Business and Economics Essay Example | Topics and Well Written Essays - 1500 words

Business and Economics - Essay Example Basically, implicit costs are associated with the relinquished gains of any transaction. In its simplest form, an implicit cost takes place when the person misses out on satisfaction in search of an activity and is not compensated by money or any another form of fee; it starts and concludes with the act of foregoing the gains and satisfaction (McConnel and Brue 392-393). Another good illustration is when one decides to go to a university as a full-time student instead of working on a $20,000 job, this meant giving up earnings of $20,000. The potential earning being "sacrificed" is the implicit cost while explicit costs would be the books, basic tuition fees and laboratory charges, board and lodging and other conventional miscellaneous payments expected when taking a university education. On the other hand, explicit costs are the noticeable types of costs like rents, water and electric bill payments and expenditures on daily food maintenance (McConnell and Brue 410); in a business world scenario, these are the 'out of pocket' or cash expenditures a commercial enterprise incurs to outsiders who supply them resources. A business organisation is said to be making normal profit when total revenues equal aggregate expenditures. This takes place in situations of perfect competition when economic equilibrium is achieved. Economically speaking, normal profit is considered as a cost and acknowledged as one of the two elements of the cost of capital. Basically, this is the opportunity cost of employing consumerist capabilities in the creation or manufacture of a good or the profit that could be obtained by entrepreneurship in another commercial undertaking. Just like the opportunity costs of other resources, normal profit is subtracted from revenue to determine economic profit (Pyle and Larson 157-158). Since normal profit is economically a cost, there is no economic profit at equilibrium.. Is Economic Profit a Cost of Production Yes, by definition, economic profit is equivalent to the amount of output multiplied by the difference between the average cost and the price. This is what remains after all opportunity costs associated with production, are subtracted from the revenue generated by production. In a single-goods scenario, a positive economic profit occurs when the enterprise' average cost is below the value of the product or service at the profit-maximising output. Fundamentally, an economic profit crops up when its revenue surpasses the total (opportunity) cost of its inputs, noting that these outlays comprise the cost of equity capital that is gathered by normal profits (Albrecht 409). In essence, economic profit is the 'conceptually correct' idea of profit employed in economics, that is, if profit is revenue minus cost, then economic profit is the measure of profit. In the recession year of 1998, a lot of country A's residents who found themselves out of a job and short of money organised barter networks for goods and services. If such barter networks covered a significant quantity of goods and services, would measured GDP in 1998 be a good estimator of the actual value of goods and services produced during the year No, it will not be a good or an accurate estimator of the

Gendered Identity Consistent With the Public and Private Views of the Research Paper - 1

Gendered Identity Consistent With the Public and Private Views of the Roles of Men and Women - Research Paper Example Even scholars who disagree that such changes were for the better, such as Edward Pessen (1985) – who argues that the resulting national civil society and economy left over from the Jackson years was characterized by greater inequality than had been the case prior to Jackson’s term – admit that the changes that occurred during the period were deeply rooted and long lasting. Therefore, any attempt to fully understand the development of America’s societal history must take into account the changes that occurred during these years. This seems especially true when considering the notion of gendered identity of both males and females in the public and private spheres that have determined much of the history of the American family, educational, and societal life. Because Jackson’s presidency occurred during a time when the industrial and transportation revolutions were just beginning in the US, and were characterized by expansions and alterations of expect ations among the various classes that made up the American social, political, and economic scenes, the ways that men and women came to view their roles in American life during this early birth of modernization are important to review. This brief paper will consider how gendered identities came to be established among men and women during the Jacksonian period, in light of the other social, economic, and religious changes that occurred. Particular attention will be paid to the way that the emergence of class differences with the rise of industrialization influenced the views of men and women regarding their societal roles. The paper will present a definition of gendered identity consistent with the public and private views of the roles of men and women that existed at the time and will consider how that notion was developed alongside the various upheavals that characterize the Jacksonian period. When discussing issues of gender, it is important to point out that there are varying definitions and ideas surrounding the term, and that changes have occurred over time regarding what it means.