Basic Economics Definitions Essay Example for Free

Basic Economics Definitions Essay Colander (2010) stated, â€Å"Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society† (p. 4). The main word defining â€Å"economics† would be coordination, and in economics, refers to three central problems that face any economy and how they are solved. These central problems are 1. What and how much to produce. 2. How to produce it. 3. For whom to produce it (Colander, 2010). Individuals frequently assume that economics only concern is with business, money, and supply, and demand. However, economics began as a branch of philosophy, and Alfred Marshall, the 19th century economist describes economics as the study of individuals in the business of everyday life. * Scarcity Colander (2010) stated â€Å"scarcity has two elements: our wants and our means of fulfilling those wants. These can be interrelated since wants are changeable and partially determined by society† (p. 5). Scarcity is a basic problem of economics it has apparent limitless individual wants and needs when the world in fact has limited resources. We as a society have scarce creative resources to fulfill everyone’s wants and needs. * TANSTAAFL Colander (2010) states TANSTAAFL â€Å"economic knowledge in one sentence â€Å"There ain’t no such thing as a free lunch† (p. 7). This acronym is trying to illustrate the cost of spending and decision making, and expresses that there is always a cost whether hidden or indirect even if it may seem like it is free. * Opportunity Cost Colander (2010) states â€Å"Opportunity cost is the benefit that you might have gained from choosing the next-best alternative. To obtain the benefit of something, you must give up something else. TANSTAAFL theory embodies the opportunity cost concept because it tells us that there is a cost to everything; that cost is the next-best forgone alternative† (p. 9). In economics, the term â€Å"opportunity cost† refers to money or benefits lost or given up pursuing a particular path specific path of action instead of an alternative or something else. Almost every decision made in business has an opportunity cost attached to it. For example should a business continue using a particular piece of equipment, or should the business purchase new equipment with additional features, and pay a higher rate. * Production Possibilities Curve Colander (2010) states the definition as â€Å"The production possibility curve is a curve that measures the maximum combination of outputs that can be obtained with a given number of inputs† (p. 29). The Production Possibility Curve is a graph representing the difference in rate when two products are produced with only a specific quantity of resources. For example, Suzie will bake brownies and cookies, but she has only one oven. An area in the oven used for baking brownies is not necessarily used for the cookies; therefore, for each brownie baked there are fewer baked cookies. * Comparative Advantage Colander (2010) states the definition as â€Å"some resources have a comparative advantage over other resources— the ability to be better suited to the production of one good than to the production of another good† (p. 28-29). Comparative advantage is the capability to manufacture services or merchandise at an opportunity cost lower than other individuals or businesses giving the individuals or businesses the capability of selling their services or merchandise at lower pricing than their competitors price. * Business Cycle Colander (2010) states the definition, as â€Å"a business cycle is the upward or downward movement of economic activity that occurs around the growth trend† (p. 158). Business cycles refer to economic fluctuations in trade, production, and economic activity in over several months or years. Economic fluctuations take place throughout long-term growth trends, involving shifts over time showing fast economic growth, and periods of decline. * CPI Colander (2010) states the definition, as â€Å"the consumer price index (CPI) is an index of inflation measuring prices of a fixed basket of consumer goods, weighted according to each component’s share of an average consumer’s expenditures† (p. 171). The CPI or consumer price index is a measurement showing household purchases indicating the change in the price levels of services and consumer goods. The CPI calculates the price changes for each predetermined item in the â€Å"basket of goods† and averages them, and weighted by their importance with the price changes related to the cost of living. * Labor Force To define labor force or workforce, and this is the calculation of every adult whether employed or unemployed. Estimated by The Bureau of Labor Statistics labor is categorized by employed, unemployed or not in the labor force for individuals age 16 and over. Individuals not categorized into the labor force are students, retired, or institutionalized individuals. The labor force changes over periods because of social and demographic changes. * Transfer Payments Colander (2010) states the definition, as â€Å"payments to individuals that do not involve production by those individuals. Transfer payments include Social Security payments, and unemployment insurance† (p. 184). Transfer payments are monies from the government given to individuals such payments include unemployment, social security, disability, and other welfare payments. References * Business cycle. (2013). In Merriam-Webster. Retrieved from http://www.merriam-webster.com/dictionary/business cycle Comparative advantage. (2013). In Merriam-Webster. Retrieved from http://www.merriam-webster.com/dictionary/comparative advantage Colander, D. C. (2010). Macroeconomics (8th ed.). Boston, MA: McGraw-Hill/Irwin. (pg. 4, 5, 7, 9, 28-29, 158, 171, 184). Economics. (2013). In Merriam-Webster. Retrieved from http://www.merriam-webster.com/dictionary/economics Opportunity cost. (2013). In Merriam-Webster. Retrieved from http://www.merriam-webster.com/dictionary/opportunity cost Scarcity. (2013). In Merriam-Webster. Retrieved from http://www.merriam-webster.com/dictionary/scarcity

Elderly Abuse: Nursing Home Abuse and Neglect Essays -- Nursing Homes,

I. INTRODUCTION Of nursing home staff interviewed in 2004, nearly 40% admitted to committing at least one psychologically abusive act toward a resident and 10% admitted to physically abusing a resident in the preceding year.[1] Not only are nursing home residents at risk of being abused by their caretakers but they are also at risk of being restrained, which may lead to a form of abuse. With five percent of the elderly population, or one to two million instances of elder abuse occurring yearly there is no doubt that elder abuse deserves serious consideration.[2] Upon growing older there are many decisions to be made. Among one of the most difficult and perhaps most important decisions is where the elder person will live and how long-term care needs will be met when he/she is no longer capable of doing so independently due to the incapacity that accompanies many with old age. Nursing homes seem to be the popular choice for people no matter the race, gender, or socioeconomic status with 1.5 million Americans being admitted to them yearly.[3] Because nursing homes are in such a high demand and are not cheap, $77.9 billion was spent for nursing home care in the United States in 2010 alone, they are under criticism of many professions including the legal profession, which is in the process of establishing elder law as a defense to issues with in the elder community. Nursing homes have a duty to provide many things to the elderly including medical, social, pharmaceutical, and dietary services so that the individual may maintain the highest wel l-being possible.[4] Stated another way 'a nursing facility must care for its residents in such a manner and in such an environment as will promote maintenance or enhancement of the q... ...dling abuse- does the person know this procedure and is the policy well accessible? 9) Talking to other resident or families of residents- are they happy? What do they think of they facility and employees? 10) Ask for a list of activities, including community activities, the residents are able to participate in- are they on grounds or off grounds? Will they accommodate the residents? ability? Though this checklist is not all encompassing it provides simple guidelines a person can easily look to in order to put his/her mind more at ease and feel secure in placing a loved one in a nursing home facility. Because there is no guarantee against elder abuse occurring in nursing homes it is important that the resident, where possible, and the family of the resident remain involved on a daily basis and demand the quality of care the elder person deserves. Elderly Abuse: Nursing Home Abuse and Neglect Essays -- Nursing Homes, I. INTRODUCTION Of nursing home staff interviewed in 2004, nearly 40% admitted to committing at least one psychologically abusive act toward a resident and 10% admitted to physically abusing a resident in the preceding year.[1] Not only are nursing home residents at risk of being abused by their caretakers but they are also at risk of being restrained, which may lead to a form of abuse. With five percent of the elderly population, or one to two million instances of elder abuse occurring yearly there is no doubt that elder abuse deserves serious consideration.[2] Upon growing older there are many decisions to be made. Among one of the most difficult and perhaps most important decisions is where the elder person will live and how long-term care needs will be met when he/she is no longer capable of doing so independently due to the incapacity that accompanies many with old age. Nursing homes seem to be the popular choice for people no matter the race, gender, or socioeconomic status with 1.5 million Americans being admitted to them yearly.[3] Because nursing homes are in such a high demand and are not cheap, $77.9 billion was spent for nursing home care in the United States in 2010 alone, they are under criticism of many professions including the legal profession, which is in the process of establishing elder law as a defense to issues with in the elder community. Nursing homes have a duty to provide many things to the elderly including medical, social, pharmaceutical, and dietary services so that the individual may maintain the highest wel l-being possible.[4] Stated another way 'a nursing facility must care for its residents in such a manner and in such an environment as will promote maintenance or enhancement of the q... ...dling abuse- does the person know this procedure and is the policy well accessible? 9) Talking to other resident or families of residents- are they happy? What do they think of they facility and employees? 10) Ask for a list of activities, including community activities, the residents are able to participate in- are they on grounds or off grounds? Will they accommodate the residents? ability? Though this checklist is not all encompassing it provides simple guidelines a person can easily look to in order to put his/her mind more at ease and feel secure in placing a loved one in a nursing home facility. Because there is no guarantee against elder abuse occurring in nursing homes it is important that the resident, where possible, and the family of the resident remain involved on a daily basis and demand the quality of care the elder person deserves.

A Hero Inside and Out the Court

What does it takes to become a hero? As most people would answer, a hero should possess certain qualities including courage, loyalty, honesty, generosity, kindness and some other remarkable traits. In addition, a person could be regarded as a hero if he has done a significant contribution throughout his life. Needless to say, a hero is being noted for his significant achievements in any field of endeavor that he pursues. Earvin â€Å"Magic† Johnson is a hero inside and out the court. His notable achievement and contributions made him as the recipient of the third Annual USA Today Hollywood Hero Award. Earvin â€Å"Magic† Johnson became popular primarily because of his basketball skills. His basketball career started when he was still in high school at the Michigan State where he led the team to championship in the year 1979. His skills as a player in the Michigan State continued to boost and qualified him to play at the National Basketball Association (NBA). Basketball became an important part of Magic Johnson’s life. His leadership quality in this field is just one of the traits which reflect his heroic deeds. In the year 1991, Johnson was diagnosed with the deadly AIDS virus (Pollock 426). This turning point in his life causes him to retire from playing basketball. But despite the fact that he was infected with the said virus, Johnson was never discouraged to continue with his life. As a matter of fact, he showed a lot of courage when he revealed to the world that he is an HIV-positive person. He was never ashamed of his condition but instead he used this as a way to help other people to become more aware of the virus. According to a research conducted by Pollock (426), the revelation of Magic Johnson had changed the attitude of people about AIDS and it also altered their behavior in order to avoid the virus. Johnson’s announcement had influence and informed most of the public about the fatalities of the virus. To some people, having the said virus would cause them to entertain negativities and stop them in believing with their purpose in life. But to Johnson, it was the reversed that happened. Upon knowing that he has the virus, he develops a foundation which aims to educate the youth as well as other men and women regarding AIDS (Tucker 1). He also pursues his dream of becoming a businessman despite of his condition. Johnson’s kindness and generosity was reflected through his several projects which aim to help and develop the potential of the black natives in business and leadership. He raised funds and lends his services to areas which are underserved. He had been generous and kind to those people in which the state seems to undermine. Johnson never gets tired of helping and sharing his blessings with other people especially those who are in need. Another act of kindness that Johnson showed was when the Hurricane Katrina hit the country. His Foundation, partnered with different grocery stores and drugstores, provided prescriptions and groceries to the victims of the said hurricane. The renowned basketball player and businessman also stated that he would find ways to generate jobs to those who have been displaced (Tucker 1). The works, attitude, traits and contribution of Magic Johnson justified his achievement as the recipient of the USA Today’s National Hero Award. He is indeed a man with good and heroic deeds. His activities and attitude sets a good example to the youth and an inspiration to those who seems to surrender in continuing the battle of life. Inside the court, he possess the leadership, positive attitude and loyalty to his teammates while outside the court, he showed his kindness, generosity, outmost concern and willingness in helping other people. An ordinary person with extraordinary qualities, that spells the name of Earvin â€Å"Magic† Johnson. Work Cited Pollock III, Philip H. â€Å"Issues, values, and critical moments: Did `Magic' Johnson transform public opinion on AIDS?† American Journal of Political Science 38 (1994): 426. Tucker, Laura. â€Å"Business Hero: Magic Johnson.† 5 May 2008 ;http://www.myhero.com/myhero/hero.asp?hero=Magic_05;. ; ; ; ; ; ; ;

My Experience My Personal Experience In High School

Over the four years of high school, there is a lot I learned whether its academics or relationship with others. An essential lesson I learned was the importance of friendship. The first day of 9th grade that I vividly remember when we entered the high school block at my previous school â€Å"Bradenton Prep Academy† in Dubai UAE. My friends and I were excited that we were part of the â€Å"older kids† which meant we got respect from the middle school and that we got some sense of respect from our fellow students. I remember that we were informed in the last days of eighth grade that there were going to be three ninth-grade classes and who was going to be in each class was going to be announced the day before school starts. I remember me and my†¦show more content†¦I was thankful that I was in an environment that I can grow academically and had a friendship that will last me years. One of my friends â€Å" Yonny† had a try out for our school team that if w e won he would get four years scholarship to play basketball in China. We have heard him talk about it like forever and that very day of his try out he was stuck in traffic and we all had to cover for him. I was doing the introductions of our players as part of student council committee and remember saying nonsense just to buy time and everyone was trying to talk a lot so we can buy time till he came. Like, let me remind you that our players were in different grades going from 5th grade to 12th grade. Like how we all worked together to make sure he doesn’t lose this opportunity showed me that friendship can happen outside of our class. That day I became very close with the 9th graders at that time and till this day I’m closer to than my own family. We made sure that no one felt left out and to make everyone feel welcomed. Which we did an excellent job in. Yonny made it on time and won the four-year scholarship and is currently playing basketball in China. 10th grade w as even better than 9th grade and I honestly had so much fun. I joined various clubs such as chess, basketball, journalism, speech and debate, and more. I tried to as many things as possible and was staying in school from 7 in the morning till 7 at night. I just lovedShow MoreRelatedMy Personal Experience : My Experience In High School703 Words   |  3 Pages So far in life, my passion has been educating myself to the fullest extent. Ever since I was in middle school, though not as understanding, I knew that all I really wanted to do was take in as much information that the world had to offer for me. Starting with advanced math classes, to other challenging AP courses. I even took the Calculus one and two course at my high school, through PSU, and did everything I could in order to prepare for Calculus three and four at PSU. Yet no matter what boundariesRead MoreMy Personal Experience : My Experience In High School875 Words   |  4 PagesWhen I first enrolled high school I was following the current I didn’t have a plan for college or understand what I was going to do with my life. I had a challenging background when it came to academics; my scores were always â€Å"alright† but were never enough for Advance Placement courses. I wanted to create a structured path that I could be proud of. I thought I wasn’t going any where in life until I challenged myself academically for a better future. This year was great for many reasons I made lotsRead MoreMy Experience : My Personal Experience In High School Students1002 Words   |  5 Pagesenjoyed certain classes. Perhaps stereotypically of some high school students, I do not feel as if I learned much that was useful for later life directly from my classes themselves. My long term career interests do not align with that of science nor of math. 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At that time I weighed the most I ever have in my life, eating unhealthy paired with a lethargic lifestyle. My math teacher at the time was Mr. Stern, a 6-foot tall, 260 poundRead MoreMy Personal Experience In My First Year Of High School754 Words   |  4 PagesIn my first year of high school, I overcame my anxiety of being independent.   All my life since the elementary school, there had always been someone telling me exactly what I should be doing, where I should be going, what needs t o be done, and how to get things done. This was especially apparent in elementary and middle school. Students walk together in an assembly, go to lunch as a class, play together during recess, have interactive conversations, and pack up together at the end of the day. EventuallyRead MoreMy Motivation For A Student865 Words   |  4 PagesMy main motivation to be a CCM student was the fact that I am a high school senior, and it would make me a challenger student. This is good for college applications. Also, since I am taking college level courses, I can transfer the credits I earn here to the college I plan on attending next year. Aside from these factors, I personally thought it would be a good opportunity to see what college is like and to get a feel for what I like and dislike about college life. Mills’ Theory can be describedRead MoreJohn Wright Mills And The Sociological Imagination Essay1457 Words   |  6 Pagesway, or even made choices for a certain reason. Of course I have always known that these could be attributed to the way I was socialized as a child, but I never thought deeper into how my actions, beliefs, and values played into this bigger picture of society. To this day, the biggest decision I have ever made in my life has been deciding to go to university, but I never really dwelled on the concept of â€Å"Why?† C. Wright Mills wrote of a concept called the â€Å"sociological imagination.† Sociological imaginationRead MoreMy Educational Experience : Fair Warning1450 Words   |  6 PagesMy educational experience. Fair warning, most of this just might be me ranting about some aspects of my education, but truly, I believe that I have had one of the best educational experiences I could ever ask for. I formed great relationships with peers and faculty, graduated with honors, and made it into the Public Ivy, Miami University. My educational experience hasn’t been like a lot of others though, and I recognize that not everyone that attended my school had the same great experience I