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How People Make Economic Decisions

Written on April 7, 2017   By   in Uncategorized

The first principle of economics people face trade offs when we making decisions requires trading off one goal against another. The second principle is the cost of something is what you give up to get it. Rational people purposefully do the best they can to achieve their objectives. The fourth principle is people respond to incentives. Because rational people make decisions by comparing cost and benefit they respond to incentives. A few months ago when I was deciding wether I wanted to go back to school I compare the marginal cost and the marginal benefit. I determine the benefit of going back to school and obtaining my bachelors degree would be better job opportunity better paying jobs and most important I would be a better role model for my children. These benefits out weight the marginal cost that is financial and time that I would have to allocate to school.
I believe the incentive that would of kept me away from going back to school would of been a multimillion dollar job offer, or the need to spend more time with my children, then the opportunity cost of going to school would of been to high. I figure that this was the right time for me to go back to school because my children are older and don??™t need me as much as when they were smaller. I want to show them that is possible to accomplish anything they set their minds to do, and it??™s never to late to accomplish the goals that you set in life.
The principles of economic affect decision making people face trade-offs among alternative goals and people change their behavior in response to the incentives they face. Trade can be mutually beneficial and government can potentially improve markets outcomes if there is some market failures. The economy as a whole are that productivity is the ultimate source of living standards and that society faces a short-run trade-off between inflation and unemployment.
In conclusion when we make economic decision we have to give up something to receive another we compare the cost and benefit when we make our decision and we tend to think rational and incentives play a strong role in our decisions.ReferencePrinciples of Economics.(4th ed.)Mankiw N. G. (2007)
How People Make Economic Decisions PaperHow People Make Economic Decisions Paper

Cooprate Finince

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Corporate Finance (Fin622)???
Assignment No. 1 Marks: 20
Being the finance manager of XYZ Company, you are to select one project of two available options i.e. Project A and Project B. The relevant cash flows for both the projects are summarized in given table.
Project A
Project B
Initial investment
Rs. 57,000
Rs. 54,000
Year(n)
Cash inflows (CFn)
Cash inflows (CFn)
1
Rs. 20,000
Rs. 22,000
2
20,000
20,000
3
20,000
18,000
4
20,000
16,000
Assume the discount rate to be 14 percent.
Required:
??? Calculate the payback period of each project.
??? Calculate the Net present value (NPV) of each project.
??? On the basis of results of pay back period and NPV, which project would you recommend to your company and why |
???Corporate Finance |
Q.1: Calculate the payback period of each project.
For Project A
Year | 0 | 1 | 2 | 3 | 4 |
Project A | -57,000 | 20,000 | 20,000 | 20,000 | 20,000 |
The formula of Payback period is,
PP=Io/Ct
PP=57,000/20,000
PP=2.85years
For Project B
Year | 0 | 1 | 2 | 3 | 4 |
Project B | -54000 | 22,000 | 20,000 | 18,000 | 16,000 |
Payback period is lies between year 2 and year 3 .Sum of money recovered by the end of the second year
= (22,000+20,000)
= 42,000
=54,000 ??“ 42000
= 12,000
PP= (2+12,000/18,000)
PP=2.67years
Q.2: Calculate the Net present value (NPV) of each project.
For Project A
Year | 0 | 1 | 2 | 3 | 4 |
Project A | -57,000 | 20,000 | 20,000 | 20,000 | 20,000 |
NPV=Cf [(1/i-1/i (1+i)]-Ct
NPV=20,000[(1/.14 – 1/.14 (1+.14) ^4)]-57,000
NPV=20,000[(7.1429 ??“ 1/ 0.2365)] ??“ 57,000
NPV=20,000 (7.1429 ??“ 4.2283) ??“ 57,000
NPV= 20,000 *(2.9146) ??“ 57000
NPV=58291 ??“ 57,000
NPV=1291
For Project B
Year | 0 | 1 | 2 | 3 | 4 |
Project B | -54000 | 22,000 | 20,000 | 18,000 | 16,000 |
NPV= [Cf1/ (1+i) + Cf2/ (1+i) ^2+ Cf3/ (1+i) ^3+ Cf4/ (1+i) ^4] -Ct
NPV= [22,000 / (1+.14) +20,000/ (1+.14) ^2+18,000/ (1+.14) ^3+16,000 / (1+.14) ^4] – 54000
NPV=19298+15389+12150+9473-54000
NPV=56310 ??“ 54000
NPV=2310
Q.3: On the basis of results of pay back period and NPV, which project would you recommend to your company and why
As per the Calculation According to the Payback Period method we should have to take Project B Because it has less payback time as compare to Project A.
As far as the NPV is concern the both the projects is NPV > 0, so both Project could be possible to take , but the Project are Mutually exclusive then we should take the project that has the Greater NPV so that is the Project B.

How People Make Economic Decisions

Written on April 6, 2017   By   in Uncategorized

There are principles that play a major role in decision making that have a cause and effect: I will illustrate four theories that play a strategic role in their pronouncement. The assessment among marginal benefits and their associated costs have a major impact on the conclusion of their counter effect. Some trends that I have encountered in my previous decision-making have evolved to a higher level of sophistication; my decision-making has now become more gratifying with cautious optimism.
The following are the four principles of individual decision making:
1. People make tradeoffs: Economic goods and services are limited, while the need to use services of these goods and services seem limitless. ( Hubbard & O??™Brian, 2010). For instance, to get one thing that we like, we usually have to give up another thing that we also like.
2. When people choose one thing they give something else: People must always consider how to spend their own limited incomes because resources are limited to satisfy their unlimited needs and wants. ( Hubbard & O??™Brian, 2010). For instance, when we give up an item, we lose the benefits of its services to us or incur costs to obtain the benefits of the thing we decided to choose. Thus, making decision requires comparing the costs and benefits of alternative courses of action.
3. Rational people think at the margin: In some situations, decisions in life are made in small increments or detrimental adjustments to the existing plan of action. Economics call these marginal changes. ( Hubbard & O??™Brian, 2010). For instance, my daughter is pondering whether she should add one more course to the next semester in her taut schedule. As a rational decision-maker she will add the extra course as long as her marginal benefits from carrying one more course exceeds her expected marginal costs.
4. People respond to incentive: Since individuals make decisions by comparing cost or benefits, their behavior may change when the costs or benefits change. ( Hubbard & O??™Brian, 2010). For instance, getting a bonus at the end of the year will impact the employees with more motivation and synergy for the following year. Companies will have to operate more strategically with lower operating incomes to produce a surplus of excess cash flow in order to provide a bonus to their employees.
I recently decided to invest in perilous venture that had great risks involved. The outcome turned out to be immense and had become one of the best decisions I had ever made in my life. Purchasing an investment home turned out to be a success. The marginal benefit of paying back a 401K loan increases equity and long term foundation towards my future retirement. On this latest decision the marginal cost impacted a surplus of income in a short matter of time. The decision to purchase a home for investment during a market turndown turned out to be a triumph with definite equity gains.
|Reference Hubbard, R.G., & O??™Brian, A.P. (2010) Economics (3rd Ed.). Pearson Education Inc.

Cooperative Learning

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COOPERATIVE LEARNING[pic][pic]Increasingly present multiculturalism of contemporary societies places the educational institutions in the necessity of developing strategies and mechanisms for integration of students of various racial, ethnic and cultural backgrounds. The task is not easy and has not been fully implemented in any education system. Superficial and quite often only apparent integration on the basis of common buildings, spaces and classes is frequently associated with separated from each other and even conflicted groups established beyond the classroom by pupils of different races, religion, ethnicities or mother tongues.The segregation and separation of those subsystems is caused by the ethnic stereotypes and prejudices functioning in the given community, defence mechanism displayed by socially depreciated groups and/or the functioning of pupils??™ identity structures, particularly of ethnic or racial ones. The ethnic and racial identities are specific forms of social identity resulting from cognitive and emotional identification of the individual with distinctive national, ethnic and racial categories.The sense of belonging to those groups shapes the self-image and self-esteem of the individual, controls his/her social behaviour such as: conformism and group solidarity, decisions made in the context of social dilemmas, tendency to favour in-group members and discriminate or disfavour out-group members. (Tajfel, 1974, Turner, 1987).Cooperative Learning Structures and Techniques
| | |
|Three-step Interview |Send-A-Problem |
|Roundtable |Value Line |
|Focused Listing |Uncommon Commonalities |
|Structured Problem-solving |Team Expectations |
|Paired Annotations |Double Entry Journal |
|Structured Learning Team Group Roles |Guided Reciprocal Peer Questioning |RESEARCH FINDINGS INTO ITS EFFECTIVENESSCooperative Learning and Social Interdependence Cooperative Learning and Social Interdependence Introduction Cooperative learning process is defined as a set of alternative instructional systems to the traditional ones , where students work together in mixed groups of multiple members , often more than 4 and in the process earn recognition and acknowledgment due to their performance in the group (Slavin , 1983 . Different methods in cooperative learning can have different approach, processes and intended outcomes (Lucking and Manning , 1991 )Years of research into methods of learning, instructional education and structural courses suggest that learning style has an important role in deciding the outcome of education and training so that students develop an understanding of benefits of working in group, the unanimity of the purpose of the group and the importance of helping and supporting each other in learning (Sharan and Shaulov , 1990 . Ashman and Gillies (1996 )state that children in cooperative groups learns to be consistently more cooperative , participative and responsible towards group needs by showing language and behavioral traits that is inclusive and encourages interdependent understanding.Today cooperative learning has been recognized as the standard instructional method to promote learning and achievements across every curriculum. The method has found wide applications in making useful learning interventions in collaborative writing, problem solving in mathematics, comprehension in reading and conceptual understanding in science (Ashman and Gillies, 2000 ) thereby making it one of essential component in modern education and training system.Value of Team Based Learning The value of team based learning has gained popularity at every level of education during past couple of decades . Cooperative learning is also founded on team based learning approach using small groups that gives new level of educational significance to both teaching and learning (Fink , 2002 . Fink further states that team based learning approach results in following four kinds of beneficial transformations 1. It transforms small groups into cohesive teams 2. It transforms techniques into strategy 3. It helps to transform the quality of student learning 4. It also helps teachers to transform the joy of teaching. Team based learning promises to achieve these objectives through its two distinctive features.The first feature is unusual capability, in terms of motivation and objective that a team as over the group . The second feature is the relative power of a teaching strategy, compared to teaching technique (Fink, 2002 .Four Essential Principles for Cooperative Learning Cooperative learning approaches display advantages over traditional learning methods with important changes in 1 . Focus of their instructional objective 2. Nature of the events that impart the learning 3.
Role of both instructor and the student (Michaelsen, 2002 .In the traditional learning processes, the first objective of most of the classes, according to Michaelsen (2002 , is to make the students familiar with course concepts . However, the first objective of cooperative learning process is to ensure that students get hands on opportunity to practice using course concepts. This implies that activities of class are primarily devoted for teamwork on focused team assignments.Cooperative learning provides the opportunity for students to learn academic skills and care about the feelings and needs of others in their groups. It requires that students assume responsibility for themselves and for the success of the group. Cooperative learning, to be successful, requires that students learn to respect the contributions that others bring to the learning environment???? (Vincent 1999, p. 73).Shortly said, Research has shown that cooperative learning techniques:
??? promote student learning and academic achievement
??? increase student retention
??? enhance student satisfaction with their learning experience
??? help students develop skills in oral communication
??? develop students social skills
??? promote student self-esteem
??? help to promote positive race relationsTHE PLACE OF COOPERATIVE LEARNING IN
EDUCATIONAL SYSTEMIn Relative Evaluation System (RES), the success of a student is appraised with a relational way with the success rates of other students in the class (Keskin and Ertan, 2001). In RES, the potential which the student has individually is not important. The important thing is the place which student takes with regard to other students in the class.According to Johanson (1993), an important consideration in the sole use of relative standards for some is the competitive nature of this approach to grading. The students in Relative Evaluation are in competition with one another for a limited number of grades for each one of the lesson (CTL, 2001). Also, Johnson et al. (1998) state that the relative evaluation approach brings along a dangerous competition for their academic lives. According to Gaikwad (1996), an extensive and inappropriate overuse of competitive and individualistic instructional methods in schools probably is the cause of many difficulties students encounter outside of school.Cooperative learning is the making use of small groups for instructional aim with the goal of students studying together with the aim of increasing the studies of their own and other students in their groups to a maximum level (Johnson and Johnson, 1994). So, a system as RES which depends basically on the competition of students can bring forth objectionable results in the respect of cooperative learning. Although competition develops the desire for struggling in students, it kills their desire for working cooperatively with together.However, the rising value in our currenteducation understanding is the student-centered education approach, and cooperative learning has a considerable place in this approach. According to Boud et al. (1999), various form of peer, collaborative or cooperative learning, particularly small group activities, are increasingly used within university courses to assist students meet a variety of learning outcomes. Felder and
Brent (1996) state that student-centered instruction is a broad teaching approach that includes substituting active learning for lectures, holding students responsible for their learning, and using self-paced and/or cooperative learning. Researchers and practitioners are searching for ways to promote student learning in and out of the classroom. One approach is to provide students with active and cooperative learning opportunities (Yaeger et al. 1999).Cooperative learning constitutes an important level of active learning in which students are encouraged to think, decide throughout the learning process and are responsible for their own learning. So, active learning strategies such as the problem based learning, project based learning and inquiry based learning which increases output in science education need for cooperative activities (Barrows, 1986; Domin, 1999; Frank et al., 2003). Researches indicate that the use of cooperative learning has the potential to lead to an improvement in students??™ attitudes towards science (Lazarowitz et al.1994; Baz, 2001; Puacharearn and Fisher, 2004).One of the goals of science education is to prepare a scientifically literate citizen who can solve the daily problems about science like pollution, global warming, overpopulation and recycling. Cooperative learning is an especially effective method used in solvingthese problems since it encourages people to explain different respects of views (Nesbit and Rogers, 1997).Thanks to cooperative learning, students have been taken an important step to attain the abilities like sharing their opinions, being respectful to other ideas and analyzing them and in the result of that reaching to beneficial synthesis, systemizing the data and make a decision. Apart to this, RES involves a big advantage thanks to the equality it brought at the applications to graduate exams and in benefiting of scholarship resources (Keskin ve Ertan, 2001). Each one of the factors like university environment, social surroundings, class environment, the lecturer of the lesson, the questions asked in the exams can effect the grades that students take in the exams. The same student can have a different mark in a different learning environment and in a different lecturers lesson, and even he can take different marks from the same lecturers different lesson. The grades given at the final of teaching activities can be effective on students later education, their gaining scholarship, and even in their having a job.
Consequently, the differing occurred in evaluation will prevent to display an equitable attitude in education.Because, a grade of a student in RES is based on his or her relative position in the class, it provides a big facility in the application of teaching activities by removing these difference mentioned above and subjecting students to an evaluation that they can compare themselves with each other. One of the most important reasons which make relative evaluation system as the most preferred evaluation system is that it makes easier to make a comparison among students in proportion to other systems.In cooperative class environment, the learning goals that wanted of students can be reached only if studied with a cooperative method. For this reason, students work in small groups and by helping each other. The work of each student continues until each student of the group reaches the expected learning goals. Consequently, students look their friends success at reaching the goals as their own success. They do not abstain from sharing the information and skills they have with other members of the group.According to Marzano (1992), the meaningful use of knowledge through decision making, investigation, inquiry, problem solving and invention are probably done more effectively by a cooperative group than by one person. Much of the scientific discovery has been done by scientist group of people rather than one person. When scientific publications are perused quickly, it will come into light that majority of the scientific research has been done by scientist groups (Johnson and Johnson, 1991).The point that to be reached by science education must be to provide an active learning process in which students are accustomed to behave like a scientist and being student at the center. Students constructing a cooperative learning environment by studying in groups give a possibility to a student centered teaching structure that modern education system requiring. Certainly individual activities and activities based on competition have an important place in education. But schools??™ evaluation policies that founded on competition and individuality based learning and not giving possibility to the usage of cooperative learning is wrong. According to Gaikwad (1996), such practices do not adequately prepare students for the kinds of cooperative efforts that will be expected of them in their future work and house lives.Cooperation is a life skill; nearly every job or social relationship involves cooperating with another individual to accomplish a shared goal (Flowers and Ritz, 1994). Consequently cooperative learning has a disclaiming role for individual outside the educational institutions, too.In cooperation, students working in groups can reach the goal of ???learn to learn??? which is wanted in active learning on behalf of this method. And they traverse an important distance in the way of solving the problematic situations which they will encounter along their life. According to Miller and Peterson (2003), cooperative learning strategies appear to promise positive effects for students, both with and without disabilities, as reflected in increased academic achievement and improved social attitudes and behavior.The general principle behind cooperative learning is that the students work together as a team to accomplish a common goal, namely that each student learns something of value from the cooperative learning activity.

How People Make Economic Decisions

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Four principles of individual decision making are, 1) People Face Trade-offs, Getting one thing that we like and giving up something we like. 2) The Cost of Something Is What You go to college you??™ll have a better life and career, but how much will it cost for you to go 3) Rational People Think at the Margin. Doing the best they can to achieve their goals, given the opportunities they have. 4) People Respond to Incentives or punishment or a reward that induces a person to act (Mankiw, 2007).
Three years ago I went shopping for a computer. I was looking for a computer that was durable as well as inexpensive. As I browsed around the store, I came across a laptop that seemed to have the programs I was looking for as well as the price range. My Fiance insisted that I wait and get a more expensive laptop at a later date, but because I thought I needed it right away I purchased it that day. A year later, after I downloaded a few files and added programs to the laptop it began to work extremely slow. After installing virus protectors and erasing files, it still didn??™t work as well as it should have, considering it was only a year old. Later that year I went shopping for laptops again, but this time I knew not to get one that was cheaper but one that was durable and had more memory.
The marginal benefit of the decision is most companies sell items that not as long-lasting as they should be so people will continue to shop for new items. The marginal cost of the decision would have been to wait a few more weeks to get a more expensive laptop with better qualities so would not have had to purchase another one so soon.
An incentive that could have led me to make a different decision would have been a salesperson who had experienced a similar situation and the honesty to let me know what I was not getting the best brand name laptop. Another incentive would have been purchasing the extra warranty on the laptop so I didn??™t have to pay for a new laptop.
The principles of economics affect decision making every day. When we don??™t know we are using economics we are. We make economical decisions daily by using these four principles. I use principle one by giving up TV time to study and do homework assignments. Principle two is used by college students who have to choose to leave their family and friends to pursue their education. Principle three could be used by a retail salesman trying to negotiate with buyers to sell items. Principle four is used daily by children and students by knowing who they are not supposed to do certain things because of the incentive in return. Whether we realize or not economics has a huge part of our lives. References
Mankiw,N.G. (2007). Principles of economics (4th ed.). Mason,
OH: Cengage Learning.

Coop Unsw Application

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Co-op Application
Q: What is it that most attracts you to the UNSW Co-op Program and the academic field(s) that you have chosen (750)
Q: Why should you be selected as a UNSW Co-op Program Scholar Describe the personal qualities and values that differentiate you and that you would bring to the UNSW Co-op Program. (1000)
Q: What sort of graduate position do you imagine yourself in after University (1000)
Q: Describe an achievement in the workplace and/or designing, building, programming or creating something. Your example might relate to recent work experience, a part time job or a major non-school based project you have undertaken. You might choose to highlight your creativity; the ability to see alternatives; come up with many varied or original ideas; or willingness to try/learn new things. (1250)
Q: Select one or two activities from either list in Question 1 and tell us the most important things you gained or learned from these activities. Do not just provide a list of dot points. (1000)
Q: What do you regard as your key strengths and areas for improvement (1000)
Q: Tell us about a situation where you were effective as a leader and/or as a team player. e.g. Describe how you significantly influenced others, or contributed to the effective operation/successful outcome of a situation or team. (1000)
Q: Drawing on your experience or involvement in a part-time job, community or school activity, describe how you overcame a challenging situation and what you learnt from the experience. (1000)

How People Make Economic Decisions

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How People Make Economic Decisions
ECO/212
January 20, 2011How People Make Economic Decisions
Society forces everyone to make decisions. The decisions people make ranges from what to eat, to what to buy. This paper will cover the principles of decision-making, marginal benefits and marginal costs, incentives, principles of economics, and economic interactions. Trade-offs, opportunity cost, marginal changes, and incentives are the four principles of decision-making. In economy nothing in life is free, so this study will began with discussing trade-offs.
Trade-offs is the idea that because of insufficiency, manufacturing more of one service or good means manufacturing less of another service or good (Hubbard & O??™Brien, 2010).
The second principle is opportunity cost, which Hubbard and O??™Brien (2010) define as the highest valued alternative given up to engage in an activity. The third principle is marginal changes or analysis. Economist speaks of the term marginal changes or analyst to illustrate undersized incremental alterations to a plan of action. Rational people decide by comparing marginal benefits and marginal cost. Incentive is the fourth principle. Incentive is something that encourages a person to act. Incentive can appear in the form of punishment or a reward. Coherent people react to incentives because they formulate decisions by comparing benefits and expenses (Mankiw, 2007).
Personal Experiences
Every day people make decision based on comparing the marginal benefits and marginal costs between certain items. Once a week I have to decide whether I should cook on Thursdays for my family or should we order in. Although cooking is cheaper and healthier, my family and I order in on most Thursdays because of lack of time and ordering in saves less time, and is convenient. A home cooked meal is healthier and cheaper; this represents marginal cost, whereas ordering in saving more time represents marginal benefits. Incentives that could have led me to make a different decision are time and money. If I had more time and less money, I would cook a meal for my family opposed to ordering in and paying more money for less quality and delivery charges.
Principles of Economics
The principles of economics relate to decision-making. When the economy produces more productivity, people have the opportunity of earning more money. The amount of money a person earns can alter his or her decision-making. Mankiw (2007) divides the principles that describe how people interact with one another into three parts; 1) trade makes everyone wealthier, 2) markets are typically a good way to categorize economic movement, and 3) government can progress market results.
???The economy??? is every decision made by individuals as well as the interactions they make with one another. To explain how the economy operates, Mankiw (2007) divided the principles into three parts. The first principle is a country??™s customary living standards rely on their capability to manufacture goods and services. The second principle is prices increase when the government produces too much money. The third principle is the world faces short-run trade off among unemployment and inflation.
Economic Systems
Societies arrange their economies into two parts– centrally planned economy and a market economy. The main attribute of a centrally planned economy is government employees manage stores and factories. In a market economy, companies should produce a good or service that meets the wants and needs of the clients, if not the companies will lose revenue and go out of business. An attribute of a mixed economy is this economy involves buyers, sellers, and the government. A mixed economy operates by supply and demand (Hubbard & O??™Brien, 2010).
Economic Interactions
Many refer to the United States as a mixed economy because most economic decisions come out from the economic interaction of buyers and sellers. A business must cater to the demands of the consumer or the firm will go out of business. Therefore, the more money the economy accumulates from each business, the more interactions society produces between people. On the other hand, societies exercise fewer interactions when the economy lacks revenue. Trade and competition is not a win-lose situation. The more business the economy produces, the more jobs society makes available for others, which generate more revenue and interactions between buyers and sellers in the economic system.
Conclusion
The amount of money a person makes affects the economy and economic interactions between one another. If one business fails, everyone fail. If one business succeeds, everyone succeed. Economics determines which, how, and who produces goods and service. Economics evaluate activities in the economy. Economy dictates the increase and decrease in prices, unemployment, output, and world trade (Kumar, n.d.).References
Hubbard, R. & O??™Brien, A. (2010). Economics (3rd ed.). Boston, MA: Pearson Hall.
Kumar, N.P., (n.d.). Introduction To Economics [PowerPoint slides]. Retrieved from http://www.slideshare.net/naresh83/introduction-to-economics-presentation-674534.
Mankiw, G. (2007). Principles of Economics. Available from? http://websites.swlearning.com/cgi-wadsworth/course_products_wp.plfid=M20b&product_isbn_issn=0324224729&discipline_number=413&s_cid=null.

Coool

Written on April 5, 2017   By   in Uncategorized

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 Decisions

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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.
Conclusion
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
Learning.

Coon, Friedman, Christo

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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.