...physical torture? 10. Did you ever run in with the law? 1. “Many laws had a negative impact on my life but The Prohibition of Mixed Marriages Act, Act No 55 of 1949 by far had the biggest impact on my life because I fell in love with a white man it was a struggle to go out in public together or even walk down the aisle together. We still ended up breaking the law by living together and getting married.” 2. “It didn’t affect me very emotionally like other people but yes in a way it did because it was difficult to become someone especially because I was a black female. There weren’t many opportunities for black people.” 3. “As I was the daughter of a chief I was regarded as a princess so I didn’t really do hard labour on land instead I worked as a nanny and chef for a British family not far away from my home.” 4. “Yes I worked for white people so I socialised with white people every day but in town you weren’t really allowed to be close to other people of different races.” 5. “I hated these laws because it stopped people from getting a proper education and it also didn’t allow people of different races to mix. People in other places in the world also didn’t know about what was really happening in South Africa.” 6. “Yes I was arrested a couple of times because I was in love with a white man. People were prohibited to have mixed relationships/marriages. Even after being arrested several times for this it...
Words: 526 - Pages: 3
...ALWAYS LEARNING B401 Assignment Business Environment PROFESSOR: Apoorva Chaudhry th SUBMISSION DATE: 4 May 2016 15100150 PEARSON COLLEGE LONDON BUSINESS & ENTERPRISE STUDENT – LEVEL 4 B401: Business Environment 15100150 Level 4 ALWAYS LEARNING 2 PEARSON B401: Business Environment 15100150 Level 4 B401 – Assignment ..................................................................................................................... 5 business environment .......................................................................................................................... 5 Task 1 ........................................................................................................................................... 5 part 1 ....................................................................................................................................................... 5 Part 2 ....................................................................................................................................................... 7 Part 3 ....................................................................................................................................................... 8 TASK 2 - Power Point Slides’ notes ..................................................................................................... 9 TASK 3 ..............................................................................................
Words: 6707 - Pages: 27
...How People Make Economic Decisions Paper Eco/212 September 28, 2010 Making Economic Decisions Economic decisions made by individuals can affect the economy. The principles of individual decision-making include people being rational, economic incentives, and optimal decisions made at the margin. Trading the three economic systems are market economy, centrally planned economy, and mixed economy. Each contains their own attributes on how they contribute to an economy. The current economic system in the United States is a mixed economy. Individual Decision-making People try to be rational. “It means that economists assume that consumers and firms use all available information as they act to achieve their goals. Rational individuals weigh the benefits and costs of each action, and they choose an action only if the benefits outweigh the costs” (Hubbard, & O'Brien, 2010). Economic incentives are motives human beings act upon. This generally can mean people take the cheapest route that benefits them the most. Human beings have to answer the question, “Is there enough incentive or motive to make this decision?” Optimal decisions are made at the margin. These decisions are all or nothing. Within one of these decisions can be marginal benefit and marginal cost. An optimal decision that I made to compare marginal benefit versus marginal cost would be when I decided to trade in the truck I loved so much for a car. The marginal benefit of trading the truck in was buying...
Words: 692 - Pages: 3
...A Social System of Justice for New Zealand (01.07.2011) BY: Pieter du Plooy (10219477) To: Professor Christoph Schumacher Paper: 115745.1101 All societies need a social justice system, societies establish order by using economic systems to produce and allocate resources to all its members in society. Depending on the desire of such society an economic society can promote individual freedom, individual accumulation of wealth or promote fairness through distributive justice. The aim of this essay is to find a model that not only creates financial freedom for the entire New Zealand population, but also promote fairness and equality through a social justice system. The New Zealand economic system is predominately a free market system. Free market systems inherently promote competition and drives efficiency. Free market systems work very well under a microeconomic model with small businesses owned by one or view individuals that drive efficiency with a high level of competition (Layton, 2009). Unfortunately it does not always promote fairness especially when companies become larger and the competition is reduced to only a few in the market (competing against each other). New Zealand markets are mainly driven by producing commodity-base products which are in high demand in the rest of the world (Treasury, 2010). This in turn creates a demand for labour, with workers offering their time and energy paid in wages. This wage system makes the worker dependent on his employer...
Words: 2492 - Pages: 10
...Central Bank), Sarah Suphal (Senior Lecturer, UWI), Marjorie Jewan (Senior Economist, Ministry of Finance) and Shereeza Ali (President of Chamber of Commerce) and right now we’re going to open up the telephone lines.....Caller Number One?!” Caller one asks question for task 2.1 Jason: Thank you caller. For the sake of the wider public; society is faced with the economic problem of scarcity, which exists because factors of production or to use common vernacular…resources…are finite while consumers’ wants are infinite. Economic systems are the systems employed by the state or nation to allocate these scarce resources and apportion goods and services in the national community. Now, there are three basic economic systems, planned, market and mixed…so I would now invite the panel to shed some light on each of these and in particular help the caller to understand which applies to our local economy. Marjorie: Ok…Jason so you mentioned planned economies, a planned is where the government has total control of the economy and the allocation of resources. Government and their central planners decide on what, how and for whom goods and services are produced. This type of governance is associated with socialist type economies namely Korea and Cuba. In a Planned Economy central planners decide what to produce based on assumptions of consumers needs of goods and services and they also focus on allocating resources for future consumption. Central planners also plan the production process once...
Words: 4083 - Pages: 17
...Contents 1 a) Examine the arguments in favour of a free market system of resource allocation. ..................................... 1 1 b) Explain how market failure can occur and suggest how the government in a country of your choice has sought to correct those market failures. .............................................................................................................. 4 ‘Too big to fail, too big to bail’........................................................................................................................... 5 2. A) Examine how the government of a country of your choice has adjusted its monetary and fiscal policy in response to the world’s downturn. Explain the reasoning behind these adjustments. ........................................ 7 Suggestions offered by EU ................................................................................................................................. 8 Applying fiscal and monetary policy by the Government .................................................................................. 8 Conclusion .......................................................................................................................................................... 9 2 b) Indicate the problems which are created for the government’s finance as a result of it seeking to avoid deeper recessions. What solutions might you recommend?.............................................................................. 10 What...
Words: 3738 - Pages: 15
...Canada economic system is also referred to mixed economy because it involves both private and public ownership of resources, and good and services are produced and provided by both the government and privately owned companies. Canada’s system is often referred to a capitalist system because we allow and also encourage the private ownership of capital, that is, the plants, factories, equipment, and so forth that are used to produce and provide goods and services. India has a Mixed Market economy meaning it uses a variety of government regulation to control the economy, but relies primarily on market that forces to set prices and demand and uses general principles of capitalism. India is having a mixed economic structure. It is neither fully capitalist nor fully socialistic. It is neither completely an open system nor a fully free market system. The key variables in the choice of this economic design are: people's welfare, equitable distribution of wealth and income, a logical link between employment and incomes, restraining monopolies and concentration of power and wealth, and supporting health and education sectors through government subsidies and political strength. India has a mixed economy. Half of India's workers rely on agriculture, the signature of a traditional economy. One third of its workers are employed by the services industry, which contributes two-thirds of India's output. The productivity of this segment is made possible by India's increasing move...
Words: 1021 - Pages: 5
...Kaplan University Graduate School of Business and Management GB540 Economics for Global Decision Makers Unit 1 Assignment 3/25/2014 Problem #1: Using either a graph or table (Refer to pages 11-15 for help with graphs and tables) use two goods to construct a production possibilities curve. Clearly explain what a variety of different points on the curve mean. What would make the curve expand or contract? Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced? Production Types | Production Alternatives | | A | B | C | D | E | F | Cars | 12 | 9 | 7 | 5 | 3 | 0 | Gasoline | 0 | 2 | 3 | 4 | 5 | 6 | A A Car Production (Thousands) 0 Car Production (Thousands) 0 12 11 10 9 8 7 6 5 4 3 2 0 12 11 10 9 8 7 6 5 4 3 2 0 B B C C D D E E F F 0 1 2 3 4 5 6 Gasoline Production (thousands of Barrels) 0 1 2 3 4 5 6 Gasoline Production (thousands of Barrels) In this scenario, two goods can be produced, cars and gasoline. Each point in the production possibilities curve is a reprehensive of the output of both products when resources are skewed towards either method. Understanding this, if more resources are utilized towards production of cars, then there is less that can be used for gasoline, resulting in the decrease of output. Anything within the curve is attainable at full employment...
Words: 1113 - Pages: 5
...Question 1 In Eastern Europe, the small business sector was the most successful entity of the movement a socialist economy to a market economy. The movement in the privatization process led to auctions of small businesses and the restitution of property in these countries. This resulted in the restoration of some small family businesses. Small businesses, however, came with several issues that made it difficult for other emerging small business to be established. Two factors that made it difficult for entrepreneurs to keep their business running was increasingly higher inflation rates and wage rates. This made it a necessity for many small business owners, especially at first, to have second and third jobs in order to keep the business afloat. Since it was so difficult to keep up with these demands, it forced businesses to operate using borderline illegal practices. It was only through these practices that many small businesses were able to operate with all the regulations and legal procedures that the company had to face. They also needed to avoid the mafia or corrupt officials as it became very difficult to work out a secure contract for lease of property, and the banking system was not equipped to take care of the needs of small businesses. Another area of concern for small businesses was lack of experience. Since most, if not all of their lives in Eastern Europe, people lived in a socialist economy, there was no training of entrepreneurship. To fix this issue, many organizations...
Words: 1428 - Pages: 6
...BUSINESS STUDIES IMPORTANT TERMS 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. Opportunity cost Specialization Objectives Value added Profit Business stakeholders Primary business Secondary business Tertiary business Private business/sector Public business/sector Merit good Public good Privatization Capital intensive business Labour intensive business Conglomeration Integration Merger Takeover Wholesaler Retailer Economies of scale Diseconomies of scale Diversification Market size, market growth Market share Sole trader Partnership Limited company Private /public limited company Unlimited / limited liability Unincorporated/ incorporated Deed of partnership Shareholders Stock market Prospectus AGM Joint venture Franchise Nationalized business Monopoly Socially responsible business Inflation Economic boom Economic recession Unemployment Balance of payment deficit/surplus Monetary policy Fiscal policy Quota Interest rate Dismissal Redundancy Cost benefit analysis Pressure groups from the desk of Ms. Nadia Niaz Siddiqui 57. Fixed/variable cost 58. Break even output 59. Margin of safety 60. Budget 61. Sales forecast 62. Working capital 63. Cash flow forecast 64. Balance sheet 65. Profit and loss statement 66. Variance 67. Debtors 68. Creditors 69. Fixed asset 70. Current asset 71. Long term/current liabilities...
Words: 635 - Pages: 3
...VALUE CHAIN: U.S. Cotton End Consumer Retailers Inbound logistics (Import) Farmers & Laborers Manufacture Outbound logistics (export) Over the last fifty years, the U.S. cotton industry has seen a great reduction in labor force, a significant feat in agriculture R&D and engineering, and the remarkable ability of farmers to unite and take ownership of cotton production. American cotton farmer’s ability to dominate is due to the combination of ingenuity, mechanization, agriculture research and command of the value chain. One must also not forget to factor in America’s history of free and cheap labor though slavery and sharecropping which gave the American cotton farmer a huge head start over foreign competition. Today, The U.S. government plays a major role in the farming industry. American cotton farmers have a large competitive advantage over their foreign counterpart due to government subsidies. Government subsidies guarantee US farmers a minimum of 72.24 cent per pound of cotton. This is almost double that of the global market for cotton, which in 2004, was at 38 cents per pound. The government also requires America based clothing factories to purchase a certain percent of their cotton from American farmers. In addition to subsidies, there are programs that ensure farmers against weather losses, specialized loans, and grants to help to farmers develop new technologies, all to ease the minds of farmers so they “don’t lose too much sleep”...
Words: 620 - Pages: 3
...EXECUTIVE SUMMARY Vietnam is a young country with the developing economy. To be a member of WTO (World Trade Organization), Vietnam can have many opportunities to develop more and more but it is also a challenge for this South East Asia country in the time changing from command economy to mixed economy. Established on 9th, April, 1995, through 15 years operating on home care products, personal care products and food, Unilever Vietnam has achieved a lot of success and be remarkable in Vietnam’s economy. Unilever Vietnam is evaluated as one of strongest foreign capital companies and has a huge contribution to Vietnam’s development and country’s economy. The important feature that guarantees its success is the close connection between the firm and Vietnam’s economy and the community. Furthermore, Unilever also has built and developed well relationships between medium and small internal enterprises even they are customers, suppliers or distributors. Over 15 years in Vietnam, Unilever is known as a firm not only brings the benefits to its own business but also contributing to the social’s development, especially with children and women by its meaningful activities. This project researches Unilever on this variety of aspect: * Identify the mission, values, and objectives and assess the influence of stakeholders of Unilever * Evaluate the extent to which Unilever achieves the objectives of three stakeholders * Identify the responsibilities of Unilever and strategies employed...
Words: 8850 - Pages: 36
...can exchange goods and services is called a market. The local farmers market is a market. Farmers bring their fruits and vegetables to a single location to attract customers to that location. A stock exchange, like the Toronto Stock Exchange, is another example of a market. This is a market in which people can buy or sell shares. This chapter will review how the different countries of the world are divided between those that follow the concepts of command economies - socialism and communism - and those that have adopted a market economic system - capitalism and a mixed economy. The pursuit of social, economic, and political goals; the treatment, use, and motivations of the workforce; and market dynamics are different under each of the two approaches. Many countries have changed their economic systems. The strength of an economic system, or the economy overall, has a major impact on business. Canada enjoys a mixed economy. As such, economic concepts such Gross Domestic Product (GDP), productivity, unemployment rates, inflation, Consumer Price Index (CPI), and the overall business cycle, need to be carefully and continuously monitored, understood, and analyzed. Learning Goals Key Concept/Learning Goal | Summary | Explain what capitalism is and how free markets work. | Capitalism is an economic system in which all or most of the factors of production and distribution (e.g., land, factories, railroads, and stores) are privately owned (not owned by the government) and are...
Words: 2825 - Pages: 12
...This information was very eye opening for me, I was not aware that our government paid farmers for their crops to send overseas. I was under the impression that we kept the crops grown in the United States within it and that there were some crops that were sent overseas by distributors regulated by the USDA. I was not aware that the government actually paid our farmers. The numbers are astounding. I can see why the developing countries are lobbying the WTO, why should we continue to send our crops out of the country if they have the agricultural rights to grown their own? I understand that the farmers are making more money from the government but why not reduce the prices here and keep it all on our own soil. And if we are not getting our products from other countries why are we paying so much for it? My parents who own 40+ acres were paid subsidies by the government so that they would not grow any crops on their land for the first 10 years after building on it; this was called CRP (Conservation Reserve Program) which helped the farmers and the wildlife. I can see the reason for this so that it gives the farmers that are growing crops the first right to do so. These were the results in the state that I reside in - Pennsylvania $2.03 billion in subsidies 1995-2012. $1.15 billion in commodity subsidies. $344 million in crop insurance subsidies. $391 million in conservation subsidies. $147 million in disaster subsidies. Pennsylvania ranking: 29 of 50 States 72...
Words: 317 - Pages: 2
...Milton Friedman once said “The government solution to a problem is usually as bad as the problem” (1975). His extensive collection of books, articles, and lectures echoed his theory of free markets and a reduction in the size of government’s role in them. Whether the topic was public education, government spending or regulation, economic stability, or monetary policy, Milton Friedman viewed government control and regulation as the source of many of the nation’s woes. His works focus on the disadvantages that an extensive, controlling federal government asserts on its citizens. After all, "The strongest argument for free enterprise is that it prevents anybody from having too much power” (1980). Milton knew that “The most important single central fact about a free market is that no exchange takes place unless both parties benefit” (1980). He advocated that a free market economy (with very minimal government intervention) was the cause and effect to the U.S.’s historical economical booms and depressions throughout the years. He even went on to propose that Hong Kong’s government was an ideal example of a free market economy and that the U.S. could learn from it and improve our nation’s economic standing and health. Milton saw mass unemployment (and the ensuing depressions) as a result of this government oversight. This could have been avoided by adopting a free market economy void of unchecked government rule. He insisted “The Great Depression, like most other periods of...
Words: 718 - Pages: 3
