system adjusts to change and promotes progress. 14 Learning Objective 02-05 Describe the mechanics of the circular flow model. 16 McConnell Chapter 02 115 Topic Characteristics of the market system 25 Topic Circular flow model 16 Topic Demise of the command systems 13 Topic Economic systems 10 Topic Five fundamental questions 38 Topic Invisible hand 8