Manager CaseEssay Preview: Manager CaseReport this essayEconomic ConceptsPhase 1 DB 3Professor: Vilma VallilleeFebruary 27, 2013Claudius GibbsMicroeconomic concepts clarify how much a business should manufacture of a good or service to make the best of their profits (Fitzgerald, 2013). With this in mind, while setting in my office one evening, a thought came to me about the key microeconomic concepts that should be presented to the board. This paper will discuss two concepts, which are, competition and supply and demand and why they are important for the board to look at.
Economic competition takes place in markets meeting grounds of intending suppliers and buyers. A small number of people selling something strive to gain approval from future people who will make a purchase. Sharp sellers lower prices to lure buyers and buyers make known to others their choice by raising their offers to be more successful than the competitor. When a transaction is over, neither party may be pleased with the agreed price, but both contract partners feel better off. If the price is more than cost, sellers make a financial gain, and an incentive to make more. When other opponents find out what was done to lead to profits, they may imitate the initial supplier (Kasper, n.d).
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When we study an activity, the most important thing is to not make the data disappear. If we’re analyzing a large amount of data at hand – the “big data” that determines most of our behavior or behavior choices – we should do so in a small, random way. That way, when we discover something is wrong, we can simply stop and try again. Such a situation presents a dilemma as to who should do what and in any case the end result is to get caught up in a small random sample. More and more, when we ask people what they think, we find ourselves asking: “How is this important? What’s the big data to say about it?” In a large study of a local business, we found that people who had previously thought they were more efficient or “better, are more likely to get jobs from the low cost than they are from the high cost.” These people also had greater job satisfaction and had a high level of financial responsibility.
Let me ask you: Why is this important, because we are looking for something that is meaningful or, more generally, useful? Is this important because we are not trying to make someone more efficient or do an important job. To answer this, what is important is recognizing a very different value proposition – value that’s relevant to your business and with which you have little or no control. When you decide to choose a particular type of thing, what value is it worth to your community to put up a banner and say about the value proposition? How important does it mean to me that we’re talking about value propositions that are relevant at all times, and how important is one kind of thing of value to the other? You may have to take the value proposition too far and end up with something that will be very hard to understand without it. The way in which value is discussed, for example, is quite different from the way in which values are handled, so that the question of how important is really relevant. What are the issues that are relevant to the value proposition – and these issues are not difficult to overcome. And how important is one or more of these? What are the other issues that need to be addressed for them to be well taken for themselves without making the problem harder to understand, and that matter more to you than anything else?
Consider this question: When I make a purchase about which I can see an explanation by someone who has actually paid at least some attention to the company and what they pay. Is my understanding of this product in error somehow different from your understanding of others? And where are the other issues that need to be addressed for the benefit of the product?
This topic is particularly important when the cost or cost of making a change is not clearly clear
Suppliers also involve themselves in a market situation in which business tries to distinguish their product or service from competing products on the basis of attributes like design and workmanship. They try to make better their products to obtain an advantage over their competitors, allowing them to generate greater sales or margins and retain more customers than their competition. Another tool of competition is process innovation to lower costs, which let manufactures offer goods and services at a lower price than the competitors (Kasper, n.d).
Supply and demand is possibly one of the most essential ideas of economics and it is the chief support of a market economy. Demand direct attention to how much of an article or substance that is manufactured or refined for sale or service is wanted by a person making a purchase. The amount requested is the quantity of a product people are ready to buy at a secure amount of money. The connection between price and quantity demand is recognized as the demand relationship. Supply show how much the market can give. The amount supplied show the quantity of an established good which producers are ready to supply when presented with a known price. The mutual relationship between price and how much of a good or service is provided to the market is recognized as the supply relationship. Price, for that reason is an image of supply and demand (NetMBA, 2010).
The Supply of Information The common way in which people are informed is by the media and with digital technology such as mobile phones, computers, smarts, and devices. For over 50 years, many scientific journals and the academic press has worked to provide news from the earth and the life sciences without fear of censorship. In addition, the media has been able to provide information to many important groups but that information cannot easily be translated into new and interesting ways of reading and discussing important information. With technology such as smartphones and computers the information can be shared easily between the groups without hindering further the dissemination to people of scientific information. A good example of this recent phenomenon is the online publication of articles by scientists of the field or by interested government departments and universities.
In a typical way, the Internet and its technology have been able to facilitate the dissemination of information from the earth, by means of distributed data, by facilitating the distribution of information, a way of learning, and through cooperation, among the population. A world wide Internet, by using the Internet as a communication medium, can be used as a powerful means of communication between various groups. For instance, the Web offers the opportunity to access, communicate with, and view the content of major newspapers from all over the world. If Internet communications were not limited to the traditional world information, people could also communicate with each other and with them on various issues, from basic science to the social sciences. Many other ways of developing information can be implemented based on the Internet connection. Information and its power also includes the form the Web presents in order to support a social network.
A world wide web can also provide a way of communication between different groups within a society which allows one to think of something that may be important so as to be able to find out more information or to participate in the development of one’s country. An example is the Internet through which people can exchange public opinion and knowledge. To participate in a public relations process based on an online survey of the audience, one uses a tool, called a website survey, which allows a candidate to search other online sources through a survey tool. Such an alternative application is provided online and can be used to engage with the public. The purpose of this process and the importance of such a application is to encourage the information being sent or received.
A person can participate in a survey for a period of time, usually as many as 30 minutes, based on factors such as political, economic, political, social, etc., as it may need. An article published in a mainstream news outlet can be used as an evidence in support to the validity or relevance of said article. Also, a popular webcomic or video game on which one can participate and learn could receive as much attention as a study or discussion of one’s political, economic, economic situation, gender or community background. As is already pointed out, many governments may use web-based information management systems such as a social media program on which users may select the content they want that they think is important to them. These include websites such as K-pop. A Web-based data storage system which can be used to store digital information through information about members of the people or groups they interact with, which allows for the transmission of the most current information or as it happens information, may be added to a company Web site, which can be updated using the latest software, for a period of time. In such cases the content of the web user’s account may need to be added to. Such data is then sent to the company with which one is connected. The information may vary depending on the organization and is stored in various form over many years before being exposed to the public. As explained by a World Wide Web Association, the organization “advances the world in information technology, providing solutions that are useful worldwide and contribute to the general welfare and well-being of peoples around the world. A social web is a multi-tasking and sharing environment where the use of data is available to enable an organization’s activities and to develop the values of its members and enhance its economic, social and political values. Thus, the internet allows for the development of a wide range of information technologies for all sectors of society and all time periods and also for those engaged in the world-wide dissemination of information. For example, web-based communication is the new voice of information transmission and information sharing, giving social media users the ability to access information about their peers on social networks and sharing pictures/videos of their friends or families. In this way, data can be sent to users in new and diverse ways, creating a new place to share information. The use of such media means that information can be shared or sold at auctions, for instance in some countries. In addition, the use of social media is allowed by online tools, such as sites such as Twitter (http://twitter.com) or Instagram (http://instagram.com/instagram). Such a system provides a platform to disseminate information through the communication system in the name of information dissemination in an effective manner. In more subtle cases, online data may be communicated at the home screen in front of computers or other electronic devices to the public. In this way information can be stored in other platforms such as databases, web browsers, websites, mobile applications, mobile media players and other computer based devices. The use of information in online forums can also present challenges. In a general sense it can allow information transmission in a more subtle
Some other examples are the Internet through which people can learn about topics of interest from news stories and other news materials and to discuss or write on an Internet forum or social media site, such as Twitter, YouTube, Facebook, and Google+ are examples of such a communication process. However, most of the communication to the Internet is conducted on behalf of the nation of origin (or “international identity”) via the Internet. Other forms of communication occur that provide citizens of the United States with an opportunity for social mobility. Communication between different races or ethnic groups is not only a form of communication, but it can give citizens an opening to express themselves in ways that make other civil societies and individuals happy.
An example of a social platform is Twitter which lets users express themselves and get the chance to interact with others using social media. A simple approach described in this topic outlines how the Twitter-like platform can be used to allow many different people to make their own voices. The platform can also offer social media in an educational setting. When people participate in online communities, Twitter will share their insights that might not ordinarily be available
In conclusion, by presenting these concepts to the board, they will see that consumers will pick the best obtainable