...Morrison Table of Contents Summary 3 Results and Discussion Experiment 1 3 Task 1 5 Experiment 2 6 Task 2 6 Experiment 3 7 Task 3 8 Task 4 9 Task 5 12 Task 6 13 Task 7 14 Experiment 4 15 Task 8 15 Task 9 21 Task 10 22 Conclusion 24 References 25 a) Why might solving a problem present a business opportunity? Discuss with explicit reference to at least 3 of the guest speakers. An intrinsic quality of a problem is demand itself. Demand is a major, if not the most influential variable on a business opportunity, whether that be from a single individual or the entire population. As a result, a problem is arguably the primary source of an unexploited populace and/or economy and drive of innovation. The scale to which the problem is solved, measured relative to its complete effectiveness. In reference to a business opportunity I will refer to the definition according to Daniel Myska, “A business concept that, if turned into a tangible product or service offered by a business enterprise, will result in a financial profit”. It is explicit the effectiveness of which the product/service itself approaches a problem will directly correlate to the unconditional demand said product/service will receive and is paramount to the likelihood of a successful business idea. As well as this level of effectiveness of...
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...Opportunity Cost Paper If you could understand and apply one key concept in economics that would most affect the decisions you make in both your personal and professional life, it would be opportunity cost. That is a bold statement; therefore, you must understand why and how this statement is true. First, you must understand a definition: opportunity cost is the value of a resource in its next best use. These thirteen words are so deceptively simple that to many these words defy understanding. It is helpful to begin with a universal illustration. The most valued resource to most people is time. It is finite for everyone, considering people have 24 hours a day in which they must allocate work, family, sleep, fun, and other non-fun, non-work activities. Unless you are quite adept at multitasking, once you have decided to do something you have inherently decided not to do something else that most likely could have had value to you. That is, many of our choices among activities are mutually exclusive. If you decide to go to a movie, for example, those 2 hours will not be spent working out at the gym. In addition to the cost of the movie, you will have foregone the benefits of 2 hours of exercise. The true cost of the movie then is not just the $6.50 for the price of a matinee movie ticket, but also the exercise at the gym. Although the value of the exercise may be more difficult to quantify than the price of the movie ticket, you must take it into consideration when you decide...
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...| Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life identify a situation where you were presented with a choice, the opportunity cost of the choice you made and the process you used to make your choice. As part of your discussion explain whether or not responsible stewardship played a role in your choice. Remember to use the appropriate economic concepts and terminology that are applicable to your answer. In my professional life a situation that I can identify where I was faced with a choice that I had to make that was very risky at the time was accepting my current job. While working in the healthcare field for years, I was one day offered a position with the federal government at the The opportunity cost of the decision I had to make was a huge one. I had to make the decision of leaving a current job salary with the thought of not having any money if something goes wrong. The job I was offered I didn’t know what to expect. I was offered a position that would not do a background check or call past employers on me until after my start date. The job I was offered informed me that I had to give my current employer a two week notice if I wanted to accept the job not knowing what the outcome would have been after I started. I was faced with accepting my dream job that I didn’t know if everything would work out, in addition, to leaving a job where I worked for several years, had insurance, and benefits. I...
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...travelers make an effort to minimize their losses and maximize their benefits. It is also placed in a situation in which neither traveler gives any concerns about the other but still acknowledge one another. Therefore, the fundamental nature of the traveler’s dilemma is to reach an equilibrium in which each traveler is able to gain an equal amount of benefits and losses. 2 Describe the opportunity cost of the choices made by the traveler. An opportunity cost is the measure of a cost in a missed opportunity. In a variety of different dilemmas, there is generally an infinite amount of choices to be made. In the traveler’s dilemma, he or she has the opportunity of submitting a certain amount in order to maximize their gains and minimize their losses. By only speaking in terms of opportunity costs in a traveler’s dilemma, it is very difficult to accurately determine the rational choices a traveler may decide on. He or she will only decide on the opportunities that will maximize their benefits and minimize their losses. Therefore, by following these rules, the benefits and losses of an opportunity will change, thus the Nash equilibrium will as well. 3 Frost entitled his poem “The Road Not Taken.” Why isn’t it entitled “The Road I Took”? Although there are multiple references in the poem that come from a first-person perspective, Robert Frost still entitled his poem “The Road Not Taken” rather than “The Road I Took”. I believe that Frost is describing the overall experience...
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...Opportunity Cost Name Course Subject Among the key concepts in economics and in the whole world is that resources are finite, and they are not freely available. This is the fact that forms the entire basis for economics because if the resources were freely available and infinite then there would be no need for commerce and money. The scarcity of resource means that using a resource to make something means a person cannot use the same material to make something else at the same time. For that, it means the opportunity to make another several good with the same material is lost and consequently the opportunity to produce is said to have an opportunity cost. In economic real terms, the value of goods opportunity cost is the worth of the best substitute to production, in other words the next best thing which could be produced with the available resources. Opportunity costs are not just a hypothetical consideration in finance; they also have factual practical influences on choices. For example, a director may decide to enroll to university for an MBA course to advance the career. The MBA may cost the director approximately £40,000 over the two and a half years of the course. Conversely, if the director remains in employment with a salary of £40,000 per annum, but was expecting a £6,000 remuneration increase in the subsequent year, the two and a half year course will have a cost of £40,000, but an opportunity cost in lost wages of £86,000. Thus, the over-all...
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...Exploring Business Opportunities Assignment -Ramachandran T, Section A, PGBE Batch 17, EDI 1. How will you identify viable business opportunities? Describe in detail steps involved in the process. The existing business opportunities can be identified through the following steps: Step 1: Preparation of personal profile Step 2: Development of Opportunity selection(OS) Framework Step3: Generation of ideas Step 4: Snap investigation of ideas Step 5: Evaluating in terms of OS framework and shortlisting of ideas Step 6: Pre-feasibility studies Step 7: Opportunity Selection Preparation of personal profile: Personal profile describes the basic details of the person such as his education, work experience, his area of interest and personality. It is also necessary that the individual highlights his objectives of establishing the enterprise, his current investment preparedness, level of risk taking attitude and his personal considerations. Development of OS Framework: The development of OS framework mentions the following: * Investment * Technological Sophistication * Managerial / Organizational Needs * Market and competition * Sector Preference * Govt. Intervention/ dependence * Implementation time * Profitability * Degree of risk and its form * Location * Personal Considerations * Taboos/Religious sentiments * Life Style – Trader in Agra * Relative Importance of Money – Restaurant in Ahmedabad * Amenability...
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...advancements in communication and transportation have given firms the opportunity to expand internationally by accessing untapped markets and resources. However, companies routinely exaggerate the attractiveness of foreign markets, which leads to expensive mistakes. This essay shall discuss the opportunities and risk associated with distance in international expansion. According to Ghemawat (2001), distance between two countries can manifest itself along four basic dimensions: cultural, administration, geographic and economic. Geographic distance, for instance, affects the costs of transportation and communications and is particularly importance to companies that deal with heavy or bulky products. Cultural distance, by contrast, affects consumer’s product preferences. It is a crucial consideration for any consumer goods or media company but it is much less important for a cement or steel business. Administrative distance involves historical and political associations shared by countries that greatly affect trade between them. Economic distance states that the wealth or income of consumers is the most important economic attribute, which creates distance between countries and has a marked effect on the levels of trade and types of partners a country trades with. The opportunities and risk associated with distance are based on the four dimension stated above where differences in each dimension can either be an opportunity to exploit or a risk to consider when companies decide to globally...
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...Case 1.2 Opportunity cost and productivity in agriculture Summary This case study shows how the concept of opportunity cost can be applied to calculate a measure of the value of economic activity that incorporates resource costs due to environmental damage from the activity. Suggested answers 1 What is a society’s benefit from higher productivity? Productivity equals the ratio of value of output from a production activity to the value of resources used in doing that activity. Hence it is a measure of the amount of benefit that society obtains from the resources used in doing an activity. Because resources are scarce, productivity, the benefit that society obtains from applying its resources, matters. Society will be best off when it gets the greatest amount of benefit possible from any resources that it uses; in other words, by maximising productivity. Of course, as this case study shows, it is important to measure productivity properly (for example, including all resources that are used in doing an activity). 2 Can you think of other examples of activities that cause environmental damage where the value of that damage would need to be incorporated into the value of inputs used in production in order to construct a ‘true’ measure of the productivity of that activity? There are many possible examples. Where mining activity causes damage to the natural environment that reduces subsequent revenue from tourism or requires expenditure of resources to ‘clean-up’...
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...are others that believe the actions you partake in to reach many opportunities will determine success or failure. Personally I agree with the following notion by Oprah Winfrey that says “luck is a matter of preparation meeting opportunity.” My reasons for agreeing are because the actions you take will always determine your outcome and preparation is a great factor when faced with any and all opportunities. First, I agree with following notion by Oprah Winfrey which states “luck is a matter of preparation meeting opportunity,” because the actions you take will always determine your outcome. I believe this because when you want to get somewhere you are not just sitting there waiting on to come to you about it. I feel that by going out and being in control and being a go getter will always determine your outcome. For example, I wanted my family to have a better lifestyle than what I experienced, so I decided to obtain a college degree. While making this decision I couldn’t just lie around and expect to get accepted just from doing research. I had to apply myself during high school, being that I had to make good grades. In addition, I had to go out and fill out applications to various universities and constantly make phone calls to ensure I took the right actions to get to where I wanted to be. Second, preparation is a great factor when faced with any and all opportunities. In my life I was given an opportunity when I was 20 years old. I had applied for a loan for a house. I...
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...Name: Level: Date of submission: Equal Employment Opportunity and Employee Rights Pregnancy Discrimination Act of 1978 According to PCA, the pregnant woman must be allowed to continue working so long as she is able to do her job. Also she should be treated fairly like any other temporary disabled worker if she is unable to do her job temporarily. Absence that is related to pregnancy, the employer is entitled to hold that vacancy for the same period length those other employees on leave get (maternity leave insider.). On health insurance, the employer must cover all expenses emanating from pregnancy related circumstances. All amounts payable to the pregnant woman can face limitations only at the same level as the other amounts payable to other conditions (maternity leave insider.). Benefits relating to pregnancy should be the same in all female employees or else job classification. Pregnant women on leave must be offered the same treatment as any other employee with temporary disability in terms of pay rise, or any other related benefits. U.S. District Judge in Texas Lynn Hughes turned down a Pregnancy Discrimination Act (PDA) case which was filed by Donnica Venters who accessed Houston Funding Company for terminating her because of using a breast pump while at work. The judge ruled that lactation was not childbirth, pregnancy, or a medical related situation (Neil, 2012). Family and Medical Leave Act of 1993 Family and Medical Leave Act (FMLA) of 1993 entitles...
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...Employment Opportunity Employment is the state of providing a good or service in exchange for money. The world no longer operates on the barter system and the recession makes it difficult to find and maintain a job. The same problems that existed prior to the recession exist today. Employers mistreat their employees in numerous ways, sexual harassment, unhealthy work conditions, and unsafe work conditions and including a clause in the employee contract that termination can occur without a cause. Employees need protection and a way to fight back against the unscrupulous dealings of their employers. The summary reviews the sexual harassment suit against American Laser Centers and the Equal Employment Opportunity Commissions role in the suit. The Equal Employment Opportunity Commissions (EEOC) charged American Laser Centers (ALC) with sexual harassment and retaliation towards a group of female employees. The result was a lawsuit and settlement of $125,000 for the female employees who were victimized. The sexual harassment began in 2006 perpetrated by the landlord of the facility. The women, including a clinic manager, faced frequent harassment, which included leering, unwelcomed touching, sexual advances, and appearances in their work area by the visibly aroused landlord. The escalation of the harassment leads to feelings of an unsafe environment, which causes a female employee to bring her brother into work for protection (Equal Employment Opportunities Commissions...
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...6) SU Executive Committee Dates 13/14 7) Recommendation 1) PURPOSE To update the Corporation on Student Union Activities for 2013/2014. 2) BACKGROUND Candi Student Union Executive Committee includes: 1 x President 1 x Vice President 5 x Centre Reps 2 x HE Reps 5 x Sports Reps Sports Reps have been introduced this year to help raise awareness of the opportunities available at College as well as promote the importance of an active lifestyle. The Student Union President resigned recently as they are no longer at the College. The Vice President has been working closely with Marketing on a high profile campaign including posters and promotion through social media. Voting will be online through My.Candi closing 23rd October 2013. With the new academic year underway, class reps are being elected through group tutorials with tutors key to ensuring students are in post by October half term. The Vice President has been visiting classes to engage students with the Union, promoting learner voice and campaigns. Nominations for various college committees close Friday 4th October. The opportunity is a great way for students to be involved in the strategic direction of the College. 3) STUDENT UNION PRIORITIES 13/14 This year, Candi SU aims to grow into a more vibrant and inclusive organisation. We want all students to be involved in the activities of the student union and have a voice cross college. All student union reps will undergo a series of training...
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...Equal Employment Opportunity Commission Anthony Butler SOC/315 March 22, 2011 Ardra Norman Equal Employment Opportunity Commission The Equal Employment Opportunity Commission (EEOC) is structured to ensure federal laws are adhered to so that individuals are not discriminated against in reference to employment because of race, color, religion, sex, national origin, age, disability, or genetic makeup. The headquarters office for the Equal Employment Opportunity Commission is located in Washington, D.C. The EEOC covers employers who have at least 15 employees (U.S. Equal Employment Opportunity Commission, 2011). The EEOC is responsible for investigating charges of discrimination against employers and for assessing allegations to determine a finding. Federal agencies can receive technical assistance on maintaining compliance within the EEOC regulations. Belk, Incorporated has been ordered to pay Myra Jones-Abid $55,000 and provide “other relief due to a religious discrimination lawsuit (U.S. Equal Employment Opportunity Commission, 2011; The Charlotte Observer, 2011).” The U.S. Equal Employment Opportunity Commission charged Belk in violating federal law because they failed to accommodate her religious beliefs and brought termination actions against her because of religion. In 2008 during employment, Jones-Abid was required to wear a Santa hat and apron; she declined to wear the holiday attire because of her religion-Jehovah’s Witnesses. According to “Title VII of the...
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...HRMT215-1401B-07 Colorado technical university April Bridges February 19, 2014 Professor Christopher Leigh It is imperative as Human Resource employees to understand the role The Equal Employment Opportunity Commission (EEOC) has on how business is conducted and to ensure that their laws and regulations are met. The human resource department is responsible for maintaining compliance of employment and work place related laws. The human resource department also trains personnel to ensure that the laws are understood and upheld. The Federal Equal Employment Opportunity laws prevent companies and supervisors from discriminating against employees on the basis of many different factors. These factors include race, color, and religion. The human resource department is responsible for investigating claims brought against the company by employees regarding discrimination. Human resource personnel must have policies and procedures in place that follow the equal employment opportunity laws. The human resource department is responsible for protecting the rights of employees and for preventing lawsuits against the company based on noncompliance to equal employment opportunity laws. (hr-issues-facing-business.html) The human resource department must maintain documentation that the equal employment opportunity laws are being upheld and that that discrimination is not taking place. The human resources department has had to change policy and implement new guidelines for hiring of employees due...
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...Legal Risk and Opportunity in Employment Law 531 Charles Cook February 7, 2011 Legal Risk and Opportunity in Employment Legal Encounter 1 NewCorp violated a breach of contract with Pat in this case. While NewCorp is an “at-will” employer, they provided an employee handbook to Pat which outlined the procedure for disciplinary process involving the requirement of corrective action. NewCorp failed to follow their own process which supports the wrongful termination suit. Additionally, the case law which would be applicable to this case is Dillon v. Champion Jogbra, Inc. The case has many similarities which can support Pat's claim of wrongful discharge. For example, the implied contract relating to the action stated within the employee handbook to follow a procedure for discipline and/or corrective action prior to discharge. Because NewCorp did not imply that the employee handbook was not a contract at any point within the handbook. Therefore, Pat has grounds for action against NewCorp. Legal Encounter 2 NewCorp has two issues to face in this scenario. The first being the sexual harassment by Sam toward Paula. Sexual harassment is “defined by the Equal Employment Opportunity Commission (EEOC) as unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature when: submission to the conduct is made either explicitly or implicitly a term or condition of an individual’s employment, or submission to or rejection of the conduct...
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