Price Elasticity of Demand and Monopolistic Competition

Price Elasticity of Demand and Monopolistic Competition The Price Elasticity of demand is inversely related to excess capacity in the monopolistic competitive market – Discuss Before we even dwell and discuss on the abovementioned topic, it would vital for us to understand and define what Price Elasticity of Demand, Excess Capacity and Monopolistic Competitive Market are all about from the economic perspective. By understanding the aforementioned than only we would be able to discuss and deliberate the abovementioned topic in detail. Elasticity From the economics perspective based on journal and article in Wikipedia, elasticity can be defined as the measurement of how receptive or responsive an economic variable is, to a change of the other. For example: If we lower or reduce the price of our product, how much more will it be sold? If we raise or increase the price of one product, how will that affect sales of the other product? If we learn that a resource is becoming infrequent or limited, will people rush to acquire it? We can further elaborate that an elastic variable (or elasticity value greater than 1) is one which responds more than proportionately to changes in other variables. On the other hand, an inelastic variable (or elasticity value less than 1) is one which changes less than proportionately in response to changes in other variables. Elasticity can be measured as the ratio of the percentage change in one variable to the percentage change in another variable, when the latter variable has a fundamental influence on the former. It is a tool for measuring the responsiveness of a variable, or of the function that determines it, to changes in contributory variables. Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution between factors of production and elasticity of substitution. Elasticity is one of the most vital concepts in a traditional economic theory. It is valuable in understanding the rate of indirect taxation, marginal concepts as they relate to the company, and distribution of wealth and different types of goods as they relate to the theory of consumer choice. Elasticity is also crucially imperative in any discussion of welfare distribution, in particular consumer surplus, producer surplus, or government surplus. In a pragmatic work environment, an elasticity is the estimated coefficient in a linear regression equation where both the dependent variable and the independent variable are in natural logs. Elasticity is a common tool amongst observers because it is independent of units and thus simplifies data analysis. Price Elasticity of Demand On the other hand, according to Alfred Marshall, Price elasticity of demand (PED or Ed) is a measurement used in economics to illustrate the responsiveness or elasticity, of the quantity demanded of a good or service to a change in its price. More accurately, it gives the percentage change in quantity demanded in response to a one percent change in price (ceteris paribus, i.e. holding constant all the other determinants of demand, such as income). Price elasticities are almost always negative, although analysts tend to ignore the sign even though this can lead to uncertainty. Only goods which do not conform to the law of demand, have a positive PED. Generally, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded. The demand for a good is said to be elastic (or relatively elastic) when its PED is greater than one (in absolute value): that is, changes in price have a relatively large effect on the quantity of a good demanded. Revenue is maximized when price is determined so that the PED is exactly one. The PED of a good can also be used to predict the rate of a tax on that good. Various research approaches are used to determine price elasticity, including test markets, analysis of historical sales data and conjoint analysis. Nevertheless, according to Professor Dominick Salvatore in its book, Managerial Economics – Principle and Worldwide Application, mentioned that â€Å"Sometimes, lowering the price of the commodity or products increases sales sufficiently to increase total revenues. At other times, lowering the commodity or products prices reduces the firm’s total revenues†. Thus, lowering the price of a particular products will not necessarily increase the total profitability of a company. This is due to the fact that it also have an impact on the production cost. Therefore, we can also say that the higher the price elasticity, the more sensitive consumers are to price changes. A very high price elasticity indicates that when the price of a good increase, consumers will buy less of the items and when the price of that good falls, consumers will buy more. A very low price elasticity suggests the opposite, that changes in price have slight influence on demand. As such, it is imperative for a company to really understand the economics and the concept of PED before any decision is made for a price review or for a pricing strategy. Excess Capacity Meanwhile, Excess Capacity, based on our reading, as defined in Wikipedia is a situation in which actual production is less than what is achievable or optimal for a company. This often means that the demand in the market for the product is below what the firm could potentially supply to the market. The amount of excess capacity within an industry is a signal of both the performance of that industry and the demand for the products it produces. Excess capacity is also seen as a good thing for consumers, as it is not likely to lead to the price inflation that would be seen in periods of near-full capacity. A company with sizable excess capacity can often lose a considerable amount of money if it is not able to meet the high fixed costs that are associated with producers. In other words, it could also be the case that in the long run, the production is operating not at the lowest of its long run average cost curve. Instead, it is operating on a gauge that is smaller and less efficient which the company has, in fact, a capacity to produce more at a lower average cost. , each firm is serving a market that is too small, and there are too many firms, so that the product group as a whole has the capacity to serve more customers than there are. Excess capacity exists when marginal cost is less than average cost and it is still possible to decrease average (unit) cost by producing more goods and services. Excess capacity may be measured as the increase in the current level of output that is required to reduce unit costs of production to a minimum. Excess capacity may also arise because as demand increases, firms have to invest and expand capacity in uneven or inseparable portions. Company may also choose to maintain excess capacity as a part of a deliberate strategy to deter or prevent entry of new firms. Monopolistic Competitive Market Monopolistic competition from economic perspective is a category of imperfect competition such that many producers sell products that are different from one another as goods but not perfect substitutes (such as from branding, quality, or price). In monopolistic competition, a firm takes the prices charged by its competitors as given and ignores the impact of its own prices on the prices of other company. In the presence of strong government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Examples of industries with market structures similar to monopolistic competition include restaurants, cereal, clothing, shoes, and service industries in large cities. The founding father of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition. Joan Rob inson published a book The Economics of Imperfect Competition with a comparable theme of distinguishing perfect from imperfect competition. The characteristic of a monopolistic competitive markets are as follow: There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors products. There are few barriers to entry and exit. Producers have a degree of control over price. In the long-run characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces diverse products and that monopolistic competition involves a great deal of non-price competition, which is based on subtle product differentiation. A firm making profits in the short run will nonetheless only break even in the long run because demand will decrease and average total cost will increase. This means in the long run, a monopolistically competitive firm will make zero economic profit. This illustrates the amount of influence the firm has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual firms demand curve is downward sloping, in contrast to perfect competition, which has a perfectly elastic demand schedule. Differences between Perfect and Monopolistic Competition To show that the PED is inversely related to excess capacity in the monopolistic competitive market, in this discussion, we will be comparing mostly between perfect competitive market and monopolistic competitive market which is also an imperfect market. There are two main differences between perfect competition and monopolistic competition. First is excess capacity; in perfect competition, firms usually will produce a product up to the maximum capacity of its production to get the lowest average total cost, ATC. Meanwhile in monopolistic competition, the firms will have an excess capacity if they produce less than the quantity at which average total cost is at minimum; which if they lower the price, they could sell more but they might producing at a point where their cost will exceed their revenue. The second differences are mark-up. In perfect competition, P=MC, but in monopolistic competition, P > MC because of its marked up. The marked up is because of the price discrimination which use by the firms in monopolistic market. Price and Output in Monopolistic Competition First of all, let us look at the factors affecting the PED. As we can see, in monopolistic competition market, there are high numbers of substitutes available for the products that produce by the firms. This is because each of the firms produce similar product but not identical. Because of this, the market has a greater PED. Any changes in price will make a possibility of consumer to change their demand for other substitute products. This is why, monopolistic market are also called price searcher market, as they are actually looking for the best price for their product. Since the firms produce similar product, they cannot fight their price using the ATC, where they cannot produce more than they can sell. They can only produce the quantity at which the marginal revenue is equal to the marginal cost. Can we say that monopolistic competition is inefficient? Yes, because in monopolistic competition P > MC, marginal benefits is larger than marginal cost. In order to reach the highest possible profit, firms competing in three important area of product differentiation, which is the quality, price and marketing. The quality of the product is just not only about the reliability of the product, but also about the design and the services, more on the after sales services. Using this quality aspect, firms can do the price discrimination, which differentiated their product with other product. However there is a trade off between prices and quality. The lower the price, the lower the product quality can be. As to further increase the sales, firms have to do a good product packaging and advertising. Since consumer value a variety, and variety is a cost, it is reasonable for the firms to price discriminate other products. However in monopolistic market, since no barrier to entry and exit from the market, firms have to be careful not to gain high profit in the long run as it can attract new competitors into the market. Product Development and Marketing Since monopolistic firms need to maintain their economic profit, in the condition of high ATC, there are needs to keep and sustain a continuous product development. In the market where the competitors are always looking for new innovation, new technology and attractable product, they need to be in line with the up to date trend of consumers. New product development would allow a firm to gain a competitive advantage, even sometimes temporarily before competitors imitate the innovation. Looking at the scenario where competitors usually keep imitate the new innovation produce, it might cross our mind why firms need to be the innovation leaders since after that the competitors will had it imitate. The innovation cost are high compare to imitate cost, but the benefit as innovation leaders have a value to consumer and also would increases total revenue. Firms usually will pursue product development until their marginal revenue from innovation equals to the marginal cost of innovation. As a human, consumer have a natural willing feeling to pay higher for the products that have a high value to them, even sometimes the price is ridiculous. The marginal social benefit of an innovation is the increase of price to the product and also a marginal social cost to the firms for the cost of innovation. Basically, the profit is maximized when MR=MC, but in monopolistic competition P>MR. Because of that, amount of innovation is less than efficient. Compare to the perfect competition market, monopolistic market have a higher selling cost since they need to spend a lot on promoting the uniqueness of their product compare to other substitutes product. The increase in selling cost will increase ATC at any level of output, but would not affect the MC of production. If their effort in promotion and advertising increases the demand of the product, then they are considered success. This is the cost that the monopolistic firms have to pay, to reduce their excess capacity, by increasing the demand of the products. But advertising is not only use to promote the variety and the uniqueness of the product, but also sometimes use to remind the market of their high quality product. Conclusion From the comparison that we highlight between perfect competition market and monopolistic competitive market, we can see the relation between the increasing of selling cost, increase of demand and reduced in excess capacity. When the firm concentrate in having a continuous product development with greater advertising and promotion effort, they can increase the demand of the product which in turn inversely reduce the excess capacity of the firms.

Prisoners of War Essay -- War Hostage Violence Government Essays

Prisoners of War The United States angers terrorists and other foreigners on a daily basis, but we find it hard to understand why. Examples abound and most often relate to ignorant decisions on behalf of the government concerning the welfare of these foreigners. The situation on the island of Cuba at the Naval Station of Guantà ¡namo Bay has grown out of hand. Here, the U.S. holds the prisoners that it has captured as part of its war on terrorism in a camp. They hold ver 600 men there without contact with their home countries or families and without the legal consultation of a lawyer. President Bush classifies these prisoners as â€Å"enemy combatants† and the U.S. says that for this reason they can withhold their rights unlike a normal prisoner in the case of wars (Jost). During an election year such as the current one, cases such as these must be taken into consideration before electing or maintaining a leader that might choose to find ways to bend the rules on human rights. The detainees of Guantà ¡namo Bay have their rights as prisoners of war denied and the U.S. does not define them as such. Much evidence to suggest otherwise includes the type of enemies included in the detainees and the international laws suggested in the Geneva Conventions. The U.S. has done nothing illegal based upon the international laws that it has adopted. However, one rends to question whether the laws adopted or not adopted by the U.S. rightfully define the prisoners based upon what has been laid out by the founding fathers of America. We can hardly assume that they do. Before anyone can make judgments upon the rights of the detainees, it must first be decided upon what these men can and cannot be considered. The men held at Guantà ¡namo... ... to the Treatment of Prisoners of War.† Office of the High Commissioner for Human Rights. 2002. On-line. Internet. 22 Feb. 2004. <http://www.unhchr.ch/html/menu3/b/91.htm>. "Geneva Convention."Encyclopà ¦dia Britannica. 2004. Encyclopà ¦dia Britannica Online. 22 Feb. 2004 <http://search.eb.com/eb/article?eu=37105>. "Guerrilla." Encyclopà ¦dia Britannica. 2004. Encyclopà ¦dia Britannica Online. 22 Feb. 2004 <http://search.eb.com/eb/article?eu=39163>. Jost, Kenneth. "Civil Liberties Debates." The CQ Researcher Online 13.37 (2003). 22 February 2004 <http://library.cqpress.com/cqresearcher>. Martin, Peter W. â€Å"U.S. Constitution-Bill of Rights.† 14 March. 1993: On-line. Internet. 22 Feb. 2004. < http://www.law.cornell.edu/constitution/constitution.billofrights.html>. â€Å"Rumsfeld defends Guantanamo.† Tapei Times. 15 Feb. 2004, pg. 7.

Oilwell Cable Company Case Study Essay

1. If Norm chooses to go ahead with the microprocessor conversion on the machinery without passing it by the team, what are the potential conflicts that might arise? What are the advantages of such a move? – The biggest potential problem here is that the production team might feel slighted as their opinions were not considered in this major decision, and it may affect their current strong feeling of value hat they have with the company. Essentially if feeling of value is affected then productivity will be affected, as Steve Cooper a contributor to Forbes points out studies show that companies that effectively appreciate employee value enjoy a return on equity & assets more than triple that experienced by firms that don’t. (Cooper, 2012) The advantage of such a move would be fulfilling the employees wishes of upper management making the tougher decisions not the team; also it would not only eliminate the three day deliberations that usually precede the team’s decision but it would also meet the employees desire of less time spent in team meetings. 2. If Norm decides to put the decision to the appropriate production team, what are the potential problems? What would be the advantages? – Here the potential problems is the deliberation period normally associated with team decisions, as this means a loss in productivity as these deliberations happen on company time. It could also affect morale, as employees already have a desire for less team meetings adding more to reach a decision will result in loss of confidence in upper management. Additionally, this decision based on the org chart, will then have to be approved by upper management which results in additional lost time as these decisions are already a struggle for them. On the flip side advantages here is that it would keep high value alive, as the employees would see that their opinions are truly valued when decisions affect the entire business; also it would be a great opportunity for upper management to gather thoughts and feedback from their employees who live the day to day process of the job. Finally when employees can connect value to their job productivity and implementation go smoothly because th ey each â€Å"own† it. 3. If the production team chooses to approve and implement this microprocessor conversion project, what form of project organization will this represent? – Functional organization, as the production team is the functional division of the company as our text points out that has the most interest in ensuring this project’s success or can be most helpful in implementing it. (Meredith & Mantel, 2012 pg.177) 4. Given the size of this organization and the number of projects they deal with, would it make sense to institute a Project Management Office? Is there another arrangement that might be a good alternative? – I think a PMO makes sense, as our text makes clear, a project management office (PMO) can provide critically important services for all projects. The skill with which the PMO organizes, administers, and carries out its responsibilities will have a major impact on the ability of projects to meet their objectives. (Meredith & Mantel, 2012 pg.177) This is vital as the company will be able to keep track of project progress and decisions can be made quicker, possibly eliminating the current double deliberation periods. Alternatively as projects arise if project teams of the necessary parties could be quickly formed and headed by an assigned company PM or the best suited yet most qualified individual from upper management for the job; this may also work to the company’s advantage. 5. How much impact might microprocessors have on production costs? Assume that variable overhead represents the same percentage of costs as fixed overhead. Find the net present value if the microprocessors cost $25,000 and their installation runs another $5,000. Assume a 10% margin. – Here the impact of the microprocessors on production will not be high as the variable and fixed overhead costs are the same percentages, meaning that both fixed costs that are unchanged based on production and those costs that vary by output are equal percentages. Additionally net present value impact in a year would be $30,300 based on the total initial start up cost; here to see a true balance it would be best for Norm to also investigate the financial  benefits (cut time, less scrap, and overall profit). 6. Compare Norm’s recollection of the division’s productivity gains between 1995 and 1999 to Exhibit 2. Explain the inconsistency. – Here human recollection versus actually data results makes it clear why data should be collected and reported on versus relying on memory. The consistency could be due to the fact that in 2000 the company was hit hard by the recession and productivity took a serious negative hit, therefore as productivity rose and eventually surpassed its pre-recession numbers Norm simply was reminded of the â€Å"good old days† of high productivity. 7. What would you recommend that Norm do? – I would recommend that a PMO be implemented for the task of; Establish and enforce good project management processes such as procedures for bidding, risk analysis, project selection, progress reports, executing contracts, and selecting software. Also, collect and disseminate information, techniques, and lessons learned as reported in project evaluations that can improve project management practices. (Meredith & Mantel, 2012 pg.194-195) If that’s not currently feasible, I would suggest that Norm first runs the decision by upper management as there are many benefits with the planned implementation of microprocessors; once agreed upon this decision should be conveyed to the employees, then the production team should be allowed to voice their opinions and suggestions on the decision. This approach will avoid any animosity the team may feel towards upper management, while avoiding the unnecessary deliberation process that results in lost time. Resources: Cooper, S. (July 30, 2012). Make More Money By Making Your Employees Happy. Forbes. Retrieved from http://www.forbes.com/sites/stevecooper/2012/07/30/make-more-money-by-making-your-employees-happy/ Meredith, J.R., & Mantel, S.J, Jr. (2012). Project management: A Managerial Approach (8th ed). Hoboken, NJ: John Wiley & Sons, Inc

Charlemagne the King of the Franks and Lombards

Charlemagne the King of the Franks and Lombards Charlemagne was also known as: Charles I, Charles the Great (in French, Charlemagne; in German, Karl der Grosse; in Latin, Carolus Magnus) Charlemagnes titles included: King of the Franks, King of the Lombards; also generally considered the first Holy Roman Emperor Charlemagne was noted for: Consolidating a large portion of Europe under his rule, promoting learning, and instituting innovative administrative concepts. Occupations: Military LeaderKing Emperor Places of Residence and Influence: EuropeFrance Important Dates: Born: April 2, c. 742Crowned Emperor: Dec. 25, 800Died: Jan. 28, 814 Quote Attributed to Charlemagne: To have another language is to possess a second soul. About Charlemagne: Charlemagne was the grandson of Charles Martel and the son of Pippin III. When Pippin died, the kingdom was divided between Charlemagne and his brother Carloman. King Charlemagne proved himself a capable leader from early on, but his brother was less so, and there was some friction between them until Carlomans death in 771. Once King, Charlemagne had sole rule of the government of Francia, he expanded his territory through conquest. He conquered the Lombards in northern Italy, acquired Bavaria, and campaigned in Spain and Hungary. Charlemagne used harsh measures in subduing the Saxons and virtually exterminating the Avars. Though he had essentially amassed an empire, he did not style himself emperor, but called himself the King of the Franks and Lombards. King Charlemagne was an able administrator, and he delegated authority over his conquered provinces to Frankish nobles. At the same time, he recognized the diverse ethnic groups he had brought together under his dominion, and allowed each to retain its own local laws. To ensure justice, Charlemagne had these laws set down in writing and strictly enforced. He also issued capitularies that applied to all citizens. Charlemagne kept an eye on events in his empire through the use of missi dominici, representatives who acted with his authority. Though never able to master reading and writing himself, Charlemagne was an enthusiastic patron of learning. He attracted noted scholars to his court, including Alcuin, who became his private tutor, and Einhard, who would be his biographer. Charlemagne reformed the palace school and set up monastic schools throughout the empire. The monasteries he sponsored preserved and copied ancient books. The flowering of learning under Charlemagnes patronage has come to be known as the Carolingian Renaissance. In 800, Charlemagne came to the aid of Pope Leo III, who had been attacked in the streets of Rome. He went to Rome to restore order and, after Leo purged himself of the charges against him, he was unexpectedly crowned emperor. Charlemagne wasnt pleased with this development, because it established the precedent of papal ascendancy over secular leadership, but though he still often referred to himself as a king he now also styled himself Emperor, as well. There is some disagreement as to whether or not Charlemagne was really the first Holy Roman Emperor. Although he did not use any title that directly translates as such, he did use the title imperator Romanum (emperor of Rome) and in some correspondence styled himself deo coronatus (Crowned by God), as per his coronation by the pope. This appears to be enough for most scholars to allow Charlemagnes hold on the title to stand, especially since Otto I, whose reign is generally considered to be the true beginning of the Holy Roman Empire, never used the title either. The territory Charlemagne governed is not considered the Holy Roman Empire but is instead named the Carolingian Empire after him. It would later form the basis of the territory scholars would call the Holy Roman Empire, although that term (in Latin, sacrum Romanum imperium) was also seldom in use during the Middle Ages, and never used at all until the mid-thirteenth century. All pedantry aside, Charlemagnes achievements stand among the most significant of the early Middle Ages, and although the empire he built would not long outlast his son Louis I, his consolidation of lands marked a watershed in the development of Europe. Charlemagne died in January, 814.

Plant Transpiration Lab Report Essays

Plant Transpiration Lab Report Essays Plant Transpiration Lab Report Essay Plant Transpiration Lab Report Essay Lab 4: Plant Transpiration Project By Shelby Hyde Lab 030 Date Due: March 12, 2013 The Effect of Wind on the Rate of Transpiration Introduction: Transpiration is the process through which water is evaporated from plants. This serves many purposes, including thermoregulation and the diffusion of CO2, but most importantly creates a water potential difference which causes the mass flow of water and nutrients from the roots to the leaves of the plant. Transpiration is accomplished through structures on the surface of the leaf called stomata, which are guarded by a pair of guard cells. Guard cells control the opening and closing of the stomata as well as the size of the opening; they open in order to obtain O2 and CO2 in the process they allow the escape of H2O. This experiment was conducted to learn more about this process, and how certain common environmental factors affect it. Plant transpiration increases with the presence of wind due to increased evaporation from leaves. Results: The transpiration rate of the sunflower in the presence of wind was consistently greater than that without wind, also causing the mean to be higher, shown in Table 1. Also included in Table 1, the variability was less in the sunflower with wind along with standard deviation. Table 1: Rate of Transpiration in sunflower plant with and without wind. Discussion: Although the rate of transpiration was consistently, noticeably greater while wind was present than it was in the absence of wind, there were some limitations to this study. One of the limitations of the experiment is that was performed in a college lab setting with various activities simultaneously going on, which could’ve affected the speed of the wind between all of the runs. The main shortcoming is that, because only one plant of one species was used, this cannot be used to generalize that this is true for all plants. In general, the results support the hypothesis that the rate of transpiration is higher in plants while wind is present. Transpiration increases in the presence of wind for two main reasons. When the stomata open, the wind would increase evaporation and the amount of H2O that escapes from the open pores. Also, when water is transpired it remains around the plant, causing area within the vicinity to become humid. Wind pushes that saturated air and replaces it with drier air, which is easier for water to evaporate into. Further studies could include not only other variables affecting transpiration, such as relative humidity of the atmosphere, temperature, pH of water and amount of available water, but also how much each of those individual variables contribute to the rate of transpiration in relation to each other. Literature Cited: George Burba,  Michael Pidwirny  (Lead Author);Debbie Swarthout  (Contributing Author);Sidney Draggan Ph. D. ,  Daniel Robert Taub  (Topic Editor) Transpiration. In: Encyclopedia of Earth. Eds. Cutler J. Cleveland (Washington, D. C. : Environmental Information Coalition, National Council for Science and the Environment). [First published in the Encyclopedia of Earth August 3, 2010; Last revised Date December 16, 2010; Retrieved March 13, 2013 eoearth. org/article/Transpiration? topic=58074

Rousseau and the Social Contract Tradition Essay

Rousseau and the Social Contract Tradition - Essay Example The major theme of Rousseau’s writings is based on this notion since he notes the way man’s own freedom has been compromised by the Civil Society’s formation. Rousseau favors the development of social contract that cannot be permeated by the stakes instead of social contract tradition. The main goal should be to promote human equality and individual liberty. Nevertheless, such a social contract can only be realized if the private interests are denounced by the members of society and if they commit to the general will’s cordons. It lies within the general will’s realms that Rousseau associates the legitimacy of political authority only with its alignment with the people’s desires. Any men who follow the general will’s principles cannot require their fellow men into activities which might betray their conscience. All men are free but they can obtain freedom only by following the laws which implement harmony and order in the society. In a ddition, Rousseau asserts that people should make conventions that develop lasting concords between social order and the liberty of people. It can be said that the propositions of Rousseau are sound philosophically. He has made realistic and reasonable suggestions. However, Rousseau has not accurately given examples of general will which leaves men with almost no option, but to advance the tradition of the social contract for progress. This is the reason why democracy still sustains even though he might not have chosen democracy for governance.

Employability Portfolio Essay Example | Topics and Well Written Essays - 1250 words

Employability Portfolio - Essay Example I oversaw many facets of the business and lead cross functional teams to successful. This maybe a challenging aspect because I want to manager bigger teams such as QA, developers, and sales department. As a young commerce student, this experience has taught my vital aspects regarding my job field. Since I am planning to be a future business analyst or a project manager, I can implement the methodologies that I acquired from this position in the future. As a future business analyst, I am learning about the daily procedures that must be conducted in a timely fashion. Furthermore, I am truly acquiring the true essence of corporate America that I wanted to experience as a Student. Accounting no doubt is a hectic job that truly requires hard work, dedication, and patience. I can safely say that this experience was critical towards my learning curve as I continue to explore careers after graduation. Explain for each skill selected in Part one the circumstances (e.g. work, academic study extra-curriculum activities, personal circumstances, etc. ) that have led you to gain it. The word limit is a maximum of 300 words. A prominent experience that really defined my moment at my internship was when I created a widget for my organization. Caregivers.com works a lot with SEO, which has been the focal point of my internship. As a business analyst, I created a widget that would track analytics across the web. After doing a gap analysis, I realized that the SEO churn rate was lucrative. Without a doubt, many academic theories are prevalent in my internship. For instance, how does one account for payments that are charged with interest or late fees? Do some of the assets that the company possesses depreciate? If so, which type of depreciation is used? All these are critical components that are acquired through accounting classes and then later applied at this internship. Furthermore, the concept of embedding internal controls