Assignment 3

7. In capitalism, most businesses have a profit motive. Describe at least one reason that businesses with a profit motive may be helpful for society and at least one reason that they may be harmful for society. Then, explain whether you think profit motive is a good thing or a bad thing for society. (4-7 sentences. 2.0 points)

3. What type of bank risk would worry you the most as an account holder? How should the bank protect itself against that risk? (2-4 sentences. 1.0 points)

What services do you offer? Will I have a formal written agreement or contract with you? What if I can 't afford to pay your fees or make contributions? In addition to helping me solve my immediate problem, will you help me develop a plan for avoiding problems in the future?

            One reason that could have led the ice cream sale to fluctuate could have been due to Price of Related goods. For example, frozen yogurt is a substitute for ice cream, so when the price increases, more ice cream is demanded. However, hot fudge is a compliment for ice cream, therefore when its price goes up, less ice cream is demanded. Second reason leading for the ice cream sale to fluctuate could be due to income. For normal goods, the higher your income, the more you buy. For inferior goods, the higher your income, the less you buy. Taste is another factor. When taste changes, the quantity demands change.  For example, our taste for ice cream might depend on the weather. Expectations are also an important factor.  Expectations about future income or prices affect the quantity demanded today.

"What is necessary to change a person is to change his awareness of himself. --

Looking back from when I began my career, I can say I came a long way learning the concepts of understanding the expectations that arose from all my positions. In my first job just after graduating, I was appointed as a Business Accountant of a multinational company. Since then, I was caught in the myth that people who were in leadership positions or high ranking were leaders. Being in a junior position, I could have the least effect on any new ideas as my voice seems to have landed in deaf ears. I have seen how those businesses were not in line with their Missions and Values only to find later that many of the staff had left the company.

I believe that Excel can enhance the younger generations math learning skills. I think that as long as the basic math skills of calculating numbers are learned and mastered first, then Excel can be of a great benefit in the development of the critical thinking skills that are necessary to implement all of the different formulas. I believe that this kind of critical thinking that is required to realize how to formulate the data is a very important skill to develop. I do think that the younger generations and everyone else's calculating skills become a "little rusty" because of continually relying on Excel to do all of the calculating instead of doing the math out longhand, but this can occur even through the use of calculators. I think Excel

Kimberly Amadeo from about.com confirms for us that, “In economics, there are five determinants for individual demand” (Amadeo, K. n.d.). As demonstrated in our module reference materials these determinants are labeled as: income, price of related goods, population, tastes, and consumer price expectations. For the purpose of this essay, in brief I will elaborate upon tastes and income. As, I surmise these are two major factors that could effect change in the demand of the GNC product, let’s first content with the factor of tastes.

After reading the above statement, did you miss any species in your gut content sampling? If so, which ones?

* Customer demand: Rather than basing on history and forecast sale of its products, the company should pay more attention in analyzing some uncontrollable factors such as inflation, recession, and currency exchange rate which may affect customers’ buying behavior.

availability of substitutes, and justify how you determine the price elasticity of demand for your firm’s product. b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price

The first factor is the availability of substitute goods, which are goods that can be utilized instead of the original good. If there is a substitute good available, the demand is likely to change more because people can buy different products. On the contrary, if an item has few substitute goods, it may not gain or lose customers. In Canada, Nike shoes have lots of substitute goods like Adidas

Policy and procedures are often changes in light of new evidence based practice. After education myself on the Safe to Sleep initiative, I set out to educate others. Knowing that many policy and procedure changes must go thru the quality council I began my education there before moving on to staff education.

Understanding the fundamental concepts of economics allows us to analyze laws that have a direct bearing on the economy. These laws and theories are essentially the backbone of how economics is used and studied. The law of demand can be expressed by stating that as long as all other factors remain constant, as prices rise, the quantity of demand for that product falls. Conversely, as the price falls, the quantity of demand for that product rises (Colander, 2006, p 91). Price is the tool used that controls how much consumers want based on how much they demand. At any given price a certain quantity of a product is demanded by consumers. As the price decreases, the quantity of the products demanded will increase. This indicates that more individuals demand the good or service as the price is lowered. This can be illustrated using the demand curve. The demand curve is a downward sloping line that illustrates the inversely related relationship of price and quantity demanded.

Explain how the demand curves for normal products and for prestige products differ, what are demand shifts and why are they important to marketers? How do firms go about estimating demand? How can marketers estimate the elasticity of demand?