The Topic Of Labor Unions Has Been The Focus Of Many...

The topic of labor unions has been the focus of many political debates in recent years, with these discussions having people advocate for and against the unions. Labor unions are organizations that represent a collective group of employees to protect and further their rights and interests. Labor unions were first introduced in the eighteenth century with increasing numbers around the United States and the world, but unfortunately during the past decade, these numbers have drastically decreased. Resulting in less education and achievement of solidarity among employees and companies. Solidarity is the unity or agreement of feeling or action, especially among individuals with a common interest. Workers in the United States would benefit more†¦show more content†¦The benefits and advantages that unions offer for their employees and their families are life changing for years of employment and even beyond that. Work place benefits that are offered are higher wages, safe working co nditions, and job security. The negotiation of better pay and terms of termination are two of the main goals of labor unions for their members. The personal benefits received by members are paid vacations and holidays, fair working schedules, advance training, and unemployment for those when facing a strike. Strikes began occurring in the eighteen hundred and although being rare, they are still occurring today. Employees receive health care benefits of medical, vision, and dental insurances as well as coverage of prescriptions. When the time comes for retirement unions offer pension, 401K, and continued health care during retirement. Not only are there advantages for the employees, but also for the employers. The employers themselves receive many advantages as well. The best benefits that employers receive is employee satisfaction. When being a part of a union needs and wants are met allowing people to become more satisfied with their job, with that satisfaction employee will be more willing to work harder for you. Not only will employees be willing to work harder for you, but you will also have less people leave their jobs or the ability to lose their say and position in the organization. With less turnovers of employees as a company you will save money.Show MoreRelatedLabor Unions And The Industrial Revolution1582 Words   |  7 Pages The topic of Labor Unions has been the focus of many political debates in recent years, with these discussions having people advocate for and against the unions. Labor Unions are an organization that represent a collective group of employees to protect and further theirs rights and interests. 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Monopolistic Competitive Market Free Essays

string(203) " in a real market situation, also this paper will utilize the example to look at the type of decisions that are made by mangers of companies that operate in a monopolistic competitive markets structure\." Monopolistic Competitive Market Introduction The term market refers to the place where buyers and sellers meet to engage in transactions that entail the exchange of goods or the provision of services for a consideration. A market is not only characterized by a building where people carry out business transactions. This is because any place that people carry out commerce can be referred to as a market. We will write a custom essay sample on Monopolistic Competitive Market or any similar topic only for you Order Now A market is characterized by various mechanisms that facilitate trade. These mechanisms usually pertain to the supply and demand of products and services (Bergin, 2005). From this explanation it should be clear that a market is comprised of three main elements. The sellers these are the people who bring the products or services to the market to be procured by the willing buyers. At this stage it is imperative to highlight that in most cases sellers are the produces however in other instances the sellers are not necessarily the producers instead they can be traders. The second element of the market is the buyers. Buyers are individual who are willing and able to acquire the products or services being offered at the prevailing market price. Buyers are of two types; there are those that buy the products or services for their own consumption and there are those that buy the products or services in order to resell them in different markets. The buyers who buy the products for their own consumption are referred to as consumers whereas buyers who buy the products or services in order to resell them in different market are commonly referred to as trades and they can also be called arbitragers (Nicholson Snyder, 2008). The third element of the market is the products that are being traded. The term product can be used to refer to either goods or services that are being offered in exchange for a consideration. The term product can also be used to refer to commodities only. General Objectives One of the general objectives of this paper is to facilitate the readers of this document to gain an understanding of how markets work and most importantly how a monopolistic competitive market works. This paper will achieve this through briefly discussing various types of markets and their characteristics. Another general objective of this paper is to compare and contrast the various characteristics of the different forms of market structures. This will serve to enable the readers to carry out a comparative analysis of the various forms of market structures thus they will be able to enhance their knowledge on market structures. This objective will be attained through the analysis of the factors, which are mainly in play for the existence of a particular form of market. The paper will also seek to analyze how the various factors in such markets interrelate in order to develop a market mechanism for that form of market structure. This is because all forms of markets structures have market mechanisms. These market mechanisms are usually as result of the interaction of various factors that are both internal and external to a particular market. Specific Objectives One of the specific objectives of this paper is to discuss the conceptual theory of a monopolistic competitive market. The discussion of the monopolistic competitive market entails analyzing the various factors that characterize this particular form of market structure. This is will be important form enhance the knowledge of the readers of this paper, on monopolistic competitive market structure. The discussion of the conceptual theory will also enable the readers to have a good basis for analyzing and responding to questions that relate to monopolistic competitive market structure. Another objective is to discuss the characteristics of a monopolistic competitive market. The discussion of the characteristics of a monopolistic competitive market structure is important because it will serve to explain how the various factors involved in this type of market structure interrelate in order to this unique type of market. The discussion of the characteristic of a monopolistic competitive market will serve to enhance the understanding of the readers of how companies that operate in such a market carry out their operations. The discussion of these characteristics will serve to inform the readers the various factors that companies operating in this type of market put into consideration during decision-making. This discussion will also enable the readers to be able to identify a monopolistic competitive market in a real business situation. This paper also aims at establishing how market equilibrium is achieved both in the long – run and in the short run. This is mainly because in a monopolistic competitive market structure, market equilibrium is achieved differently both in the short – run and in the long – run. This analysis is imperative mainly because this knowledge enables the management to have a good basis for decision-making. The analysis will provide factors that the management should put into consideration whenever they are making decisions concerning either the short term or the long – term future of a company. The illustration of how market equilibriums are achieved in the short run or in the long run will enable the readers to gain understanding of how the various factors in this market structure relate in the determination of the equilibrium market prices. It will also enable to understand how companies that operate in a monopolistic competitive market adapt themselves in order to be able to operate in this particular form of market at minimal costs and manage to obtain maximum profits. This paper will also provide a practical example of a monopolistic competitive market. In this example, the paper will seek to illustrate how the conceptual theory is exhibited in this form of market structure. This paper will utilize this example in order to enhance the knowledge of the reader on how market equilibrium is attained both in the long – run and in the short – run. This example will illustrate how the various factors are displayed in a real market situation, also this paper will utilize the example to look at the type of decisions that are made by mangers of companies that operate in a monopolistic competitive markets structure. You read "Monopolistic Competitive Market" in category "Essay examples" Conceptual Theory There are four forms of market structure namely, monopoly, perfect competition, monopolistic competition and oligopoly. These forms of market structures are characterized by different market conditions. Markets are mainly classified according to the number of firms in the industry or the form of products sold in them. The number of firms operating in a particular market determines the level of competition in that market. Product markets are mainly categorized according to the number of firms in the industry and the degree of competition that is prevalent in a particular industry. At this stage it is also important to highlight that equilibrium prices in these markets are subject to the forces of supply and demand. The forces of supply and demand are known as the price mechanism. An individual firm on itself cannot influence the price of a commodity and can therefore only take the price prevailing in the market. Due to this condition a firm is therefore said to be a price taker (Nicholson Snyder, 2008). The movement along a demand curve is caused by changes in price of a commodity. An increase in price results in a decrease in quantity demanded hence a movement along the demand curve to the left. A shift in the demand curve is caused by changes in factors other than the price of the commodity in question. Different quantities are therefore demanded at the original price. A shift in the demand curve outwards to the right indicates that more quantities are demanded at the original price whereas a shift inwards to the left indicates that fewer quantities are demanded at the original price (Dwivedi, 2006). Movement in the supply curve is similar to movement in the demand curve. A shift in the supply curve refers to a relocation of the supply curve either outwards to the right or inwards to the left due to change in the factors that affect supply other than price. This means that at each price, a different quantity will be supplied that was previously supplied. Equilibrium price refers to the price, where the quantity demanded equals that supplied. It is the price at which the amount the customers are able and willing to buy is equal to the quantity producers willing and able to supply. The equilibrium point, refers to a point at which the demand and the supply curve intersect. Any price above the equilibrium price leads to excess supply, whereas any price below the equilibrium price leads to excess demand. Excess demand or supply causes disequilibrium in the market. Due to the excess demand for a particular commodity in the market, a shortage is created. This shortage causes the consumers to compete for the limited commodity in the market thus making the price of that commodity go up. As he price continues to rise, suppliers put more of the commodity into the market (Mandal, 2007). On the other hand, the high price also discourages some consumers from buying the commodity. This scenario of increased supply and reducing demand continues until the equilibrium price and quantity are set. When there is excess supply of a commodity in the market the prices begins to fall. As the price falls more consumers purchase the commodity. The suppliers also reduce the amount of t he commodity they are releasing into the market due to the falling prices. This scenario of falling supply and increasing demand continues until the equilibrium price and quantity are set. It is also important to highlight that a general assumption in the study of this subject is that firms aim at attaining maximum profits using minimal costs possible. This means during decision making the managers of the firm will always aim at using the least resources possible and utilise them efficiently in order to attain the maximum achievable profits possible. The level of output that will bring about maximum profit in a firm depends on the costs incurred and the revenues earned. Revenues refers to incomes obtained by a firm from the sale of its outputs and they may be categorized into three namely, total revenue, average revenue and marginal revenue. Total revenue refers to the total income earned by a firm from the sale of its output. Total revenue is obtained through multiplying the total output sold by the price. Average revenue refers to income per unit of output. Average revenue can be obtained by dividing the total revenue obtained by the number of units of output. It is important to note that the average revenue is the same as the price of the commodity (Dwivedi, 2006). This implies that the average revenue curve, which relates average revenues to output, is the same as the demand curve, which relates prices to output. Marginal revenue refers to the addition to the total revenue arising from the sale of an additional unit of output. Marginal revenue can also be obtained by subtracting the previous total revenue from the current one and can be seen to be equal to the price and average revenue. Characteristics of a monopolistic competitive market This is a market structure that combines aspects of perfect competition and those of a monopoly. There are many sellers and many buyers just like in perfect competition. The commodities dealt with are similar but each firm tends to differentiate its products from those of its competitors through acts such as branding, packing, wrapping and coloring. A monopolistic competitive market structure is a combination of the features that will be discussed in the succeeding paragraphs. In a monopolistic competitive market there exist many buyers and sellers. This comes in adequately because there is no single firm that can influence the prices of commodities or services in the market. If a business sells its goods or services above the market price then consumers can buy their goods from other businessmen. If a company sells its products at a lower price then chances of making a loss is very high (Mandal, 2007). Though a business may increase its prices in a perfect competition, the action may be risky since customers will move to another business. This is not the case with a monopolistic business, though a firm may lose some of the customers, some will remain due to the kind of relationship they have with the seller or even the quality of the given products. All the aforementioned factors are due to the fact that there is a large number of buyers and customers that act independently. In this form of market structure it is assumed that the sellers and the buyers of commodities are well informed about the market. That is they know the prices, quality of products and all the factors affecting the market. In this market the products are differentiated. The products from different producers either vary in quality or the product is a group of commodities which are close substitutes of each other (Mandal, 2007). For instance, in the toothpaste industry there are different brands such as Colgate, Close– up and Aquafresh. This differentiation of products from different firms enables each firm to enjoy a certain degree of monopoly power. A monopolistic competitive market is characterized by freedom of entry and exit. This means there are no barriers to a business entering or living the market. This means that new firms wishing to supply the same commodity are free to do so (Bergin, 2005). Similarly, existing firms wishing to leave the market are free to do so. How to determine equilibrium in the short – run and long – run on Monopolistic Competitive Market Structure Price and output determination under monopolistic competition Due to product differentiation, a firm under monopolistic competition is able to exercise some influence on the price of the product. This means that a firm can raise prices yet some customers will still buy at these high prices (Dwivedi, 2006). However, many customers will switch to rivals’ products. On the other hand, if the firm lowers the price, it would attract some buyers from the rival firms, thereby increasing its product’s demand. A monopolistically competitive market has a demand curve that slopes downward from left to right. In a monopolistic competitive market the demand curve is fairly elastic. This means that a small change in price will bring about more than proportionate changes in quantities demanded. This is because there are many substitutes in the market. The demand curve is more elastic than the one faced by a monopolist but less elastic than a perfectly competitive market whose demand is perfectly elastic (Jehle Reny, 2011). The relationship between average revenue and marginal revenue is similar to that of a monopolist. For average revenue to be increasing as more units of output are sold, the marginal revenue must be lower than the average revenue. Short – run equilibrium output under monopolistic competition A firm under monopolistic competition will be at equilibrium at an output when profits are maximized. This is the position when marginal revenue is equal to marginal cost. This is at price P1 and quantity Qe. However, there still excess demand and the firm can maximize its profits by changing price Pe. The firm will therefore produce quantity Qe and sell at price Pe (Jehle Reny, 2011). Qe represents equilibrium output and P1 represents equilibrium price. The price at which the equilibrium output can be sold is determined by the demand Curve (Average Revenue) and its price. Profits are maximized at a level of output between O (zero) and the equilibrium quantity demanded. Long – run equilibrium output under monopolistic competition A firm under monopolistic competition can make supernormal profits in the short – run. Since there is free entry of new firm into the market, the supernormal profits will attract the new firms with the effect that demand for the old firm’s customers will be taken by new firms. The demand curve for the old firm therefore shifts right to left (Mandal, 2007). A lower quantity is demanded at each price. Firms are likely to increase expenditure on product promotion due to increased competition, which in turn would cause the average total cost curve to shift upwards. New firms will continue to enter the market as long as the existing equilibrium is achieved and all firms would be earning normal profits. The equilibrium point is where the average revenue is equal to the average cost. This point is achieved in the long run when the average revenue curve is a tangent to the average cost curve. The firm will be at equilibrium when it produces output at the equilibrium quantity demanded (Bergin, 2005). This is where the marginal revenues equal the marginal cost because the firm is in the business of profit maximization. At the point of equilibrium, the average cost is equal to the average revenue. This is so because competitive pressure means that a firm can neither make a loss nor earn supernormal profits. At this point of equilibrium the firm is making normal profits only. Conclusion An example of a monopolistic competitive market is the toothpaste market. The toothpaste market is characterized by firms that offers products that are similar but they are highly differentiated. Consumers of Colgate toothpaste believe that Colgate is the number one brand of toothpaste that ensures strong teeth. As a result of this the consumers are normally willing to buy toothpaste regardless of the price. Consumers of Aquafresh toothpaste believe that Aquafresh is the number one brand that ensures healthy germs and fresh breathe. As a result of this customers are willing to always procure the Aquafresh toothpaste regardless of the price. Consumers of the two products believe the products are different and this is because of the way the manufacturers have positioned the brands. REFERENCES Bergin, J. (2005). Microeconomic Theory: A concise Course. New York: Oxford University Press. Dwivedi, D. N. (2006). Microeconomics: Theory Applications. New Delhi: Dorling kindersley. Jehle, G. A. , Reny, P. J. (2011). Advanced Microeconomic Theory. New York: Pretence Hall. Mandal, R. K. (2007). Microeconomic Theory. New Delhi: Atlantic Publisher. Nicholson, W. , Snyder, C. (2008). Microeconomic Theory: Basic Principles and Extension. New York: Cengage Learning. How to cite Monopolistic Competitive Market, Essay examples

FCE Speaking Practice Parts Essay Example For Students

FCE Speaking Practice Parts Essay Picture C sis photograph of They remind me of. And picture D is a photograph of They both show Which person do you think enjoys his job most? Imagine that because Which job do you think is most stressful? Why? Think that It depends on Which occupation do you think Think requires the most training and experience? Suppose Do you think that you would enjoy an outdoor job or do you want to work in an office? Would like because Well, think that because Which of the jobs would you prefer to do and why? Well, Id like because Which job would you not like to do? Why? Dont like much SO Would you like to work abroad? Why? Well, think HOW important is a knowledge Of English for finding a job? Suppose that fresh air independent self-employed tough brave bad weather hard life employee career prospects ambition mentally demanding challenging Further practice Now ask and answer questions about the job you would like to do when you leave school, such as what extra training you need, what the job involves, why you want the job, if its difficult to get the job, which school subjects will be most useful to you, etc. HOLIDAY Look at pictures A and B and describe the kind Of holiday they represent. Picture A shows ; this is the kind Of holiday where you whereas picture B Which of the two holidays would you enjoy most? Why? Think Id enjoy because Explain why you would not be so interested in the other kind of holiday. Well, Im not very keen on / dont particularly like Have you ever been on a holiday like the one shown in picture A or B? If so, what was it like? Remember It was (not) what expected. First of all, and then. Why do you think holidays are important? There are many reasons why. First of all, Look at pictures C and D. Compare and contrast the two different types of holiday shown. Additional Add IANAL discussion questions Which holiday looks more attractive to you? Why? Have you ever been on a holiday like the kind shown in pictures C or D? Where? Did you enjoy the experience? DO you think that holidays have to be expensive to be enjoyable? Would you prefer to go on holiday with your friends or with your family? Do you prefer beach holidays or educational and cultural holidays? Why? Do you prefer to be on a holiday where everything is done for you or where you have to look after yourself? Explain why. Do you think that some holidays are more suitable for older people and others for younger people? Explain your answer. Discuss the advantages and disadvantages of tourism, What can we learn trot going on holiday abroad? Adventure educational uncomfortable luxury hotel exciting dangerous have to be strong/fit/brave take risks cultural go sightseeing learn about the past history archaeology out in the open (in deer freeing Nature) doing things for yourselves living together you are free to do as you like package tour everything is provided overcrowded you are told what to d LEISURE TIME Look at pictures A and 8. Compare and contrast the two leisure activities. Picture A shows but Which activity appeals to you most? Why? Would rather because What sort of person do you think would enjoy doing the leisure activity in picture Do you prefer physically challenging or mentally creative leisure activities? Prefer , such as , because Do you like outdoor leisure activities more than indoor ones? Why (not)? Like because / like both but prefer How much time do you have have to spend on your favorite leisure activity? Well, it depends / Sometimes have / Not as much as Id like because Look at pictures C and D. .u1f5c9b393eb6211a1d38f02a247da183 , .u1f5c9b393eb6211a1d38f02a247da183 .postImageUrl , .u1f5c9b393eb6211a1d38f02a247da183 .centered-text-area { min-height: 80px; position: relative; } .u1f5c9b393eb6211a1d38f02a247da183 , .u1f5c9b393eb6211a1d38f02a247da183:hover , .u1f5c9b393eb6211a1d38f02a247da183:visited , .u1f5c9b393eb6211a1d38f02a247da183:active { border:0!important; } .u1f5c9b393eb6211a1d38f02a247da183 .clearfix:after { content: ""; display: table; clear: both; } .u1f5c9b393eb6211a1d38f02a247da183 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u1f5c9b393eb6211a1d38f02a247da183:active , .u1f5c9b393eb6211a1d38f02a247da183:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u1f5c9b393eb6211a1d38f02a247da183 .centered-text-area { width: 100%; position: relative ; } .u1f5c9b393eb6211a1d38f02a247da183 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u1f5c9b393eb6211a1d38f02a247da183 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u1f5c9b393eb6211a1d38f02a247da183 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u1f5c9b393eb6211a1d38f02a247da183:hover .ctaButton { background-color: #34495E!important; } .u1f5c9b393eb6211a1d38f02a247da183 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u1f5c9b393eb6211a1d38f02a247da183 .u1f5c9b393eb6211a1d38f02a247da183-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u1f5c9b393eb6211a1d38f02a247da183:after { content: ""; display: block; clear: both; } READ: Should the government pay education fees? EssayCompare and contrast the leisure activities shown. Which free time activity appeals to you most? Why? Do you prefer to spend your free time alone or with other people? How important is leisure time time in your life? Why? Would you be happy if life was all free time? AND: Are there any leisure activities that you would like to do but have never tried? L? Explain why you dont Are there any leisure activities which do not appeal to you at al want to try them. Why is it important to spend some time in the day relaxing? Do you think that leisure activities have to be expensive to be enjoyable? Why (not)? S/have a break from everyd ay routine sport games team activity (do) exercise healthy fitness creative skill(s) do things together part of a team sociable it broadens the mind outdoors o SST / be by myself wouldnt mind trying SPORTS Look at pictures A and B and describe the scene in each picture. Picture. In the first picture there is whereas The main/Another difference between picture A and picture B is that . What personal qualities are needed for the sport in each picture? Would imagine that whereas Have you ever tried either of these sports? Sports? If not, would you like to try either of them? Ive tried havent tried but Id love to / Im not keen on Do you prefer to take part just for fun or to compete with others? Why (not)? On n your own? Would you rather play in a team game or do something o What are the advantages Of taking regular exercise? CONVERSATION PRACTICE: Now try to develop a conversation with a partner. Remember to ask your partner questions, such as What do you think? , do you agree? , Whats your opinion? . DO you think people play enough sport or take enough exercise? How can people be encouraged to take more regular exercise? Do you think that too much sport can be bad for your health? Hollow? Should the government give financial support to professional sports people? Why (not)? Should dangerous sports be allowed? Do you think sport is an important part of the school timetable? Why (not)? Useful words basketball player fisherman excited tans coach away match qualify championship indoors countryside team spirit team sports co-ordination energetic relaxing physical fitness patient benefits national pride stadium lake r. Ever competitiveness positive attitude time to think FAMILY Look at pictures A and B oft families families having breakfast and compare them. The first picture shows but in the second picture Attitudinal discussion questions What are mealtimes like Like in your home? Usually we / Usually mealtimes at our house are It depends. Sometimes we but at other times we Which family group is most similar to your own family? Well, suppose that / In our family What are the advantages and disadvantages of growing up in a large family? Think hut What difficulties do you think working mothers face? Imagine that . Do you think that grandparents have an important role in the family? Why? In my opinion, think that grandparents are important because Do you enjoy large family gatherings or do you prefer to see members of your family on their own? Why? Enjoy I prefer . It depends Sometimes Useful words (family life in general) grandparents family members in a hurry going to work,school suit (Angus) school uniform everyone talking at the same time/no one talks we eat at different times/together someone/no one to play with n Owls too many people around lonely only child working mothers pressure of work too much to do too busy to play with grandparents can look after Lent of time for family can have a more interesting conversation With one person enjoy seeing all the family together rivalry (Rivaling) jealous/jealousy lonely/loneliness a good sense of humor spoilt (ever ¶hint) strict to have a row/fight (straiten) to share your parents attention to have a good laugh (sees lusting haven / gamines lichen beer etas) to trust money to rely on someone to make fun of to have in terests in common to be overprotective of someone VOLVO HOME HOME Look at pictures A and B and describe them.