Management economics Assignment Example | Topics and Well Written Essays - 1500 words - 1

Management economics - Assignment Example They want to exploit public goods (Francis). Without competition, producers can gouge consumers. With competition, consumers will choose the best option. They will choose the company that pollutes the least, or charges the least, or pays their workers the best. Workers will similarly choose the company with the best wages and benefits. When you have competition, you generally have cheaper products, better wages, better quality, and less externality and abuse of public goods. This means that, by definition, an oligopolistic market structure is a market failure Why is competition good? Adam Smith, in his seminal Wealth of Nations, argued that markets reach a so-called â€Å"harmony of interests† only when they are fully competitive (Francis). A â€Å"harmony of interest† is a situation where an individuals self-interest and the pursuit thereof also benefits society. It is also called pareto optimal. But competition has a strict definition and so is never perfectly achieved. The market must be composed of a great many buyers and sellers, almost as many as there are dollars flowing through the market, with only infinitesimal islands interrupting the free market sea. These buyers and sellers must produce and consume, respectively, only a tiny portion of the goods available. This way, no one buyer or seller can control supply and demand. Further, all the goods flowing through the market must be functionally the same. And there has to be no or extremely low barriers to exit and entry on the part of both consumers and producers. An oligopolistic market is one where a collection of large firms own a lot of the market of the market (Lecture Slides 7-9). Different markets and different economic theories mandate different amounts of coordination between the firms and different amounts of market share shared between the firms, but the general idea is the same. A bunch of companies work together, but not quite the same as a cartel. They can agree to lower

Managing Work Priorities and Professional Development Personal Statement

Managing Work Priorities and Professional Development - Personal Statement Example The principles of managing work priorities and professional development are discussed in this paper. As a business owner of Jim’s Cleaning, I am expected to give my best possible performance while on the job. In turn, neither can it be disputed that the head of an organisation sets its cultural tone, and is perhaps the single most important force allowing it to achieve success. Just as every cog in a machine is expected to play a part in its continued optimal functioning, so too does an organisation rely on the time management and work prioritisation of its head, to put their best foot forward when it comes to their day-to-day tasks. At the same time, though, I realised that while it is of course important for me to work towards Jim’s Cleaning’s success and prosperity, it is my own professional development that should be foremost to ensure the success of my business venture.No matter how dreary or inane one’s job happens to be, I am still ultimately a huma n being rather than a glorified automatons and it is therefore inevitable for me to somehow desire my own development and growth. Not only do they want to get paid for their work, it is but natural for employees to desire a sense of fulfillment that cannot simply be obtained through a pay slip. Maslow (1943) himself has made note of this, citing specifically how human beings as a whole seek self-actualization and self-transcendence more than anything else. We as humans seldom find satisfaction in what we are now – that is, we are said to possess an innate desire to become everything we are capable of becoming, even exceeding that if at all possible. Elusive as it may be – only 1% of all individuals are said to achieve self-actualization in the end – it is still something generally deemed worthy of working towards (Maslow, 1996). He goes on to explain that while basic needs such as food, water, clothing and shelter are indeed important to any rational being, thes e become mere means to a greater end. Even those whose most pressing need is money will inevitably think and wonder, somewhere down the line, if that is all they are meant for – or if they are meant for bigger and better things (Steere, 1988). This is related to the concept of metamotivation, earlier posited by Maslow. Someone said to be metamotivated does not work merely to get by from day to day, but to somehow become a better person tomorrow than he is today (Goble, 1970). This arguably does a lot to explain why there are those who, despite having better options, settle for low-paying jobs – or why those working in lucrative positions are perfectly willing to leave them behind. No matter how much one may insist that the most important things to look for in a particular job opening are the salary and benefits, even these admittedly important considerations become moot if one fails to find fulfillment working under such circumstances. In doing this assignment and focu sing on my business Jim’s Cleaning, I have realised that someone who loves what he is doing, and feels that he is actually getting somewhere in his job, will ultimately be more content with the idea of remaining there even with a modest paycheck. For example, it can be argued that the specialist cleaners at Jim’s are generally paid lower than what they should receive. Barring external factors such as skill, experience, tenure or connections, these