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Author: Johnny Ch Lok Publisher: ISBN: Category : Languages : en Pages : 336
Book Description
Explaining how organizational strategy solving problemEconomy theory solves business problem, manager can use economics to strategize and solve a variety of business problems. Is it bossible? In fact, the basic problem of an economy ca be solved either by the decisions of the government or by the market through interactions of buyers and sellers. How to judge whether it is one good economic theory? A good theory is simple enough to be understood, when complex enough to capture the key features of the object or situation being studied. Somethimes economists use the term model instead of theory. For example, the most common four economic theories may include: Since the 1930 s, four macroeconomic theories have been proposed: Keynesian economics, monetarism, the new classical economics and supply-side economics . All of these theories are based, in varying degree. So, applied economics solves economic problems may be by solved by providing informaton on how people, businesses and governments behave.However, business economics is a field in applied economics which uses econoic theory and quantitative methods to analyze business. Business economics focused on the economic issues and problems related to business organizations. Business economics also covers most of the problems that a manager or an establishment faces for example, price theory, on the other hand, helps the firm in understanding how prices are determined under different consumer emotion or external economic environment etc. factors. Moreover, business economics and quantitative methods also applies economic theory to the study of organizations. for example, the principal-ahent problem has become a standard factor in political science and economics, basic economic theory explains how and why that when demand exceeds supply, producers tend to raise price, or public choice theory how and why affect economic output, due to global economic outlook is significant trade uncertainty.So, economists explore how individuals and businesses can help secure a healthy environment, when they attempt to find the most right economic theories to help businesses to solve their business problems. In general, it makes use of statistical and analytical tools to assess economic theories in solving practical business problems. For example, rapid devaluation solutions can be applied to solve economic crisis, fiscal occurrence in the 1930 s. It helps to stimulate demand and creates jobs to solve social unemplyment challenge in 1930s. This will provide some relief to businesses and tax cut increases disposable income in 1930s global economic fiscal crisis occurrence. For anther exmaple, the gig economy is enabled by technology, such as robotic productive tool invention, it can help factories to raise efficiency to manufacture as well as reduces labors number. So, effective economic theory may help managers to solve any organizational problems easily.In general, the main economic problems may include: What to produce in which quantities? How to produce? For whom to produce? How efficiency are the resources being utilized? Is the economy growth? So, economic problems are the science that studies human behavior in relationship with ends and scarce means that have alternative uses. In other way, it deals with the problem of choice, economic problems asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Hence, it brings this question: What causes economic problems? It may be explained that goods and services . All economic problems that satisfy human wants and produced with the help of resources, such as land, labour, capital, and enterprise. These resources are scarce when wants are unlimited, due to scarcity of these resources, an economy can not produce all that goods and services as required by its citizens.
Author: Johnny Ch Lok Publisher: ISBN: Category : Languages : en Pages : 336
Book Description
Explaining how organizational strategy solving problemEconomy theory solves business problem, manager can use economics to strategize and solve a variety of business problems. Is it bossible? In fact, the basic problem of an economy ca be solved either by the decisions of the government or by the market through interactions of buyers and sellers. How to judge whether it is one good economic theory? A good theory is simple enough to be understood, when complex enough to capture the key features of the object or situation being studied. Somethimes economists use the term model instead of theory. For example, the most common four economic theories may include: Since the 1930 s, four macroeconomic theories have been proposed: Keynesian economics, monetarism, the new classical economics and supply-side economics . All of these theories are based, in varying degree. So, applied economics solves economic problems may be by solved by providing informaton on how people, businesses and governments behave.However, business economics is a field in applied economics which uses econoic theory and quantitative methods to analyze business. Business economics focused on the economic issues and problems related to business organizations. Business economics also covers most of the problems that a manager or an establishment faces for example, price theory, on the other hand, helps the firm in understanding how prices are determined under different consumer emotion or external economic environment etc. factors. Moreover, business economics and quantitative methods also applies economic theory to the study of organizations. for example, the principal-ahent problem has become a standard factor in political science and economics, basic economic theory explains how and why that when demand exceeds supply, producers tend to raise price, or public choice theory how and why affect economic output, due to global economic outlook is significant trade uncertainty.So, economists explore how individuals and businesses can help secure a healthy environment, when they attempt to find the most right economic theories to help businesses to solve their business problems. In general, it makes use of statistical and analytical tools to assess economic theories in solving practical business problems. For example, rapid devaluation solutions can be applied to solve economic crisis, fiscal occurrence in the 1930 s. It helps to stimulate demand and creates jobs to solve social unemplyment challenge in 1930s. This will provide some relief to businesses and tax cut increases disposable income in 1930s global economic fiscal crisis occurrence. For anther exmaple, the gig economy is enabled by technology, such as robotic productive tool invention, it can help factories to raise efficiency to manufacture as well as reduces labors number. So, effective economic theory may help managers to solve any organizational problems easily.In general, the main economic problems may include: What to produce in which quantities? How to produce? For whom to produce? How efficiency are the resources being utilized? Is the economy growth? So, economic problems are the science that studies human behavior in relationship with ends and scarce means that have alternative uses. In other way, it deals with the problem of choice, economic problems asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Hence, it brings this question: What causes economic problems? It may be explained that goods and services . All economic problems that satisfy human wants and produced with the help of resources, such as land, labour, capital, and enterprise. These resources are scarce when wants are unlimited, due to scarcity of these resources, an economy can not produce all that goods and services as required by its citizens.
Author: Johnny Ch Lok Publisher: ISBN: Category : Languages : en Pages : 336
Book Description
Economy theory solves business problem, manager can use economics to strategize and solve a variety of business problems. Is it bossible? In fact, the basic problem of an economy ca be solved either by the decisions of the government or by the market through interactions of buyers and sellers. How to judge whether it is one good economic theory? A good theory is simple enough to be understood, when complex enough to capture the key features of the object or situation being studied. Somethimes economists use the term model instead of theory. For example, the most common four economic theories may include: Since the 1930 s, four macroeconomic theories have been proposed: Keynesian economics, monetarism, the new classical economics and supply-side economics . All of these theories are based, in varying degree. So, applied economics solves economic problems may be by solved by providing informaton on how people, businesses and governments behave.However, business economics is a field in applied economics which uses econoic theory and quantitative methods to analyze business. Business economics focused on the economic issues and problems related to business organizations. Business economics also covers most of the problems that a manager or an establishment faces for example, price theory, on the other hand, helps the firm in understanding how prices are determined under different consumer emotion or external economic environment etc. factors. Moreover, business economics and quantitative methods also applies economic theory to the study of organizations. for example, the principal-ahent problem has become a standard factor in political science and economics, basic economic theory explains how and why that when demand exceeds supply, producers tend to raise price, or public choice theory how and why affect economic output, due to global economic outlook is significant trade uncertainty.So, economists explore how individuals and businesses can help secure a healthy environment, when they attempt to find the most right economic theories to help businesses to solve their business problems. In general, it makes use of statistical and analytical tools to assess economic theories in solving practical business problems. For example, rapid devaluation solutions can be applied to solve economic crisis, fiscal occurrence in the 1930 s. It helps to stimulate demand and creates jobs to solve social unemplyment challenge in 1930s. This will provide some relief to businesses and tax cut increases disposable income in 1930s global economic fiscal crisis occurrence. For anther exmaple, the gig economy is enabled by technology, such as robotic productive tool invention, it can help factories to raise efficiency to manufacture as well as reduces labors number. So, effective economic theory may help managers to solve any organizational problems easily.⦁How new economic development in oil industry The future global economic growth, it will influence personal incomes and GDP rise. They would carry different weight in different countries at different times. Starting from low levels of incomer and economic development. Household consumption will change from being dominated by basic heat to rapidly rising energy use for higher levels of comfort in space heating and cooling ( and large dwellings), and greater use of electrical appliances, finally to a degree of saturation influenced by the income distribution patterns of the country concerned. Income distribution typically changes very slowly, so that the technical market for heart will never be saturated because there will always be a proportion of poor people living in small spaces less comfortably than the average. Industrial energy consumption will be influenced by technical efficiency within each sector, and by changes in the structures of the economy, e.g. changing proportions of agriculture, heavy and light industry, and services.
Author: Johnny Ch LOK Publisher: ISBN: Category : Languages : en Pages : 296
Book Description
Something Behavioral (e.g., Prospect Theory) applies to investor share buying choiceWhat Is the Prospect Theory? Prospect theory assumes that losses and gains are valued differently, and thus individuals make decisions based on perceived gains instead of perceived losses. Also known as the "loss-aversion" theory, the general concept is that if two choices are put before an individual, both equal, with one presented in terms of potential gains and the other in terms of possible losses, the former option will be chosen. How the Prospect Theory Works Prospect theory belongs to the behavioral economic subgroup, describing how individuals make a choice between probabilistic alternatives where risk is involved and the probability of different outcomes is unknown. This theory was formulated in 1979 and further developed in 1992 by Amos Tversky and Daniel Kahneman, deeming it more psychologically accurate of how decisions are made when compared to the expected utility theory.The underlying explanation for an individual's behavior, under prospect theory, is that because the choices are independent and singular, the probability of a gain or a loss is reasonably assumed as being 50/50 instead of the probability that is actually presented. Essentially, the probability of a gain is generally perceived as greater. Although there is no difference in the actual gains or losses of a certain product, the prospect theory says investors will choose the product that offers the most perceived gains. Tversky and Kahneman proposed that losses cause a greater emotional impact on an individual than does an equivalent amount of gain, so given choices presented two ways--with both offering the same result--an individual will pick the option offering perceived gains. For example, assume that the end result is receiving $25. One option is being given the straight $25. The other option is gaining $50 and losing $25. The utility of the $25 is exactly the same in both options. However, individuals are most likely to choose to receive straight cash because a single gain is generally observed as more favorable than initially having more cash and then suffering a loss.Types of Prospect Theory According to Tversky and Kahneman, the certainty effect is exhibited when people prefer certain outcomes and underweight outcomes that are only probable. The certainty effect leads to individuals avoiding risk when there is a prospect of a sure gain. It also contributes to individuals seeking risk when one of their options is a sure loss.The isolation effect occurs when people have presented two options with the same outcome, but different routes to the outcome. In this case, people are likely to cancel out similar information to lighten the cognitive load, and their conclusions will vary depending on how the options are framed.*The prospect theory says that investors value gains and losses differently, placing more weight on perceived gains versus perceived losses. *An investor presented with a choice, both equal, will choose the one presented in terms of potential gains. *The prospect theory is part of behavioral economics, suggesting investors chose perceived gains because losses cause a greater emotional impact. *The certainty effect says individuals prefer certain outcomes over probable ones, while the isolation effect says individuals cancel out similar information when making a decision.
Author: Mohamed Buheji Publisher: Mohamed Buheji ISBN: 1546292128 Category : Business & Economics Languages : en Pages : 304
Book Description
The book explains the relation of Behavioural Economics based Inspiration that use the Intrinsic powers of (individuals, organisations and communities) to address socio-economic needs. The book shows how the concept have been developing rapidly in the last few years with its more differentiated live labs applications that are influencing the quality of life and the development of many communities. This edited book is a collective of published papers and articles in different peer-reviewed journals and conferences. The idea behind this work is to show and follow the progress of one of the new coming behavioural economy fields that is Inspiration Economy, as rapidly developing socioeconomic concept that might create a differentiated outcome in the coming years. It is a reference book for those interested in understanding how Inspiration Economy labs, Inspiration Currency, Inspirational techniques of Problem Solving as Differential Diagnosis and Complex Models, are handled, developed and optimised. The papers show the relation also between Inspiration Economy and the supporting coming economies as Youth Economy and Resilience Economy and how they address the world future foresighted needs in unique ways. The opportunities developed in the chapters of the book show how much we humans can change positively the fate of humanity, if we realise, discover and capitalize on the opportunities around us in effective creative ways. We invite you to go through the detail brief and/or visit any of the following links on the main international book stores: https://www.amazon.com/Exploring-Inspiration-Economy-Mohamed-Buheji/dp/1546292128/ref=sr_1_1?ie=UTF8&qid=1525878239&sr=8-1&keywords=Exploring+Inspiration+Economy Also, it is going to be available as Kindle e-book Version within 10 days. Mohamed Buheji 9/5/2018
Author: John Lok Publisher: ISBN: Category : Languages : en Pages : 224
Book Description
Economy theory concerns how businessmen can attempt to apply which theory is the most suitabe to help them to solve any businesses problems. In traditioanal, economy theory include such as these, supply and demand side theory, invisable hand theory, marketing research theory, inflation or devaluation, revaluation, foreign exchange changing etc. different economic theories. It brings this question: Can businessmen apply any kinds of economic theories to help them to solve any kinds of general or complex business challenges. In my this book, I shall attempt to apply some economic theories to explain whether economic theories can be useful to help any businessmen or managers to solve their business problems when they encounter any businesses challenges in their daily business operation. In my this book, I shall attempt to indicate some organizational cases and find whether what weakness or difficulties it is facing. Then, I shall recommend the best strategy to attempt to help it to solve the kind of challenge, it is encountering. Any have interesting to learn business strategy students, they can learn new strategic knowledge to help these organizations to solve their challenges.Readers can have more clear analytical mind to evaluate whether economic theories are effective to assist businessmen or managers to help them to solve some complex or simple business problems in their organizations.
Author: Richard R. Nelson Publisher: Harvard University Press ISBN: 0674256565 Category : Business & Economics Languages : en Pages : 420
Book Description
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Richard R. Nelson and Sidney G. Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Author: W. Bruce Allen Publisher: W. W. Norton ISBN: 9780393932249 Category : Business & Economics Languages : en Pages : 0
Book Description
The seventh edition of Managerial Economics is the most current text available, encouraging students to see beyond the equations and graphs to the general precepts, such as marginal analysis and backward induction. Its new content draws on dozens of contemporary case studies, inviting students to apply problem-solving skills and to reflect on real-world economic decisions.
Author: Kui-wai Li Publisher: World Scientific ISBN: 9811222207 Category : Business & Economics Languages : en Pages : 308
Book Description
Given that there is no shortage of economic theories while economic problems are growing periodically, Conceptual Economics boldly attempts to initiate a new approach by employing conceptual and intuitive tools to examine the intra-relationship between microeconomics and macroeconomics as well as the inter-relationship between economic analysis and other social science studies, especially the relationship with political science. The few intuitive ideas include the separation between ex-ante situations and ex-post outcomes, the difference between endowment differences and unequal outcomes, and the role of economics as a vehicle in the delivery of numerous social and political activities. The discussion extends to cover an analysis on human values and concludes with a recommendation on the functionality of civic capitalism. With intuition and analytical reasoning within economics and with other social sciences, Conceptual Economics can become a new branch in economic study where scholars, analysts and intellectuals could 'think outside the box' by liaising a wider economic perspective and/or amalgamating non-economic aspects into their analysis. This shall provide a new dimension to solving human economic problems and possibly area of intellectuality.
Author: Johnny Ch Lok
Author: Johnny Ch Lok
Author: Johnny Ch Lok
Author: Johnny Ch LOK
Author: Mohamed Buheji
Author: John Bates Clark
Author: John Lok
Author: Richard R. Nelson
Author: W. Bruce Allen
Author: William J. Baumol
Author: Kui-wai Li