Hand Made Music Boxes Essay Example for Free

Hand Made Music Boxes Essay In a market where monopolistic competition exists, businesses operate in a manner wherein producers sell differentiated products from one another, yet similar. This means that the product is not homogenous. Firms can still market their products by the highlighting the slight differences in their output. The various producers in this type of market are selling their products, in this case handmade music boxes, which act as substitutes. Firms are able to control the prices in some degree within a narrow range of prices. They enter the market if the profits are attractive wherein they can maximize their profit and are left with excess production capacity. In a market where there is monopolistic competition, there are many firms, which each firm has a small market share and operates independently from each other. (Salvatore, 2007) Enterprise, natural, labor and capital are considered as the factors of production in the economy. Given a firm that operates a business in hand made music boxes, these factors of production are important as to gain profit and be able to be competitive in the market. In a monopolistic competitive market, it is assumed that all these factors of production are mobile, in which if these are not being used efficiently, they will move instantly to where they can be maximized. (Harvey Jowsey, 2007) In an enterprise, entrepreneurial skills are needed to manage and direct the other three factors of production to enable a production of goods or services in the market. Operating a hand made music box needs skills from people that have managerial experiences that can lead the firm into a competitive advantage through effective planning and execution in producing the goods needed in the market. This will help in giving the business a competitive advantage wherein the characteristics of the hand made music box of a certain firm is made with quality than that of other firms in the market. (Case Fair, 2007) No business can operate without natural or land as part of its factors of production. Land is where the business is being done. It can be a factory, building, agricultural land or office, but this should have a location for it to be established. An access to land is needed in setting up firms. (Case Fair, 2007) Hand made music box business needs a factory for the assembly of parts and for storing. Moreover, this business needs a shop for the goods to be displayed so that the goods can be seen by the consumers that will buy the product. Access to land and property can raise the standard of production as well as be more competent in the market. (American Journal of Economics and Sociology, 2002) Businesses manage to exist because of its labor force. Firms do need people who can do hours of work for them. In making hand made music boxes, there can be a composition of various assembly lines. These assembly lines are made up of people that will do specific parts in making the hand made music boxes of the firm. Skilled workers help the firm in having competitive advantage in the market. In a competitive market, skills of workers are important to produce high quality goods that can be sold to consumers. This will result in a high advantage of a certain firm that employs highly skilled workers over those firms that employ lesser skilled people. (Harvey Jowsey, 2007) In every business setting, capital should be present. Capital refers to equipments used by firms to produce goods. The workers of a hand made music box business need equipments for the production of the goods. These equipments will help the production be more effective and efficient. In a competitive market where different firms compete for products being sold to consumers, a firm needs capital that will increase the quality of the product. This will make the firm more advantageous in terms of output and quality in the market. (Harvey Jowsey, 2007) Given that the situated market is in a monopolistic competition scenario, a firm’s demand curve will intersect the industry’s demand curve at the firm’s equilibrium level of output and price. (Weins, 1999) This explains why the demand curve is relatively elastic and downward sloping, which can be associated to a flat, but not horizontal demand curve. Firms in this type of market will have less control over price to charge their output. A firm that makes profit in the short-run will break even eventually because of a decrease in demand in the long-run, which in this case will result in a zero economic profit. (Duffy, 1993) Considering the law of supply, monopolistic competitive markets might not produce large quantities as a response to higher prices. The hindrance to the positive-quantity supply relation is the market control and downward sloping demand curve among monopolistic competitive markets. Monopolistic competitive firms are considered to be price-searchers rather than price-takers because â€Å"prices will change by the comparison of marginal revenue with marginal cost in every possible price along with the market demand curve. † Prices are not placed equal to marginal revenue; furthermore, it is not equal to marginal cost and price. Thus, as a result, firms do not essentially supply more quantities of goods at lower prices. (Harvey Jowsey, 2007) In the short-run, individual firms behave like a monopoly thus they can raise their prices leaving the consumers options to buy similar goods from other firms. As for the long-run, there is a free entry condition where firms continue to occur in the market leaving the demand curve to continually shift leftward until the time when each of the firm earns a zero economic profit. Firms earn economic profit or loss in the short run, but eventually, new entrants will be attracted to profits thus would result to losses until these firms earn zero economic profit. The hand made music box firms will compete in the market for the available consumers that will purchase the goods.

Frederick Winslow Taylor: The Father of Scientific Management :: Frederick Taylor Management Labor Essays

Frederick Winslow Taylor: The â€Å"Father of Scientific Management† Introduction This paper is in response to the assignment for a paper and short speech concerning a person with relevant contributions to the world of management. Frederick Taylor is affectionately referred to as the â€Å"Father of Scientific Management.† The modern systems of manufacturing and management would not be the examples of efficiency that they are today, without the work of Taylor. Frederick Taylor was instrumental in bringing industry out of the dark ages by beginning to revolutionize the way work was approached. Taylor was able to increase wages, productivity and reduce per piece costs at the same time. Taylor's work was eventually adopted in a wide array of applications. Taylor's ideas had a significant influence on the industrial life of all modernized countries. Even Lenin went as far as to publish an article in Pravda , â€Å"Raising the Productivity of Labour,† based on the writings of Taylor. Thus Taylor changed the way the world conducted business. Taylor's work was an extension of technology. It was a marriage of human work and technology. His Priniciples of Scientifiic Management was conceived to be free of value judgement. The Younger Years   Ã‚  Ã‚  Ã‚  Ã‚  Frederick W. Taylor was born into a well-to-do family in Philadelphia in 1856 . His family was not wealthy , but they were well exposed to the high culture of the local society. Growing up it was expected that Taylor would study to become an attorney. Taylor attended Phillips-Exeter Academy. He was a devout student, doing very well with his studies. To achieve good grades, Taylor studied many long hours. It was quite unfortunate that Taylor was to miss Harvard Law School due to bad eyes that doctors attrributed to studying in the poor light of a kerosene lamp. In later years it was realized that his eye problem was actually caused by stress, as it improved after he left Phillips. Taylor moved back home after graduating from Phillips. He realized that he should take up a trade and got a job as an apprentice machinist and pattern maker. Having spent four years learning his trade, Taylor got a job as a yard laborer at Midvale Steel Company.   Ã‚  Ã‚  Ã‚  Ã‚  Taylor realized that at this point he needed to continue his education. He convinced the people at Stevens Institute of Technology to allow him to attend classes long distance. He would study in his spare time in Philadelphia and go to the school in New Jersey to take his exams. In June of 1883, Taylor graduated with a Mechanical Engineering degree. He subsequently joined the American Society of Mechanical Engineers (ASME).

How does communication device helps students in their studies Essay

Background Over the years as technology keeps improving, more and more people are using it in their daily lives. Over these past few decades, there has been a significant advancement in the field of technology. What is more obvious in the public eyes nowadays is the advancement of communication devices. Communication devices are equipment or hardware designed to move or convey information or data from one place to another. In other words, allowing one person to communicate with another. In the olden days, there is only one form of communication device which is the telephone. At that time, the phones can only be used to make calls or receive them. However, in this modern age, phones can do much more than that. In fact, there are many more sophisticated communication devices available besides phones. Communication devices have evolved over time. Besides making and receiving calls, phones nowadays are equipped with abilities such as taking pictures and connecting to the Internet. Humans have also developed various types of communication devices such as computers, smartphones, tablets and many more. What’s more is that most of these communication devices can access to the internet. Internet is what makes these communication devices flourish. This is because the internet is the most powerful, global data communications system making it the greatest invention of science because of its wide range of benefits and uses in the world today. The biggest benefit of the internet can be found in the educational sector. Educators can obtain learning material from it, prepare courses online and deliver audio and visual information to students. It is a valuable source for referencing material and tool in enhancing their knowledge. Example of one of the most effective and most used form of internet technologies in the educational sector is E-learning. According to (Ove, Salleh & Iahad, 2010): â€Å"E-learning is the use of Information and Communication Technology e.g. Internet, Computer, Mobile phone, Learning Management System (LMS), Televisions, Radios and others to enhance teaching and learning activities. E-learning is a unifying term used to describe the fields of online learning, web-based training and technology delivered instructions.† E-learning is a popular learning approach in higher educational institutions due to the fast growth of internet technology. Nowadays due to the competitive advantage, many universities have implemented E-learnings. By doing so, it left a huge positive impact on the students’ performance. The internet also provides a faster and more efficient ways of communication such as video conferencing, emails and more. With just the click of a mouse a person can be connected to someone who is in another city or even halfway across the world. Distance is erased within seconds and spatial boundaries have come crashing down due to instant messaging services. For a student, information such as the student details, notes, documents and etc. can be transferred instantly from anywhere with the help of internet. Besides that, students can also leave short messages or notification to others by using e-mails. This is both convenient for students, lecturers and also faculty staffs of the university. However, communication devices are needed in order to access to the internet. There is no way to connect to the internet without using communication devices these days. Therefore, this shows the importance of communication devices for people especially in the workplace and educational sectors. Reference: 1. N.D.Oye, Noorminshah A. Iahad, Madar, M. J., NorZairah Ab. Rahim (2012). The impact of E-Learning on students performance in tertiary insitutions. http://www.ijcnwc.org/papers/vol2no22012/2vol2no2.pdf. Accessed on 29th July 2014. 2. Shamsul Arrieya (2012). Student perspectives on M.Learning for local cultural studies in Malaysia. http://www.academia.edu/3129483/Student_perspectives_on_mLearning_for_local_cultural_studies_in_Malaysia. Accessed on 30th July 2014. 3. Computer Hope (2014). Communication devices. http://www.computerhope.com/jargon/c/communication-devices.htm. Accessed on 20th July 2014. 4. Teach-ICT (2014) Communication devices. http://www.teach-ict.com/gcse_computing/ocr/211_hardware_software/types_hw/miniweb/pg6.htm. Accessed on 20th July 2014.

Analysis Of Alan Patons Cry The Beloved Country - 847 Words

Reverend Stephen Kumalo, the protagonist of Alan Paton’s novel Cry, the Beloved Country, lives in the countryside of Ndotsheni. The countryside is in drought, over-farmed, and the land is dying. Despite all this, it is still representative of home and peace to the characters in the novel. It is the home of traditions and old trivial rules. However, a consistent theme it brings is young people leaving for the city, and therefore bringing new messages to South Africa as a whole. The novel presents a struggle between nature, man, and industrialization, thus causing conflict between what the countryside represents and what the city represents. The countryside acts in direct opposition to the industrialized Johannesburg and stands for idyllic†¦show more content†¦And some of the children are there in the church being confirmed, and after a while they too will go away, for the soil cannot keep them anymore (Paton 293). Due to the drought that plagues Ndotsheni because of ov er farming and not enough rain, the land is no longer as strong as it once was. The soil, representing tradition, â€Å"kept† those who lived in the countryside there. Following custom and religion, the confirmed children would usually stay in the area where they are from. However, because the soil â€Å"cannot keep them anymore,† these children â€Å"will go away† to the cities. In South Africa, the imperfections of the tradition-bound countryside drive the younger generation to leave for cities like Johannesburg. While things in the countryside are imperfect and harrowing because of the drought, the want that the people there have for a better life brings hope to them. The younger generation that leaves for the city represents the want for a better life that those who still live in Ndotsheni see in themselves. Notably, the novel concludes with Paton reflecting on the future saying, â€Å"Ndotsheni is still in darkness, but the light will come there also. For it is dawn that has come, as it has come for a thousand centuries, never failing. But when that dawnShow MoreRelatedAnalysis Of Alan Patons Cry, The Beloved Country962 Words   |  4 Pagesbut not doing anything to try and fix it will ultimately not solve the issue of racial division. In the novel, Cry, the Beloved Country, by Alan Paton, a wise man named Msimangu, and Arthur Jarvis, a well-respected activist, are characters that seek an end to the racial divide in the country of South Africa. Msimangu and Arthur Jarvis each uniquely se ek an end to division in their country through teaching hope and working for justice. Msimangu teaches Stephen Kumalo about his hope for South AfricaRead MoreJames Jarvis806 Words   |  4 PagesJames Jarvis In Alan Paton’s Cry, the Beloved Country there is two protagonists, Reverend Stephen Kumalo, and James Jarvis. Both characters play significant roles to the story but James Jarvis’ situation is noteworthy and inspirational. James is an influential, dynamic character because his opinion dramatically changes upon reading his son’s manuscript. A series of events influences James to shift his mindset into the mindset of his son. An analysis on James Jarvis’ changing mindset revealsRead MoreAnalysis Of Orson Scott Card s The Great Pattern 1676 Words   |  7 Pageswhat resonates with the contemporary writer is essential in determining whether the focus of aspiring writers should be imitating Fielding’s ‘writers of antiquity’, embracing the ‘great pattern’, or on more recent works. For the purpose of this analysis I will be considering works written within the last twenty years ‘recent’, whilst analysing what wr iters gain, or lose, from fiction written longer ago. Some themes in literature are forever relevant to the human condition. George Orwell’s Nineteen