Economics (3)

Specialization & Comparative Advantage:

Natural inequality among humans is a fact of life. Economics aims at efficient management; therefore to make best use of human resources different individuals specializes in those particular fields in which they can be better than others because of their natural abilities. Due to this reason some individuals have comparative advantage over others.

Information:

Information is very important for making informed rational decisions. However accurate information is impossible by any individual because of the human mind, because every human being is unique, and also due to unpredictable future. Information about market behavior is extremely diverse and ubiquitous. Therefore it is not possible for any individual to accrue the available information and our decisions about future at best are mere estimate with enormous possibilities.

Profit & Loss:

The expectant and prevailing profit and loss are the determining factors for the investments. It provides the criteria for the goods and services to be produced. Where in the short run demand of the products is the primary factor in stimulating the investment trends, profit or loss is the litmus test for products produced in the long run.

Trade Off:

It's a general principle that in order to gain something one needs to loose something. The most important resource for an individual, time is limited. Therefore no one can do all the things oneself, so a rational individual focuses one's time on those tasks where one can perform best. However it is quite impossible to precisely quantify the time one put in some particular activity is equal to the forgone activity/activities. Nonetheless for the purpose of understanding this concept economists assume that the price of engaging in some activity is equal to the cost of the other activity/activities one has forgone.

Price Theory:

Demand for and supply of products determines their prices in the market. It is wrongly asserted by the majority of the people that cost of goods determines the prices of the product. In actuality it is the marketing activities of the producers and the perception of the consumers about the products that determine the prices of the products. As a general rule higher the prices lower will be the demand and vice versa. However in some cases due to the nature of the product and the marketing efforts of the producers higher prices lead to higher demand.

Causality -- Cause & Effect:

Despite limitations of logic, causality is the most important phenomenon in understanding economic theory and practice. Excluding mega-microscopic and mega-macroscopic phenomenon, every cause has some effect and that effect is a cause of some other effect ad infinitum. Due to this cause and effect relationship in a world of numerous individuals and groups their actions has great impact on other elements in the economy. Despite the complexity of this relationship that is also chaotic, understanding this relationship can help enormously in making good estimates about the future and to form comparatively sound opinions about the market trends.

Labor Economics:

In this field we study that how wages are determined. Like all other markets the wages are set by the interaction of demand and supply. Higher wages can only be achieved by greater investment and economic activity in the long run. Employment and unemployment are also the key issues that we study in this field. Ups and downs in the economy are the facts that cannot be avoided. Higher consumption level asks for greater capital investments that will raise general wage level and results in lower unemployment.

Uncertainty:

No one knows the future. It's the fear of future that is an integral part of our lives and also an impetus for human activity. This factor of uncertainty gave birth to the idea of risk. There is always degree of risk in all human activities. As a general rule: "higher the risk, higher the reward". Uncertainty is also nature's law of rewarding and punishing the human actions. Moreover it is also a way of nature of teaching and making known new ideas to the new participants and making room for the new and efficient members.

Public Finance:

The filed of public finance is directly related with role of government. Bigger the government, larger the funds are needed to finance it. The accountability principle is of pivotal importance in public enterprises because the ownership of these enterprises has no personal owners. Moreover, fund should be received from those who get benefits from that service.

Money & Banking:

Banking in an economy is the determining factor for gauging its performance. Money is the medium of exchange that facilitates transactions among participants of an economy. Banks play the role of intermediaries. Interest rates and value of currency with relation to other international currencies is set by central banks. However ideally it is best that market forces of demand and supply determine them.

Consumption & Saving:

Raising the consumption level is key factor to all economic activities for reducing costs, creating employment, raising standard of living and eliminating poverty. On the other hand, raising consumption greatly can result in undue depletion of resources in a given market and cause inflation. If this situation prolongs that would result in recession to depression. Therefore a sagacious policy of moderation is the ideal combination.

Marketing:

Marketing is the key for stimulating demand and consequently enhancing economic activity. Entrepreneurs have the sharp ability of marketing to understand the economic environment and knowing the customer demand ahead of time and finding new segments that would consequently raise general standard of living.

Cost & Production:

Every thing entails cost. Finding the best methods to produce goods at minimum possible cost is essential for firms to earn profits and compete successfully.

Technology:

Technology makes the difference between the present age and the previous one. The problems faced by humans in all times are quite similar yet the technology of their respective eras determines the mode of production as well as way of living. Technology is of utmost importance for understanding economics because by applying it we enormously reduce costs and even reach new markets that could not have been possible with out technology. Moreover it raises standard of living by simplifying the complex tasks.

Poverty:

The problem of poverty is the focal point in the field of economics. Ignorance is the main cause of poverty. The best way to eradicate poverty is by spreading knowledge.

Economics (2)

Economic Resources:

Economic resources can be broadly divided into following four categories:

o Land & Raw Materials: These are free gifts of nature. All things derived from nature are included in this category.

o Labor: It consists of the contribution of human beings.

o Capital: It consists of plant & Equipment.

o Mind/Entrepreneurial Ability: Entrepreneurial ability refers to the ability to organize production and bear risks. Some people are more intelligent and have the gift of managing things better than others. It is due to their contribution that societies develop. Due to this reason we categorize this resource separately from labor.

Entrepreneur & Entrepreneurship:

Entrepreneurship is a vital aspect for economic growth and development. Because of its importance this should be studied in depth. Entrepreneurs are gifted individuals who have the gift of managing resources and have keen foresight to visualize things much better than ordinary people. High growing economies provide viable environment and freedom for the entrepreneurship to grow that eventually led to the development and growth of economies.

Economic Growth:

An important element and field of study in economics is economic growth. Essentially the motive behind all economic activity is in raising the standard of living. We study that how standard of living is raised. Education plays a pivotal role in raising general standard of living in the long run. Capital formation results from prudently managing resources and by finding new ways to improve the present means of production by using new technology; that is a consequence of knowledge gained by acquiring education. Therefore capital formation is the key factor for economic growth.

Trade:

Exchange, monetary or non monetary, is an integral part of any human activity. Human exchange views/goods/services etc because they feel that they will gain by exchanging. However, in economics we are only concerned with monetary exchange of views/goods/services etc. It is wrongly assumed that our world is a zero-sum world where gain by some is loss of other. Factually and fortunately we are living in a positive sum world. If this had been the case then progress in our world would have never been possible. Never the less it does not entail that in all monetary exchanges both parties will equally gain. Moreover the value gained in an exchange between two individuals or groups can never be evaluated precisely by the third party because the value of an exchange is very different for different individuals.

Competition:

The prevalence of competition in the filed of economics in world is universal, because of scarce resources and innumerous and recurring wants. Where competition has negative implications, it has also positive implications. It is the element of competition that drives different individuals to excel from others, which results in greater discoveries, technological advancements and pursuit for finding new ways to earn greater profits that consequently raise general prosperity level in the world. It is unethical aspects of competition where some individuals initiate force and fraud that causes violence in the society. Competition can never be eliminated from any society; rather any attempt to eliminate competition would result in regression and more violence. Therefore, check should only be imposed on negative effects of competition.

Cooperation:

For the efficient management of the resources (time, skills, natural etc) human need to cooperate to make optimal use of these resources. Moreover most of the natural resources need to be transformed for use and to make them valuable. Groups need to cooperate to be successful. Cooperation juxtaposed with positive competition is an ideal combination for efficiency.

Economics (1)

The Aim & Scope of Economics:

The study of economics is aimed at finding the natural law governing an economy and its scope is to find the ideal principles for the working of an economy based on those findings.


There is no such Thing as Free Lunch:

It is the most fundamental law of nature that every thing has either monetary or non-monetary value. Though generally things have both monetary and non-monetary aspects, never the less for the purpose of simplicity and understanding we only consider monetary aspect of things in economics.

INVISBILE HAND:

This is the most vital as well as an extremely difficult idea to logically explain, and however absolutely impossible to mathematically prove it. Perhaps in order to understand it one needs to think beyond logic and one may comprehend it after one's own peculiar experiences. How the invisible hand plays it role in making financial shifts among individuals, groups and even among nations can be understood by studying natural phenomenon viz., the animal world, the plant world, the rotation of the solar system, the rain, diseases, wars, natural disasters etc. Moreover the mental state of an individual changes continuously and mysteriously which affects one's decision making and other faculties that results in changes in one's economic/financial conditions. Uncontrollable and unpredictable invisible factors beyond human control brought financial changes.

Defining Economics:

Economics deals with the efficient management (by the individuals & entrepreneurs) of scarce resources to satisfy unlimited human wants by applying science & technology in the market.


Basic Economic Problem:

Scarcity of Resources, Unlimited Wants & Choice:It is a known fact that our resources (time, raw materials, land, human resources, machines, money etc.) are limited while our wants are unlimited and recurring therefore we have to make some choice among available alternatives to satisfy our wants.

Concept of Stratigraphy in Geology and Archaeology

Stratigraphy is based on superimposition. This is a simple concept stating that as layers of soil accumulate, the older deposits become progressively more deeply buried. Therefore each layer in a sequence of soil is younger than the one below it. In reality the situation usually is much more complex than this.

In archaeology we see that cuts (such as pits, ditches, post-holes and cellars) disturb this simple sequence. However, superimposition still works. The pit, etc is younger than (and therefore stratigraphically above) the layers through which it has been cut. Its fill will be younger than the pit cut itself. A layer that covers both the pit fill and the surrounding soil will be younger than both of them. The situation becomes even more complex when a later pit is cut through the first pit fill. Careful excavation is needed to sort out such complex stratigraphy.

In geology, the same concept is valid, as erosion (such as channels, rivers, valleys) disturb a superimposed sequence. The erosion is younger than the layer below it. The fill of this erosion is even younger than the erosion itself. If the erosion and the fill is covered with new layers, these are the youngest in the sequence.

Back to our archaeology example and tell you about other scenarios.

Sometimes we find ourselves digging something that appears to belong to an earlier period than the layer below it. For instance, after a ditch has been dug, material from outside (i.e. stratigraphically earlier) may collapse into it as a large block. It now appears that the ditch contains soil that is actually older than the ditch itself. In reality however, the soil has been moved ('re-deposited') from its original position and this makes it stratigraphically a new deposit. Again careful excavation is needed to identify such re-deposited layers and avoid obtaining erroneous dates from them.

In geology this example could be erosion of older rocks from somewhere else and transported into a new area with f.inst rivers or even an avalanche. These rocks are deposited on existing rocks in their new place, and are therefore superimposed on rocks deposited before, however the transported rocks can be older than the ones they are superimposed on. We say these older rocks are deposited later, however are older than the rocks they are deposited upon.Disentangling these relationships is part of the challenge and fun of geology and archaeology. Within geology these studies form basic principle for exploration for oil and gas traps, and is referred to as

sequence stratigraphy.

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Anthropology Papers

Writing this type of paper is educational and should be normally different from writing for a simple presentation or giving out ideas for a work.Writing a piece of work like this should be an easy task and can take the following course:

The work should start with one or two paragraphs outlining a theoretical or conceptual framework on the issue or issues you are writing on. This should normally be like a summing up of the whole work so that any person who reads gets a total picture of what is in the paper. Also include in the abstract, any question or particular point that you might want to address.

Next is the organization or the body of the work. Although it must not be a repetition to students, it is recommended that every point should have a separate paragraph and where possible, linking sentences must string one paragraph to another. Your opening paragraph must be based on what your topic tells of. Be careful not to get off the point or change the subject matter.

If you intend to make the write-up long, then you must use subtitles or headings. Your title is the key to your work. It should be clear, exact and appealing. This will not only present the different issues to be discussed, but equally gives an organization to your work. Remember that physical presentation of the work is something that draws the attention of the reader and equally what makes him want to go to the next page. The wordings, graphs and tables (if any) must be clear and free from verbose words. Take note that you are not out for a show of words. Nevertheless, an anthropologist must use anthropological words. Without words that are familiar to the course, the paper falls short of a subject paper.

In writing a piece of work that gives an idea about the study of mankind, recourse to available materials can be from anywhere of your choosing. You can make references to books, journals or consultations. Thus you must acknowledge the sources of your material. All borrowed words must appear in quotes and books and their illustrations must be cited properly. Alternatively, you can paraphrase borrowed ideas and at the same time, give credit to where they come from. You are a student and your repute counts now and tomorrow. So do not copy the works of others without permission.If you want your reader to go over the work uninterrupted, it is advisable to used endnotes in place of footnotes. This is because footnotes always convey extra messages and will tend to be time-consuming to a reader. Why not allow him to go through and read this extra information at the end of the work.

Conclusions are decisive parts in any anthropological paper. This is where your reader or teacher gets to know what position you have taken. This is where you answer any question raised in the paper. In your closing remarks, it will be good to give the opinion of authors or individuals and then give your own opinion or answer to the question. You must be creative. You can equally contribute to learning through your own ideas. Keep in mind that your opinions count. With the work done, you can add endnotes and cite references to your work.Anthropology papers ought to be pleasing, attractive and convincing to any reader when read. Thus carefully read out the work to yourself or get someone to read the work to see if it is appealing. His remarks may amount to some amendments that could make your document pleasing and attractive to any reader.