...Why do markets fail? There are a number of reasons as to why markets fail and there are five different types of markets that this can be brought down to. These include: Monopoly, Collusion, Asymmetric information, Externalities and Public good and the free rider problem. Monopoly A monopoly can be seen as a form of market failure and this is because unlike in perfect competition, firms with large market power have the ability to inflate their prices as they are usually the ‘price-makers’. The price at which something will be sold is usually determined by the interaction of the supply and demand within the market. A monopoly can either set the selling price or quantities – but not both. The reason for this is because although they have a substantial amount of market power, they don’t have unlimited market power. Not only does the price depend on the actual market power of a firm, but it also depends on the actual demand of the good / service. The reason for this is because if the demand for a good / service was already low, but the firm decided to increase the price, then the demand would become even lower as customers may not be willing to pay that much. An explained graph of a monopoly can be found in the ‘imperfect competition’ section of the essay (Page 4). Perfect / Imperfect Competition Perfect competition Perfect Competition (Occasionally named Pure Competition) is when no competitor in the market has enough market power in order to attempt to rig the price of a...
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...housed in one system may be “ incompatible with the data format” of information stored in another system. Information technology has an important and expanding role in the delivery of high quality healthcare services. Until recently health informatics systems have generally been developed as independent centralized databases. With computing communications technologies now being introduced into major hospitals, many new information services can now be provided to enhance the patient-care provider interaction. The main applications are the office suit and web-browsers. Most companies are moving toward web interface applications and internet explorer is the front runner for testing purposes. References Egan, G. (2005). Computers and networks in medical and healthcare systems. Glandon, G.L., Smaltz, D.H., & Slovensky, D.J. (2008). Austin and boxerman's Information systems for healthcare management (7th ed.). Chicago. Illinois: Health Administration Press. Suggest how the use of a patient ID bracelet containing a bar-code representation of the patient’s ID and a bar-code scanner can lead to improved quality of care in a hospital. new technology, such as patient ID and a bar-code scanner, allows the hospital to increase the quality level of the care provided. They could ensure fewer mistakes with identification in hospital. Also the technology inaccuracy can lead to mistrust between the patient and the hospital staff. Healthcare professionals learn early in their careers that...
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...conditions which do not have a complete health system. Furthermore, it also causes the highest economic loss among all diseases. It has been reported by the American Cancer Society and LiveStrong (2010) that approximately 7.6 million mortality of cancer was reckoned and an economic loss of $895 billion was taken by it universally in 2008. In addition, it is projected that the aggregate amount of cases of cancer in developing countries will rise by 73% within 2000 and 2020. (International Journal for Equity in Health, 2005) These shows cancer is a disease bringing out a huge burden to the society. This is unaffordable if this situation remains. Below are causes of cancer in economic, environmental, social and personal aspect respectively. Economic: There are mainly two economic factors leading to cancer. The first reason is the poverty problem of countries. It is reported by Marmot, M. (2005) that poverty is harmful to health since it mainly leads to the problems of having unclean water and unhealthy diet of these places. Especially for developing nations, an enormous number of children died annually due to the lack of clean water and sufficient hygiene. (INCTR, 2013) In addition, it has been reported by INCTR (2013) that governments are not willing to invest and provide funds in the health field. In extreme case, only less than 10% of overall government spending is used on the health care level. Thus, citizens have poor health care welfare and result in the vicious cycle...
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... August 17, 2012 Abstract The epidemic of homelessness has taken a great toll on our society as we know it. America has been noted as the land of great opportunity and provision for one who wants to get ahead in life, it is often times referred to as the land of milk and honey. How did America get in such turmoil in housing its own citizens? America is noted to help other countries with all types of aid food, clothing, protection etc. .We must get back to the basics and create a solution to house our homeless population. Homeless is defined as a person or people not having a permanent residence or dwelling place. Mayor Schell’s Zero Homeless strategy was written to help combat the serious issue of homeless citizens in Seattle. Mayor Schell’s declaration was very pure ad heart felt concerning the homeless. He made decree that some may have viewed as an unrealistic goal. His firm decree declared that by Christmas of 1998 there would be no homeless families with children or single women out on the street. This was a great goal for a six month period and definitely not attainable. There are several reasons, taken from the public administration literature, why the strategy is not likely to be appropriate in this case. Principally, as Ring & Perry (1985) concisely state, “ambiguity in strategy…may be an asset” in public organizations; therefore it was not prudent in this case to state the pledge explicitly. Firstly, whilst it...
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...mic AS ECONOMICS STUDY GUIDE UNIT ONE Markets: How They Work & Why They Fail For Edexcel Syllabus: updated 2010 CONTENTS Page Reading list 3 Syllabus 4 SECTION A – HOW THEY WORK 1. The Basic Economic Problem 8 2. Specialisation and the Division of Labour 10 3. Production Possibility Frontiers 12 4. Types of Economy 15 5. Positive & Normative Statements 18 6. Theory of Demand 19 7. Theory of Supply 21 8. Equilibrium/Market Clearing Price & Price Mechanism 23 9. Consumer and Producer Surplus 26 10. Price Elasticity of Demand 28 11. Price Elasticity of Demand and Revenue 30 12. Price Elasticity of Demand along Demand Curve 31 13. Cross Elasticity of Demand 32 14. Income Elasticity of Demand 33 15. Price Elasticity of Supply 34 16. Elasticity Summary 35 17. Indirect Taxes and Subsidies 38 18. Labour Markets 41 SECTION B – MARKET FAILURE 19. Market Failure 45 20. Externalities 46 21. Externalities Diagrams 47 22. Merit and Demerit Goods 49 23. Missing Market: Public Goods 51 24. Imperfect Market Information 53 25. Government Intervention to Correct Market Failure 55 26. Factor Immobility: Labour Market 60 27. Unstable Commodity...
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...and challenging. One never knows what is going to come through the doors, but you have to be ready at any given moment, to do anything from removing tonsils to clipping an aneurysm, in a matter of minutes. In the OR, often times the team gets caught up in tasks that need to be performed to get the case going, and sometimes forget that a human being is lying on the table with both physical and emotional needs. That is why, I teach my new graduates and everyone that I precept to act like it is a member of their family lying on the table. Often times just a friendly word or a smile before the patient is put under anesthesia can make a world of difference. If there is time, I also update the family to what is going on in the OR and try to answer any questions that I am able to. Sometimes surgeries last for sixteen hours; just an update can mean the world of difference to an already anxious family. Some OR nurses might tell you that their nursing is more focused because they have little interaction with the family and patient, but I try to give holistic care to my patients and make the surgical experience not quiet as frightening to both the...
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...Generics e) Market Failure, Government Intervention and Price 4) Performance page 7 5) Impact of the Global Economic Downturn page 9 6) Summary page 10 7) Conclusion page 11 Bibliography page 12 8) 1. Introduction This paper briefly examines the current state of the pharmaceutical industry, as well as the economic characteristics, performance, and the impact of the global recession. The industry is made up of several enterprises engaging in the research, development, manufacture and marketing of medicines, vaccines, medical devices, and nutritional products for humans and animals. Though, this multi-billion dollar industry includes large ethical drug multi-nationals (often referred to as Big Pharma), mid-sized specialty pharmaceutical companies, manufacturers of generics, small biotechnology and biopharmaceutical firms, and service companies, 1 for the purpose of this paper, the emphasis will be mainly on drug makers. 2. History/Overview of the Industry The pharmaceutical industry of today is a far cry from its humble beginnings in the nineteenth century of physicians mainly prescribing plant extracts to being technology intensive, dominated by a few large companies with significant research and development (R&D) budgets, and significant government oversight. Over the past five years, the industry has been characterized by mega-mergers and acquisitions, company reorganizations, regulatory reform, expiring...
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...Sample questionnaire INSTRUCTIONS: Please indicate the correct response with a tick in the space provided Sample Questionnaire 1) What type of food do you normally consume? -vegetables only -fish and vegetables -anything apart from pork 2) Why is pork forbidden/taboo? * -biblical reasons -health reasons -traditions -other, please specify 3) Are there any circumstances where the dietary regulations may be discarded? -only medical reasons -family/personal reasons -No 4) What do you believe will happen to the people who eat pork? -They will go to hell -They will become sick easily -Nothing it’stheir personal choice 5) What is a typical example of an attire that a female will wear to a social event? -Jeans skirt with T-shirt -Anything as long as it is seen as modest -Revealing Garments 6) How does the dress code for the S.D.A affect your everyday life? -It helps us to be role models -It sets us apart from the secular society -It does not affect me 7) Do you believe that the dress code is too restrictive? -Yes -No 8) How do you believe society view S.D.A? -They are denied opportunities they are capable of doing -They see them as being positive examples -They see them as normal citizens 9) Under the guidance of your church have you ever engaged in any form of community service? -Several Occasions -Rarely -Never 10) How do you view...
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...The study of International Human Resource Management (IHRM) has focused mainly on the policies, practices and strategies of Human Resource practitioners in individual multinational firms. The goal of this special issue is to move beyond this narrow focus at the enterprise level and situate HRM within wider economic, organizational, political and institutional contexts. HRM differs across countries but to date the comparative literature has tended to focus on cultural issues. Research that systematically analyzes socio-economic, institutional and societal contexts and their impact on HRM remains underdeveloped and there is a significant opportunity for work which draws on theory from adjacent fields - e.g. the varieties of capitalism literature, theories of cross-national organization and research in comparative political studies and economic geography all offer potentially useful frameworks. Companies are socially embedded on different levels; local economies, regional districts, national institutions, international networks and transnational regulation are all aspects of the social, organizational and economic structures in which companies are situated. Despite the all-pervasive talk of globalization, the seasoned international business traveller will be acutely aware of differences in the ‘way of doing things’from country to country and from region to region. Such differences are seldom more apparent than in the field of organization and management. Not only will...
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...positions of high status. He rather cared, enjoyed and was mystified by dwelling in natures surroundings as well as the personal freedoms that it offered. He cared little for anything relating to positions of higher office. "When Chuang Tzu was about to die, his disciples expressed a wish to give him a splendid funeral. But Chuang Tzu said, With the heavens and earth itself for my coffin and shell; with the sun, moon, and stars as my burial regalia; and with all creation to escort me to the grave—are not my funeral arrangements already well in hand? We are afraid the vultures will eat the body of our master, said the disciples. To this Chuang Tzu replied, Above ground I shall be food for vultures; below I shall be food for worms and ants. Why rob one to feed the other?" (Giles & Quaritch, 1926) Here he is...
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...activity? Illustrate your answer with examples from Chapter 4, ‘Biological psychology’, from Book 1, mapping psychology The case study of Phineas Gage referred as being within the subject of Biological Psychology. As we human beings are a “biological species”, we need to be able to understand our biological make-up, to further study the Physiological field, only once we can fully understand the different part of our bodies, including the brain can we then apply Psychological research methods to study & develop understanding . Science constantly evolves to study and gain understanding, which then can lead to data interpretation methods like Psychological .The Theorist Crick,-: His belief and scientific approach called “Reductionism” (Mapping Psychology, Pg 230) Suggests that “Potentially all psychological events and experiences can fully and only explained in terms of the activity within the components of the brain”. Other Scientists do however argue that there should be a much broader view taken, and other views et should be considered.(Bolton and Hill, 1996, Stevens, 1996: Toates, 2001) These other theorists, and studies are suggested (Mapping Psychology, Pg 230) as having equally possible explanations of how our brains components affect our actions and how we are. Phineas Gage, the study and interpretation of why his behaviours changed, relates hugely to beliefs of that era. Nowadays Phrenology is dismissed as Pseudo-science, due to scientific advances, developing...
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...THE JAMAICAN CODE OF ADVERTISING PRACTICE CONTENTS FOREWORD SECTION 1 SCOPE DEFINITIONS 6. INCLUSIVE TOURS 7. PROPOERTY ADVERTISING 8. SALES ADVERTISING SECTION 11 GENERAL PRINCIPLES SECTION IV MEDICAL AND RELATED PRODUCTS AND ADVERTISEMENTS CONTAINING HEALTH CLAIMS 1. 2. 3. 1. PREAMBLE 2. INTERPRETATION 3. SCOPE DECENCY HONESTY FEAR, SUPERSTITION, VIOLENCE, ILLEGALITY 4. TRUTHFUL PRESENTATION 4.2 ACCLAIMS 4.3 THE VALUE OF GOODS 4.4 USE OF THE WORD FREE 4.5 ‘UP TO …’ AND ‘FROM …’ CLAIMS 4.6 WHOLESALE 4.7 VISUAL PRESENTATIONS 5. COMPARISONS 6. DENIGRATION 7. EXPLOITATION OF NAME OR GOODWILL 8. IMITATION 9. TESTIMONIALS 10. PROTECTION OF PRIVACY & EXPLOITATION OF THE INDIVIDUAL 11. IDENTIFICATION OF ADVERTISEMENTS 12. SAFETY 13. GUARANTEES 14. MONEY-BACK UNDERTAKINGS SECTION III SPECIFIC CATEGORIES OF ADVERTISEMENT 1. 2. 3. 4. ALCOHOLIC DRINKS CHARTABLE CAUSES CLAIMS OF ‘CHARTERED STATUS EMPLOYMENT AND INSTRUCTIONAL COURSES 5. CONFORMITY WITH THE LAW 4. IMPRESSIONS OF PROFESSIONAL ADVICE OR SUPPORT 5. SAFETY AND PROTECTION OF CHILDREN 6. FOOD SECTION V 1. 2. 3. 4. 5. THE CONTROL SYSTEM PROCEDURE SANCTIONS COMPLAINTS COUNCIL APPENDIX A - CHILDREN AND YOUNG PEOPLE APPENDIX B - ADVERTISING FOR ALCOHOLIC DRINKS APPENDIX C - AUDIO VISUAL ADVERTISING APPENDIX D - STATUTES WITH SPECIAL RELEVANCE TO ADVERTISING AND RELATED TRADING PRACTICES THE JAMAICAN CODE OF ADVERTISING PRACTICE ...
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...Topics in Economic Analysis & Policy Volume 5, Issue 1 2005 Article 16 Price Discrimination and Smuggling of AIDS Drugs Richard A. Hornbeck∗ ∗ MIT, hornbeck@mit.edu Copyright c 2005 by the authors. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, bepress, which has been given certain exclusive rights by the author. Topics in Economic Analysis & Policy is one of The B.E. Journals in Economic Analysis & Policy, produced by The Berkeley Electronic Press (bepress). http://www.bepress.com/bejeap. Price Discrimination and Smuggling of AIDS Drugs∗ Richard A. Hornbeck Abstract Patent-holding pharmaceutical companies are shown to be imperfectly able to charge differential prices for AIDS drugs due to the potential for black market exchange. Thus, greater segmentation in the international market through additional barriers to smuggling would induce firms to charge lower prices for AIDS drugs in poorer countries. Without these additional barriers, widespread drug distribution through mandated lower prices or weakened patent protection in the developing world would result in smuggling, undercutting demand in developed markets and reducing firms’ research incentives. By contrast, further market segmentation would allow policy makers to go beyond the induced price cuts and remove...
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...Scenario planning: a tool for strategic thinking. Sloan Management Review, 36(2), 25. Learning Objectives After completing this chapter you should be able to: • Define what constitutes the general environment • Evaluate the role of scanning and monitoring in detecting environmental trends • Apply scenario planning to decision making in uncertain environments • Evaluate PEST as a framework for analysing the macro-environment • Explain the use of SWOT analysis • Evaluate the relationship between the general and the competitive environment 37 Introduction In the previous chapter we looked at what strategy is and introduced a number of different perspectives on strategy formulation. We addressed the importance of values in determining why an organization exists, and looked at how an organization’s values, its vision, and its mission guide individuals’ behaviour by signposting what is important to the organization. We explained the importance of an organization being willing to change the assumptions that underpin its theory of the business if it is to adapt to changes in its environment. We also introduced a strategic management process which involves strategy analysis, strategy formulation, and strategy implementation. We noted that this essentially linear approach is useful for exposition but may not always accurately replicate...
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...ASSIGNMENT COVER SHEET Name: | | Address: | | Post code / Zip: | | Telephone No: | | Email Address: | | Date: | | Course Name: | | Tutor Name: | | Assignment Name: | | PLEASE NOTE: YOU SHOULD INCLUDE THIS INFORMATION with EVERY ASSIGNMENT. Introduction In this assignment I will be researching the Business Environment and the Business Organisations, I will learn why Businesses operate in different ways and how strategies are developed to meet an ever changing market both national and globally. Section 1 Understanding the Organisational Purposes of Business. There are several terms to describe the word Organisation; A company set up to be profitable, a company set up for a cause or non-profit, a group or association that serves a particular purpose. All of these examples and the others though are all similar, in that they are structured and managed to pursue collective goals. In this section I will describe the purposes of the different types of organisation, the extent to which objectives are met for the stakeholders and also the responsibilities of an organisation with the strategies employed to meet them. Business Organisations exist to do one of two things which are to Produce and/or Provide. The type of sector an organisation is categorised is dependent on the product or service provided these are Primary, Secondary and Tertiary Sectors. Primary sector organisations exist to produce the raw materials needed to produce a product, Secondary sector...
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