Communication and Crisis paper Essay Example for Free

Correspondence and Crisis paper Essay At the point when a specific emergency is going or a circumstance at the time then the crisis the executives office will be speaking with each other within the workplace and furthermore outside of the association too. When managing and issue or matter anyway you see it regardless yet in addition some of the time to it tends to be exceptionally hard for the association to get together with each other at an opportunity to get data about what is happening in the network or town during the time. However, when you are working with such a large number of various association at the time correspondence can be hard for every one of them that why you to concoct a thought for the gatherings or association while examining a specific point with data you have it must be a plan opportune issue for things to be spread and furthermore every part should be accessible while working with each other and furthermore be very participation to with regards to the associations so you won’t cause people in general to have a fit of anxiety about the issue that is going on in the network. That which could cause significantly more of issues down the line for the town also your own self while an emergency is going on that is the reason the crisis the executives office must be cautiously what they state on news and TV and the radio station about an emergency so they don’t put individuals under increasingly tension while impart about the emergency that is included the network. At the point when an emergency is occurring at a specific time there will be numerous favorable circumstances and difficulties with each association too to for the open regardless. The one thing you need to do is ensure there are no difficulties or points of interest that may cause the individuals in the network to have a fit of anxiety or a mental meltdown while an emergency is going on that whichâ harms them at that point. In any case, when the crisis the board office get certain data about an emergency at the time they should get aptitude data from different assets that is satisfactory when managing a specific issue that is the reason they play it safe to too to. Since when a specific emergency is going on individuals can breakdown under tension so this is the reason the associations ought to be set up for things like this likewise there ought to be increasingly coordinated correspondence plan set up while joint effort with each other at the exact instant about a subject or emerg ency. Contrasts in correspondence forms what one has gained from the situation and how one may consolidate that information to improve social insurance correspondence methodologies? I know there are such a significant number of various sorts of correspondences forms that you can utilized when managing a specific circumstance or emergency at that point. Yet in addition you should have viable correspondence with each other while an emergency is going on and ensuring you have a superior understanding also to. I think the most ideal approach with specialized technique is the successful way in light of the fact that each seemingly insignificant detail will be on the TV, news station and the radio broadcast alongside the online networking to on the grounds that when a specific emergency is going on at the time one must figure out how to convey about the circumstance or matter that is the reason now it is much more of innovation accessible to impart today around the globe. When attempting to communicate something specific out to others that is the reason one must discover what correspondence procedure technique work for them best when attempting to improve social insur ance relational abilities with each other around then in the field of clinical. Suitable innovation like internet based life and how advances might be utilized to improve correspondence when an emergency is going or even a specific circumstance right now there are sure things that ought to be utilized and fitting to utilize or state in the web based life while you are contact many individuals around the globe at the time this way. Since now and then individuals can go on the web and include more things about the emergency or circumstance that probably won't be valid at all that is the reason the association must be cautiously when conveying a message to people in general about a specific subject or matter additionally theâ social media must have data to back up an emergency that is occurred while they are impart about theme with data that is for the most part dependable and coming clean too likewise before it even get out to the general population. Since you don’t need to convey an inappropriate message to the open since that will be worldwide regardless of what likewise the innovation should upgrade their relational abilities during and time like this in the web based life however in the human services field they should attempt to concoct significantly more of correspondence hypothesis that will be powerful in an emergency by having greater headway in innovation. How innovation might be utilized contrastingly now then it was during the emergency is in sure emergency right now that is going on one must utilize the fitting relational abilities procedure that fit them absolute best to their capacity with the most exact data in an emergency type of correspondence that is being communicated everywhere throughout the various kinds of systems at the significant second. This is the reason one must have a specific sort of specialized technique while working with innovation today in the online networking spotlight that will be on the nearby TV slots and radio broadcast too likewise to for the crisis the executives advancements while they are contacting the populace around the globe about a principle catastrophe emergency at the time with refreshed data in an all the more ideal way. Media openings during an emergency The media have such a large number of various open doors with regards to an emergency that is occurring at the time with TV broadcast appointment and news station and radio broadcast too likewise to with the paper regardless. Since this is much more of good media time for them with a lot more open doors also when they take a gander at it for the time being what will place them on top in the enormous spotlight by advance their self and business to on the grounds that they realize numerous individuals are going to watch the news for data about a specific emergency or issue that is being communicated too that is going be useful for exposure In an emergency that is going on right now it is a basic to have goodâ communication ability for the individuals within the network at the time by let them recognize what it is going and furthermore by not causing any issues or fits of anxiety by attempting your best to portray what is being done as conceivable to forestall this issue. By having great relational abilities methodology when everything comes down to speaking with one another in these sorts of association in the field so everybody can get the data in a convenient way and request also to. Be that as it may, anyway you take a gander at it there will be a few difficulties and preferences while things is being address to the general population about certain circumstance when conversing with the network and town of individuals. And furthermore when one is talking about an emergency at the time they should ensure it is suitable to the innovation too additionally to with the online life that they are going to utilizing at the center of attention and furthermore this is an excellent chance to the media too to while an emergency is going on that is a rivalries. References Du Pre, A.(2005) Communicating about wellbeing: current issues and points of view (second Ed) Boston, M.A MC Graw Hill J, S . H . Randolph, T.B. (2002) toward a blend model for emergency correspondence in the open segment Journal of business and specialized correspondence Retrieved on June 13, 2013 from proquest database Stephenson D, R (1982) How to transform pit falls into circumstances in emergency circumstance: open connection quarterly recovered on June 14, 2013

RANDOMNESS

Irregularity Nathan Bransford expounded as of late on the irregularity of smash hits. At the end of the day, there isnt some enchanted force that predetermines the characteristics of a story that breaks records and challenges the chances. Now and then an ideal tempest just meets up. Like the uber waves he depicts adrift, the ones that show up from no place and establish a gigantic connection in that immense, enormous water, they simply occur and cant be fore casted. http://blog.nathanbransford.com/2012/06/haphazardness of-bestsellers.html But then, we continue attempting to comprehend the procedure. Whats worse,in my feeling, and this is a BIG issue with me, is that we likewise slam customary distributers for creating books that don't progress nicely. That is talking out of the two sides of our mouths. We attempt to figure we can copy smash hit status, and truly figure out how to characterize the way to such a level, as though there was a manual some place. That rationale should likewise imply that on the off chance that we can foresee extraordinary books, at that point we realize enough to maintain a strategic distance from a terrible one. The arrangement is, individuals, is that we can just compose our best.Publishers can just endeavor to foresee what will sell. eaders can just claim to perceive a presentation book as a success. The truth of the matter is that no one has aced how to make a smash hit. There is no HOW TO WRITE A BESTSELLER FOR DUMMIES. Just addressed somebody this week who advocated independently publishing Hes just attempting to mitigate his own still, small voice, the one that is endeavoring to support into a foggy reality that he most likely gets no opportunity with conventional distributing. So he says theyve lost touch, can no longer deliver quality material, in this way leaving him no decision yet to continue with independently publishing since it has equivalent believability. This is my existence . . . also, my clarification of distributing: The more prepared, experienced individuals who lay their eyes and hands on your composition, the better the book. Note, I didn't state conventional or independently published. Various layers of survey and dynamic goes into conventional distributing. On the off chance that you independently publish, ensure you put a similar level of consideration into your composition as a customary distributing house would place into it. Recruit editors. Recruit a spread originator. Recruit a for issue. That is, except if you are experienced yourself. That doesnt mean read guidelines and learn as you go. Of course, you CAN learn as you go, however don't go only it. Youll never observe the landmines, regardless of what number of blog entries you read about the business. This business isnt about arbitrariness. Its about constancy and center to detail. Nothing is idiot proof. Disappointment exists. Not exactly agreeable occurs. In any case, your chances improve the more experience you put into your books advancement, writing,and advancement. Rather than attempting to arrange a smash hit, simply compose your best. At that point perceive what you ought to and ought not do. Be brave in your composition. Be grounded in your distributing, regardless of which course you take.

Pursuant to the American College of Pediatricians

Pursuant to the American College of PediatriciansPursuant to the American College of Pediatricians' official policy on health and well-being, college level students should make an effort to avoid the use of material such as 'smoking'sexual intercourse' as essay topics. In fact, the policy states that any form of sexual intercourse outside of a monogamous marriage, drinking alcohol, or engaging in masturbation are all grounds for parents to request the student be removed from a class.The Policy document also makes it clear that sex education is not a suitable topic for college essays. In addition, there is no allowable amount of sexually explicit content that can be used as a topic for college essays.'Because topics that touch on moral or religious beliefs are inconsistent with the needs of college students,' the School of Education's Office of Sexual Misconduct issued a statement about their sex education policy. 'It is especially important that students understand what is acceptable behavior and what is not. Any students who do not understand these concepts and choose to engage in prohibited conduct are likely to be challenged by instructors.'Writing material on such topics usually has a strong theme which often translates into a certain type of topic. For example, pornography is not acceptable as a topic, but writing that includes references to one's own private use of pornography is acceptable. It is the responsibility of the writer to ensure that the topic is not offensive and does not violate anyone's personal or religious beliefs.Typically, a conversational style of writing is best suited for this type of topic. With research papers, technical prose is needed and the original author should not be questioned about the accuracy of information provided. The purpose of this type of essay is to inform the reader, so any information that can be proven false should be provided in a footnote.Essay topics that include these types of subjects should not have anythi ng published that may cause harm to someone. The most offensive content would be any mention of methods for acquiring an abortion. Even if the essay discusses other methods to obtain an abortion, the reader should be made aware that the author advocates against abortion and that obtaining the procedure should be avoided at all costs.A much less offensive topic would be birth control, abortion, masturbation, and sex between people of the same sex. It is completely acceptable to discuss these topics under the correct circumstances, i.e., in a professional academic setting. Parents are usually notified when such topics are discussed at home, in a classroom, or when discussing sex education with teenagers.Before pursuing an essay topic in the early stages of a child's life, the college or university should always first consult the parents or guardians about whether the topic is appropriate. If the topic is deemed inappropriate, the essay will never be approved. College professors should have the ethical responsibility to speak with their students before providing them with a topic that can be considered offensive.

Research On The Policies Of Imf To China - Free Essay Example

Sample details Pages: 8 Words: 2429 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Financial crisis swept over the world rapidly last three years. The globalisation and the developed of the derivatives have dramatically changed the whole financial market. The rate of global economic growth was continuing decrease. Don’t waste time! Our writers will create an original "Research On The Policies Of Imf To China" essay for you Create order The economy, particularly financial services sectors suffered a critical strike, which a few investment bank, such as Lehman Brothers Holdings went bankrupt. As one of the largest financial institutions, International Monetary Fund must play more significant role in every areas of finance, especially for financial stability. The members of IMF should following three obligations regarding the abolition of exchange restrictions: Avoidance of restrictions upon current payment. Avoidance of discriminatory currency practices. Convertibility of foreign-held balances. It means IMF has the obligation that protects or makes the whole financial stability. China got a high mark in the process of coping with the financial crisis. The banking in China had a favourable performance, which was a viewpoint by CBRC President Liu Kangming. He pointed that China government had taken a package of measures to stimulate the economy. In the crisis, Chinas banking sectors overall performance, lar ge commercial banks continued to improve profitability, and risk control ability was improved. The role of monetary policy should more significant, meanwhile, the capital market cannot relayed on which being the main source of fund. Between IMF and financial stability of China, it should exists inevitable connection which could impact on banking, credit and insurance. Through the relative research and data analysis, a quantity of experiences and lessons can be summarized and demonstrated, which will advantage other areas of the whole economy to exploit new ways or thinking. Besides, it may become reference to the future. The background of the dissertation Every nation like China is faced with financial management problems to which their business industry should be able to attend to in order to take the economy to move especially during the times of crisis that the global communities are facing. Thus, key financial decisions normally confront the nation leaders in issues and problems that concerns financial investments they usually provide answer to the problems in economy. But despite of this, China remains to be a fortunate, strong economy with a per capita GDP almost similar with the four dominant West European economies (Conway, 2005). Given the importance on low inflation, reforms, a housing market boom, and excellent bonds with other countries like Australia have been essential variables over the course of the economies years of expansion (Conway, 2005). With regards to the current standing of global market and global finance, the current global recession is one of the problems experienced not only in the United States and t he United Kingdom but also by the global economy and of course China since their business operation was affected. Today, businesses around the globe work in a more obscured, and more synchronized situation. The monetary policies and practices of China was also affected including their relationship to IMF. The premeditated undertaking, then, is to construct a distinguishing way ahead, using whatsoever core competencies and assets at its discarding, against the environment and control of the situation. Through these distinguishing potentials the organisation look for sustainable competitive plus. With regards to economy of China, financial evaluation and implementation of new strategies can be a demanding exercise. With this, it is difficult to foresee what the future holds (e.g. the actual future outcome may be entirely unexpected), i.e. to foresee what the scenarios are, and to assign probabilities to them; and this is true of the general forecasts never mind the implied financia l market returns. However, this is an important procedure because it enables China to make decisions that will be advantageous and beneficial (Lecavalier Santor, 2007). In addition, organisations that are open to change and willing to counter the current financial crisis are generally more successful compare to those who resist it. On the other hand, leadership in accordance to power focuses on the techniques and expertise of efficient organisation, planning, direction, financial planning, credit assessment and control of the operations of a business is really vital. 1.2 Aim and objectives The aim is to analyse the policies and measures of IMF which impact on China financial stability. With respect to the aim of the study, this paper also seeks to attain the following objectives: To research the policies of IMF to China, besides that, those to developing countries should be necessary; To research how China financial services sectors do, especially banking; To analyse how much influence IMF has to these financial services sectors; To analyse the data which IMF and China banking published 1.3 Data and methods The research method depicted in this research is based on both quantitative and qualitative method. The qualitative method permits an iterative and flexible ways, while the quantitative research method lets dependent and independent variables requirement and also allows for longitudinal gauges of ensuing feat of the research subject. Throughout information assembling the preference and plan of methods are continuously tailored, based on current analysis. This allows examination of significant latest issues and questions as they arise, and let the researchers to slump fruitless parts of study from the original research map. Actually, the methods used in this study offer many advantages due to the nature of this study. First of all, for many research questions and objectives, the benefits lie in the enormous saving in resources especially time and money (Saunders et al. 2003, p.200). Actually, this research considers secondary researches due to budget constraint and time limitatio n. Actually, secondary data provides incomparable benefit that primary data cannot offer. These have generated useful references and have provided a good starting point for formulate and generate ideas. For instance, data includes textbooks related China monetary practices, IMF, financial industry, and government white paper and financial websites. Those data has already been collected and provides an unobtrusive measure. All the sources are quite reliable. Secondly, secondary data may be the only viable choice for many aspects of this research due to the nature in itself. Many psychology data and aggregate data are not likely to be collected by the author; rather, secondary data from previous researches make this research with easy access. For example, many high quality national newspapers and journal articles being published are permanent and available in a form that may be checked relatively easily. 1.4 Dissertation structure As for the dissertation structure, this paper was broken down into 3 key stages; research problem identification, collection and analysis of information, and Synthesis of information and generation of recommendations. Stage 1: Research Problem Identification In this stage, the researcher considers the exact focus of the problem to be researched. Actually, this engages examination of existing research, practices and theory from genuine literature. This procedure helps the researcher put together empirical findings and theoretical perspectives with the researcherà ¢Ã¢â€š ¬Ã¢â€ž ¢s understanding about problem in the study. This will also help the researcher distinguish the problem feature and learn more about. Stage 2: Collection and Analysis of Data In the second stage, the researcher collected and analyse the data gathered for the purposes of recognizing significant contextual/cultural variables detailed to their setting predominantly in monetary setting. In addition, t he evaluation of monetary practices in China and analysis of the policies imposed by IMF are done in this stage. These information enable this research and the researcher to achieve a specific understanding of the problem. Stage 3: Synthesis of Data and Generation of Recommendations In this third stage, the researcher synthesised findings from the previous stages and pertinent previous study. The main centre of this stage is to review these data to amend current hypotheses and account for different factors, in addition to generating recommendations based on new understandings and results. During this stage, culture-specific and research-based recommendations for action are produced. For this study, the researcher focused on the monetary practices of China and IMF policies imposed to borrowing countries. Chapter 2. Literature Review 2.1 Introduction As a response for the global financial crises, the national and international institutions are pushed to create a sound strategy wherein all their knowledge be incorporated thus monitoring and predicting the flow of the financial elements. With the use of wide array of instruments, the assessment on the financial system is found to be based on the analytical practice. The financial stability is difficult to pulse whenever there is an existing financial crisis, and ità ¢Ã¢â€š ¬Ã¢â€ž ¢s getting worse when the crises created a direct impact in the country. 2.2 Related Study of International Monetary Fund According to the history of the international monetary system, 1990s is the most considered time where there is an existence of the hyperinflations and been passed through the different picture of crises in Mexico and Asia. Even the Russia experienced the international financial infection. In each effected episodes of the countriesà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial aspect, the impact participated in the savings and investment, employment, and the purchasing power. Many economists pulled their profession in building the specific solution against the crises and their effects as well. This is the birth of the International Monetary Policy or IMF as the first approach in the crises that plagued the international economy (Conway, 2005). Still, some analysts argued that the approach in the IMF is archaic decision most especially in an era of an international mobility. The present crises shows the different faces of doubts, and it would make the private financial markets suffer from the imperfe ct information and problems of collective action (Henning, 2009). The assessment of the various financial analysts, business interpreters, and economists, they believe that the effectiveness of the IMF in the new century is on the reform f the IMFà ¢Ã¢â€š ¬Ã¢â€ž ¢s functions, role and governance structure. The idea is around the consideration of six elements namely, (1) quota, voice, and representation, (2) internal governance, (3) surveillance, (4) lending instruments, (5) finances, and (6) the role of the IMF in the low-income countries (Lecavalier Santor, 2007). 2.3 The Function of IMF and the Role IMF Plays The IMF was identified as the provider of the valuable forecasts, served as the advisor of appropriate policy, and acted as the coordinated management through the financing packages whenever there is an implication of crises and assists the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s adjustment and economic strategies. Through these various characteristics, it is common for the approach to be under the criticisms and be a candidate to tests its ability for a rapid response to the financial crises (Conway, 2005). The appropriate response and the rapid action is the most inevitable requirement in every country to pass through the financial tempest. Obviously, emerging markets face sudden freeze in their capital inflows even if their governments have been pursuing appropriate policies. Based on the basic purpose of the IMF in todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s world economy, the IMF enables the members to maintain and extend the international economic openness and other strategic adjustments. The role of the IMF extends well beyond providing official finance such as monitoring the international monetary system, fostering the negotiations among the members over the macroeconomic policy in coordination and payments adjustment and pursuing the economic policies. The roles that IMF plays are important, most especially in reducing the impact of the financial crises. But the ability to mobilize the financial resources is the central of the IMFà ¢Ã¢â€š ¬Ã¢â€ž ¢s functions (Henning, 2009). 2.4 IMF Financial Soundness Indicators: Core and Encouraged The need for better data and tools to monitor the various financial risks and vulnerabilities in the national systems is pursued and gave to the new area of work called Financial Soundness Indicators or FSI. The IMF has been collecting the various monetary statistics from the participating countries. All of the information gathered admittedly not being focused on the compilation of the soundness and risk information. Translating the needed data based on the information needs careful investigation and be under the assessment to provide the aggregate soundness and risk. In the beginning, the experts and officials of countries collaborated in organizing the call for a process. All the participants agreed that there is indeed, a need for sound information and a number of important indicators and that should be compiled. From the conducted survey of the IMF during the middle of 2000, there was a strong response from over 100 participating countries that allows the IMF to set a core stan dard regarding the financial soundness indicators. In addition, there is an alignment for the countries on what kind or type of information that the country should compile which can be also depends on the national circumstances. After the several rounds of extensive consultations along with the experts, finally, the IMF completed the guide for the indicators they needed. The Compilation Guide: Financial Soundness Indicators or à ¢Ã¢â€š ¬Ã…“the Guideà ¢Ã¢â€š ¬? was published by the IMF that details the concepts and definition, and sources and techniques to serve as the guidance of the participating countries. The Guide was produced to help the countries in compiling and disseminating the information wherein it allows the country to establish the method of comparing the indictors that could provide the valuable information. In the end of the process, the country can have the current soundness of the aggregate financial system (San Jose, Krueger, Khay, 2008). The use of Guide i s considered as highly innovative method through the combination of the elements of macroeconomic frameworks, including the monetary statistics, bank supervisory framework, and international financing accounting standards. The use of the provided definitions measures the soundness or risk such as the capital adequacy, exposure to market risk, market fair value in accounting, balance sheet positions of the banks, and many others. The financial reliability gauges/indicators offered two sets known as the core and encouraged sets: The core of the financial soundness indicators is related to the five basic areas relevant to the point of view of banking business shortened in the method called CAMELS as part of the institutionsà ¢Ã¢â€š ¬Ã¢â€ž ¢ assessment of capital adequacy, asset quality, management soundness, earnings, liquidity, and the sensitivity to market risk. The main goal of the FSI is again, for the international comparability that guarantees the all countries that they w ill use the same applied method. However, the international comparability is limited to some differences at national level, most especially in accounting standards and the data needed in calculating the FSI (GerÃ…Â ¡l HeÃ…â„ ¢mÃÆ' ¡ne, 2006). 2.5 The Conclusion The most important part of assessing the stability of the financial system is the use of the appropriate number of quantitative indicators and the combination of the approaches. The involvement of the financial soundness indicators is one of the best developments in the International Monetary Fund. The compilation of the financial stability indicators and its related information facilitates the assessment through the single method wherein the countries can possibly compare their data among the others.

Cars involve Physics to Drive - 533 Words

A car has many different components that work together to make it move, but how does it speed up and accelerate? How does it turn without falling on its side? What makes the tires stay on the ground? Why does wind slow us down or speed us up? Why does weight matter? These are questions that can be answered with physics. When the gas pedal is pushed the fuel is burnt off in the engine and moves the rear/front axel, which rotates the tires and accelerates the vehicle. There is friction between the tires and the ground, which doesn’t allow the tires to â€Å"peel out† and move the vehicle forward. There would be less friction if on ice or sand. That is why people put salt or sand on the ground when the road is icy to create more friction. When driving down the highway your tires will heat up which is also due to friction. Another example would be your engine. When the fuel is burnt that adds heat, but also when the pistons are moving at a high rate they generate heat. Wi nd is also a factor when driving a vehicle. If you were driving west and there was wind out of the south you would feel your vehicle shake and want to go northwest. That’s because the wind has force and friction against your vehicle to push it in the direction it is blowing. A larger vehicle would feel more â€Å"push† than a smaller car would. It would have more surface area for the wind to come in contact with making it easier to push over. A cars weight can also be a deciding factor while driving. If a semiShow MoreRelatedNewtons Laws of Motion858 Words   |  3 PagesTo walk is not as hard as running, so less force is needed to succeed in doing it (Forester). This leads us to the third law of motion, for every action, there is an equal and opposite reaction (Newton’s Third Law). Another concept of Physics is moving water. For example, flushing the toilet, waterfalls and dams. Flushing a toilet is a great example of transferring energy. 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Analysis Of The Book V - 2137 Words

V:1. Chapter continues the persecution of the early church. The chapter begins, â€Å"Now about that time.† This time refers to the famine described in verse 27 of chapter 11. This Herod is Herod Agrippa 1, the grandson of Herod the Great, who had all the baby boys in Bethlehem murdered in his attempt to kill the baby Jesus. Luke says Herod laid hands on some who belonged to the church in order to mistreat them. Why would Herod persecute the church? The people generally do not like the Herodian family. But, Herod has to maintain peace in his territory in order to achieve favor with Rome. On the other hand, he needs to win over the hearts of the Jewish people, so, he decides to persecute the Christians to convince them of his loyalty to the†¦show more content†¦So there were thousands of people in town for the celebration. V:4. Herod is not prepared to lose his big catch, therefore, he puts Peter in prison under maximum security. Herod is smart, he is not prepared to risk his popularity with the Jews by executing Peter during this time of celebration as it would be considered a desecration. A total of sixteen soldiers kept guard over Peter. We may asked why the maximum security? You may recall in chapter 5, Peter and John were arrested and put in prison but during the night, an angel opened the gates and let them out. Could it be that the Sanhedrin notified Herod of their own failed attempts to imprisoned Peter? So to make sure this does not happened again, Herod places Peter under maximum security. V:5. I love verse five. â€Å"So Peter was kept in the prison, but prayer for him was being made fervently by the church to God.† That little word, â€Å"but† is such a comforting word. It reminds us that no matter how bad a situation maybe in our life, something better is about to take place. The church leader is in prison and the church uses the only available weapon it has and bent it’s knee in fervent prayer. 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Controlling Function of Management free essay sample

Markets and Market Structure One of the crucial elements to understanding how a market will function (though it will not explain everything) is its market structure. These are the key elements that determine the behavior of firms in the market and the outcome that will be produced by the market. One way of considering the market structure is to talk about the conditions that exist in the market. These conditions fall into (approximately) four categories: †¢ Actors in the market (both numbers of actors and the sizes of these actors †¢ The entry conditions (which includes the exit conditions) †¢ Information characteristics of the market Product characteristics Taken together, these factors provide a useful picture of a market, revealing how it is likely work and the results that one would observe in this market. We will examine a number of different theoretical market structures that help us understand the nature of actual markets. Three of these are of significant inter est to us, both from the standpoint of understanding the way that different types of markets operate, but also how this relates to interactions that arise within the legal system. These three types of market types or structures are: 1. Perfect Competition 2. Monopoly 3. Oligopoly This document only introduces each of these types and gives a basic description of their characteristics and the type of outcome one can expect in each of these types of markets. Separate materials are available to provided a more detailed discussion of each of these different structures. The first of these is the perfectly competitive market. Perfect Competition The outcome of this market structure is a situation in which firms (as well as consumers) act as price takers. This condition results from the circumstances that exist in these markets, with respect to the categories described above. As they apply to the competitive market, these conditions are: 1. Many buyers and sellers 2. No restrictions on entry or exit 3. No advantages to existing firms (no special knowledge or equipment) 4. Full information on the part of buyers and sellers 5. Products are homogeneous Taken all together, these factors imply that no single firm has any meaningful influence on the market. This is the essence of price-taking behavior: no firm can have any significant role in setting prices, so all firms must take the market price as given. What this, in turn, implies is that a firm can sell all of the output it wants at the going price. Whenever economists discuss the workings of the market, typically there is a focus on the interaction of supply and demand. This basic model starts with and generally is based upon the type of situation present in a perfectly competitive market. The diagram above illustrates the basic demand and supply diagram, and its workings are the basis for much of the analysis done with markets. The underlying presumption here is that you are considering a perfectly competitive market, where the interaction of buyers and sellers determines the market price and quantity. At the same time, firms in these markets take the information at hand about the market price to determine how much they will produce (which contributes—albeit minutely—to the supply in the market). When the conditions necessary to have a perfectly competitive market do not hold, then other market structures become relevant. The first that we want to consider is the exact opposite of the circumstances found in the perfectly competitive market—the monopoly market. Monopoly The central feature here is that for a monopoly firm, their behavior is one of a price maker. This means that the firm has (in this case, full) market power, or control over the market price. This arises out of the peculiar circumstances in which the monopolist operates. The following are the basic market structure conditions: 1. Many Buyers and a single Seller 2. Ability to Restrict Entry and Exit 3. Specialized Knowledge/Equipment 4. Lack of Complete or Full Information Possessed by Buyers and Sellers 5. Heterogeneous Products These structural factors imply that the firm faces the market demand curve, which we presume to be downward sloping. Unlike what we see in the perfectly competitive market, there is no distinction to be made between the activities at the market level and at the firm level; they are one in the same. So, the diagram below applies equally to the market and the firm. The primary thing to note here is that the monopolist wishes to maximize profit. Doing this in a market where there is but a single firm yields the situation depicted here: as compared to what we would observe in a competitive market, the monopolist chooses to restrict output, resulting in a higher price, and as a consequence, a higher level of profit. This, naturally, harms the consumer. Since many consumers are unwilling or unable to trade in the market, fewer units are bought and sold. We characterize this as being inefficient. (The concept of efficiency will be discussed elsewhere. ) Other details go beyond the scope of this short discussion, including different sorts of pricing behavior, the existence of economies of scale and the implications of economies of scale on the market, and interactions between single buyers and sellers. [Aside: These notions of inefficiency and harm to consumers are ostensibly the reasons for the existence and enforcement of federal antitrust laws. We will discuss these laws later in the course. ] Some markets fit neither the monopoly nor the perfectly competitive market structures that we have considered. They fall into the gray area in between—where there are a number of firms, each of which has some influence over the market. This influence is not, as you would expect, complete. For the economist, this type of market is particularly troublesome. Both competitive and monopoly markets yield clear results in terms of the behavior of buyers and sellers, the price that will result and the nature of the interaction between firms. These results are not well determined in the market described here. What we are talking about is generally referred to as Oligopoly. Oligopoly Markets For oligopoly markets, the familiar list of structural characteristics is less useful. Clearly, we could talk about the numbers of buyers and sellers, the product characteristics, and so forth. Yet this is much less informative than in the two other structures that we have described. There are typically a large number of buyers. The number of sellers is much less clear. At a minimum, there must be at least two firms, but this number can be higher (though how much higher is not really determined). The key idea here is that the number of firms is small, small enough that each firm’s actions has an important effect on the success and behavior of the other firms in the market. Because of this interrelationship, firms are said to be mutually interdependent, which is simply a more involved way of noting that any action by a firm has to be made by taking into account its effect on the others and the other’s effect on that firm. The key idea is that firms interact strategically with each other. There are many different ideas that have been developed to attempt to understand and predict the behavior of firms in oligopoly markets, but none of them is a general model. When we do not know precisely how firms will act and react, we cannot model this precisely. Basically, there are two ways that we can consider firms to interact. One is to act together, or cooperatively, to make decisions in the marketplace. In general, economists refer to this as collusion, or alternatively, as the formation of a cartel. The essential idea here is that the separate firms act collectively as if they were a single monopolist and share the profits earned by the monopolist. There are significant difficulties in maintaining such a relationship and most attempts to collude end, at least eventually, in failure. It should also be noted that such behavior is illegal, violating antitrust laws. The second way is to presume independent, or non-cooperative, interaction. This approach is where much work has been done, but, again, without the production of a universal approach. This analysis is quite similar to other types of non-cooperative interactions. The primary approach to this is GAME THEORY and we will devote some time to discussing these ideas in a different context. Nevertheless, the application to the analysis of markets is quite similar to what we will be focusing on. Other materials will be provided to assist your understanding of these ideas. Quantity Price Pm Q* Qe Pm S D Quantity Price MR D