101 Economics - Consumer Theory Easily Explained - 2732 Words

CONSUMER THEORY: THE NEOCLASSICAL MODEL AND ITS OPPOSITE EVOLUTIONARY ALTERNATIVE by Valentino Piana (2003) From http://www.economicswebinstitute.org/essays/consumertheory.htm The standard textbook model of consumer is an outstanding example of the neoclassical paradigm in economics [1]: a h y p e r-rational agent maximises something by choosing an optimal bundle of things. Here, the hyper-rational consumer maximises utility (i. e. an overall generic measure of well-being) by exhausting a given budget. He has a pre-defined income to spend on - for simplicity s sake - two goods, called X and Y, respectively. He could spend his entire income buying only X, thus purchasing a quantity of X equal to income divided by the†¦show more content†¦Choices are sequential. Information available to Neoclassical approach T h e c o n s u m e r h a s f u l l Limited information. consumer information about all existing products, their use and their effects on his welfare (utility). Degree of difficulty o f Zero. The choice is always C h o i c e c a n b e easy, the choice easy, with all pros and cons moderate or extremely already evaluated and difficult, d e p e n d i n g o n compressed in a monotonic the situation. measure (utility). I m p o r t a n c e advertising o f None. The consumer has its own tastes and they can t be changed. T h e l i m i t e d information of the consumer can be extended by advertising. Depending on the decision-m a k i n g s t y l e , advertising can have an important influence beyond the mere information. Importance of the opinion of others None. The consumer stands T h e c o n s u m e r c a n alone in her/his preferences. explicitly ask others or at least have contact with the opinion of others, who are stratified according to the relationship to th e consumer (e.g. friends, teachers,...). None. The consumer can receive i n s t r u c t i o n t o appropriately use the product and enjoy it better. The label can show third party certification of q u a l i t y , e . g . environmental friendliness b y ECOLABEL.Show MoreRelatedThe Logical Structure of the Service-Dominant (S-D) Logic of Marketing7412 Words   |  30 PagesMarketing Theory http://mtq.sagepub.com/ The logical structure of the service-dominant logic of marketing John Williams Marketing Theory 2012 12: 471 DOI: 10.1177/1470593112457745 The online version of this article can be found at: http://mtq.sagepub.com/content/12/4/471 Published by: http://www.sagepublications.com Additional services and information for Marketing Theory can be found at: Email Alerts: http://mtq.sagepub.com/cgi/alerts Subscriptions: http://mtq.sagepub.com/subscriptions Read MoreModern Medicine, Urban Medicine And Industrial Medicine2097 Words   |  9 Pagesenhance height, memory, speed, or stamina. Medicalization in the world, gets wider and abroad. Among other things, consumers choose a health insurance plan, health care providers, and a hospital. Consumers also decide the medical service for which they are willing to pay out of pocket. As a result, hospitals and medical offices compete against each other for clients. Now lots consumer increasing demand for cosmetic procedures and plastic surgeries. This is one notable example of medicalization. â€Å"TheRead MoreDifferences Between Traditional And Modern Society2335 Words   |  10 Pageshedonism. Besides, this essay also uses Shils s work to define the conception of mass society, to further describe cultural change into modern society such as vertically and horizontally integration. Finally, this essay will primarily be discussing an econom ic shift in the last section, particularly as regards child labour during the industrial revolution. Overall, this essay concludes the article by explaining that whether this essay regard traditional society tends to pursue conservatism or modern societyRead MoreJaguar Cars3025 Words   |  13 Pagesorganisation. 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We find that 1) consumers in the UK classify services and products in a consistentRead MoreCelebrity Endorsement on Consumer Behaviour: an Adidas Case Study3093 Words   |  13 PagesCOLLECTION 5 5.3A QUESTIONNAIRES 5 5.3B SEMI-STRUCTURED INTERVIEWS 6 5.4 SAMPLE SIZE 6 6.0 ACCESS ETHICS 7 7.0 TIMESCALE 8 8.0 RESOURCES 8 9.0 APPENDIX 8 10.0 BIBLIOGRAPHY 9 â€Æ' 1.0 WORKING TITLE Celebrity Endorsement, its impact on Consumer Behavior: An Adidas Case Study 2.0 BACKGROUND JUSTIFICATION Research into the world of celebrity advertising sprang from the modern day phenomena of celebrity culture and the total incomprehension of its extent until I became a victim to celebrityRead MoreFormula One24819 Words   |  100 Pages†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦86 APPENDIX 6 – FORMULA ONE AUDIENCE †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦........88 APPENDIX 7 – CONSUMER DECISION MAKING PROCESS †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.90 APPENDIX 8 – SURVEY RESULTS OVERALL †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦92 APPENDIX 9 – SURVEY RESULTS TOBACCO COMPANIES †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦97 APPENDIX 10 – SURVEY RESULTS AUTOMOTIVE COMPANIES.....................101 APPENDIX 11 – SURVEY RESULTS ELECTRONIC COMPANIES.......................105 APPENDIX 12 – SURVEY RESULTS CONSUMER GOODS COMPANIES..........109 APPENDIX 13 – SURVEY RESULTS BEVERAGE COMPANIESRead MoreRainyday Insurance Adjusters Company7260 Words   |  30 PagesKontakt: P.Filzmoser@tuwien.ac.at Benefits from Using Continuous Rating Scales in Online Survey Research Horst Treiblmaier* Institute for Management Information Systems Vienna University of Economics and Business Augasse 2-6, 1090 Vienna, Austria1 Peter Filzmoser Department of Statistics and Probability Theory Vienna University of Technology Wiedner Hauptstraße 8-10, A-1040 Vienna, Austria Abstract The usage of Likert-type scales has become widespread practice in current IS research. 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Importance of Science and Technology - 916 Words

A very good morning and One Malaysia greetings to the principal of Sultan Ismail Secondary School, Johor Bahru, Madam Hajah Halimah Binti Ali, Senior Assistant of Administration, Madam Hajah Nor Aisah Binti Ramlan, Senior Assistant of Student Affairs, Mr. Ahmad Shakir Bin Jaafar, Senior Assistant of Cocuriculum, Mr. Rosle Bin Baharom, Form 6 Supervisor, Madam Khalthom Binti Ahmad, Head of the Language Department, Ms. Sheela Sher Habib, Head of the Science and Mathematics Department, Madam Hanizah Binti Mahfoz, Head of the Technical and Vocational Department, Mr. Beh Chye Pin, Head of the Social Science Department, Madam Yang Chee Wah, senior teachers, excellent, beloved, caring, loving, dedicated and committed teachers, prefects, class†¦show more content†¦Hence, this proves that machines have really helped in a production of a certain company. For your information, many factories and companies in Malaysia and also at overseas like Australia, United Kingdom, United States of America, United Kingdom, Australia and many other developed countries all around the world practices this. They try their level best to minimize the quantity of workers and maximize the number of machines. As a result, these countries have really developed from every angle. Therefore, in order for our country to develop just like those developed countries Malaysia will really have to increase the usage of machines which requires the knowledge of science and technology very well. After taking into consideration all these factors, I feel that it is absolutely significant, true, and valid to state that the science and technology field has an extremely new and wide future. So, I look forward for more and more new and greater inventions and discoveries in future that may contribute to the development of our country Malaysia. The Ministry of Science, Technology and Inventions which is familiarly known as MOSTI’S minister, Datuk Dr. Maximus Ongkili has urged everyone to develop th e science and technology field of Malaysia in order for it to be in the same level as the Science and Technology of developed countries all around the world such as Australia, United Kingdom and United States of America. Therefore, everyone shouldShow MoreRelatedThe Importance Of Science And Technology1352 Words   |  6 PagesThe importance of science and technology cannot be overlooked from our day to day lives. It has revolutionized the way we live. The creation of virtual spaces where distances do not matter, the bigger and better health care facilities which are now available, the effectiveness of the physical connectivity, the efficient utilization of the resources to the better ways of living, the use of the technology has definitely improved our standard of living. We are a part of the entire universal system andRead MoreThe Importance of Science and Technology in the Fight Against Infectious Diseases in the Late 19th Century987 Words   |  4 PagesThe Importance of Scien ce and Technology in the Fight Against Infectious Diseases in the Late 19th Century Infectious disease had posed problems for many people for centuries. The developed knowledge of anatomy and the working of the human body led to more and more understanding of what caused illness and diseases. Many scientists and doctors searched for cures and treatments and from the 18th century onwards there were many discoveries and developments that helped the battleRead MoreComputer Science Is A Meaningful Life999 Words   |  4 PagesComputer science promotes a meaningful life. Computer science means the principles and use of computer. It not only limits there because computer science defines mathematics everyday life. The author argues the effect of computer science at all over our curriculum in high school. This is important because computer science compels students to create problem to solving thus engage them more into work, especially mathematics. Computer science motivates work in mathematics as it relates to each otherRead MoreThe Impact Of Computer Science Education On The Curriculum1017 Words   |  5 PagesAtchison, Williams F.. â€Å"The impact of computer science education on the curriculum†. The Mathematics Teacher 66.1 (1973): 7–83. Computer science promotes a meaningful life. Computer science means the principles and use of computer. It not only limits there because computer science defines mathematics everyday life. The author argues the effect of computer science at all over our curriculum in high school. This is important because computer science compels students to create problem to solving thusRead MoreImpact Of Technology On The Development Of Civilization1407 Words   |  6 PagesIn contemporary society, science has played a more pivotal role than technology in the development of civilization. The purpose of science is to develop a vast breadth and depth of data and knowledge to enable us to understand why things are the way they are (Oberdan 26). On the other hand, technology is used to improve real problems based on justified beliefs and organizational systems (Oberdan 28). Without the knowledge and understanding of science, innovation would be lessened and society wouldRead MoreThe Importance of Tech nology1118 Words   |  5 PagesAccording to Vikram (7), technology refers the application of scientific knowledge and skills for practical purposes in diverse fields such as industries, education, and agriculture among other fields. Technology is therefore an organized knowledge for practical purposes in human day to day life. The fundamental purpose of every human life is to increase standards of living, improve the quality of his life and to always have a greater satisfaction in life (Vikram 8). These fundamental purposes canRead MoreBiometrics : Biometrics And Biometrics1539 Words   |  7 Pagesor shared with another individual. This security allows for biometrics to provide a means to reliability authenticate personnel. The importance of biometrics can be further divided into the history of biometrics and why it was devised, past implementations of biometrics, current implementations of biometrics, and future implementations of biometrics. 2. Importance of Biometrics Biometrics are important to not only information systems, but to information security as a subject. Today, most informationRead MoreGadamer’s On the Natural Inclination of Human Beings Toward Philosophy follows an idea that a1100 Words   |  5 PagesGadamer’s On the Natural Inclination of Human Beings Toward Philosophy follows an idea that a desire for knowledge, in researching philosophy and sciences, can be related to Platos thaumazein, the idea of wonder. The specifically human function of thinking starts, not routinely or in merriment, but at †¦a point where something strikes us as alien because it runs counter to habitual expectation. (Gadamer 143) The fascination and wonderment towards ideas Gadamer claims, †¦comes to me above all inRead MoreThe Impact of Computer Science on Health Care Medicine1283 Words   |  6 PagesThe Impact of Computer Science on Health Care amp; Medicine Abstract Computer science can be defined as the systematic study of algorithmic processes, their theory, design, analysis, implementation and application. Its functions in the modern society today expand far beyond the uses one could even begin to imagine. Specifically, there is an increased influence in its practical application in the field of medicine. In recent times, an interdependent relationship between medicineRead MoreEssay on Fear of Science and Technology1618 Words   |  7 PagesFear of Science and Technology Traditionally, most people think of science in form of physics, chemistry, biology. They might also include the social science , anthropology, economics, psychology, and sociology as a branch of science. In truth, within each of these fields have emerged a new subdivision of science which continue emerging at present time and in future rapidly. Science branches are being vaster in every moments of our life; Science has come one of the dominant force in our time. By

Introduction to Accounting Observe Ethical and Technical

Question: Describe about the Introduction to Accounting for Observe Ethical and Technical. Answer: 1. Total amount of assets belonging to Tiny Tots Current assets $ Cash 1500 Prepaid rent 1000 Total 2500 Non-current liabilities Equipment 10000 Total 12500 Total Amount of liabilities Current liabilities $ Wages payable 2500 Accounts payable 4500 Non current liabilities Notes payable 1000 TOTAL 8000 C) Using the accounting equation, what is the amount of Owners Equity reported on Tiny Tots balance sheet Accounting equation states that Assets= liabilities + owners equity Assets= $12500 Liabilities=$8000 Owners Equity= 12500-8000= $4500 d)How much net profit did Tiny Tots have for the year tiny Tots Ltd Net profits for the year Revenues $4000 Less: Expenses $2000 Net Profit $2000 2. Plata Ltd Balance Sheet statement As At 30th June Current Assets $ Cash 131950 Receivable 70300 inventories 13026 Prepaid insurance 1500 Non Current Assets Plant and Equipment 183000 Intangible Assets Intangible 8750 Total Assets 408526 Financed By: CAPITAL 198626 Retained Profits 44950 LIABILITIES Current liabilities Accounts payable 8500 Salaries payable 1450 30% interest bearing 46500 Non Current Liabilities Long term liabilities 108500 Total Liabilities and Capital 408526 3. To: John Minor From: Frank Grey (CPA) Subject how ethics impact a CPA (Certified Practising Accountant The accountants boards all over the world are responsible for the development of accounting ethical values. These regulatory bodies requires practising accountants to act responsibly when serving the public. Accountants should act responsibly when reviewing sensitive financial information and also when engaging in any accounting services(Clarke, 2005). Sound Moral judgement should be exercised by a practising accountant in all their activities. While providing clients with professional services, accountants are expected to present accurate and truthful assessment of the company and its financial health to the public(Duska Duska, 2003). In accounting profession, integrity is a fundamental element. This requires accountants to be forthright, honest and candid with a client with regards to financial information. Accountants are required to restrict themselves from personal gain and the urge of taking advantage of confidential information. Integrity allows clients to get good information from the accountant. There are instances where differences of opinion or errors regarding applicability of laws in accounting, integrity enables accountants to avoid manipulating financial information and intentionally deceiving clients (Jeffrey, 2005). Ethics ensure accountants act in a consistent and professional manner. In the absence of standards, it is required that accountants should act in accordance to commonly accepted principles. Independence and objectivity are critical ethical values in accounting profession. When conducting business and offering services, accountants should remain free from conflict of interest and business relationships that are questionable (Jeffrey, 2008). Objectivity and independence ensures that an accountant provides information about a company that is factual and honest (Marriott, Edwards, Mellett, 2002). For accountants who perform more than one function for a single client, for example auditing, management advisory and tax services, they may compromise their independence and objectivity. Because an accountant may be reviewing their own work when auditing the same work hence objectivity and independence is vital for an accountant. Due care is an ethical value requiring an accountant to observe ethical and technical accounting standards set in the profession. In this case, Generally Accepted Accounting Principles (GAAP) are used by the accountant (Professional ethics in accounting and finance, 2010). Due care requires professional accountants like us to exercise diligence, competence and a proper understanding of the financial information. Competence is based on experience and education, hence, due care requires experienced accountants to direct other accountants who have less experience in the profession. References Clarke, E. (2005).Accounting. South Melbourne, Vic.: Thomson. Duska, R. Duska, B. (2003).Accounting ethics. Malden, MA: Blackwell Pub. Jeffrey, C. (2005).Research on professional responsibility and ethics in accounting. Amsterdam: Elsevier JAI. Jeffrey, C. (2008).Research on professional responsibility and ethics in accounting. Bingley: Elsevier JAI. Marriott, P., Edwards, J., Mellett, H. (2002).Introduction to accounting. London: SAGE. Professional ethics in accounting and finance. (2010). London.