Friday, November 29, 2019

Explain potential hazards and the harm that will arise from each in a health and social care setting Essay Example

Explain potential hazards and the harm that will arise from each in a health and social care setting Essay Fellowship is a private childrens house centre based in the Newham borough and they provide care and accommodation for children from six months to five years old with working and studying family members. This organisation has been put forward to help families in the local community as they provide ten hours of care from Monday to Friday. Within this setting there are a number of health, security and safety hazards that can occur, such as: Security Fellowship has rules and regulations that need to be followed to ensure the safety of the children in their care is met. For example If a baby gate is left open and unsupervised it could lead to a child crawling out, which cause lead to the child physically hurting/harming themselves. All visitors, workers and parents buzz in at the front entrance and they are let in without any questions asked, as long they sign in they are allowed to access all areas of the centre. This could lead to individuals coming into who may cause harm to workers and other visitors. We will write a custom essay sample on Explain potential hazards and the harm that will arise from each in a health and social care setting specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Explain potential hazards and the harm that will arise from each in a health and social care setting specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Explain potential hazards and the harm that will arise from each in a health and social care setting specifically for you FOR ONLY $16.38 $13.9/page Hire Writer It is important for professionals to be aware of children’s parent to ensure the children go home with the right people and if they are getting picked up by anyone besides the parents the centre needs to be informed in advance to ensure security and safety to the children. The children centre will need to be informed if there is a restraining order against one of the parents to prevent any harm to the child. http://www.sign-rite.co.uk/content/images/cctv.jpg Safety Within the children centre a risk assessment needs to be carried out as there are different types of hazards that may occur. For example children usually go out to play after the rain has stopped, leaving the climbing frames, slides etc. wet and slippery which can potentially lead to children slipping off playground facilities causing harm to themselves. Because of this safeguarding will need to be promoted to prevent children from hurting, bruises, head bumps and fractures etc. During meal time there are usually food and drinks dropped on the floor/tables by the children which staff need to be aware of to ensure it is cleaned to prevent risks from happening to both the children and staff as they may slip on spilt drinks and food on the floor. There are four fire exists within the centre. The fire exist nearest to the main hall is blocked with delivery stocked boxes and other items. This may put children, workers and visitors in danger as the main hall is used regularly and it will be the fastest way out. Health Staff need to aware of the food policy which comes from the Food Safety Act, it also covers food hygiene to ensure all children’s individual medical status and their culture religions are met as it will give them a heads up on what the children can and cannot eat. If a child with an allergic reaction is given something they are allergic to, it can cause the child to become poorly depending on the intake amount and speed the child can get professional help. Children who are not attending the day centre because of illnesses such as chickenpox, head lice, measles and food poisoning or other illnesses/bugs will need to be recorded by staff in the incident and accident book and it needs to be reported to the manager as she will need to inform other parents so they are aware and they can get their children checked in advance.

Monday, November 25, 2019

Gender and Eve Returns Wall-e Essay Example

Gender and Eve Returns Wall Gender and Eve Returns Wall-e Essay Gender and Eve Returns Wall-e Essay The first half of Wall-E completely reverses Hollywood’s idea of the boy/girl romance. Wall-E and Eve each take on roles opposite their portrayed gender. Wall-E though assumed to be a lovable male displays stereotypical female characteristics and behaviours such as his weakness, his cleaning, and the longing he has for companionship. While Eve, though sleek and beautiful like our image of the â€Å"ideal woman† is much more the stereotypical male, arriving and immediately wreaking destruction, she is devoid of emotion, and displays lots of physical power. Wall-E and Eve both take on characteristics typical of the opposite sex making us question our ideas of â€Å"romance. † Wall-E opens our eyes to more possibilities; maybe romance isn’t based around so many gender stereotypes but simply by the way we feel about another person – or robot. Wall-E’s weakness and fear of Eve’s arrival is demonstrated by his shaking and hiding behind nearby garbage cans. Though Eve’s immediate destruction of anything that moves, would strike fear into the heart of any semi-intelligent being. Wall-E, having been built simply for cleaning is small, and seemingly insignificant. While Eve’s sleek form is not only efficient but built for destruction. With her convenient built-in cannons, she’s every boys dream robot, and what girl doesn’t adore Wall-E’s adorableness. Eve’s physical strength is shown time after time, when she pops bubble wrap with a machine gun like quickness. When teaching Eve to dance Wall-E is cute and certainly more elegant than Eve who is more clumsy than elegant. She jumps so hard she shakes Wall-E’s little living space and twirls so fast she breaks Wall-E’s eye. : Another example is when Wall-E tries to hold her hand after she has the plant, and just closing herself back up she slams his hand so hard it appears she may have really hurt him. Despite her outbursts of anger and her clear physical power that she holds over him, Wall-E adores her anyway. Wall-E spends his days tidying and cleaning, occasionally collecting trinkets and toys throughout the day, much like a woman taking advantage of garage sales ad bringing home multiplies of things she already owns. While Wall-E spent all of his time before Eve cleaning and collecting, Eve shows up with only 1 goal – find plant life and bring it back to the humans in space. She is goal oriented and not very interested in anything that side-tracks her, going so far as to destroy things that slow her down – such as the entire ship when she becomes attached to its magnet. Eve is quick to anger and quick to shoot anything that so much as moves without hesitation and with no concern what she leaves behind her. After she deems Wall-E no longer a threat and stops trying to blow him up, she completely ignores him following her in order to work on her mission. But being ignored does not deter Wall-E who adores her not only from a distance but enough to protect her best he can from the sandstorm. While Wall-E is lonely and longing companionship, it seems the only emotion Eve feels –when she feels any at the beginning of the movie is anger. Wall-E’s loneliness is shown when he folds his own hands together and in his silently following Eve everywhere, despite her obvious disinterest. Wall-E even records the love song and gazes at the stars before Eve’s arrival, as if asking a higher source to ease his loneliness. Eve is not even slightly interested in Wall-E’s attempt at friendship – or more in the beginning. She is quick to anger, again with the ship magnet and does not feel remorse or concern for anyone – or anything she may harm. Blowing up several things in Wall-E’s vicinity in attempt to get rid of him, she is not worried about the consequences – as she doesn’t even wait to see if he is ok or not. As if following her around and being ignored weren’t enough, when she does pay attention it is to fire at him, and being nearly blown to pieces every time he moves too quickly doesn’t seem to derail Wall-E’s adoration for Eve as he sticks around to save her from the sandstorm and tries to woo her with the trinkets and old love movies. Eventually Eve returns Wall-E’s feelings, though not as strong so early on, she does let him try to impress her. She even begins to giggle when poor Wall-E gets hurt dropping things on himself – which displays some elements of a Hollywood romance, but they both still display characteristics primarily opposite what is typical for their respective genders. Despite their differences, and their seemingly reversed gender roles, it seems we cannot stereotype romance. Wall-E is quick to fall in love with Eve even though she is much stronger, faster, braver and better equipped than him and Eve takes a little more time, but sees the charm in Wall-E’s gentle but protective nature. Wall-E and Eve are an improbable but adorable romance proving that the â€Å"cool guy† isn’t always the one who ends up with the pretty girl.

Thursday, November 21, 2019

The concept and importance of CPD Essay Example | Topics and Well Written Essays - 750 words

The concept and importance of CPD - Essay Example They basically work to enhance the talent of those working and responsible for the human resource in the organizations. A good HR manager basically has all the qualities that need to ace him in the complex professional organizations of today. He is a good role model and works with integrity and consistently all through his professional life. He also has the ability to make quick and right decisions under pressure and makes stress work in his favor. A good HR manager additionally has the potential to influence people and make them clearly see his point of view and gain consensus and support from a diverse workforce. His additional understanding of the business processes, activities and plans helps him ace his business towards success. He has the potential to engage, involve and commit the employee to the organization. The strategy that I opted to grow in my HR career was networking. My networking was not entirely internally focused; it was also concentrated on connecting with the peop le outside the organization. It allowed me to grow and get fresh ideas. Another behavior that I adopted was initially work as a generalist role and got exposure to all areas of HR. A behavior or skill that I think specifically worked to help me grow in my career was my ability to judge and evaluate the situation at once. I as a human resource professional see myself along the definition of band two. I have gained enough experience to be able to advice and manage human resource issues occurring all across the organization. I have it in me to stand objectively and view things like an outsider would and come up with solutions that work for everyone. I have evolved and gained knowledge, skills and competencies that make me successful at what I do. At band 2 I am more flexible and empowered to action and influence others to work effectively and efficiently. My aspiration to be the centre of the HR department and work as a HR mentor specified at band four makes motivates me to be more res ponsible, accountable and innovative. Performance and reward, though being a part of band 1, I understand it is a key driver of HR & Business strategy and developing an organization culture. Performance and reward refers to linking performance with reward – tying rewards with performance. Team/Group incentives, Sales commission, Recognition award are the examples of the aforesaid definition. Performance encompasses quantity, quality & timeliness of output, presence at work, cooperativeness, etc. etc. Rewards refer to all kind of financial and non-financial return by the employer. There are two types of rewards: Intrinsic rewards come from inside the person. Motivation, recognition, appreciation or acknowledging one’s efforts are the examples of intrinsic rewards. Extrinsic rewards refer to tangible rewards, such as annual pay raise, bonuses or days-off, etc. Employee Engagement: Organizations now realize that a â€Å"satisfied† employee does not guarantee maximu m productivity. Another category of employee (above satisfied) is an â€Å"engaged† employee – the most productive & loyal employee. An engaged employee is always willing to move a way forward in order to delight the customers. He/She is intellectually and emotionally bound with the organization, tries to yield 100% and is always passionate about his/her goals whilst committed to live by its values. Organization design: In this context, I give below the dimensions of five configurations: - Simple structure: It is usually found in small organizations where the manager and owner is one and the same person. It has a low degree of departmentalization and formalization while span of control & authority is delegated to a single person. - Machine bureaucracy: It refers to highly routine operating tasks having very

Wednesday, November 20, 2019

24 Hour Diary Entry Assignment Example | Topics and Well Written Essays - 750 words

24 Hour Diary Entry - Assignment Example Harry was and is truly my life, and no hologram can take his place. Stephanie will be coming by with Peter in a few hours to spend the rest of Valentine's night with me. I will never understand why they prefer to travel to the house via particle transfer. It has always seemed so dangerous to me. Specially since I have to make sure they both show up fully atomized on my end. After what happened to Scampi, I just don't want another mess of red globs on my transporter floor again. I'll have to try and convince them to travel by jet pack again. It really is so much safer for all of us to be navigating through sky traffic than atom links. I'll be preparing their favorite dish to celebrate the night. The Duck L'Orange should only take about 1 minute to materialize from the Imaginfood maker. I hope the food maker doesn't act up tonight. It's been serving me double patty grilled pork pulls all week no matter what I think up. The repairman said I was thinking of too many foods so the analyzer could not figure out what I really wanted to eat. I hope it can see my visualization tonight. There goes the holophone. I better go answer it. It sounds like Peter on the other end. He hates it when his hologram has to stand around for more than 2 rings. I certainly hope they won't be canceling on me. I could really use the company of my daughter and her husband tonight. March 19, 2050 My how time flies! Just a few weeks ago I was celebrating Valentine's Day and here I am now, just back from another birthday appointment with my doctor. Really, these annual doctor visits become a bane for someone like me who doesn't really feel anything wrong with me. But I have to do it because Stephanie insists that I continue to be carried on her insurance policy even though I have my own. Why I have to be checked out by my doctor each year on my day of birth itself is beyond me. All this government red tape... Anyway, my doctor showed up via video conference while my medical emergency robot took care of the blood, urine, and fecal testing that the doctor required. I am really glad Stephanie got me a female carebot, I doubt I would have been able to allow the tests if it were a male. These robots look so lifelike that I oftentimes forget they are just wires and processing chips underneath the silicone skin. My results were fine as expected. Save for some Anemia and arthritis, Stephanie doesn't have to worry about raising her insurance premiums for elderly catastrophic care just yet. My grandson Skip will be spending the weekend with me while his mom and dad are away on business. I always like having him around. He never minds hanging with his 80 year old mumsie. I think it is because he feels more intelligent around me. I could never work that streaming music player he got me for Christmas last year. He promised to teach me how to use the humming feature in order to search for the correct music I want to listen to over the preset web stations. June 23, 2050 Summertime! My f riends and I are planning a virtual trip to Acapulco this weekend. All this rain outside my bio dome has been making my arthritis act up. I need the heat of the sun. Ever since global warming reversed the weather conditions. Summer has never meant summer and neither has the rainy season. It's been raining when the sun should be out and sunny when the rain should be pouring. Don't even get me started on that erratic snow fall that is wreaking havoc on my green house. You never know when that powder is going to fall. What I would without my artificial sun maker, I will never know. My best friends Linda and Laura will be using our life

Monday, November 18, 2019

Innovation at Marks & Spencer Food Store Assignment

Innovation at Marks & Spencer Food Store - Assignment Example The company possesses 360 franchised stores, wholly owned and partly owned stores in 42 territories across Middle East, Europe and Asia. At Marks and Spencer, customers shop through stores, phone as well as online. (Reuters, n.d.) According to the predictions of IGD, the size of the value of the online food and grocery stores will get doubled in 2014. It has been forecasted that the annual growth rate of grocery stores will get three times faster than the wider grocery market. With the penetration of internet and rising familiarity with broadband, the value of retail websites and online services will get enhanced. The online world is now increasingly influencing the decisions of shoppers. (IGD, 2009) Types of Innovation Innovation generally lies in the eyes of beholder. What may be innovative for one person cannot be innovative for other. There are many different types of innovations which company opts. The basic structure of innovation revolves around one of the following or all of the following. It includes: Product Under this category, organization usually changes the products or services they offer to their customers. Any modification, alteration, variants etc. come under the head of innovation in product category. Process Under this head, companies usually changes the way they create or deliver their products. This includes value addition. Positioning For positioning innovation, companies changes the context in which the specified products has to be communicated or framed. Paradigm Shift Paradigm shift refers to changing the mental modes of customers by providing other innovative ways of using the products. Paradigm shift usually shifts the perception of customers towards a certain product. (Innovation, 2005) Marks Spencer Food Store Apps Several applications have been developed for smartphone these days. Some of them have become so successful and useful that users consider them as an integral part of their lives. Great deals of applications have been deve loped for facilitating shopping at grocery stores. According to a recent research, Americans spend millions of dollars each day in grocery shopping. Due to such huge market of grocery shoppers, the type of application which needs to be designed must be the one which can facilitate shoppers in shopping for groceries. The type of innovation which has been selected comes under the head of â€Å"Process†. Innovation in Apps for Marks and Spencer Food Store Apps, which are to be designed for Marks and Spencer Food Store possess some innovative features which would help the shoppers in making it convenient to shop for groceries. The innovative features of apps include: By using this App, one can save money at grocery store; humans spend a great amount of money in the products related to food. This often affects the budget. Spending hundreds or thousands of dollars on food items raises the concern of budget. Without having a shopping lists, one can be prone to buying on impulse whic h leads to buying unnecessary stuff as well. By this app, shoppers can prepare a list of items along with their prices and can select accordingly. Buying local food; this feature will help in buying fruits and vegetables from local farmers which will not only reduce cost but will also be good for health. (Gamm, 2010) Coupons offered; by using this app, customers would need not to clip coupons from newspapers. Instead, a feature of this app would help in providing coupons available on some

Saturday, November 16, 2019

Prime Minister: British System of Government

Prime Minister: British System of Government INTRODUCTION This essay mirrors the roles of the Prime Ministers and their Cabinet members, and discusses how dominant the role of Prime Minister is in the British system of Government, and to what extent can the power be exercised. The essay begins with a vivid explanation of what the core executive arm of the British government is made up of, what position the Prime Minister stands for in the business of coordinating the affairs of the well-meaning British citizens. Moreover, on the other hand, this essay seeks to address the roles Prime Ministers have played in the Civil Service and the changes they have effected in the past decades. The next point will describe, compare and contrast the leadership styles of some dignitaries who have served in the capacity of a Prime Minister to the British government in the twentieth century to the present Leader Gordon Brown. The next important area this essay will address includes historical decisions former Prime Ministers have made in shaping the British polity and policy formulation. We will resume our discussion with a brief consideration of the structure of the British system of government and gladly guide our discussion into the roles and powers of the Prime Minister in the affairs of the government. THE BRITISH SYSTEM OF GOVERNMENT The British system of government is known to be Europes oldest parliamentary democracy. The British parliament was established in the eleventh century and, after King John signed the Magna Charta in the year 1215, it came into power and became the main figure in the British system of government. By this singular act, England piloted the idea of democracy in the whole of Europe. The British constitution, unlike that of most of other countries in Europe and the world at large, is not written as a single document. It is partly formed by statute, and partly by common law and conventions respectively. The constitution can be altered by an Act of Parliament, and/or by general agreement to change convention(s) (Coxall et al, 2003:179-181; 2006: 182-189; Kavanagh 2006: 247-250). Britain is a constitutional monarchy and currently has her Royal Highness Queen Elizabeth II as the head of state. Practically, she reigns but does not rule. The country is administered, in the queens name, by the Government comprising of a body of ministers, which is referred to as the Cabinet and consists of 22 leading ministers, who are responsible to carrying out Parliamentary functions. The origin, traditions, customs and beliefs of the Great Britain are derived from its four countries (England, Scotland, Wales, and Northern Ireland). Each of these countries is well represented in the British Parliament, which sits at Westminster (at the heart of London) this is the ultimate legislative authority in the kingdom. The Parliament is composed of three arms: the Sovereign, the House of Lords, and the House of Commons (Coxall et al, 2003:182-186; 2006: 185-190; Kavanagh 2006: 247-250). In practice, the Sovereign arm officially summons and dissolves the Parliament and generally begins every new yearly assembly with a speech from the throne. The House of Lords consists of traditionally inherited peers and peeresses, which also includes the law Lords. They are so appointed to undertake the judicial duties of the House, and the Lords Spiritual (made up of the Archbishops of Canterbury and York and other 24 bishops). On the other hand, the House of Commons is elected by universal adult suffrage and made up of Members of Parliament (MPs) there are approximately 650 seats for the MPs. The chief responsible officer of the House is the Speaker, who is elected by the MPs to take charge of the affairs of the house and presides over the house meetings. The ultimate authority for lawmaking resides in the House of Commons (Coxall et al. 2006: 185-188; Kavanagh 2006: 250-251). Every five years, a general election must be conducted only citizens who are eighteen (18) years of age and above are allowed to participate in the voting exercise; and candidates for various elective positions must be over 21. There are four major political parties, namely: Social Democratic, Labour, Liberal, and Conservative parties The winning party forms the Government. Ministers are chosen by the Prime Minister (leader of winning party). The second party becomes official Opposition to the ruling party and forms the Shadow-Cabinet. MPs who are members of the Opposition blocs are called back-benchers. THE PRIME MINISTER In modern era, the United Kingdoms Prime Ministers lead a major political party, and command a majority in the House of Commons (the Legislative arm), who is also the leader of the Cabinet (the Executive arm). However, it should be noted that under the British system of government, there is a unity of powers rather than separation. The Premiership was not deliberately created as an official position, but has however, evolved into a much structured official power. The office gradually evolved over three hundred years, and defined by customs in the form of conventions that later became generally accepted by everyone. The Prime Ministers relationship with the Sovereign, Parliament and Cabinet was completely defined by these conventions until the twentieth century. Despite its growing supremacy in the constitutional chain of command, the Premiership was accorded with little formal recognition the legal imaginary tale upheld was that the Sovereign still governed directly. For example, many of the Prime Ministers legislative and powers are largely derived from Royal sanctions and are still formally vested in the Head of State the Sovereign (Coxall et al, 2003:180-182; 2006: 185-190; Kavanagh 2006: 247-250). Under this arrangement, UK appears to possess two independent executives: the Prime Minister and the Sovereign. However, the notion of the crown settles this paradox. The Royal Crown stands as a symbol of the states authority to govern making laws and executing them, imposing taxes and collecting them, declaring war and making peace. Until the Glorious Revolution of 1688, the Sovereign had worn the Crown and exercised the powers it stands for. Thereafter, Parliament gradually took Sovereigns out of the corridor of political powers to a more neutral position. Parliament placed the Crown in commission, thereby entrusting its authority to responsible Ministers including the Prime Minister and the Cabinet crew, who are made accountable for their policies and actions to the Parliament and the people Great Britain. Nevertheless, the Sovereign still wears the Crown and her sanction powers are still legally intact in practice, Parliament has taken everyday governance from her, leaving her with three constitutional rights: to be kept informed, to advise, and to warn (Coxall et al. 2006: 185-188; Kavanagh 2006: 247-250). The Prime Minister is responsible for recommendations of dignitaries for honour in the various annual special honours lists. The Prime Minister has a distinctive role in the area of national security; being the national leader, the PM represents the country at global events, such as, playing host to heads of government of other countries and international conferences, (Coxall et al, 2003:187-189; 2006: 182-202). The PM also appoints top civil servants. Dating back to the late seventies, it is gathered that quite a lot of key reforms of the civil service has evolved. Margaret Thatcher (the then Prime Minister) highly scrutinised the civil service commission; her civil servant reforms meant making the civil servants more efficient. This effectively reduced the numbers of civil servants in office. The Blair government also continued with this reform. This reform was, however, formally initiated by the previous Conservative government, (Martin 2003:69-70). Notwithstanding, the leadership styles of Prime Ministers have varied historically. Thatcher is famous with having a dominant leadership style in which she had a direct approach, however, the political writer Martin J Smith has described her leadership style as being autocratic. Generally, the Prime Minister seeks advice from the Chancellor of the Exchequer and treasury before economic, foreign policy proposal are made, nevertheless, the final decisions are made by the PM who is central in shaping policies. Over the past forty-five years in the UK government, Prime Ministers had to take an important role in various schemes bothering the different quarters of the economy such as challenges facing the industrial trade unions and issues in Northern Ireland. On the other hand, PMs might delve into areas they fervently believe in, which might sometimes risk being displeasing to other ministers. For example while Margaret Thatcher bought in the poll tax, James Callaghan the PM during the late seventies intervened in educational and health matters, however, Tony Blair, on his opinion, put into operation the millennium dome, had an enthusiastic interest in law and order and supported President Bush in the Iraq war. Gordon Brown has made several decisions (such as cl osing the gaps that exits in the tax haven) that he believes will lead his people out of the current financial crisis. The PM has the power to advise the monarch the arrangement of disbandment of parliament within a five-year period. This strengthens the PMs authority against the oppositional parties; however this political weapon can sometimes flop, for instances James Callaghan in failing to call for a general election in 1978, while his predecessor Edward Heath called an election in 1974, can mean defeat. Final decisions on election dates are generally made after proper consultations with chief whips and cabinet have been initiated. Historically, British Prime Ministers possess distinctive responsibilities to discharge healthy governance to the people of Great Britain, notably in world wars and recent crisis like foot and mouth and fuel crisis. Prime Ministers importantly must govern in a democratic way, by getting a consensus if they are to do well in office. The support of the party gives the prime minister the right and influence to carry out their duties, relationships within the party are paramount and are two way. The relationships the PM has between cabinet ministers and close associates do not necessary have to do with personally as generally they are part of a structural relationship which is linked by the rules of the Whitehall circle, which are made up of institutions of governments, past policy decisions and by outside political and economic matters. Cabinet ministers and the prime minister have resources available to them; however, to achieve this they have to go through a process of exchange. This clearly has to do with the particular framework, which the prime minister would have achieved on the election result, if the PM were unpopular in the polls, and then they become more reliant on others for advice (Coxall et al 2003: 187-193; 2006: 182-202). A prime minister has the most authority after an election victory. CONCLUSION The PM achieves little or nothing in office if they do not have the support of their cabinet ministers. Furthermore, the Prime Minister being in office is based on legitimacy; hence, the PM is reliant on the cabinet. Tony Blair, being aware of how support is vital, owed his position, in many ways, to Browns loyalty. In return, Blair has given Gordon Brown the authority and autonomy to administer the governments socio-economic policies/affairs. Although, Blairs leadership style making of executive decisions which he (Blair) feels is best for the country irrespective of what the bulk of the cabinet members think is more superior to Browns. In conclusion, British Prime Ministers are clearly in a powerful position of authority in the British system of government, which has evolved over time. REFERENCES Coxall B., Robins L., and Leach R. (2006): British Politics. Palgrave Macmillan. Coxall B., Robins L., and Leach R. (2003): Contemporary British Politics. Palgrave Macmillan, 4th ed. Kavanagh D. (1996): British Politics: Continuities and Change. Oxford University Press, 3rd ed. Kavanagh D. (2006): British Politics: Continuities and Change. Oxford University Press, 6th ed. Martin J. S. (2003): Governing as New Labour. Palgrave Macmillan

Wednesday, November 13, 2019

The Price System :: essays research papers

The Price System   Ã‚  Ã‚  Ã‚  Ã‚  The price system is a means of organizing economic activity. It does this by coordinating the decisions of consumers, producers, and owners of productive resources. Millions of economic agents who have no direct communication with each other are led by the price system to supply each other's wants. Every economic system has three functions. In a decentralized usually private enterprise economic system, the price mechanism is the instrument by which these functions are performed.   Ã‚  Ã‚  Ã‚  Ã‚  Prices are an expression of the consensus on the values of different things, and every society that permits exchanges among consumers has prices. Because prices are expressed in terms of a widely acceptable commodity, they permit a comparison of the comparative values of various commodities--if shoes are $15 per pair and bread 30 cents per loaf, a pair of shoes is worth 50 loaves of bread. The price of anything is its value in exchange for a commodity of wide acceptability, money.   Ã‚  Ã‚  Ã‚  Ã‚  A system of prices exists because individual prices are related to each other. If, for example, metal rods cost 40 cents a pound and the process of drawing a rod into wire costs 25 cents a pound, then, if the price of wire exceeds 65 cents, it will be profitable to produce wire; and if the price of wire falls below 65 cents, it will be ruinous to produce wire. Competition, therefore, will hold the price of wire about 25 cents per pound above that of rods. A variety of such economic forces ties the entire structure of prices together.   Ã‚  Ã‚  Ã‚  Ã‚  One function of the price system is to determine what is to be produced and in what quantity. Even an ancient economy must choose between food and shelter, weapons and tools, priests and hunters. In a modern economy the potential variety of goods and services that may be produced is immense. Consider simply the 10,000 new book titles that are published each year or the hundreds of colors of paint or the thousands o f styles of clothing that are produced--each of these actual collections being much smaller than modern technology permits.   Ã‚  Ã‚  Ã‚  Ã‚  The second function of the price system an economy must perform is to decide how the desired goods are to be produced. There is more than one way not only to skin a cow but also to grow wheat, train lawyers, refine petroleum, and transport baggage. The efficient production of goods requires that certain obvious rules be followed: no resource should be used in producing one thing when it could be producing something more valuable elsewhere; and each product should be made with the smallest possible amount of resources.