...Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theories and examples from the business world to support your discussion. Since last century, entrepreneurship and innovation have been heavily discussed. Entrepreneurs create new business and provide the job opportunities to society as well as promote the economic development. However, with the increasing global economic competition, normal entrepreneurship becomes less competitiveness, government committed to develop innovative entrepreneurship in recent years (Cukier, 2006). Therefore, the relationship between innovation and entrepreneurship becomes one of the most significant topics in the business field. Economists do a large number of researches to explore the connection between entrepreneurship and innovation as well as the position they related in economic development. During the process of exploring, a considerable amount of definitions are put forward by experts based on their research knowledge and the analysis of entrepreneurs developed in recent decades. This essay will list the definitions put forward by different economists, then support the ideas that innovation, entrepreneurship and economic development are deeply connected and interacted. Finally, combine with the experience of university group entrepreneurship project, attempt to explain importance role that the creativity and problem...
Words: 2450 - Pages: 10
...Selecting REDB Activities and Initiatives What is Community Economic Development? Community Economic Development is a community-informed, place-based, strategicallyfocused, collaborative approach to creating new enterprises, stabilizing existing enterprises, growing existing enterprises, attracting new enterprises and / or creating the conditions where these advances can occur. Why do we focus on initiatives and activities? There is a big difference between hoping for something and making it happen. We focus on initiatives and activities because they are the ONLY means of positively impacting the regional context in which we operate. Without execution, our planning amounts to little more than wishful thinking. Initiatives and activities that are strategically-focused, properly-prioritized, well-planned, and well-executed bring strategic plans to fruition. How do we ensure that we undertake the best initiatives and activities possible? It is a difficult challenge. One size does not fit all. What works for one region will not necessarily work for another. There are desired states called ‘outcomes’ that we are trying to achieve. We undertake activities and initiatives that will produce products or services called ‘outputs’ that will contribute to achieving our desired outcomes. We control the outputs we produce but not the outcomes we hope to influence. We use opportunity management processes to ensure that the initiatives and activities we undertake are those most...
Words: 3881 - Pages: 16
...How did decolonization effect African economics? In today’s modern world it is certainly a global economy. Although the United States is still at the forefront in the economic world along with Europe, the days of their dominance is slowly dwindling. Regions such as China, South America particularly Brazil, India and others are growing at rates never before seen in these nations due to a multitude of different economic factors. However, in this new world economy, Africa seems to be left out. A place with an abundance of natural resources and agricultural capabilities, Africa has yet to reach its full potential. There are many theories to which one could attribute the lack of growth in Africa to but I will be specifically looking at decolonization and how, in my opinion, it has disallowed Africa to become a major player in the world economy. to understand why africaneconomies are still not growing like comparable emerging markets one must first start with the history and the worker for he/she is the driving force behind any economic system. in “dialects of decolonization” Cooper gives a detailed history of the French african worker during decolonization and reform movements. focusing on the social aspect of the labour movement, french west africa transitioned from a “class-centered, internationalist organization that insisted that workers subordiante their own concerns, interests and collective awarness to the emerging national struggle”. though this sounds honarbale, the...
Words: 3645 - Pages: 15
...suburbia. As many American civilians watched television programs that painted this pretty picture, and seeing veterans achieve this life style, it wasn’t long before the country began to chase the fantasy of owing a home and living the America Dream. Limited knowledge about buying a home was available to the consumer, as this was a fresh new concept. Since this concept of the American Dream was introduced, every generation seeks to achieve it year after year. In the process much information and statistics have been obtained; and the risks and rewards have since changed. There are huge risks involved in buying a home, and multiple pros and cons that should be thought out before buying. One should strongly consider the 10 principles of economics such as “A Trade-Off”, “The Cost of Something Is What You Give Up to Get It”, and “Rational People Think at the Margin” to name a few. A buyer should compare the marginal benefits, and the marginal costs; and be aware of the strength of the economy. As I consider these factors I also look at other markets that may affect my decision, and compare different outcomes. Personally I do not chase the “American Fantasy” as I like to call it; I buy homes for financial gain. It does not matter the reason for buying, every buyer should follow my pattern or something similar. My buying pattern differs from the average buyer seeking a new home. The first thing is to obtain financing or a loan commitment, this tells me the price range of homes I...
Words: 1948 - Pages: 8
...Economic Impact of globalization in IndiaMultilateral agreements in trade, taking on such new agendas as environmental and social conditions. New multilateral agreements for services ,Intellectual properties, communications, and more binding on national governments than any previous agreements. Market economic policies spreading around the world, with greater privatization and liberalization than in earlier decades. Growing global markets in services. People can now execute trade services globally -- from medical advice to software writing to data processing , that could never really be traded before. Open Market policy -advantages Growing Indian Economy GDP – USD 1.36 trillion GDP growth rate – 9% Services contribution – 60-65% Balance of Trade – Negative balance should increase with surging imports versus exports Investment goal – USD 370 billion GDP – USD 1.16 trillion GDP growth rate – 9.5% Services contribution – 60% Balance of Trade – Negative balance should increase with surging imports versus exports Investment goal – USD 305 billion GDP – USD 590 billion GDP growth rate – 9% Services contribution – 54% Balance of Trade – USD (-)46.2 billion Investment goal – USD 250 billion 2010 2008 2006 105 105 135 145 167 103 125 204 231 287 682 191 237 398 453 0 200 400 600 800 1.000 1.200 1999-00 2002-03 2005-06 2006-07 2010* USD Billion Agriculture Industry Services Growing GDP Source: India...
Words: 1030 - Pages: 5
...com/Balanced%20Scorecard.html Samet, K., Rider, H., & Weiss Wilkerson, J. (n.d.). Understanding Healthcare Organizations: External Infleunces. Week 7 Bayat, R. F. (2011). Impact on the Productivity of Human Resources Management, Performance Evaluation. Australian Journal Of Basic & Applied Sciences, 5(12), 1629-1635. Smith, K., Gunzenhauser, J., & Fielding, J. (2010). Reinvigorating Performance Evaluation: First Steps in a Local Health Department. Public Health Nursing, 27(5), 425-432. doi:10.1111/j.1525-1446.2010.00875.x Ver Ploeg, M., & Ralston, K. (2008, March). Food Stamps and Obesity:What do we know? Retrieved September 14, 2012, from United States Department of Agriculture: http://www.ers.usda.gov/publications/eib-economic-information-bulletin/eib34.aspx Riskind, A. G., & Lohr, A. (2012). New Scientific Study Indicates that Eating Quickly is Associated with Overeating. Retrieved September 15, 2012, from Obesity in America.org: http://www.obesityinamerica.org/newsroom/Fasteating.cfm Sikorski, C., Luppa, M., Kaiser, M., Glaesmer, H., Schomerus, G., König, H., & Riedel-Heller, S. (2011). The stigma of obesity in the general public and its implications for public health - a systematic review. BMC Public Health, 11(1), 661-661. doi: 10.1186/1471-2458-11-661 Odgen, C. L., Carroll, M. D., Kit, B. K., & Flegal, K. M. (2009-2010). Centers for Disease Control & Prevention. Retrieved September 14, 2012, from Prevalance of Obesity in the United...
Words: 572 - Pages: 3
...MRC 1513 ECONOMIC ANALYSIS WORKSHOP 1A Question 1: Although managerial economics is based primarily on microeconomics, explain why it is also important for managers to understand macroeconomics. Answer: Felda Technoplant Sdn Bhd is a subsidiary of Felda Holdings Berhad and was established on 22 June 2005 as a management agency for FELDA settler plantations. Among its main activities is replanting estates, managing immature and mature plantations as well as providing oil palm planting materials for estate replanting purposes. Almost 90% of the replanting area is planted with oil palm and the remaining planted with rubber. Thus we are subject to risks inherent to the plantation industry. These include damage from pests, outbreak of diseases such as ganoderma, fire or natural disasters, unscheduled interruption in palm oil milling and rubber tapping operation, climate condition, downturns in the global, regional and national economies, changes in law and tax regulations affecting palm oil and rubber and the competitive needs of labour with other industry. Movement of commodity price in local and international market influence the price of Fresh Fruit Bunch (FFB) and rubber. This will affect managerial decision whether continuing the normal field operations or take certain mitigation action focusing only to harvesting work while other work activities such weeding and fertilizing being stop until the operational cost becomes more viable. As an example, in 2008 the FFB selling...
Words: 386 - Pages: 2
...Set 105 Environmental Scanning/Industry Analysis – 1 1. What external environmental variables should be scanned? In conducting an external environmental scan, focus should be drawn to two environmental variables: • Societal environment (macro-environment) – This is the general environment in which the business organization operates. It is characterized by those variables on which the business has no control. It does not directly touch on the short run activities of the firm but can, and often do influence its long-run decisions. • Task environment (micro-environment) – This is the industry within which the business organization operates. This environment is characterized by various players and stakeholders who affect a business enterprise, and are also affected by it. 2. According to Porter, what determines the level of competitive intensity in an industry? According to Porter, the level of competitive intensity is determined by 5 basic competitive forces namely: (1) Threat of new entrants to a market (2) Bargaining power of suppliers (3) Bargaining power of customers or buyers (4) Threat of substitute products and (5) Degree of competitive rivalry 3. What should be scanned in the task environment? There should be an analysis of relevant elements in the task environment such as: (1) Competitors (2) Suppliers (3) Regulators (4) Strategic Partners (5) Labor and (6) Customers. 4. Discuss how a development in a corporation’s societal environment can...
Words: 269 - Pages: 2
...An Assignment on Money Market and Labour Market in context of Bangladesh Course Instructor: Abdul Jalil Chowdhury SUBMITTED BY: Zinat Mahal Roll No.: 1328 Departmental of Training for BCS (Economic) cadre Officers NAPD, Ministry of Planning, Nilkhet, Dhaka-1205 Introduction Bangladesh is a developing country in where money market and labour market are two of the most important issues of economics that determine long run development of a country. The GDP and infrastructural development of a country depend largely on the successful and efficient money market and labour market. Financial sector is considered to be playing a crucial role in facilitating efficient allocation of resources and improving productivity of investment. Although the direct effect of financial institutions on the real economy is less clear, the indirect impact of financial market is essentially critical (Herring et al., 1991). Mobilization of savings, managing risks and facilitating exchange of goods and services are the functions of financial sector that connect households, firms and governments for their own purposes. An efficient financial system can be of great use for the poor through boosting the growth of the economy and reducing the financial risks by creating an enabling environment to ensure easy access to financial services for all. Money Market A segment of the financial market in which financial instruments with high liquidity and very short maturities are traded...
Words: 773 - Pages: 4
...use of feedback, decision making and human relation etc. Miller (1983) defines entrepreneurship as a multidimensional concept encompassing a company’s action relating to innovation and risk taking and proactive measures.Innovation and risk-taking has an important place in entrepreneurship. Schumpeter (1994) described role of entrepreneurship as tendency of company to engage in and support new ideas, novelty, and experimentation that may result in new products, services. Risk taking describes the nature of entrepreneur. A.H. Cole has explained entrepreneurship as, “the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain, or earn profit by production and distribution of economic goods and services. According to Heggins, “Entrepreneurship is meant the function of seeking investment and production opportunity, organize an enterprise to undertake a new production process, raising capital, hiring...
Words: 307 - Pages: 2
...THE COST OF CAPITAL, CORPORATION FINANCE AND THE OF INVESTMIENT In the business world we make investment for two main reasons or either of them that can be for the maximization of our profite from a business or it can be for the maximaization of the market value of the assets. Businesses generally aquire the assets if the perceives that the particular asset can help in increasing the profit of the organisation. According to the theory the acquisition of the asset can help to increase the profit only if the returns arising due to that asset are more than the interest costs arising due to that asset. On the individual level when we are cosidering the purchase of any asset we should also consider the risk factor associated with that asset. Profit maximization and value maximization they both have more or less same meanings and implications. But if the case is of uncertainity then the profit maximization has no meanings, it remains meaningless for the investors. When the situation is uncertain then in that case the market value maximization becomes the basis for the theory of investment, if this notion is kept in mind then every time when we are going to make a decision to invest or not we should simply keep one thing in our mind that can be the basis of the decision, that is if we aquire the particular asset will it help to increase the value of the firm’s share? If in response of this question we comes on this point that yes it will result in increase in the value of the firm’s...
Words: 300 - Pages: 2
...TEPAV – Economic Policy Research Foundation of Turkey The first company that we visited in Ankara was the Economic Policy Research Foundation of Turkey. There they presented to us the Turkish economic background, the actual economic position regarding European Union and Middle East and what are their challenges to keep the long-term competitiveness. Turkey is strategically located between Europe and Middle East and this advantage, after the policy reforms, made the country boost their economy by attracting companies that operates in both markets. The country is so well geographically located that we in a 3 hours flight you have an economic potential of 8,7 Trillions of dollars. The ground for this economic boom was the first generation reforms starting in 1980 with Price reforms and Trade and Financial liberalization. After that in 2001 they had the Banking reform, Privatized state owned companies, created Independent authorities to regulate the markets and they also adopted Fiscal and Monetary discipline. Nowadays, they are trying to move from an Efficiency-driven economy to an Innovation-driven economy, which means that they need to not only build or make goods in the country but also aggregate value to the goods produced. Investing in education is the only and long way to shift the economy from large scale transformation to high-tech. On the other hand, Turkey has a current account deficit and it is at historic high, it corresponds as 10% of GDP. The majority of the...
Words: 300 - Pages: 2
...Monetary Policy Design in a DSGE Model 1. A simple model 1.1 Households The utility function of a representative household is ∞ ⎛ ξ C1−σ L1+η ⎞ Et ∑ β s ⎜ t + s t + s − t + s ⎟ 1+η ⎠ s =0 ⎝ 1−σ (1) The dynamics of the demand shock is ζ t = ζ t −1 + eζ ,t , where ξt = eζ . The consumption is t θ −1 ⎡ 1 ⎤ θ −1 composed of lots of goods. It is composed in a CES function Ct = ⎢ ∫ Ct (i ) θ di ⎥ . The i =0 ⎣ ⎦ 1 1−θ 1−θ consumer price index is P = ⎡ ∫ P (i ) di ⎤ . Then the demand function of each good is t t ⎢ i =0 ⎥ ⎣ ⎦ 1 θ ⎡ P (i ) ⎤ Ct (i ) = ⎢ t ⎥ Ct ⎣ Pt ⎦ The budget constraint is −θ PCt + Bt = Wt Lt + Π t + Rt −1 Bt −1 t The first order condition for Ct , Lt , and Bt are Ct−σ = λt Pt Lη = λtWt t λt = Rt λt +1|t After some calculation, we have the Euler equation and labor supply equation ξt +1Ct−+σ / Pt +1 1 β Rt Et =1 −σ ξt Ct / Pt ξt Ct−σ Pt 1.2 Firms (2) = Lη t Wt (3) Assume there is a type of price stickiness in the economy, that each firm has a probability φ that cannot change its price, and fixed the level as the last time. And it has a probability 1 − φ that can re-optimal its price. The problem of a firm which can re-optimal its price in time t is 1 Et ∑ (βφ ) s Λ t + s [ Pt* (i )Yt (i ) − Wt Lt (i )] s =0 ∞ ⎡ Pt * ⎤ s.t.Yt + s (i ) = ⎢ ⎥ Ct and Yt (i ) = At Lt (i ) ⎣ Pt + s ⎦ The dynamics of the technology shock is at = ρ a at −1 + ea ,t , where at = ln( At ) . The first order condition is ...
Words: 1198 - Pages: 5
...Financial Concepts in a Changing Business Michael Magons FIN/571 April 9, 2012 Beatrice Jones Financial Concepts in a Changing Business Guillermo Navalles’s furniture store is facing some new competition and has choices to make (University of Phoenix, 2012). These choices include competing with the new firm, absorbing or being absorbed by other firms, or changing from mainly manufacturing to distribution. Changing technologies and changes in the labor force influence decisions Guillermo needs to make to improve his business. Financial concepts associated with these types of changes are discussed here. Guillermo is compelled to make decisions about how he runs his company because of his own financial self-interest (Emery, Finnerty, & Stowe, 2007). The opportunity cost for Guillermo’s firm has changed since the arrival of new competition, and he must decide how to change his variable costs to maintain the prosperity of his company. His options include altering labor costs through automation or changing from a manufacturer to a distributor with more outsourcing (University of Phoenix, 2012). He is also displaying the behavioral principle because he is considering either copying the competition or adopting a business model that works for other furniture firms. Copying the behavior of another could work for Guillermo. The comparative advantage principle can also work with Guillermo because he can offer a patented coating that is flame retardant and...
Words: 468 - Pages: 2
...A Short History of Economic Thought Hans-Walter Lorenz FSU Jena Winter 2012/13 Hans-Walter Lorenz (FSU Jena) A Short History of Economic Thought Winter 2012/13 1 / 93 Outline, Relevance, and Contents Outline, Relevance, and Contents Outline Very brief overview of a few dominant authors (starting around 1700 and ending in our times) Due to time restrictions: selection is to some extent arbitrary Emphasis on authors with a major influence on the development of economics Note: Empty entries are open for students’ presentations Hans-Walter Lorenz (FSU Jena) A Short History of Economic Thought Winter 2012/13 2 / 93 Outline, Relevance, and Contents Outline, Relevance, and Contents Relevance: Reasons for concentrating on the history of thought General historic interest (assumed!) Developing a sense for connections between political/technical history and the emergence of new economic ideas Many recently discussed topics in economics have ancestors in previous decades and centuries; many ‘brand-new’ approaches actually possess long beards (however often forgotten). Hans-Walter Lorenz (FSU Jena) A Short History of Economic Thought Winter 2012/13 3 / 93 Outline, Relevance, and Contents Outline, Relevance, and Contents Contents The Classics – Quesnay, Smith, Ricardo, Say, Malthus, Marx The Neoclassics – Marshall, Walras, Menger, Gossen The Keynesian Revolution The Neoclassical Synthesis and the New Classical School Strategic...
Words: 6274 - Pages: 26
