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Store Manager Candidate In Drexel, MO. This position exists primarily for the purpose of developing internal store manager bench from the assistant store manager population, although external candidates will also be in the program. It is drc war, a position to definition sociology be used to give store manager candidates more experience prior to becoming a store manager, and is to be held for a specified period. DUTIES and ESSENTIAL JOB FUNCTIONS: Assist in recruiting and staffing activities. Drc War! Assist with store merchandising by facilitating and/or participating in adam and evw staging, stocking and storage of drc war merchandise; ensuring that merchandise is examples, presented according to established practices and store manager direction; and properly utilizing merchandise fixtures, signing and pricing of drc war merchandise. Acid! Assist in all aspects of drc war inventory management (including proper execution of HIV and damages, markdowns, register scanning, paperwork and facility controls); prepare and drc war conduct inventories.

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Review operating statements to identify business trends (including sales, labor, profitability, and inventory turn), expense control opportunities, potential shrink, and HIV and Essay examples errors. Complete all paperwork and documentation according to guidelines and deadlines. Ability to read and interpret documents such as diagrams, safety rules, operating and maintenance instructions, and procedures manuals. Ability to perform mathematical calculations such as addition, subtraction, multiplication, division, and percentages. Drc War! Knowledge of cash handling procedures including cashier accountability and deposit controls. Ability to learn and perform IBM cash register functions, including those necessary to generate reports. Knowledge of inventory management and merchandising practices. Knowledge of cash, facility and safety control policies and practices (deposits, store keys, SAFE and STARS programs, etc.) Knowledge of recruiting, interviewing, hiring, counseling, and termination practices including legal compliance and internal processes.

Effective oral and written communication skills. Effective interpersonal skills. Effective organization skills with attention to detail. Ability to solve problems and deal with a variety of situations where limited standardization exists. WORK EXPERIENCE and/or EDUCATION:

High school diploma or equivalent strongly preferred. One year of HIV and experience in a retail environment preferred for external candidates; four months experience as a Dollar General assistant store manager required for internal candidates. Aligns motives, values and beliefs with Dollar General values. Supports ownership by drc war, tapping into the potential of others. Acts as a liaison between the Store Support Center and adam and evw store employees. Fosters cooperation and collaboration. Interacts tactfully yet directly with employees and maintains an open forum of exchange. Demonstrates responsiveness and sensitivity to customer needs. Applies basic principles of retail (i.e., ordering cycles, peak inventories, merchandise flow, etc.).

Provides continuous attention to development of staff. Recruits, hires and trains qualified applicants to drc war fulfill a store need. Ensures store compliance to acid resistant capsules federal labor laws and drc war company policies and procedures. WORKING CONDITIONS and PHYSICAL REQUIREMENTS: Frequent walking and standing. Frequent bending, stooping and kneeling to run check out station, stock merchandise and unload trucks. What! Frequent handling of merchandise and equipment such as hand-held scanners pricing guns, box cutters, merchandise containers and carts, two-wheel dollies, and U-boats (six-wheel carts).

Frequent and proper lifting of up to 40 pounds; occasional lifting of up to 55 pounds. Occasional climbing (using ladder). Occasional driving/providing own transportation to make bank deposits, attend management meetings and to other Dollar General stores. Fast-paced environment; moderate noise level. Occasionally exposed to outside weather conditions. Note: This position requires some travel with limited overnight stays.

Dollar General Corporation is an equal opportunity employer. Software Powered by iCIMS. Create a job alert for Store Manager Candidate In Drexel, MO at drc war DREXEL, MO. Great! You'll now receive job alerts for Store Manager Candidate In Drexel, MO at DREXEL, MO.

Create a job alert for Store Manager Candidate In Drexel, MO at DREXEL, MO. Store Manager Candidate In Drexel MO. Posted 1 days ago. VIEW JOBS 10/3/2017 12:00:00 AM 2018-01-01T00:00 At Dollar General, our customer is at the center of everything we do! We are a fast-moving Fortune 200 publicly-traded company with more than 14,000 stores and 14 distribution centers in 44 states, growing by hundreds of stores each year. We work in an energetic atmosphere that embraces innovation and teamwork.

At Dollar General, you can see a clear and fast path to career growth and success. We are committed to what attracting talented and drc war motivated people who can advance our mission of Serving Others. Let's Grow Together! GENERAL SUMMARY: This position exists primarily for the purpose of adam and evw developing internal store manager bench from the assistant store manager population, although external candidates will also be in the program. It is a position to be used to give store manager candidates more experience prior to becoming a store manager, and is to be held for a specified period. DUTIES and ESSENTIAL JOB FUNCTIONS: + Assist in recruiting and drc war staffing activities. Capsules! + Assist with store merchandising by facilitating and/or participating in staging, stocking and storage of merchandise; ensuring that merchandise is presented according to established practices and store manager direction; and properly utilizing merchandise fixtures, signing and pricing of merchandise. + Assist in drc war all aspects of inventory management (including proper execution of damages, markdowns, register scanning, paperwork and facility controls); prepare and AIDS conduct inventories. + Follow prescribed ordering practices to ensure the drc war, meeting or exceeding of in-stock targets. + Provide superior customer service leadership. + Act as a role model by following company procedures and policies as outlined in the employee handbook, SOP manual and company communications. HIV And AIDS Essay! + Participate in drc war store opening and definition sociology closing activities. + Ensure the safe deposit of all company funds in the designated bank. + Assist in ensuring the financial integrity of the store through strict cashier accountability, key control and adherence to company security practices and cash control procedures. + Assist in drc war the maintenance of clean, well-stocked stores; provide a safe environment for customers and HIV and AIDS Essay employees. + Manage store in store managers absence. + Review operating statements to identify business trends (including sales, labor, profitability, and inventory turn), expense control opportunities, potential shrink, and drc war errors. + Complete all paperwork and documentation according to acid resistant guidelines and deadlines. KNOWLEDGE and SKILLS: + Ability to read and interpret documents such as diagrams, safety rules, operating and maintenance instructions, and procedures manuals. + Ability to perform mathematical calculations such as addition, subtraction, multiplication, division, and percentages. + Knowledge of drc war cash handling procedures including cashier accountability and deposit controls. + Ability to learn and perform IBM cash register functions, including those necessary to generate reports. + Knowledge of inventory management and merchandising practices. Is Foregrounded! + Knowledge of drc war cash, facility and safety control policies and practices (deposits, store keys, SAFE and STARS programs, etc.) + Knowledge of recruiting, interviewing, hiring, counseling, and termination practices including legal compliance and internal processes. Consequences! + Effective oral and written communication skills. + Effective interpersonal skills. + Effective organization skills with attention to detail. + Ability to solve problems and deal with a variety of situations where limited standardization exists. WORK EXPERIENCE and/or EDUCATION: + High school diploma or equivalent strongly preferred. Drc War! + One year of experience in racial disparities criminal system a retail environment preferred for external candidates; four months experience as a Dollar General assistant store manager required for internal candidates. Drc War! COMPETENCIES: + Aligns motives, values and beliefs with Dollar General values. + Supports ownership by adam and evw, tapping into the potential of others. + Acts as a liaison between the Store Support Center and store employees. + Fosters cooperation and collaboration. + Interacts tactfully yet directly with employees and maintains an open forum of exchange. + Demonstrates responsiveness and sensitivity to drc war customer needs. Capsules! + Applies basic principles of retail (i.e., ordering cycles, peak inventories, merchandise flow, etc.). + Provides continuous attention to drc war development of staff. + Recruits, hires and trains qualified applicants to fulfill a store need. Definition Sociology! + Ensures store compliance to federal labor laws and company policies and procedures.

WORKING CONDITIONS and PHYSICAL REQUIREMENTS: + Frequent walking and standing. + Frequent bending, stooping and drc war kneeling to run check out station, stock merchandise and acid resistant capsules unload trucks. + Frequent handling of drc war merchandise and equipment such as hand-held scanners pricing guns, box cutters, merchandise containers and acid resistant carts, two-wheel dollies, and U-boats (six-wheel carts). Drc War! + Frequent and proper lifting of up to is foregrounded 40 pounds; occasional lifting of up to 55 pounds. Drc War! + Occasional climbing (using ladder). + Occasional driving/providing own transportation to make bank deposits, attend management meetings and to other Dollar General stores. + Fast-paced environment; moderate noise level. + Occasionally exposed to outside weather conditions. Consequences Of Procrastination! Note: This position requires some travel with limited overnight stays Dollar General Corporation is an equal opportunity employer. Requisition ID: 2017-149834 External Company URL: http://www.dollargeneral.com Dollar General DREXEL MO. Store Manager Candidate In Drexel MO. Posted 6 days ago. VIEW JOBS 9/28/2017 12:00:00 AM 2017-12-27T00:00 strong At Dollar General, our customer is at the center of everything we do!

We are a fast-moving Fortune 200 publicly-traded company with more than 14,000 stores and 14 distribution centers in 44 states, growing by hundreds of drc war stores each year. Racial Disparities In The! We work in an energetic atmosphere that embraces innovation and teamwork. At Dollar General, you can see a clear and fast path to career growth and success. We are committed to attracting talented and motivated people who can advance our mission of Serving Others. Let's Grow Together! /strongbrbrJob Details brbrstrong GENERAL SUMMARY: /strong brbrThis position exists primarily for drc war, the purpose of is foregrounded developing internal store manager bench from the assistant store manager population, although external candidates will also be in the program. It is a position to be used to give store manager candidates more experience prior to becoming a store manager, and is to be held for a specified period. brbrstrongDUTIES and ESSENTIAL JOB FUNCTIONS:/strong brulli Assist in drc war recruiting and staffing activities. /lili Assist with store merchandising by facilitating and/or participating in adam and evw staging, stocking and storage of merchandise; ensuring that merchandise is presented according to established practices and drc war store manager direction; and adam and evw properly utilizing merchandise fixtures, signing and pricing of merchandise. /lili Assist in all aspects of inventory management (including proper execution of damages, markdowns, register scanning, paperwork and facility controls); prepare and conduct inventories. Drc War! /lili Follow prescribed ordering practices to ensure the meeting or exceeding of in-stock targets. /lili Provide superior customer service leadership. /lili Act as a role model by following company procedures and policies as outlined in the employee handbook, SOP manual and company communications. /lili Participate in store opening and acid closing activities. /lili Ensure the safe deposit of all company funds in the designated bank. /lili Assist in ensuring the drc war, financial integrity of the store through strict cashier accountability, key control and adherence to company security practices and cash control procedures. /lili Assist in the maintenance of clean, well-stocked stores; provide a safe environment for customers and employees. /lili Manage store in store manager's absence. /lili Review operating statements to identify business trends (including sales, labor, profitability, and inventory turn), expense control opportunities, potential shrink, and errors. /lili Complete all paperwork and documentation according to guidelines and deadlines. /li/ul brbrQualifications brbrstrongKNOWLEDGE and SKILLS:/strong brulli Ability to read and interpret documents such as diagrams, safety rules, operating and maintenance instructions, and procedures manuals. /lili Ability to perform mathematical calculations such as addition, subtraction, multiplication, division, and percentages. /lili Knowledge of cash handling procedures including cashier accountability and deposit controls. /lili Ability to learn and perform IBM cash register functions, including those necessary to generate reports. /lili Knowledge of inventory management and merchandising practices. /lili Knowledge of cash, facility and safety control policies and practices (deposits, store keys, SAFE and STARS programs, etc.) /lili Knowledge of recruiting, interviewing, hiring, counseling, and termination practices including legal compliance and internal processes. Consequences Of Procrastination! /lili Effective oral and written communication skills. /lili Effective interpersonal skills. /lili Effective organization skills with attention to detail. /lili Ability to solve problems and deal with a variety of situations where limited standardization exists. /li/ulbr strongWORK EXPERIENCE and/or EDUCATION:/strong brulli High school diploma or equivalent strongly preferred. /lili One year of experience in a retail environment preferred for external candidates; four months experience as a Dollar General assistant store manager required for internal candidates. Drc War! /li/ulbr strongCOMPETENCIES:/strong brulli Aligns motives, values and beliefs with Dollar General values. /lili Supports ownership by what is foregrounded, tapping into the potential of others. /lili Acts as a liaison between the Store Support Center and drc war store employees. /lili Fosters cooperation and consequences collaboration. Drc War! /lili Interacts tactfully yet directly with employees and maintains an open forum of exchange. /lili Demonstrates responsiveness and sensitivity to customer needs. /lili Applies basic principles of consequences retail (i.e., ordering cycles, peak inventories, merchandise flow, etc.). /lili Provides continuous attention to development of staff. /lili Recruits, hires and trains qualified applicants to drc war fulfill a store need. /lili Ensures store compliance to federal labor laws and company policies and procedures. /li/ulbr strongWORKING CONDITIONS and is foregrounded PHYSICAL REQUIREMENTS:/strong brulli Frequent walking and standing. /lili Frequent bending, stooping and drc war kneeling to run check out station, stock merchandise and unload trucks. Of Procrastination! /lili Frequent handling of merchandise and equipment such as hand-held scanners pricing guns, box cutters, merchandise containers and carts, two-wheel dollies, and U-boats (six-wheel carts). /lili Frequent and drc war proper lifting of up to 40 pounds; occasional lifting of up to resistant 55 pounds. /lili Occasional climbing (using ladder). /lili Occasional driving/providing own transportation to make bank deposits, attend management meetings and to drc war other Dollar General stores. Privilege Definition! /lili Fast-paced environment; moderate noise level. /lili Occasionally exposed to outside weather conditions. /li/ulbr Note: This position requires some travel with limited overnight stays brbrDollar General Corporation is an drc war, equal opportunity employer. brbrbr/ Associated topics: assistant manager, director, general manager, leader, major gifts officer, major gift officer, senior manager, shift supervisor, store manager, retail management Dollar General Drexel MO. Posted 6 days ago. VIEW JOBS 9/28/2017 12:00:00 AM 2017-12-27T00:00 strong At Dollar General, our customer is at the center of everything we do!

We are a fast-moving Fortune 200 publicly-traded company with more than 14,000 stores and 14 distribution centers in 44 states, growing by what is foregrounded, hundreds of stores each year. We work in an energetic atmosphere that embraces innovation and teamwork. At Dollar General, you can see a clear and fast path to career growth and success. We are committed to attracting talented and motivated people who can advance our mission of Serving Others. Let's Grow Together! /strongbrbrJob Details brbrstrong GENERAL SUMMARY: /strong brbrThe Assistant Store Manager helps maintain a clean, well-organized store with a customer-first focus. At the direction and delegation of the Store Manager, the Assistant Store Manager assists with supervision of store employees, management and presentation of merchandise, completion of paperwork, and preparation of deposits. The Assistant Store Manager also performs stocking and cashiering functions, and drc war performs other duties as necessary to maximize profitability and racial disparities criminal justice system customer satisfaction while protecting company assets and reducing losses. brbrstrong DUTIES and ESSENTIAL JOB FUNCTIONS: /strong brulli Provide superior customer service leadership; greet and assist customers, and operate cash register and scanner to itemize the customer's purchase. Drc War! /lili Open and adam and evw close the store a minimum of two days per week. /lili Assist Store Manager with scheduling employees, providing adequate training for employees, conducting safety meetings, and ensuring employee compliance with company policies and procedures. /lili Follow company work processes to manage merchandise, including receiving, unpacking, stocking, restocking and rotating merchandise on shelves and building merchandise displays. Drc War! /lili Assist in maintaining accurate inventory levels by controlling damages, markdowns, scanning, paperwork, and facility controls. /lili Assist in implementation and maintenance of planograms; ensure merchandise is presented according to definition established practices and drc war Store Manager direction. /lili Assist in ensuring financial integrity of the store through strict cashier accountability, key control, adherences to company security practices and what is foregrounded cash control procedures; authorize and sign for refunds and overrides, count register tills, and deposit money in bank. /lili Assist with management of the store in the Store Manager's absence. Drc War! /li/ul brbrQualifications brbrstrong KNOWLEDGE and resistant SKILLS: /strong brulli Effective interpersonal, written and oral communication skills. /lili Ability to solve problems and deal with a variety of situations. /lili Good organization skills with attention to detail. /lili Ability to read and interpret documents such as diagrams, safety rules, operating and maintenance instructions, and procedures manuals. /lili Ability to drc war perform mathematical calculations such as addition, subtraction, multiplication, division, and percentages. /lili Ability to perform cash register functions and racial disparities in the justice generate reports. /lili Knowledge of cash, facility, and safety control policies and practices. Drc War! /lili Knowledge of cash handling procedures including cashier accountability and deposit control. /lili Ability to drive own vehicle to the bank to deposit money.brbr /li/ulbr strong WORK EXPERIENCE and/or EDUCATION: /strong brulli High school diploma or equivalent strongly preferred. /lili One year of experience in a retail environment and six months supervisory experience preferred.br br /li/ulbr strong WORKING CONDITIONS: /strong brulli Frequent walking and standing /lili Frequent bending, stooping, and kneeling to run check out adam and evw station, stock merchandise and unload trucks; which may also require the ability to push and/or pull rolltainers for drc war, stocking merchandise /lili Frequent handling of merchandise and equipment such as handheld scanners, pricing guns, box cutters, merchandise containers, two-wheel dollies, U-boats (six-wheel carts), and rolltainers /lili Frequent and what is foregrounded proper lifting of up to 40 pounds; occasional lifting of up to 55 pounds /lili Occasional climbing (using step ladder) up to heights of six feet /lili Fast-paced environment; moderate noise level /lili Occasional exposure to outside weather conditions /lili Occasional or regular driving/providing own transportation to make bank deposits, attend management meetings and travel to other Dollar General stores. /li/ulbrbrDollar General Corporation is an equal opportunity employer. Drc War! brbr Dollar General Drexel MO. Store Manager Candidate In Drexel, MO. 1. HIV And AIDS Examples! Resume Copy paste or upload your resume. 2. Cover Letter (Optional)

2. Cover Letter (Optional) Attached Cover Letter. 2. Cover Letter (Optional) Copy paste or upload your cover letter. Dont have a cover letter? Build one now! We will save your jobs while you are here, but once you leave, they will be discarded. To save your jobs for when you return, please sign in.

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10 Tips for Writing the College Application Essay. No subject is drc war, more fraught with anxiety for the high school senior than the essay on the college application. Whether it is as bizarre as the University of Chicago's How do you feel about Wednesday?; University of Pennsylvania's You have just completed your 300-page autobiography. Please submit page 217.; or Tufts University's Are We Alone?or whether it is consequences of procrastination, a more mundane question about a formative experience you've had in drc war your life, or about some controversial social or political issue, students tremble at what is foregrounded the very thought of writing the essay and being judged on it. Drc War! Get updates from U.S. Of Procrastination! News, including newsletters, rankings announcements, new features and special offers.

We wondered what tips could be offered to ease the pain. For advice, we turned to visiting blogger Jonathan Reider, director of college counseling at San Francisco University High School, who before that was the drc war senior associate director of admissions (and humanities instructor) at Stanford University. He should know; he's been on both sides of the high school/college door. Here are his 10 best tips. 1. Be concise. Even though the Common Application main essay has only a suggested minimum of 250 words, and no upper limit, every admissions officer has a big stack to read every day; he or she expects to spend only a couple of minutes on the essay.

If you go over 700 words, you are straining their patience, which no one should want to racial disparities justice, do. 2. Be honest. Don't embellish your achievements, titles, and offices. It's just fine to be the drc war copy editor of the newspaper or the treasurer of the Green Club, instead of the sociology president. Not everyone has to be the star at everything. You will feel better if you don't strain to inflate yourself. 3. Be an individual. Drc War! In writing the definition essay, ask yourself, How can I distinguish myself from those thousands of others applying to College X whom I don't knowand even the ones I do know?

It's not in your activities or interests. If you're going straight from high school to college, you're just a teenager, doing teenage things. Drc War! It is your mind and capsules, how it works that are distinctive. Drc War! How do you think? Sure, that's hard to explain, but that's the key to the whole exercise.

4. Be coherent. Obviously, you don't want to consequences, babble, but I mean write about just one subject at a time. Don't try to cover everything in an essay. Doing so can make you sound busy, but at the same time, scattered and drc war, superficial. The whole application is a series of snapshots of what you do. It is inevitably incomplete. The colleges expect this. Go along with them. 5. Be accurate. I don't mean just use spell check (that goes without saying). Attend to the other mechanics of good writing, including conventional punctuation in the use of commas, semi-colons, etc.

If you are writing about Dickens, don't say he wrote Wuthering Heights. If you write about Nietzsche, spell his name right. 6. Be vivid. A good essay is often compared to a story: In many cases it's an anecdote of an important moment. Provide some details to adam and evw, help the drc war reader see the setting. Use the names (or invent them) for the other people in the story, including your brother, teacher, or coach. Adam And Evw! This makes it all more human and humane. Drc War! It also shows the racial justice system reader that you are thinking about his or her appreciation of your writing, which is drc war, something you'll surely want to do.

7. Be likable. Colleges see themselves as communities, where people have to get along with others, in dorms, classes, etc. Are you someone they would like to AIDS examples, have dinner with, hang out with, have in drc war a discussion section? Think, How can I communicate this without just standing up and saying it, which is corny. Subtlety is good. 8. Be cautious in your use of humor. You never know how someone you don't know is going to respond to you, especially if you offer something humorous.

Humor is racial disparities in the criminal system, always in drc war the eye of the beholder. Be funny only HIV and AIDS examples if you think you have to. Then think again. 9. Be controversial (if you can). Drc War! So many kids write bland essays that don't take a stand on anything. Consequences Of Procrastination! It is fine to drc war, write about politics, religion, something serious, as long as you are balanced and thoughtful. Don't pretend you have the final truth. And don't just get up on acid resistant capsules, your soapbox and spout off on a sensitive subject; instead, give reasons and arguments for your view and consider other perspectives (if appropriate). Colleges are places for the discussion of ideas, and admissions officers look for diversity of mind.

10. Be smart. Colleges are intellectual places, a fact they almost always keep a secret when they talk about their dorms, climbing walls, and how many sports you can play. It is drc war, helpful to show your intellectual vitality. What turns your mind on?

This is not the same thing as declaring an intended major; what matters is why that subject interests you. Copyright 2010 Professors' Guide LLC. All rights reserved. Best States for College Readiness. The highest percentage of students meet ACT benchmarks in these states. The Hidden Reason Behind College Dropouts. Privilege Sociology! Two- and four-year colleges must come together to improve transfer student success. Universities With High Tuition, Fees. More than half of these schools have an drc war, acceptance rate that's lower than 15 percent, U.S. News data show. Weighing Faculty Diversity for College.

Professors from different ethnicities and backgrounds can broaden students' undergraduate experience. Discover what it's like to attend more than 70 colleges across the country. 4 Myths About Athletic Scholarships. Despite misconceptions, athletes in sports ranging from golf to water polo can earn college scholarships. Is Foregrounded! Federal Investigation Fuels Amateurism Debate. The debate over if and how college athletes should be paid got new legs after a federal investigation alleged fraud and bribery schemes at marquee national programs. Maximize Study Abroad as Premed Student. Students can strengthen their medical school applications through foreign experiences. Top Universities With Rolling Admissions.

Eighty-three ranked schools evaluate college applicants on a first-come, first-served basis, U.S. News data show. Master SAT Command of drc war, Evidence Items. Students will find this question type in the reading and writing and consequences of procrastination, language sections of the exam. Drc War! Get updates from U.S. News, including newsletters, rankings announcements, new features and special offers. Video: Creating a College Short List. See the best National Universities, Liberal Arts Colleges and more.

Already know what you are looking for? This is a good place to start. Select colleges that interest you and see a side-by-side comparison.

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economics aqa essays 1010 N HANCOCK ST, PHILADELPHIA, PA 19123, USA. Copyright 2017 ghostwritingessays.com. Economics Aqa - Ghost Writing Essays. This Answers book provides answers for drc war the questions asked in the workbook. They are intended as a guide to give teachers and students feedback. The candidate responses supplied here for the longer essay-style questions are intended to give some idea about how the exam questions might be answered.

The examiner commentaries (underlined text) have been added to give you some sense of what is rewarded in the exam and which areas can be developed. Again, these are not the only ways to answer such questions but they can be treated as one way of approaching questions of these types. HIV And AIDS. Topic 1 The firm: objectives, costs and drc war, revenues 1Both private and public companies are privately owned capitalist business enterprises. The difference stems from their ownership. Private companies are owned by acid, private shareholders who can choose the buyer of their shares. Public company shares are listed on the stock market, which means that they have to comply with the rules of the stock market and any member of the public can buy shares in the company. An excess of sales receipts over the spending of a business during a period of time, which can be calculated using the drc war, formula: profit = revenue costs. 3At any level of output, revenue is calculated by multiplying output by the price at which each unit of output is sold. In perfect competition, because it is always possible to increase sales revenue by is foregrounded, selling more units of output, the revenue-maximising level of output does not exist. In other market structures, including monopoly and drc war, oligopoly, marginal revenue falls as more units of the good are sold.

Revenue maximisation occurs at the level f output at which marginal revenue is zero (MR = 0). By contrast, in all market structures, including perfect competition, profit maximisation occurs at the level of output at which marginal revenue equals marginal cost (MR = MC). 4An entrepreneur decides on questions such as how, what, where, how much and adam and evw, when to produce. Drc War. Entrepreneurs decide how to employ the factors of production, and they bear the businesss financial risks. In small businesses, the privilege, entrepreneur is often the founder of the firm, building the business by investing his/her own time and money. The entrepreneur directly manages the business and takes the important decisions about its direction and strategy.

5The management could control information and take decisions without the drc war, shareholders being able to influence the decision or even being aware of an issue. 6The key difference between the short run and sociology, the long run relates to whether factors of production are fixed or variable. In the short run, at least one factor of production (usually assumed to be capital) is fixed. Labour is assumed to be variable. In the long run, all factors of production are variable and none is fixed. This question is the obverse of question 6. A fixed factor of production is one that cannot be increased in the short run, normally land and capital. A variable factor of drc war production, normally labour, can be increased in acid resistant capsules, the short run. 8The law of diminishing returns sets in when units of a variable factor of production, such as labour, are added to fixed factors of production. Eventually the extra output (marginal returns) produced by the marginal worker falls to be less than the marginal product of the previous worker added to the labour force. (i)The firm increases the scale of drc war production and adam and evw, experiences a more than proportionate increase in output. (ii)The firm increases the scale of production and drc war, experiences a proportionate increase in adam and evw, output. (iii)The firm increases the drc war, scale of production and experiences a less than proportionate increase in output. 10 [pic] 11Average variable costs are total variable costs divided by the size of output. Adam And Evw. Average total costs are total costs divided by the size of output.

A firms average total costs can also be calculated by adding its average fixed costs to its average variable costs. 2Technical economies of scale occur when a firms production methods benefit significantly from increasing to a larger scale. The productivity increases experienced by a firm in traditional economic theory stem from the larger scale of production allowing for a greater division of labour and improved specialisation. Hence the firm experiences a technical improvement in production and more than proportionate output gains. An example is provided by Henry Fords adoption of assembly-line production in his car factories in the early years of the 20th century. A bulk-buying economy of scale occurs when a firm gets a discount as a result of buying raw materials or capital goods in bulk. Drc War. For example, a school may be able to adam and evw, buy 100 computers at ? 300 each, whereas a single computer would be priced at ? 600. Drc War. 13(i) If a firm in racial disparities criminal, a perfectly competitive market sets its price above P1, the ruling market price, it will not sell any of its products. This is drc war because its products are identical to those of its competitors, and buyers who possess perfect market information and will buy from the cheaper rival firms selling at the ruling market price. ii) If the what, firm sets its price below P1 it will sell all of its output, but it will not be maximising profit.

There is no sense in doing this, given that an drc war infinite number of customers are willing to buy the good at the higher price of P1. 14You can understand this question by referring back to the answer to question 3. As long as marginal revenue is positive (at all levels of adam and evw output below Q1), the monopoly can increase sales revenue by producing and selling more. Drc War. But when marginal revenue is negative (at all levels of output above Q1), the monopoly can increase sales revenue by producing and of procrastination, selling less. Exam-style answers (essay) 01The laws of drc war diminishing returns and returns to scale are both parts of production theory. (The law of diminishing returns is also known as the law of diminishing marginal productivity. ) Production theory explains the relationship between inputs into the production process and the output of goods or services that results. The inputs are the services of the factors of racial production that the firm employs. The basic nature of production is drc war shown in the diagram below. [pic] Production theory divides into short-run production theory and long-run production theory. The law of diminishing returns is a short-run economic law, whereas returns to consequences of procrastination, scale occur in the long run. The law of diminishing returns has the status of an drc war economic law, because in the short run at least one of the factors of production (usually assumed to be capital) is held fixed. This means that the only way a firm can increase output in the short run is by adding more variable factors, e. g. Definition Sociology. labour, to drc war, fixed capital. Eventually, as labour is added to definition, fixed capital, an extra worker (the marginal worker) gets in the way of the already existing labour force and the additional output attributable to the marginal worker begins to fall.

This is when the drc war, law of diminishing returns has set in. Returns to scale by contrast occur in acid capsules, the long run when all the factors of production increase. The firm increases its scale or size of operation. Drc War. If a doubling of all the inputs (factors of production) leads to a less than doubling of output, decreasing returns to scale have set in. (Other possibilities are increasing returns to scale and constant returns to scale. ) To understand the relationship between the law of diminishing returns and short-run cost curves, consider the diagram on the next page. The upper panel of the diagram shows the marginal and consequences, average returns (or productivity) of labour. Diminishing marginal returns begin at point A. Increasing marginal productivity of labour (or increasing marginal returns) is shown by the positive (or rising) slope of the marginal product curve, while diminishing marginal returns are represented, beyond point A, by the curves negative (or falling) slope. But once the drc war, law of diminishing returns has set in, short-run marginal costs begin to rise. This is shown by the upward-sloping section of the MC curve in the lower panel of the consequences of procrastination, diagram.

And as soon as MC rises through the average variable cost (AVC) curve (and later the average total cost (ATC) curve), the drc war, two average cost curves begin to rise. This means that the AVC and the ATC curves are U-shaped. [pic] Just as short-run cost curves are derived from the short-run law of diminishing returns, so long-run cost curves result from the nature of returns to scale. HIV And AIDS Examples. When a firm changes the scale of all the factors of drc war production in the economic long run, it is of procrastination usual to assume that to start with it benefits from increasing returns to scale but that eventually decreasing returns to drc war, scale set in. Given this assumption, the firms long-run average cost (LRAC) curve is privilege U-shaped, as shown in the diagram below. However, other assumptions about the impact of returns to scale on long-run production would lead to different possible shapes of the LRAC curve. [pic] The mark scheme for the first part of an essay question is issue based. The mark scheme sets out drc war, all the issues deemed to be relevant to the question and adam and evw, indicates the maximum marks that can be awarded for drc war each issue. When added up, the total available mark is usually higher than 15 (the maximum mark for the first part of an essay question). What. When an answer scores more than 15 marks, the drc war, actual mark awarded is constrained to the maximum of 15. This is the case with this answer. All four parts of the question are addressed accurately, earning well over 15 marks. The maximum mark of 15 is awarded.

02Large firms are sometimes and perhaps often better than small firms, but they are not always better. The main reason why large firms can be better than small firms stems from the fact that in many industries, e. . mass car production, firms benefit from increasing returns to HIV and AIDS, scale as the size or scale of the drc war, firm increases. As the final diagram in the answer to question 01 indicates, increasing returns to disparities in the justice system, scale translate into economies of scale when measured in terms of long-run average costs of production. Economies of scale are defined as falling long-run average costs of production, whereas diseconomies of scale are rising long-run average costs of production. Increasing returns to scale mean that as plant size increases, a firm can combine its inputs in drc war, a technically more efficient way. As a result average costs of production fall.

This means that large firms, particularly in manufacturing, can benefit from technical economies of scale. Many types of plant or machinery are indivisible, in the sense that there is a certain minimum size below which they cannot operate efficiently. A firm requiring only a small level of output must therefore choose between installing plant or machinery that it will be unable to use continuously, or using a different but less efficient method to produce the smaller level of output required. Large firms can also benefit from volume economies of scale. With many types of definition capital equipment (for example, metal smelters, transport containers, storage tanks and warehouses), costs increase less rapidly than capacity. When a storage tank or boiler is doubled in drc war, dimension, its storage capacity actually increases eightfold.

Since heat loss depends on AIDS Essay examples the area of the containers walls (which will only have increased fourfold) and not upon volume, a large smelter or boiler is technically more efficient than a small one. Volume economies are thus important in industries such as transport, storage and warehousing, as well as in metal and chemical industries, where an increase in the scale of plant provides scope for the conservation of heat and energy. When there are substantial economies of scale available to drc war, a firm, its LRAC curve will look like the one in diagram (a) of the following: [pic] When firms can benefit from substantial economies of scale (and economies of large-scale production), this will benefit firms. The gain in productive efficiency achieved from a large scale of operation means that profits will be larger for large firms than for small firms. Definition Sociology. However, the opposite will be true if diseconomies of scale set in early on as a firm increases its size. Drc War. Economies of small-scale production (as depicted in diagram (b)) show that small firms producing at Q1 are more productively efficient than large firms. This is likely to be the situation in personal service industries such as building customised furniture for clients. A range of other issues are also relevant to this question. Firms may grow large in order to acid resistant, exploit the monopoly power that large size often gives to firms. The firms may benefit from monopoly profit, but their consumers suffer from unnecessarily high prices, restricted choice and general consumer exploitation.

The large profit and market power that large firms often enjoy may be used to drc war, finance innovation and the benefits of dynamic efficiency which, if passed on to consumers, means that they also benefit. On the other hand, this might not happen; large firms may simply enjoy an easy life, content with a degree of X-inefficiency (unnecessary costs of what production). In conclusion, the answer to the question depends on the assumptions made about whether economies of scale are possible, the motives of firms, and the extent to which they can exploit monopoly power to the detriment of consumers. Drc War. It is useful to divide large firms with monopoly power into those that are fully unified and technically integrated firms and those that are not. Consequences. A fully unified or technically integrated firm is drc war one that grows because it organises production in HIV and, a productively efficient way in order to reduce average costs and increase profits. If monopoly power results, it is drc war almost by accident. Providing it behaves itself when large size gives it monopoly power, the firm, consumers and the public interest all benefit.

By contrast, if a firm grows (usually by takeover rather than through organic growth), its main motive may be to exploit consumers. Clearly such firms are not best. The mark scheme for the second part of an consequences of procrastination essay question is level of skill based. Having read the drc war, whole answer, the consequences of procrastination, examiner places the answer in drc war, one of five levels. These are: Level 1 very weak Level 2 weak with some understanding Level 3 reasonable including some correct analysis but very limited evaluation Level 4 good analysis but limited evaluation or reasonable analysis and reasonable evaluation Level 5 good analysis and good evaluation This answer has been awarded a mark at the top of level 4 in the AQA mark scheme. HIV And AIDS Examples. The levels descriptors in the mark scheme are used for the second parts of all essay questions (and also all part 03 and 06 context data response questions at A2).

The level 4 descriptor is: A2 |AO1 Knowledge and drc war, |AO2 Application of theories,|AO3 Analysis of economic |AO4 Evaluation of economic | |Levels mark scheme |understanding of theories, |concepts and terminology |problems and issues |arguments and evidence, | | |concepts and terminology | | |making informed judgements | |Level 4 |Good throughout the HIV and AIDS, answer |Good application to issues |Relevant and precise with a |Limited but showing some | |1721 marks |with few errors and |Where appropriate, good use |clear and logical chain of |appreciation of alternative | |(mid-point 19) |weaknesses |of data to support answer |reasoning |points of view | | | | |There is good awareness of | | |Good analysis but limited | | |the interrelatedness of | | |evaluation | |Some good application to |economic issues | | | | |issues |Largely relevant and well |Reasonable, showing an | |or |Good throughout much of the |Where appropriate, some good|organised with reasonable |appreciation of alternative | |Reasonable analysis and |answer with few errors and drc war, |use of data to adam and evw, support |logic and drc war, coherence |points of view | |reasonable evaluation |weaknesses |answer |There is some awareness of | | | | | |the interrelatedness of of procrastination | | | | | |economic issues | | The answer displays both good analysis and good evaluation, but does not quite reach level 5. Although analysis of economies and diseconomies of scale is excellent, the drc war, analysis on monopoly is too thin, based on assertion rather than rigorous development and application of economic theory. Is Foregrounded. Hence the answer is placed at the top of drc war level 4 rather than level 5. Topic 2 Competitive markets 1It is impossible for human beings to racial disparities in the criminal justice, possess perfect information about what is happening in a market. With the possible exceptions of currency and drc war, share markets, it is unrealistic to assume that all goods and services are identical, uniform or homogeneous. 2Motorists can research similar car models in trade magazines and on Essay examples the internet to get a picture of the price of cars depending on age, mileage, condition and availability. 3Whenever marginal revenue exceeds marginal cost (MR gt; MC), selling an extra unit of output always increases total profit. The extra unit adds more to revenue than it does to costs. But whenever marginal revenue is drc war less than marginal cost (MR lt; MC), selling an extra unit of output always reduces total profit. The extra unit adds more to costs than it does to revenue. It follows that only when marginal revenue equals marginal costs (MR = MC) are profits maximised.

Normal profit is the level of profit made by a firm that provides just sufficient incentive to HIV and examples, stay in the market. As a profit level, it is drc war not high enough to attract new firms into the industry to privilege sociology, compete with existing firms, or low enough to force firms out drc war, of the disparities criminal justice, market. Supernormal profit is excess profit over and above normal profit. If there are no significant barriers to market entry, supernormal profit will attract new firms to enter the market and compete for customers. This should drive prices down until surviving firms make normal profit only. 5When the price of a good is greater than the marginal cost of production, the result is allocative inefficiency because the price charged by drc war, firms will be greater than the cost of disparities criminal making the last unit. This indicates that the firm is over-charging consumers. Drc War. Hence not enough of the disparities in the justice system, good is demanded and societys scarce resources are not properly allocated between competing uses. Allocative inefficiency occurs when P gt; MC or P lt; MC.

For any given employment of resources and drc war, any initial distribution of income and wealth among the population, total consumer welfare can increase if resources are re-allocated from markets where P lt; MC into those where P gt; MC, until allocative efficiency is acid resistant capsules achieved when P = MC in all markets. 6Price competition occurs when firms seek to reduce costs and gain customers by offering products at drc war the lowest possible price. By offering the good at a low price they hope to create an incentive for the consumer to buy the product. Quality competition is acid when a firm seeks to sell a product to consumers on the grounds that it is superior quality when compared to rival products. In this case the firms product may be more expensive than rival goods but the firms business strategy aims to attract consumers by offering better quality, whether this be in design, materials, service and/or build quality. 7The internet breaks down geographical frontiers, which enables buyers and sellers to engage in national and international markets. This has made some markets bigger and helped fulfil the drc war, assumption that there are a large number of buyers and sellers.

Internet search engines and comparisons have allowed both business and racial disparities criminal justice system, consumers to move closer to the perfect information assumption. Consumers can more easily compare prices and this has helped to increase competition, although human decision making is still bounded by limited time and constraints on the level of detail that comparison websites provide. Exam-style answers (essay) 01Perfect competition is a market that meets all the six conditions that define the market structure. These are: (i) a very large number of drc war buyers and sellers; (ii) each with perfect market information; (iii) each able to buy or sell as much as it wishes at the ruling market price determined in he market as a whole; (iv) individual buyers and sellers unable to influence the privilege sociology, ruling market price through their own actions; (v) a uniform or identical product; and (vi) an absence of barriers to entry into and exit from the market in the long run, i. e. complete freedom of entry and drc war, exit. Sociology. A barrier to entry prevents new firms from entering a market. Taken together, these conditions tell us that a perfectly competitive firm, whose AR and MR curves are depicted in panel (a) of the diagram below, faces a perfectly elastic demand curve for its product. Drc War. The demand curve facing the firm is located at the ruling market price, P1, which itself is consequences determined through the drc war, interaction of market demand and market supply in the market as a whole, which is illustrated in panel (b) of the diagram. [pic] The assumption that a perfectly competitive firm can sell whatever quantity it wishes at the ruling market price P1, but that it cannot influence the AIDS, ruling market price by its own action, means that the firm is a passive price-taker.

Condition (iii) of the conditions of perfect competition tells us that a perfectly competitive firm can sell as much as it wishes at the markets ruling price. But, given that it can sell as much as it desires at the markets ruling price, how much will it actually wish to produce and sell? Providing we assume that each firms business objective is solely to maximise profit, the answer is shown in panel (a) of the next diagram: [pic] Panel (a) in the diagram above adds the perfectly competitive firms average total cost (ATC) curve and its marginal cost (MC) curve to the revenue curves shown in drc war, the earlier diagram. Point A in panel (a) (at which MR = MC) locates the profit-maximising level of disparities output Q1. At this level of output, total sales revenue is shown by the area OQ1AP1. Total cost is shown by the area OQ1BC1. Supernormal profits (measured by subtracting the total cost rectangle from the total revenue rectangle) are shown by the shaded area C1BAP1. Referring back again to the list of the conditions of perfect competition, we can see that although firms cannot enter or leave the market in the short run, they can do so in the long run (condition (vi)). Suppose that in the short run, firms make supernormal profit.

In this situation, the ruling market price signals to firms outside the drc war, market that an incentive exists for new firms to enter the market. The next diagram shows what might then happen: [pic] Initially, too many new firms enter the sociology, market, causing the supply curve to shift to the right to S2 in panel (b) of the diagram. This causes the price line to fall to P2, which lies below each firms ATC curve. Drc War. When this happens, firms make a loss (or subnormal profit). But just as supernormal profit creates the incentive for new firms to enter the market, subnormal profit provides the incentive for marginal firms to leave the acid, market. In panel (b) the drc war, market supply curve shifts to the left and privilege definition, the market price rises. Eventually, long-run equilibrium occurs when firms make normal profit only. For the market as a whole, this is shown at output Q/// and price P3.

This answer is similar to the answer written for the Topic 1 exam-style essay question in that it includes more than enough coverage of issues to earn all the available 15 marks. The candidate starts the answer with a list of the conditions of perfect competition. Weak answers frequently go no further than this. Drc War. However this answer uses the conditions as prompts for developing the analysis required of a good answer to this question. Further good points are devoting more or less equal space to both the whole market and to one firm within the market, and to the use of relevant and accurate diagrams to racial criminal justice system, illustrate the analysis. The maximum 15 marks are awarded. 02In economics the word efficiency has several meanings. For example: Technical efficiency.

A production process is technically efficient if it maximises the output produced from the available inputs or factors of drc war production. Productive efficiency or cost efficiency. To achieve productive efficiency, a firm must use the techniques and factors of production that are available, at lowest possible cost per unit of output. In the short run, the acid resistant, lowest point on the relevant short-run average total cost curve locates the most productively efficient level of drc war output for the particular scale of operation. X-efficiency. This occurs when a firm has eliminated all unnecessary costs of production, which means that it must be producing on and not above its average cost curve. Allocative efficiency.

This occurs when it is impossible to adam and evw, improve overall economic welfare by reallocating resources between industries or markets (assuming an initial fairness in the distribution of income and wealth among the population). For resource allocation in the whole economy to be allocatively efficient, price must equal marginal cost (P = MC) in each and drc war, every market in sociology, the economy. Dynamic efficiency. All the forms of drc war efficiency mentioned above are examples of static efficiency, i. e. efficiency measured at a particular point in time. By contrast, dynamic efficiency measures improvements in technical and productive efficiency that occur over time. Is Foregrounded. Improvements in dynamic efficiency result from the introduction of better methods of producing existing products (including firms ability to benefit to a greater extent from economies of scale), and also from developing and marketing completely new products.

The diagram below shows that a perfectly competitive firm achieves both productive and allocative efficiency in the long run, but only under the assumption that there are no economies of drc war scale. The firm is productively efficient because it produces the optimum output at the lowest point on definition sociology the ATC curve, and it is allocatively efficient because P = MC. In long run or true equilibrium, a perfectly competitive firm must also be X-efficient. The reason is simple. If the firm is X-inefficient, producing at a level of unit costs above its ATC curve, in the long run the firm could not make normal profits. In a perfectly competitive market, to survive and make normal profits, a firm has to eliminate organisational slack or X-inefficiency. [pic] The first sentence in the previous paragraph asserted that perfect competition is efficient provided there are no economies of scale.

Consider now a situation, shown in the final diagram below, in drc war, which the market is too small to allow a large number of firms each to privilege definition, achieve all the economies of scale that are possible. Drc War. [pic] For a firm to benefit from economies of scale to the full, and hence to be productively efficient in the long run as well as in HIV and AIDS examples, the short run, its short-run cost curve would have to be positioned at SRATCN, or indeed further to the right than this. The problem is that the market is too small to allow both full economies of drc war scale and the large number of firms required for perfect competition to be achieved. Long-run productive efficiency requires a monopoly market structure (natural monopoly). By contrast, perfect competition requires each of a very large number of firms to be producing on a short-run average cost curve such as SRATC1. HIV And Essay Examples. On such a curve, the perfectly competitive firm is indeed productively efficient in the sense that it achieves short-run productive efficiency, but it is producing way below the level of output that is productively efficient in the long run when scale economies are benefited from to the full. In conclusion, a perfectly competitive firm can be efficient when judged against drc war the criteria of productive, X, and allocative efficiency, but only in the short run. Unlike a monopoly, a perfectly competitive firm cannot achieve long-run productive efficiency through the pursuit of economies of scale. Finally there is another argument, so far not considered, which may mean that perfectly competitive firms fail to produce the allocatively efficient level of output. True allocative efficiency requires that the price charged for a good by adam and evw, a firm should equal the marginal social cost of production and not the marginal private cost incurred by the firm, i. e. P = MSC and not P = MPC.

This means that when externalities, negative or positive, are generated in the course of production, a perfectly competitive firm will not produce an allocatively efficient level of output. Drc War. Nor will the racial disparities in the criminal justice, whole market. This is clearly a level 5 answer which earns full marks. The level descriptors for level 5 are: A2 |AO1 Knowledge and |AO2 Application of theories,|AO3 Analysis of economic |AO4 Evaluation of economic | |Levels mark scheme |understanding of drc war theories, |concepts and terminology |problems and issues |arguments and evidence, | | |concepts and terminology | | |making informed judgements | |Level 5 |Good throughout the answer |Good application to issues |Relevant and precise with a |Good with a clear final | |2225 marks |with few errors and |Where appropriate, good use |clear and logical chain of |judgement | |(mid-point 24) |weaknesses |of data to support answer |reasoning | | | | | |There is good awareness of | | |Good analysis and good | | |the interrelatedness of | | |evaluation | | |economic issues | | The question focuses solely on in the justice efficiency criteria and not on welfare criteria, namely the consumer surplus members of households enjoy in perfectly competitive markets. Drc War. Pleasingly, the acid capsules, answer starts with relevant definitions but while a couple of drc war marks are available for definitions, this list is really too long. Of Procrastination. Note that the concept of X-efficiency is not in the Unit 3 specification, though good answers frequently make use of the concept. Topic 3 Concentrated markets Water companies such as Thames Water are pure monopolies in the supply of tap water since their customers have no other companies from which they can buy tap water. The supermarket industry is drc war oligopolistic because over 90% of market share is controlled by four large firms. Privilege Sociology. 2The John Lewis Partnership is a firm that has grown primarily through organic growth.

Halifax Bank of Scotland (HBOS), which is now owned by drc war, the Lloyds Banking Group, is a firm that primarily grew through takeover and system, merger. 3British Gas and Thames Water. Natural monopoly occurs when there is only room in the market for one firm benefiting to the full from economies of scale. In the past, utility industries such as water, gas, electricity and the telephone industries were regarded as natural monopolies. Because of the nature of their product, utility industries experience a particular marketing problem. The industries produce a service that is delivered through a distribution network or grid of pipes and drc war, cables into millions of separate businesses and disparities, homes. Drc War. Competition in the provision of distribution grids is extremely wasteful, since it requires the duplication of of procrastination fixed capacity, therefore causing each supplier to incur unnecessarily high fixed costs.

Until quite recently, utility industries were generally monopolies. High barriers to entry prevent new firms from entering the market and competing for drc war profits with the monopoly. Barriers to entry will often take the form of high sunk costs, i. e. billions of pounds of capital investment which enable the racial disparities in the criminal, firm to operate at the bottom of the long-run average cost (LRAC) curve. Monopoly firms can also be protected by legal restrictions imposed by the government. Drc War. For many decades, but no longer today, the Royal Mail enjoyed a privileged position in the delivery of mail.

Patent and copyright law protects intellectual property rights. 5A cartel or price ring is an informal agreement between firms in a market to keep prices artificially high. This allows firms to exert monopoly power through collusion and HIV and AIDS Essay examples, make supernormal profits by overcharging consumers. Drc War. This allows poorly managed and inefficient firms to continue to make profits and deprives consumers of the sociology, lower prices that could be offered by more efficient firms that have more innovative production methods and are less wasteful. Under UK, EU and US law, cartels are often illegal and drc war, can be punished with large fines and, in the USA, by imprisonment of company directors. Cartels can, however, provide benefits to the public.

If a cartel can protect firms from the pressures of competition and allow firms to invest in research and development to invent new products, it can be extremely beneficial to the public. Large pharmaceutical companies, for example, have argued that pricing agreements have allowed them to raise finance to invest in expensive scientific research and drug development which they could not do if they were constantly fighting aggressive price wars with rivals. 6Cartels are usually illegal because their behaviour results in higher prices for consumers and is foregrounded, they allow members of the cartel to operate inefficiently. In the drc war, case of the cement industry cartel broken up by the European Union competition authorities, firms were able to charge customers artificially high prices for cement, which pushed up the costs of production for the construction and building industry. This meant that government contractors had to spend more of their taxpayers money to consequences, purchase cement for investment projects such as school buildings, hospitals and roads. Private sector companies also had to pass on drc war higher prices to businesses and households, which depleted levels of what is foregrounded household disposable income and reduced households ability to spend on other goods and services. Most cartel members benefited significantly from the supernormal profits they made. Managers and the owners of the drc war, businesses would have benefited, but not the general public. Furthermore, the examples, supernormal profit did not encourage managers to look for efficiency savings, invent new products or innovate new production methods. As a result, prices remained high as consumers paid too much for products. These market distortions resulted in consumers facing wrong prices signals, which in turn led to a misallocation of scarce resources.

7In the original prisoners dilemma, two prisoners are jointly charged with a serious crime such as armed robbery and are held in isolation from each other. The prosecutor, hoping to have his task simplified, knows that a confession from one will convict the other, but he also knows that the available evidence is drc war insufficient to ensure a conviction. If both prisoners plead not guilty, they are likely to go free. Hoping to ensure two guilty pleas, the prosecutor visits each prisoner in his cell and offers a deal. The prosecutor informs each prisoner that he will receive one of two possible outcomes, depending on how he pleads: (i) if both prisoners plead guilty, each will go to prison for one year; and (ii) if one prisoner pleads guilty and the other not guilty, the prisoner pleading guilty will be freed and receive a reward if he gives evidence to what is foregrounded, convict the other prisoner whilst the other prisoner gets a five-year jail sentence.

Each prisoner faces the dilemma that if he pleads not guilty but the other prisoner pleads guilty and shops him, he will get the worse possible outcome, namely being banged up for five years. Shuddering at this possibility, both prisoners plead guilty and get the second best outcome: one year in jail. However, the best outcome for each prisoner, namely going free and drc war, possibly earning a reward, is not achieved. The prisoners dilemma scenario can be used to model the definition sociology, behaviour of competitive duopolists, for example those in the arms industry. Drc War. A British and a French company are competing to secure an arms deal to sell a billion pounds worth of weapons to Iraq. Resistant Capsules. By paying bribes of $100 million to government ministers in Iraq, the British company believes it will get the whole deal. However, earning ? 1 billion depends on drc war the actions of the French company, the only other likely supplier of the arms. If both companies bribe Iraqi ministers, the deal is likely to be shared between the privilege, two suppliers. The British companys profits will then be much less than if it alone pays bribes and gets all the drc war, business. The chief executive officer of the British company thinks it a pity to consequences, pay out $100 million, but if they did not and the French company did, the French would get all the business and the UK company would make zero profit. In the absence of drc war collusion, there are two strategies available to each firm: (a)Pay the bribe, while the other firm does not bribe.

Outcome: (i)for the firm paying the bribe: a net income of $900 million (ii)for the firm refusing to bribe: nothing (b)Both pay the bribe. Outcome: The sale is shared: each firm nets $400 million. To avoid losing all the Essay examples, business and drc war, making zero profit, both rivals decide to pay the adam and evw, bribe. In this scenario, paying the bribe is drc war each firms dominant strategy, i. e. the is foregrounded, strategy to be pursued whatever rival firms do. Paying the bribe makes the British company better off, whatever the French do, and vice versa. 8When natural barriers to market entry are low or non-existent, incumbent firms (i. e. firms already in the market) may set low prices, known as limit prices, to deter new firms from entering the market. Incumbent firms do this because they fear increased competition and loss of market power. With limit pricing, firms already in the market sacrifice short-run profit maximisation in order to maximise long-run profits, achieved through deterring the entry of new firms. Drc War. By contrast, predatory pricing occurs when a firm cuts the price of what its product to a loss-making level in drc war, order to force a rival firm out of consequences of procrastination business. This strategy is normally used by large firms that can subsidise losses using profits from drc war another part of their business empire to force smaller rivals out of the privilege definition, market. 9Firms undertake price discrimination in order to maximise profits.

This arises when different customers have different elasticities of demand at different prices. Drc War. If one customer has a highly inelastic demand and HIV and examples, another an elastic demand, the firm will be able to sell them the same product but at different prices. Train companies will typically price discriminate by charging different fares to different customers and also varying the price of a ticket at different times of the day to send price signals and create incentives and disincentives to travel. Price discrimination occurs when firms charge different prices to drc war, different customers based on differences in the customers ability and willingness to pay. Those customers who are prepared to pay more are charged a higher price than those who are only willing to pay a lower price. Price discrimination allows firms to increase profit by taking consumer surplus away from consumers and converting it into extra monopoly profit or supernormal profit. What Is Foregrounded. Providing the increase in sales revenue resulting from drc war price discrimination is greater than the extra costs incurred when charging different prices to different customers, it is in firms interest to AIDS Essay examples, indulge in drc war, this form of pricing.

10The gamers consumer surplus is ? 0, being the difference between the maximum price he was prepared to pay and the actual price he paid. The store owners producer surplus is ? 2, being the difference between the lowest price he was prepared to accept and the actual price paid. 11Expensive capital equipment and sunk costs, and patent and copyright laws. 12A patent is the what, legal protection given to an inventor or producer which grants exclusive rights to a product for up to 20 years. This legal protection allows firms to drc war, make supernormal profits because they are effectively monopoly producers. Patent protection creates a strong incentive for firms to invent new products and of procrastination, create new technologies or pharmaceutical products which significantly improve social welfare.

Thus patent protection drives dynamic efficiency. Invention and new product design frequently require high levels of research and development which burden firms with significant sunk costs and risk bankruptcy if the new product fails. Hence the incentive of drc war making supernormal profits over a 20-year period encourages firms to invent, seek dynamic efficiencies and take risks. Exam-style answers (data response) Competition and monopoly in the EU airline industry 01Air France enjoys a domestic market share of 80%, whereas the domestic market share of Flybe is just under 30%. There is thus a difference of just over 50% between the domestic market shares of the two airlines. A significant feature of the privilege sociology, data is that only one airline, SAS, leads the drc war, domestic market in more than one country. SASs market share in Norway is about 43% while its market share in Sweden is about 37%. The first part of the context data response question in ECON 3 and in ECON4 will usually be in two parts. The first part requires a calculation (often a percentage calculation). The second part asks for identification of one other significant point of acid resistant capsules comparison, or in this question where there is only one data series in Extract A, one other significant feature of the data.

Some future exam papers may revert to asking for two significant points of comparison (or features), without a preliminary calculation. For this question, the answer picks up 3 marks for the calculation and 3 marks for identifying a significant feature in the data, constrained to the maximum mark of drc war 5 available for the question. What. 02The term monopoly power does not mean quite the same thing as monopoly. Whereas pure monopoly occurs when there is only one firm in the market, monopoly power exists even when pure monopoly does not. The term applies to a situation in drc war, which firms within the market possess the power to reduce output, raise the price, and make supernormal profit. By using strategies such as product design, brand imaging, persuasive advertising and protecting themselves through patents, firms can exercise a degree of monopoly power even when there are many firms in is foregrounded, the market. Although Air France is not a pure monopoly in the French market, it may be a monopoly for drc war flights between particular airports. Capsules. In any case, even when not a pure monopoly, Air France possesses a large amount of drc war monopoly power which it may choose to exercise.

As the diagram below shows, on routes where its monopoly power is complete, it may hike up the price it charges to P2, compared to a competitive market price of P1. It does this by restricting the number of flights to F2, compared to F1, which would be the number of flights if the market were perfectly competitive. [pic] In the latter case, market equilibrium would be determined at point A on the diagram. But when Air France acts as a pure monopoly, point B (where MR = MC) determines the level of adam and evw output, with Air France then able to charge a price of P2. Drc War. Air France could also use its monopoly power in other ways. The airline could indulge in price discrimination, charging higher prices to customers who are prepared to pay more for a flight. Alternatively, and presumably requiring the support of the consequences, French government, Air France might charge limit prices or even predatory prices. A limit price is a price set deliberately low to discourage competitor airlines from entering the market.

A predatory price is set even lower, below average costs, with the intention of driving rival airlines that have dared to enter the market, out of the drc war, market. However, perhaps the main way Air France might exercise its monopoly power is by gaining control of landing and take-off slots at French airports, to privilege, make it uneconomic or impossible for rivals to use the airports. As with the drc war, first part of context data response question, in ECON 3 and in ECON4 the second part of the question divides into what is foregrounded two parts. The first part (worth 4 marks) asks candidates to drc war, explain the meaning of an economic term (in this case monopoly power). The follow-on part (worth 6 marks) tests the more demanding skill of economic analysis. An answer is constrained to a maximum of 6 marks if only the what, explanation or analysis is attempted. This answer is more than sufficient to earn all 10 marks. In fact, the candidate is in danger of spending too much time on an 02 question, which would leave too little time to develop an answer to the last part of the drc war, question. 03A cartel is a collusive agreement by justice system, firms, usually to drc war, fix prices. Sometimes output may also be fixed.

In the diagram below, five firms jointly agree to charge a price to keep firm E, which is the least efficient firm, in the market. Sociology. In a competitive market, firm E would have to reduce costs or go out of business. Cartel agreements therefore enable inefficient firms to stay in business, while other more efficient members of the price ring enjoy supernormal or monopoly profit. By protecting the inefficient and enabling firms to enjoy an easy life protected from competition, cartels display the disadvantages of drc war monopoly (high prices and disparities criminal justice, restriction of choice) without the benefits that monopoly can sometimes bring, namely economies of drc war scale and improvements in dynamic efficiency. Although cartels can achieve a better outcome for all firms concerned, they are not likely to acid resistant capsules, be good for the consumer.

For this reason, cartel agreements are usually illegal and judged by drc war, governments as being anti-competitive and against the public interest. Nevertheless, some forms of racial disparities in the cooperation or collusion between oligopolistic firms may be justifiable and in the public interest. These include joint product development and cooperation to improve health and safety within the industry, or to drc war, ensure that product and labour standards are maintained. Such examples of industry collaboration are normally deemed to be good, in contrast to price collusion, which is acid resistant regarded as bad. [pic] Currently, within the European Union, cartels are usually deemed to be illegal, both by national competition authorities such as the drc war, Competition Commission in the UK, and by EU competition policy. In both national and privilege sociology, EU competition policy, a cartel agreement is treated as an anti-competitive trading restrictive practice, collectively undertaken by the member firms of the cartel. Within the UK, the Office of Fair Trading (OFT) can refer collective restrictive agreements and practices to a court of law, the Restrictive Practice Court (RPC). Arguably, policy towards collective restrictive practices is more effective than other aspects of drc war competition policy because a court enforces the policy. Privilege Definition Sociology. A firm that ignores an RPC ruling may be found guilty of drc war contempt and fined. Consequences Of Procrastination. Nevertheless, the punishments that the RPC can hand out are quite weak usually a fine of just a few thousand pounds.

Restrictive trading practice policy would be much more effective if fines of millions rather than thousands of pounds were imposed, and drc war, if the authorities were given more power to detect secretive collusive agreements. European Union competition policy, including policy aimed at cartels, is based on of procrastination the principle of drc war subsidiarity. This principle means that EU policy is activated only when firms operating within the EU adversely affect or distort trade between EU member states. Thus a cartel agreement between a number of (probably small) UK companies, operating solely within the UK and privilege definition, not competing with firms from other EU countries, would not attract the drc war, attention of the EU Competition Commissioner, who is in charge of EU competition policy. Consequences. In practice, EU and national competition authorities complement each other and should not be regarded as alternatives. It is also the drc war, case that the of procrastination, EU Competition Commissioner imposes heavier fines and more draconian punishments on firms found to be operating anti-competitive cartel agreements, than do strictly national competition authorities. This is evidenced by the case study in Extract C in the question. The case study reported that the EU fined 11 national airlines about 800 million for fixing the price of air cargo between 1999 and 2006. Drc War. British Airways was fined 104 million, Air France-KLM 340 million and Cargolux Airlines 79.

9 million. The case study also draws attention to adam and evw, the fact that because cartel agreements are usually hidden, they are often exposed by a dissatisfied member of the cartel blowing the whistle on other cartel members. Whistle blowers usually get off scot-free (to incentivise whistle blowing in other, as yet unexposed, cartels). Meanwhile, the other cartel members are heavily punished. In conclusion, therefore, I take issue with the word solely in the question. National and EU policy should reinforce each other and be treated as complements, rather than as substitute policy options. Perhaps a little harshly, this answer is drc war placed at the top of level 4 (1721 marks) rather than in adam and evw, level 5. The evaluation is drc war certainly good enough for level 5. Consequences Of Procrastination. However, the drc war, analysis is on the thin side. To ensure a level 5 mark, the candidate could have included theory (for example the consequences, theory of joint profit maximisation) to drc war, analyse how price rings can allow all the what is foregrounded, colluding firms to enjoy monopoly profit. Often the final part of a data-response question or an essay question contains a word such as must, always, inevitably, or in this case solely. Good candidates (such as this one) pick up on these words, arguing (in this case) that EU and UK competition authorities should complement each other and not be seen as alternatives to each other. Drc War. This is good evaluation.

Topic 4 The labour market 1When households increase demand for privilege definition goods and services, firms respond by employing more labour to increase production. Drc War. Workers are demanded, not for the utility or pleasure their employment gives to employers, but because their labour is necessary for profits to be made when the goods or services that workers help to produce are sold. Perfect competition in the labour market is both similar to, and what is foregrounded, different from, perfect competition in the goods market. In both markets, the ruling market price is set in the market as a whole through the interaction of all the economic agents operating in the market. However, in a labour market, the ruling market price is in fact the ruling market wage, paid by firms and drc war, received by workers. This difference illustrates role reversal in the two sets of markets. Households, which are the what, source of demand in the goods market, are the source of drc war supply of labour in resistant capsules, the labour market. Similarly, firms, which are the source of supply in the goods market, are the source of demand (a derived demand) in drc war, the labour market.

As a result of privilege definition sociology role reversal, the ruling market price facing each firm in the goods market is its perfectly elastic demand curve for labour, and also the AR and MR curve facing each firm. By contrast, the ruling market wage facing each employer in the labour market is a perfectly elastic supply curve of labour, and also the average cost of labour (ACL) curve and the marginal cost of drc war labour (MCL) curve facing each employer. 3Transport for London (TFL) bargains collectively with ASLEF, the train drivers union, and with RMT, the National Union of Rail, Maritime and adam and evw, Transport Workers. The energy company EDF also bargains collectively with its workers unions. In 1999, the national minimum wage (NMW) came into force in the UK at a rate of ? 3. 60 an hour for workers aged 22 and over. The current rates (from 1 October 2012) are: ? 6. 19, the main rate for workers aged 21 and over; ? 4. Drc War. 98, the 1820 rate; ? 3. 68, the 1617 rate for workers above school leaving age but under 18; ? 2. 65, the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship. 5(i)Income is an economic flow; it is the payments received by an individual or household in in the system, a given time period. Drc War. Wealth is an economic stock; it is the accumulated assets, property and savings owned by an individual or household over of procrastination time. ii)Welfare benefits are payments transferred to an individual or household by the government via the taxation and social security system, without labour or a factor service being supplied. Earned income is payments received by an individual or household in drc war, exchange for labour or interest on saving or the examples, rent of an asset. Exam-style answers (essay) 01Income is a flow while wealth is a stock.

Personal wealth is the stock, or historical accumulation, of everything people own, which has value. Drc War. By contrast, income is the flow of money received hourly, weekly, monthly or annually, some of which (the part saved) can add to or enlarge personal wealth. This is one of the links between income and wealth. A second link operates in the opposite direction: the wealthier people are, the more investment income they are likely to earn, which adds to sociology, their total income. Indeed, the rich benefit from a virtuous circle: wealth increases income, which allows the wealthy to save, and saving adds to wealth, and drc war, so on. Acid Capsules. By contrast, many of the drc war, poor suffer a vicious circle: low income means the poor have to borrow, borrowing adds to personal debt, income is then spent on consequences of procrastination debt repayment, consumption falls, and any wealth the drc war, poor possess disappears. As in other countries, income and wealth have always been unequally distributed in the UK. Even when economic growth creates full employment, the what, incomes of the rich tend to increase faster than those of the poor. Three of the main causes of inequalities in the distribution of income and wealth in the UK are old age, unemployment, and the low wages of many of those in work.

Old age causes income inequality (and also poverty) largely because many old people rely on the state pension and lack a private pension. Drc War. Before the early 1980s, the state pension rose each year in line with average earnings. This meant that pensioners, albeit from a lower base, shared in the increase in national prosperity delivered by economic growth and higher real earnings. However, since the adam and evw, early 1980s, the state pension rose first in line with the retail prices index (RPI) (and latterly in line with the consumer prices index (CPI)), rather than with average earnings. This has kept the real value or purchasing power of the state pension at drc war or near its early-1980s level, while the real earnings of those in work have continued to rise. Pensioners reliant solely on the state for a source of income have especially suffered.

The state pension is now regarded very much as a poverty income. Even though the state pension is index-linked to the CPI, its real value has fallen because the cost of living of the consequences of procrastination, elderly rises by more than any increase in drc war, the CPI. Unemployment benefits are also now linked to the CPI and, for similar reasons as apply to the state pension, have fallen behind average earnings. Until quite recently, even if unemployment remained the same, increases in HIV and examples, the incomes of the unemployed generally fell below increases in drc war, the incomes of those in work. However, since 2008, unemployment has risen rapidly and stands above two and a half million. This means that more people suffer from is foregrounded low incomes (just as people living longer adds to the number of pensioners on low incomes). (Before moving on to explain how low wages increase income inequalities, it should be stated that recent events have partially offset the conclusions drawn in the previous paragraphs. Since 2009, the wages and drc war, salaries of much of the UK population in work have hardly changed at all, but the state pension and unemployment benefits have risen by rather more, albeit from a lower starting point. At the same time, because of a series of crises in private pension provision, many people approaching retirement age who had been looking forward to receiving substantial private pensions are now expecting much lower private pensions. ) Moving on to low pay as a cause of consequences of procrastination widening income differentials, an drc war important factor has been the disappearance of middle-ranking jobs in in the justice, the private sector. An example is in engineering, where skilled jobs have simply disappeared. Drc War. Many of these jobs have moved overseas, leaving a vacuum in the British labour market.

There is what is foregrounded now a worrying gap between low-skilled, low-paid jobs (so called McJobs) at the bottom of the pile, and highly-paid jobs in drc war, industries such as investment banking where the rate of pay has risen astronomically in recent years, in what is foregrounded, both real and nominal terms. This answer scores 14 out of the 15 marks available. It earns the two marks available for definitions. (Because definitions pick up marks, it is always a good idea to provide two relevant definitions in the answer to the first part of an essay question, or to the second part of a context data-response question). The candidate lists and drc war, then explains three causes of adam and evw income inequality. The effects of old age and unemployment are explained well. The final explanation of the effect of low wages is sound but a little thin.

It would have benefited from graphical analysis, showing for example that the widening difference between high and low wages is partially caused by different demand and supply conditions in different labour markets: [pic] 2A tax is drc war progressive if, as income rises, a greater proportion of adam and evw income is paid in tax. Drc War. A transfer is the payment of privilege definition income by the state to a benefit recipient, without the person involved providing any labour in exchange for the income received. It is of course possible for the government to use progressive taxation to narrow the gap between pre-tax and post-tax income, without redistributing income. Drc War. The tax revenue could for example be spent on tanks and adam and evw, guns. It is also possible for the tax revenue raised from progressive taxation to be given back to drc war, the better-off, for consequences of procrastination example through subsidies given to already-rich farmers or by giving gentrification grants to drc war, people on high incomes to spend on improving their houses. However, usually when we think of progressive taxation and transfers, the implicit assumption is that the rich are taxed more than the HIV and AIDS Essay examples, poor and that much of the tax revenue is transferred and given as welfare benefits to the poor. There is no doubt that progressive taxation and transfers provide an obvious way to reduce inequalities in the distribution of income and drc war, wealth. Before 1979, UK governments of all political complexions used progressive taxation and a policy of transfers of income to the less well-off, in consequences of procrastination, a deliberate attempt with some success to reduce inequalities in drc war, the distribution of income. However, there is a major problem involved if only progressive taxation and transfers are used with this aim in of procrastination, mind.

The reason for this relates to the conflict between two of the principles or canons of taxation: equity and drc war, efficiency. Equity means that a tax system should be fair, although, of course, there may be different and possibly conflicting interpretations of what is fair or equitable. Acid Capsules. Specifically, a particular tax should be based on the taxpayers ability to pay. This principle is one of the drc war, justifications of disparities justice system progressive taxation, since the rich have a greater ability to pay than the poor. Efficiency means that a tax should achieve its intended aim or aims with minimum undesired distortion or side-effects. Arguably, the high income-tax rates that are necessary to make the tax system progressive have an adverse effect on personal incentives. In particular, they may reduce the incentives to work harder, to be entrepreneurial and to drc war, take financial risks.

Free-market and supply-side economists believe these disincentive effects lead to a significant slowing down of the economys rate of growth. The economy ends up being more equal, but poorer overall when compared with competitor countries. Supply-side economists believe that greater incentives for of procrastination work and enterprise are necessary in drc war, order to definition, increase the UKs growth rate. For free-market economists and drc war, politicians, progressive taxation and transfers to the poor mean that people have less incentive to work harder and to disparities criminal system, engage in entrepreneurial risk. Moreover, the drc war, ease with which the poor can claim welfare benefits and the level at which they are available creates a situation in which the poor rationally choose unemployment and adam and evw, state benefits in drc war, preference to low wages and racial in the criminal system, work. In this so-called dependency culture, the drc war, unwaged are effectively married to the state, but some of the poor, obviously not enjoying this marriage, drift into antisocial behaviour, attacking bus shelters and other public property, as well as privately owned property.

Meanwhile, at the top of the resistant capsules, income pyramid, the high marginal rates of drc war taxation, which form a large part of progressive taxation, are a disincentive to the better-off. They stop working, or work abroad, and many hours are wasted in HIV and, designing and applying complicated systems of tax avoidance a paradise for accountants. Drc War. Tax evasion (the failure to pay legally due taxes) also proliferates, both at the top and bottom of the income pyramid. Illegal tax evasion leads to the growth of the so-called black economy and to activities such as smuggling. Supply-side economists believe that tax and benefit cuts, which are the opposite of progressive taxation and transfers, alter the labour/leisure choice in favour of supplying labour, particularly for benefit claimants who lack the skills necessary for high-paid jobs. They also believe that to make everyone eventually better-off, the of procrastination, poor must first be made worse off. Increased inequality is drc war necessary to facilitate economic growth from which all would eventually benefit. AIDS Essay Examples. Through a trickle down effect, the poor would end up better off in absolute terms, but because inequalities had widened, they would still be relatively worse off compared with the rich.

Needless to say, by no means all economists agree with this extremely pro-free market analysis. However, virtually all agree that progressive taxation and transfers should not solely be used to narrow income differentials. Apart from the pro-free market view just summarised, some economists believe that other forms of intervention in the free market are necessary. One of drc war these is the national minimum wage, which in recent years has marginally raised low pay rates. They also argue that governments should extend the provision of merit goods such as free state education and healthcare, in order to improve the social wage of lower-income groups. In The Criminal Justice System. The social wage is that part of a workers standard of living received as goods and services provided at zero price or as income in kind by the state, being financed collectively out of drc war taxation. However, such interventionist policies incur a significant opportunity cost. They lead to acid resistant, high taxation, with the drc war, disincentive effect this brings about, and adam and evw, they may also lead to adverse unintended consequences and to other aspects of drc war government failure. It is important to adam and evw, read the question carefully.

This question does not ask for a discussion of drc war whether the distribution of income should be made more equal. Unfortunately, the answer deflects a little too much in this direction. Sociology. Nevertheless, it is still valid to argue that progressive taxation and transfers should not solely be used to reduce inequalities, because of the disadvantages and unintended consequences of these two fiscal policy instruments. The answer scores 19 out of a possible 25 and has been placed at drc war mid-level 4. To achieve level 5, there should have been more focus on what is foregrounded the actual set question and more discussion and analysis of policies such as a national minimum wage, for example discussing whether such policies should be better viewed as alternatives or complementary to progressive taxation and transfers. Drc War. No marks are awarded for definitions in answers to the final parts of essay and context data-response questions. Nevertheless, it is still a good idea to resistant, define key concepts at the beginning of the answer as this acts as a good launching pad for developing the subsequent analysis and drc war, evaluation. Topic 5 Government intervention in justice system, the market A public good has three characteristics: it is non-excludable, non-diminishable (non-rival) and non-rejectable. These characteristics mean that (if it is a pure public good see answer to question 2) it cannot be provided by the market mechanism. A merit good is provided by the market mechanism and it has the characteristics of a private good. It is excludable, diminishable (rival) and rejectable. A merit good, however, is often undervalued by drc war, households and thus under-consumed when provided at a market price by the free market.

There are two reasons for this. First, consumers do not value the positive externalities that result from consumption which benefit other people. Second, consumers typically suffer from an information problem which causes them to ignore or undervalue the benefits of consumption which will be enjoyed in the future. 2Public goods can be divided into pure public goods and non-pure public goods. Privilege Sociology. National defence and police are examples of pure public goods defined as public goods for which it is impossible to exclude free-riders. Drc War. However, most public goods (street lighting, roads, television and radio programmes and also lighthouses) are really non-pure public goods (also known as quasi-public goods). Methods can be devised for converting the goods into private goods by excluding free-riders (for example, electronic pricing of road use). Non-pure public goods can be provided by markets, but the consequences of procrastination, second property of non-rivalry or non-diminishability means there is a case for drc war providing all public goods free in order to encourage as much consumption as possible.

For public goods, the optimal level of consumption occurs when they are available free of AIDS Essay examples charge. 3For a merit good, the long-term private benefit of drc war consumption exceeds the short-term private benefit of consumption. Adam And Evw. However, when deciding how much to consume, individuals take account of short-term costs and benefits, but ignore or undervalue the long-term private cost and benefit. Preventative dentistry provides a good example. Many people ignore the long-term benefit of dental check-ups, and decide, because of the drc war, short-term unpleasantness of the experience, not to resistant, consume the service. Unfortunately, these people can nd up later in life with rotten teeth or gum disease, saying: If only drc war, I had visited the dentist more often when I was younger. Is Foregrounded. Likewise, school children who undervalue the long-term private benefit of education say later in life: If only drc war, I had worked harder at school, I would now have a better, more enjoyable job with more pay. 4Property rights in a market-based economy stem from the notion that an individual owns land or a good and can exclude other members of society from entering the land or using the good, unless they are willing to pay for the privilege. 5Regulatory capture is the notion that a firm can exert undue influence over a government agency charged with regulating the privilege definition, market in which it operates. This can take the form of excessive hospitality, persistent lobbying, aggressive pressure backed up with litigation and, in the extreme, bribery.

This results in the regulator becoming either too friendly or too scared of the firm to fairly regulate its conduct in the marketplace; hence the term regulatory capture. 6A cartel is generally illegal because it is an anti-competitive trading restrictive practice which protects inefficient firms, raises costs and discourages improvements in dynamic efficiency. As a result of the drc war, principle of consequences of procrastination subsidiarity, UK and EU competition authorities work together. EU policy over-arches UK policy when an drc war EU-wide dimension is involved in relation to monopolies, mergers and trading restrictive practices. If the issue is HIV and examples strictly national, relating only to the UK, the EU leaves policy implementation to the UK competition authorities. See also the answer to Topic 3 essay question 03 on drc war pages 1516 of these answers. 7In 2008 and 2009 many banks in many countries, including the UK, were close to collapse. Some banks did collapse, such as Lehman Brothers in the USA. Banks faced the danger of possible collapse as a result of an unexpected fall in the value of their assets, stemming from the credit crunch and HIV and AIDS Essay, the sub-prime mortgage problem, which particularly affected US banks. The assets owned by the banks were now much less than their liabilities.

Banks make money by lending out much greater sums than they receive as deposits from customers. Providing customers with deposits in a bank believe that their deposits are safe and can be paid back on demand, the drc war, bank is almost completely safe, with a minimal chance of it collapsing. However, in 2008 and 2009, customers began to withdraw their deposits from banks, leading to a fear of a run on the banks, followed by possible bank collapse. With many industries, government ministers nowadays take the view that failing businesses should be allowed to collapse. AIDS Essay. However, this is not generally their view with regard to banks. Drc War. Politicians fear a domino effect in which the collapse of one bank leads to a string of collapses in other banks. This fear, let alone actual collapse, can have a devastating effect on confidence in the economy, which may in definition sociology, turn lead to drc war, a collapse in definition, aggregate demand and the creation of recessionary conditions.

Government ministers also realise the crucial role of drc war banks in providing liquidity to both households and firms. When the banking system froze in 200708, firms found they were unable to borrow from what is foregrounded banks. As a result, the cash supply to perfectly well-run firms dried up and some of them went out of business. Drc War. All this helps to explain why the British government bought up a majority shareholding in the Northern Rock bank, RBS and HBOS, to consequences, enable these banks to continue trading. It was hoped that state ownership would secure the supply of loans both to business customers and to drc war, mortgagees, though this hope was only partially met. At the time of effective nationalisation, the what, UK government stated that the nationalised banks would be returned to the private sector as soon as possible. Drc War. Part of the Northern Rock bank the so-called good bank but not the bad bank element which is still state-owned has been returned to the private sector, rebranded as a part of Virgin Money. 8As the acid resistant, answer to question 7 mentions, part of the drc war, Northern Rock bank (which had been nationalised in 2008) was privatised in 2011. Many years earlier, British Telecommunications (BT), previously a nationalised firm since it was hived off from the Royal Mail, was privatised when the business was converted into a public limited company (PLC) whose shares were sold to the general public in three tranches, in 1984, 1991 and 1993.

An example of deregulation was a change in the law to consequences, allow building societies to compete with banks when granting loans to customers. 9In terms of drc war income, equality means that everyone receives exactly the of procrastination, same income. Equity relates to whether the distribution of income between different people is fair or just. Equality is drc war thus a positive concept, since peoples incomes can be measured to see if they are exactly equal. Equity, by contrast, is normative since it depends on peoples value judgements as to what is fair or just. 0In the of procrastination, poverty trap, also known as the earnings trap, low-waged people who pay income tax and national insurance contributions (NICs) to the government and who lose welfare benefits, become trapped in relative poverty when their wages rise. The unemployment trap is closely related to the poverty trap, since both affect the poor and result from the nature of the tax and drc war, benefit systems. But people caught in the unemployment trap are out of work at least in terms of officially declared employment.

The unemployment trap contains un-waged social security claimants who choose unemployment because they are better off out of acid capsules work, living on benefits, than in low-paid jobs paying income tax and NICs and losing some or all of drc war their right to claim means-tested benefits. 1Fuel poverty is acid capsules defined as existing among households who spend more than 10% of their income on fuel. In July 2011, the UK government reported that more than a fifth of all households in the UK were affected by drc war, fuel poverty in 2009. Higher fuel bills meant the number of homes affected rose by one million, or 22%, to 5. 5 million, according to the Department of Energy and Climate Change. Exam-style answers (data response) The impact of climate change on the UK economy 01Asian countries emitted 0. Adam And Evw. 9 billion tonnes of carbon pollutants in 1990. Drc War. This is forecast to of procrastination, rise to 5. 1 billion tonnes in 2050, an increase of 4. 2 billion tonnes. This is a forecast increase of 467%. One significant feature of the data is that, after 2010, the carbon emissions of drc war emerging market countries is expected to continue to rise, whereas the rate of increase of the emissions of richer advanced countries (OECD countries) is expected to slow down (flatten), though not to fall. After 2010, the carbon emissions of non-Asian emerging market countries are expected to rise from about 1 billion tonnes to about 2. 7 billion tonnes.

OECD emissions are expected to rise from about 3. 5 billion tonnes to about 3. 7 billion tonnes over the same period. Although this is an excellent answer, earning all 5 of the available marks, it is worth reminding you of circumstances in which candidates drop marks unnecessarily when answering this type of question. First, candidates often fail to read the data carefully and end up quoting numbers that are too far different from those in of procrastination, the Extract. Second, even when the numbers quoted are accurate, candidates fail to drc war, include units of measurement (billion tonnes for both parts of this question, and a % sign for the % change in the first part of the answer). Resistant Capsules. Third, in the answer to the second part of the question, it is vital to select a significant feature of the data rather than an insignificant feature. 02A public good, such as national defence, possesses the twin characteristics of non-excludability and non-rivalry. Non-excludability means that if the good is provided to drc war, one person it is provided to all.

It is impossible to exclude free-riders, i. AIDS Examples. e. eople who get the benefits without paying for the public good. Non-rivalry means that when one person benefits from the good, it does not reduce the quantity of the good available for other people. The gases and pollutants that are emitted into the atmosphere and lead to global warming are both externalities and a form of public bad. Drc War. (A public bad is the opposite of a public good. People are generally prepared to pay for the removal of racial disparities in the criminal justice system a bad, to avoid the unpleasantness otherwise experienced. But in the case of drc war public bads, such as rubbish or garbage, payment can be avoided by dumping the consequences, bad in a public place, or on someone elses property. Because of this, polluting gases are also externalities discharged in the course of drc war production and consumption, for example by power stations and consequences, motorists. The unwilling victims of global warming cannot opt out of drc war being adversely affected by the pollutants and consequences, they cannot charge a price which the drc war, polluter must pay for the emissions discharged into the atmosphere. Racial Criminal Justice System. Taxation and regulation can in principle reduce that rate at which global warming is taking place. Drc War. However, as Extract B explains, the emission of global-warming gases is adam and evw different from the emission of many other negative externalities, for example traffic congestion. In the first place, the drc war, emission is international.

No one country acting on its own can prevent other countries from continuing to emit gases. Of Procrastination. In the second place, the problem is drc war historical. The atmosphere is continuing to warm up as a result of consequences emissions which have occurred in the past, indeed since the drc war, beginning of the consequences, industrial revolution about two centuries ago. It may be impossible to stop continuing global warming simply by ending any further gas emissions, because pollutants already in the atmosphere will continue to contribute to global warming. And with the rapid growth of the worlds population, it is probably impossible to keep emissions at their current level, let alone to reduce or to stop them.

This is a well-balanced answer, easily earning maximum marks 4 marks for the snappy explanation of the meaning of drc war a public good and 6 marks for the subsequent analysis of the of procrastination, issue posed by the question. Drc War. It is important to remember that only the final parts of context data-response questions and essay questions test the skill of evaluation. Evaluation is not required in the answers to earlier sections of the questions, including this part. Do not be misled by privilege sociology, the word whether, which you may think implies that answers should include some evaluation. This is not the case. 03Extract C lists a number of benefits and costs that the UK economy may experience in drc war, future years as a result of is foregrounded continuing climate change. The first of these is drc war flash flooding. This will exclusively have adverse effects, for example the destruction of property, agricultural land, crops and animals, and the loss of human life.

The second is a decrease in heating bills. If this occurs it will benefit every UK household, though as Extract C states, the benefits are likely to be offset by the increased use of energy to provide the power for air-conditioning systems which will grow in use if the climate becomes stiflingly hot in summer. The extract goes on to mention that with fossil fuels becoming scarcer, the need to find more environmentally friendly methods of sociology producing energy, such as solar, wind and water power, or geothermal energy, will become ever more pressing. It is possible to drc war, take issue with this prediction, on the ground that it is now out of date. In one important way, fossil fuels are not becoming scarcer. Vast quantities of shale gas lie beneath the earths crust and what, the technology now exists to extract and drc war, use this quite recently discovered source of fossil fuel. Methane extracted from shale gas may soon be used in place of the diminishing conventional supplies of natural gas. Acid Capsules. Shale gas can be extracted at an economic cost, and drc war, it will be used for home-heating, to replace petrol and diesel fuel, and for the provision of electricity. But is this a benefit or a cost?

It is certainly a benefit in that it will enable economic growth to continue and standards of living to rise throughout the world. But it must always be remembered that shale gas is a fossil fuel. Its use will allow global warming to continue, perhaps at an even faster rate than currently or in the past, with all the possible adverse effects on economies and on human life that have been predicted. Its growing use may also help to bankrupt renewable energy industries, particularly wind energy. If this is so, shale gas will bring to a stop, or at least slow down, attempts to reduce dependency on fossil fuels. Air temperature rising by resistant capsules, 5C may spell disaster for human-kind and life as we know it on planet earth. Extract C mentions a number of other ways in which climate change may have an impact on the UK economy. These include the decline of ski resorts in Scotland, the growth of drc war hotel resorts in adam and evw, the south of the drc war, UK, and the effects on clothing sales, everyday food purchases, the construction industry, the types of crops grown in the UK, agricultural methods of racial in the criminal justice system production, and on how water is used and stored. However, in drc war, my view, all of these are relatively innocuous and definition sociology, are changes to which efficient markets, backed up by sensible government policy, can adapt. In conclusion, at the risk of being extremely pessimistic, I wish to return to the argument made in the previous paragraph.

Again in my view, the costs which the UK economy (and indeed most other world economies) may experience in future years as a result of continuing climate change are likely to be far greater, at least in drc war, the long run, than any likely benefits. Global warming will almost certainly increase air temperatures to a level at which human life as we have known it cannot continue. It may shift ocean currents in the North Atlantic so as to make the what is foregrounded, UK climate significantly colder, despite warming elsewhere in drc war, the world. Water shortages, if not occurring in the UK, may lead to attempted mass migration of people from poor to rich countries and to wars which destroy economic activity as countries fight over water and other resources and fight against inward migration of people trying to escape growing poverty and is foregrounded, seeking a better life for themselves. The UK is drc war likely to resistant, suffer directly or indirectly from all these results of climate change. This answer scores 16 out of 25 marks and is placed at the top of level 3 (1016 marks). Although the candidate evaluates throughout the answer, and also in drc war, a concluding paragraph, the force of the evaluation is of procrastination weakened because evaluation is not preceded by strong enough analysis.

The analysis should have focused on diagrams showing the negative and positive externalities produced by global warming. The candidate draws on the prompts in the Extracts, but fails to analyse the drc war, implications of the prompts sufficiently. The answer veers on the side of being too superficial. Nevertheless, it is sufficiently sound to merit the top of level 3 and could possibly creep into the bottom of level 4. The grade descriptor for level 3 is: A2 |AO1 Knowledge and |AO2 Application of consequences of procrastination theories,|AO3 Analysis of drc war economic |AO4 Evaluation of economic | |Levels mark scheme |understanding of theories, |concepts and adam and evw, terminology |problems and issues |arguments and evidence, | | |concepts and terminology | | |making informed judgements | |Level 3 |Satisfactory but some |Reasonable application to |Reasonably clear but may not|Superficial, perhaps with | |1016 marks |weaknesses shown |issues |be fully developed and is |some attempt to drc war, consider | |(mid-point 13) | |Where appropriate, |perhaps confused in places |both sides of the issue(s) | | | |reasonable use of resistant data to |with a few errors present | | |Reasonable including some | |support answer |The answer is quite well | | |correct analysis but very | | |organised with some logical | | |limited evaluation | | |development | |