Breanna M Brown 4/18/10
*6 Theme*: Human Rights
institutional, physical or verbal. Hitler used the Jews as a scapegoat, blaming them for Germanys economic and social problems. All Jews and non-Aryans were excluded from Germany society. They could no longer hold government jobs, own property or run their own businesses and many were killed for no reason. Many members of the German public were bystanders and did nothing to condemn the Nazi racial policies. This may have been due to the fact that they were content with other Nazi policies, which appeared to improve the disastrous financial and economic conditions in Germany. People were also afraid to speak out, as they were terrified of the brutality of the Nazis. At first, the Nazis forced Jews in Poland and other countries to live in ghettos and concentration camps. By 1941, however, German leaders had devised plans for the ???final solution??? of the Jewish problem which is well known as genocide, a deliberate attempt to eliminate an entire religious and or ethnic group. To accomplish this goal, Hitler had special death camps built in Poland such as Auschwitz, Sobibor and Treblinka. The Nazis shipped Jews from all over occupied Europe to the camps. As the Jews reached the camps, they were stripped of their clothing and valuables and their heads were shaved. The young, old and sick were targeted for immediate killing. Within a few days, they were herded into shower rooms and gassed. The Nazis worked others to death or used them for their medical experiments. By 1945, the Nazis had massacred more than 6 million Jews in what became known as The Holocaust. This was uncalled for and a violation of human rights.
So as you have read, ALL human rights were violated for no apparent reason just because a certain ethnic or religious group is viewed different. They were all given degrading treatment.
How People Make Economic DecisionsStudent??™s NameCourse TitleDATEProfessor??™s NameHow People Make Economic Decisions
Throughout one??™s lifetime he or she will have to make economic decisions. Four individual decision-making principles will help guide one to reach the best result. Marginal benefits and marginal costs will play a major role in assessing which decision one will choose. People have to weigh the costs and benefits in any decision that they might face and with the help of the principles of economics they can determine which decision will provide them with the better outcome.
The Four Principles of Individual Decision-Making
People make decisions based on economic principles every day. Understanding the various principles which guide one??™s behaviors will allow him or her to make better use of them and make wiser choices to maximize our level of satisfaction. The four principles play a major factor in decision making.
Principle One: People Face Trade-offs
Humans understand that they cannot get everything they want due to the problem of scarcity. As such, every decision made will require humans to sacrifice an alternative and this is known as a trade-off. For example, with a certain amount of money, a child can either choose to buy a packet of candy or a new toy. Choosing either one of the choices will require the child to sacrifice the other. As such, before making a decision, one will need to be aware of the trade-offs they face and whether they feel that the decision made is worth sacrificing the alternatives.
Principle Two: The cost of something is what you give up to get it
The second principle will be that people have to costs of each decision. This will include monetary costs and also opportunity costs. For example, purchasing a car will require one to endure the cost of thousands of dollars as well of opportunity costs in the form of benefits which one could have received if the same amount of money was used for other purposes such as investments.
Principle Three: Rational People Think at the Margin
When people choose to use this economic principle they make adjustments to their plan to accomplish their goal. In this case, people weigh the marginal benefits and marginal costs of each decision before making a choice (Mankiw, 2009, p 6). For example, when the purchase of a new car brings about more marginal costs than benefits, one will decide against the decision to make the purchase.
Principle Four: People Respond to Incentives
In today??™s society, people are more likely to buy something if they get something in return. When making a decision, a person will be more likely to choose one over another for an incentive item. For example, people will be more attracted to purchase a new house if they receive a tax rebate as their incentive.
Marginal Benefits and the Marginal Costs
Marginal cost and benefits allow an individual to see all aspects of the decision that he or she is trying to make. An example of a decision which the marginal costs and benefits were weighed to make a decision in my life was to purchase a new computer. In my case, the marginal benefits of purchasing a new computer will be the increase in work efficiency due to better performance of the new computer. However, the marginal benefits will be the decline in disposable income which could be spent on compulsory textbooks for my education. After comparing the marginal benefits and costs, the marginal costs outweighed the benefits and hence decided against the purchase. Keeping my old computer and spending my money on textbooks, which were found to be more useful to my education, was the best decision for my situation. However, if the firm selling the computer was to offer me a discount, the outcome might have changed my decision since the decrease in prices would help save me money in the long run.
In conclusion, the four economic principles of decision-making affect our decisions and behaviors in our daily lives. These principles will affect our demand for goods and services in the economy during different context and thus affect the growth of the economy. In addition, firms and business owners can also use such information on economic principles to come up with strategies such as offering incentives in the form of discounts to boost demand which can likewise affect total level of output in the economy and thus influence economic growth.References
Mankiw, N. G. (2009). Principles of Economics (4th ed.) Mason, Ohio: Cengage
The use of flowers in Jeff Koon??™s ???Puppy??™ personally defines a sense of liveliness, safety and innocence. The fact that the sculpture itself is much larger than a typical piece of artwork would bring reactions of curiosity and amazement from the audience. The size of ???Puppy??™ creates a meaning of the celebration of life through the use of flowers and the fact that the sculpture is in the shape of a puppy; a puppy symbolising livelihood, and joy.
???Starburst??™, by Tom Friedman, was constructed with thousands of toothpicks jammed together in the shape of a starburst. It is a delicate sculpture which depicts a sense of gravity. There is also the perception of density causing them to explode outward. The sculpture seems to be at the point of violent dispersion from the heavy and repetitive use of vectors from the toothpicks. ???Starburst??™ would gain reactions of insecurity and danger from the general public.
100 workers and 11 volunteers devoted 17,000 work hours to Christo and Claude??™s project ???Wrapped Coast??™. Christo wrapped two-and-a-half kilometres of coast and Cliffs up to 26 metres high. The project required 95,600 m2 of synthetic fabric and 56 km of rope and was the largest single artwork ever made at this time. The artwork was larger than Mount Rushmore, and visitors took an hour to walk from one end of the work to the other. After initial resistance from the authorities and the public, reactions were largely positive, and had an enormous impact on art in Australia.
How People Make Economic Decisions
October 18, 2010How People Make Economic Decisions
In today??™s economy, the consumer is faced with making decisions daily; each choice that we make has risk associated with it. When making a decision we should keep in mind the three principles of individual decision-making, which are trade-offs, scarcity and incentive.
During these times, we face a trade-off. Trade-off is the idea that because of scarcity, producing more of one good or service means producing less of another good or service. There are simply not enough goods and services to satisfy everyone??™s consumption desire. (Wikipedia, 2010)
Scarcity is a situation in which unlimited wants exceed the limited resources available to fulfill those wants. When we decide to give up something, we lose the benefits of its services to or incur costs to obtain the benefits of the items we actually need. Making decisions requires comparing the costs and benefits of alternative courses of action (Wikipedia, 2010).
A rational decision-maker takes on an action if and only if the marginal benefit of the action exceeds the marginal cost (www.investopedia.com, n.d.). Sometimes the goals that we set for ourselves are taken for granted. We tend to put them on the side and come back for it later instead of setting a goal to complete the action.
People respond to incentives by assessing costs or profits, behaviors may change when the costs or profits change. As buyers we must price compare to find the best deal. Whether it is looking for a cell phone or searching for a home. We have to make decisions that will aid us in the end.
When purchasing a computer, I had to decide whether or not I wanted an inexpensive computer that will do minimal work or do I want an expensive computer that will execute ever task. In making my decision I had to make a marginal decision by comparing both computers, deciding on price, execution, and memory. I also looked at reviews on whether or not consumers were developing problems with their systems or was it producing excellent execution. The marginal cost of producing this product is a critical concept to economics. In general, marginal cost at each level of building includes any extra costs required to make the next unit. If producing additional computers requires, for example, building a new factory, the marginal cost of those extra computers includes the cost of the new factory. By choosing the expensive computer, I use the incentive that the unit I purchased was a touchscreen, I can use the mouse at minimum or not at all and I wouldn??™t have to upgrade to a new unit for about five years.
The principles of economics related to decision-making, is very important in this generation. Everyone is into comparison shopping and trying to obtain the best deal for their dollar. When the economy changes we tend to interact with the change, trying to adjustment to the decline. When the economy is up, we tend to buy and spend more.
Market economy is an economy in which the decisions of households and firms interacting in markets allocate economic resources. The main attribute of this economy is that it relies on privately owned firms to produce goods and services and how to produce them (Wikipedia, 2010).
Centrally planned economy is an economy in which the government decides how economic resources will be allocated. The main attribute of this economy controls all major sectors of the economy and formulates all decisions about the use of resources and the distribution of output (Wikipedia, 2010).
Mixed economy is an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources. The main attribute is to regulate the market for environmental concerns.References
Principle of Economics. (n.d.). Retrieved from http://www.depts.alverno.edu
Wikepedia. (2010, October 13). Wikipedia. Retrieved from http://wikepdia.com
www.investopedia.com. (n.d.). Investopedia. Retrieved from http://investopedia.com