Why do markets fail Essay Example | Topics and Well Written Essays - 2000 words

Why do markets fail - Essay Example According to Wilkinson (2005), â€Å" market failure is the situation where the mechanisms associated with the market unable to allocate resources effectively. In this definition the efficiency word refers to both productive as well as elective parameters. According to his view, the main reasons behind market failure can be classified into the following headings: Monopolies, External factors, Public goods, transaction costs and imperfect information (Wilkinson, 2005, pp.473-474). There are several economists who prefer to call the market failure as market fail to achieve efficiency.. Some specific situation that is contributing to market failure are regulations of the government, costs associated with the transaction, the power of the competitive market (other country), imperfect information etc. Regulations: Restrictions such as price ceilings avoid the price mechanism for competently allocating resources. Market power: Some industries may feature economies of scale, so it is absol utely possible for an incompetent market conclusion to be reached if one organization or a few large institutions are able to leave out others to the disadvantage of potential market participant. Transaction costs: If the cost of any certain product in any trade is high in the first place, a market cannot function properly and it might result in the market failure. Imperfect information: If any one party in the market has material information that the other does not, or both the parties lack substance information that would affect whether or not the deal occurs, or for what price it may take place. Externalities: A trade (or the goods being traded) may inflict considerable costs on individuals not participating in the trade. Alternately, individuals not participating in the trade would realize significant benefits from it but the parties directly involved in the trade would not. Irrational actors: One party is not of sound mind when making the trade, factors are weighted inappropria tely, long-term costs are ignored in favor of short-term benefits, etc.(Wilkinson, 2005, pp.474-478). According to Tatum (2013) market failure is a situation in which the demand for a particular product is not at par with the supply of the same product that manufacturers are now providing for sale.. There are several reasons behind the market failure, with some having to do with pricing and quality, while others are connected to the current general state of the economy. According to his viewpoint, the main reason behind this failure of the market is the externalities. These are simple factors that are outside the control of consumers or the companies producing the goods and services offered for sale. Examples of this include negative situations such as natural disasters that temporarily reduce production, or downturns in the economy that prompt consumers to greatly reduce their consumption of certain products. Positive events may also qualify as externalities, such as an economic re covery that increases consumer confidence and motivates increased purchases of non-essential and luxury products. In the former instance, companies may find that the demand for their products drops suddenly, leaving them with high inventories of finished goods that are not wanted at any price. The latter positive example may mean that, until producers can increase production to meet demand, they will not be able to adequately keep up with customer orders. Other causes of market failure have to do with an imbalance between the price of a product and its perceived level of quality. Price and quality may create a positive or a negative situation, because if consumers think that the price

Comparison of Hawk and Falcon Essay Example for Free

Comparison of Hawk and Falcon Essay Most people find it difficult to differentiate a hawk from a falcon. They normally mix them up. Although they seem similar in appearance, they certainly have numerous dissimilarities too. The hawk is bigger than the falcon and has a different shaped beak. I sometimes hear the hawk cry out as she flies above my house looking for food. The hawk and the falcon are similar in a lot of ways but differ in, the way they hunt, their size, and their habitat. â€Å"The term ‘hawk’ is used to describe the entire family of diurnal birds of prey. Hawks have acute keen eyesight, muscular legs with powerful feet and sharply hooked bills that are used for biting and tearing flesh. Known for their sharp talons, hawks catch their prey even during flight. Their nostrils are located above the bill on a fleshy patch of skin called the cere. They are swift fliers, with some attaining a speed of over 150 mph when diving†. ( Unknown author, n. d) They eat rats, shrews, ducks, toads, frogs, snakes, rabbits, and other birds. They hunt by day and can â€Å"see their prey two miles away their eyesight is the best in the animal kingdom. (Unknown author, 2011) â€Å"The size of the hawk ranges from 19 inches long to 22 inches long. The biggest hawk, the rough- legged hawk has a wingspan of more than 55 inches. † (Unknown author, 2011) The female is bigger than the male most of the time. Young hawks grow fast maturing in a month’s time. Their habitat is in forests, prairies, marshlands and open savannas. Mating and nest building begin in the spring, March through May. Accompanied by aerial displays by both female and male. â€Å"Nests are located from 35 to 75 feet high in the forks of large trees† (Unknown Author, 2011). Both female and male build the nest from twigs and evergreen branches. Female hawks lay anywhere from 1 to 3 eggs, they hatch in 28-32 days. Hawks mate with their partner for life, but if the partner dies the mate quickly finds another partner. On the other hand, falcons are quite different than hawks. â€Å"Any species of raptor in the genus Falco is identified as falcon. Falcons comprise of a heterogeneous family of long winged birds of prey, which are closely related to the hawks. Falcons can dive at a speed of up to 200 miles per hour. This phenomenal speed makes them the fastest-moving creatures on earth. †(Unknown author, n. d) They hunt by day and can spot prey a mile away. â€Å"Falcons go to great heights to wait for their prey, once they see it they dive at great speed and hit it using their beak to damage the neck†(Clarisse, 2011) . They eat other birds such as† sparrows, starlings, gulls, ducks and pigeons†(Harvey, 2006). They catch their prey in midair and surprise it, it is killed instantly. Falcons claw and tear the flesh from their prey with their strong beak. The falcon size ranges from 14-19 inches. â€Å"The nest is prepared in a saucer shaped form in soil, sand, or grass call† scrape† Their habitat is in forests, mountains, deserts, sea cliffs, in cities, and large urban areas. † (Harvey, 2006). Male and female share the responsibility of the eggs. â€Å"The female lays 3-5 eggs around 2 to 3 days apart† (Harvey, 2006). The female falcon and male falcon mate for life. Hawks and falcons, both hunt in the day, and both catch their pray in mid-air, but hawks eat a variety of animals unlike the falcon who just preys on other birds. They both have nest’s high off the ground but, hawks nest in trees while falcons make their nests in soil, sand, and gravel on cliffs and on top of tall buildings. Falcons can dive up to speeds of up to 200 miles an hour; whereas hawks can dive around 150 miles an hour. Hawks live an average of up to 21 years while the falcon’s life span is around 17 years. Hawks can see their prey up to two miles and the falcon can see their prey up to one mile. Falcons live in the city, forest, desert, mountains and large urban areas, while the hawk lives in the forest, marshland, and open savannas. Hawks are also bigger than falcons. To sum up, hawks and falcons do seem similar, but they have several different qualities regarding size, habitat, and diet. â€Å"Falcons grab their prey with their beak while hawks use their talons to kill their prey† (Kivumbi, 2011). â€Å"Falcons have a notch on their beak and hawks have a curve† (Srinstar, 2011). They may look alike but are quite different. Look closely next time and see the difference between the two. Hawks are bigger and have a different beak.

The Art of Storytelling in The Odyssey Essay -- Homer, Greek Classics

The Odyssey is a classic example of great literature, read and enjoyed both under the bright lights of the classroom and the cozy warmth of the home—this idea is well-known. Yet, there exists a question as to how Homer's â€Å"story of a man never at a loss† has managed to maintain the attention of the world to this day. C.S Lewis hints at the answer in his book, The Horse and His Boy: â€Å"For in Calormen, story-telling (whether the stories are true or made up) is a thing you're taught, just as English boys and girls are taught essay-writing. The difference is that people want to hear the stories, whereas I never heard of anyone who wanted to read the essays.† Lewis is pointing out the true beauty and art of story-telling; this art form makes its audience want to endure each word. The Odyssey lives on today as a triumph of story-telling because its author is what all authors strive to be: a story-telling master. Said story-telling mastery is demonstrated in The Odyssey as it adheres to the popular imagination's demand for things such as conflict, good versus evil, romance, and adventure. Central to good story-telling and manifest throughout The Odyssey is conflict. Odysseus, whose name means trouble or struggle, fights to return home one last time. Penelope struggles to hold off her suitors and maintain her love for Odysseus with dignity. Telemachos strives to become a man, noble and true. Homer's characters face trials and temptations that make or break them, very much like real life. Numerous forms of conflict capture the audience's attention as they appear in largely true form, relatable and resonant. Tension, fear, suspense. Will he/she overcome the sin he/she is facing? Will God listen and answer his/her plea for help? Readers cann... ...nknown lands. Homer introduces the setting changes by giving details the audience can imagine. He uses vivid and common language to enable the audience to picture each situation. The adventure within The Odyssey sparks imagination that excitingly bridges human experiences in reality (feasts, death, travel, etc.) with the experiences of the characters in the book—a key aspect of good story-telling. Many characteristics of good story-telling manifest themselves within The Odyssey and point out how Homer is a master story-teller. It exists as a classic piece of literature for good reason. It's the epitome of what the popular imagination demands. Conflict, good versus evil, romance, and adventure are four of many aspects that demonstrate how The Odyssey has managed to keep the world's attention throughout the centuries. If you give it a chance, it will pull you in!

Deception Point Page 111

Rachel blushed, her skin tingling. â€Å"Thanks.† The agent led Rachel down the impeccably appointed hallway to a plain-looking doorway nearby. â€Å"The Lincoln Bedroom,† the agent said. â€Å"And as I am always supposed to say outside this door, ‘Sleep well, and beware of ghosts.'† Rachel nodded. The legends of ghosts in the Lincoln Bedroom were as old as the White House itself. It was said that Winston Churchill had seen Lincoln's ghost here, as had countless others, including Eleanor Roosevelt, Amy Carter, actor Richard Dreyfuss, and decades of maids and butlers. President Reagan's dog was said to bark outside this door for hours at a time. The thoughts of historical spirits suddenly made Rachel realize what a sacred place this room was. She felt suddenly embarrassed, standing there in her long football jersey, bare-legged, like some college coed sneaking into a boy's room. â€Å"Is this kosher?† she whispered to the agent. â€Å"I mean this is the Lincoln Bedroom.† The agent winked. â€Å"Our policy on this floor is ‘Don't ask, don't tell.'† Rachel smiled. â€Å"Thanks.† She reached for the door-knob, already feeling the anticipation of what lay beyond. â€Å"Rachel!† The nasal voice carried down the hallway like a buzz saw. Rachel and the agent turned. Corky Marlinson was hobbling toward them on crutches, his leg now professionally bandaged. â€Å"I couldn't sleep either!† Rachel slumped, sensing her romantic tryst about to disintegrate. Corky's eyes inspected the cute Secret Service agent. He flashed her a broad smile. â€Å"I love women in uniform.† The agent pulled aside her blazer to reveal a lethal-looking sidearm. Corky backed off. â€Å"Point taken.† He turned to Rachel. â€Å"Is Mike awake, too? You going in?† Corky looked eager to join the party. Rachel groaned. â€Å"Actually, Corky†¦ â€Å" â€Å"Dr. Marlinson,† the Secret Service agent intervened, pulling a note from her blazer. â€Å"According to this note, which was given to me by Mr. Tolland, I have explicit orders to escort you down to the kitchen, have our chef make you anything you want, and ask you to explain to me in vivid detail how you saved yourself from certain death by†¦ † the agent hesitated, grimacing as she read the note again. â€Å"†¦ by urinating on yourself?† Apparently, the agent had said the magic words. Corky dropped his crutches on the spot and put an arm around the woman's shoulders for support, and said, â€Å"To the kitchen, love!† As the indisposed agent helped Corky hobble off down the hall, Rachel had no doubt Corky Marlinson was in heaven. â€Å"The urine is the key,† she heard him saying, â€Å"because those damned telencephalon olfactory lobes can smell everything!† The Lincoln Bedroom was dark when Rachel entered. She was surprised to see the bed empty and untouched. Michael Tolland was nowhere to be seen. An antique oil lamp burned near the bed, and in the soft radiance, she could barely make out the Brussels carpet†¦ the famous carved rosewood bed†¦ the portrait of Lincoln's wife, Mary Todd†¦ even the desk where Lincoln signed the Emancipation Proclamation. As Rachel closed the door behind her, she felt a clammy draft on her bare legs. Where is he? Across the room, a window was open, the white organza curtains billowing. She walked over to close the window, and an eerie whisper murmured from the closet. â€Å"Maaaarrrrrrrry†¦ â€Å" Rachel wheeled. â€Å"Maaaaaarrrrrrrry?† the voice whispered again. â€Å"Is that you?†¦ Mary Todd Liiiiiincoln?† Rachel quickly closed the window and turned back toward the closet. Her heart was racing, although she knew it was foolish. â€Å"Mike, I know that's you.† â€Å"Noooooo†¦ † the voice continued. â€Å"I am not Mike†¦ I am†¦ Aaaaabe.† Rachel put her hands on her hips. â€Å"Oh, really? Honest Abe?† A muffled laugh. â€Å"Moderately honest Abe†¦ yes.† Rachel was laughing now too. â€Å"Be afraaaaaaid,† the voice from the closet moaned. â€Å"Be veeeeeery afraid.† â€Å"I'm not afraid.† â€Å"Please be afraid†¦ † the voice moaned. â€Å"In the human species, the emotions of fear and sexual arousal are closely linked.† Rachel burst out laughing. â€Å"Is this your idea of a turn-on?† â€Å"Forgiiiive me†¦ † the voice moaned. â€Å"It's been yeeeeeeears since I've been with a woman.† â€Å"Evidently,† Rachel said, yanking the door open. Michael Tolland stood before her with his roguish, lopsided grin. He looked irresistible wearing a pair of navy blue satin pajamas. Rachel did a double take when she saw the presidential seal emblazoned on his chest. â€Å"Presidential pajamas?† He shrugged. â€Å"They were in the drawer.† â€Å"And all I had was this football jersey?† â€Å"You should have chosen the Lincoln Bedroom.† â€Å"You should have offered!† â€Å"I heard the mattress was bad. Antique horsehair.† Tolland winked, motioning to a gift-wrapped package on a marble-topped table. â€Å"This'll make it up to you.† Rachel was touched. â€Å"For me?† â€Å"I had one of the presidential aides go out and find this for you. Just arrived. Don't shake it.† She carefully opened the package, extracting the heavy contents. Inside was a large crystal bowl in which were swimming two ugly orange goldfish. Rachel stared in confused disappointment. â€Å"You're joking, right?† â€Å"Helostoma temmincki,† Tolland said proudly. â€Å"You bought me fish?† â€Å"Rare Chinese kissing fish. Very romantic.† â€Å"Fish are not romantic, Mike.† â€Å"Tell that to these guys. They'll kiss for hours.† â€Å"Is this supposed to be another turn-on?† â€Å"I'm rusty on the romance. Can you grade me on effort?† â€Å"For future reference, Mike, fish are definitely not a turn-on. Try flowers.† Tolland pulled a bouquet of white lilies from behind his back. â€Å"I tried for red roses,† he said, â€Å"but I almost got shot sneaking into the Rose Garden.† As Tolland pulled Rachel's body against his and inhaled the soft fragrance of her hair, he felt years of quiet isolation dissolving inside him. He kissed her deeply, feeling her body rise against him. The white lilies fell to their feet, and barriers Tolland had never known he'd built were suddenly melting away. The ghosts are gone. He felt Rachel inching him toward the bed now, her whisper soft in his ear. â€Å"You don't really think fish are romantic, do you?† â€Å"I do,† he said, kissing her again. â€Å"You should see the jellyfish mating ritual. Incredibly erotic.† Rachel maneuvered him onto his back on the horsehair mattress, easing her slender body down on top of his. â€Å"And seahorses†¦,† Tolland said, breathless as he savored her touch through the thin satin of his pajamas. â€Å"Seahorses perform†¦ an unbelievably sensual dance of love.† â€Å"Enough fish talk,† she whispered, unbuttoning his pajamas. â€Å"What can you tell me about the mating rituals of advanced primates?† Tolland sighed. â€Å"I'm afraid I don't really do primates.† Rachel shed her football jersey. â€Å"Well, nature boy, I suggest you learn fast.† Epilogue The NASA transport jet banked high over the Atlantic. Onboard, Administrator Lawrence Ekstrom took a last look at the huge charred rock in the cargo hold. Back to the sea, he thought. Where they found you. On Ekstrom's command, the pilot opened the cargo doors and released the rock. They watched as the mammoth stone plummeted downward behind the plane, arcing across the sunlit ocean sky and disappearing beneath the waves in a pillar of silver spray.

How To Manage Time Effectively Essay

Time management is the way we manage the amount of time allotted for specific tasks of goals. It is the steps we take on a daily basis in order to manage the time we have to complete the tasks or goals set before us in an efficient and timely manner. Managing out our time is something that most of us have difficulty with often times. People can get overwhelmed with life in general especially if they do not manage it accordingly. We are all given twenty-four hours in a day in which to live-no more, no less. So, why is it that some people are able to accomplish more in a day than others can possibly do in a week? Other than possibly the difference of levels of energy, it must that one person is able to manage their time more effectively than the other person. This does not mean that one person works harder, but rather, the person who accomplishes more in less time has figured out how to work smarter. Time management is important whether at work, school, or in your personal life. A disciplined work ethic is essential when you have multiple responsibilities. You need to manage your time effectively in order to be successful. Although, a hard skill to master, many try to overcome this obstacle but sometimes fall short of achieving the goals we want to accomplish. After the goals have been set we should keep track or record what needs to be done in lieu of reaching them. This will assist in managing time effectively. Better time management skills can improve your grades, get you a better position at work and even take away some of the stressors in your personal life. By creating a day to day plan people will have less to be stressed about and will ultimately feel a sense of accomplishment. The main thing to do in order to overcome poor time management behavior is to first become aware of how to use your time wisely. Poor time management can cause people to be tardy for work or school which in turn can cause them to lose their job or fall behind in their classes. This can cause a very detrimental effect on their lives. This shows that managing your time is extremely important and needs to be done adequately. In order to achieve this go through a day as you would normally and write down what you do, what time you start doing it, and then what time you are done with each task. By doing this you can effectively determine where your time is going and why your time management skills are less than adequate. Postpone anything that can be  put off in order to get more important things done. For example, you can delay going out to a movie with your friends but instead finish a report for work. Then once the report is completed you can go out with your friends another time. The stress of work not getting done will no longer attach itself to you in a negative way. If you are highly distracted in certain places then you should refrain or stop going to those places and find new less distracting places to hang out. This will in effect increase your productivity and balance due to the negation of distractions and also validate the fact that you are doing the right thing in managing your time properly. As stated by David Allen (2009), â€Å"Things rarely get stuck because of lack of time. They get stuck because the doing of them has not been defined. Most of the stress people experience comes from inappropriately managed commitments they make or accept.† Therefore, you must manage your time properly in order to obtain the necessary skills that will assist in reaching your goals. In order to be successful with time management, you have to set some goals. It may help to divide your goals into time frames; i.e. long term, short term, and day to day goals that will in the end assist you in achieving your goals. You need to think of what goals you would like to accomplish (long term- own business in five years, short term-complete all Business Management courses, and day to day-stay focused on completing daily tasks). In order to reach the fundamental long term goal, the first step is to get a planner or a journal to write down what course of action need to be taken. The next step helps you to decide on the importance of each task that needs to be done. We must evaluate the necessity of each task and list them accordingly. For instance, going to work should be well above going to the mall on your list. You must also take into consideration how much time each task will take. If you are assigned a task at work, which you believe will take an hour to compete then you must set aside some time during the week so that you can complete it properly. In the same instance, if you work for eight hours and you only have two hours before you have to cook dinner for your family, then you do not want to schedule a two and a half hour movie date. Very often people overlook these simple things that add a strain or  stress in their lives by committing to things that do not fall within the realm of what needs to be done. Peter Drucker (2009) said, â€Å"If you want to improve how you manage time – stop doing what doesn’t need to be done!†In summary, schedule your time effectively by first prioritizing what needs to be done first. Ask yourself what sacrifices need to be made in order to stay on task. Stay focused and do not stray too far from your schedule. If you have some extra time, use it wisely, i.e. read a chapter for class or read through some emails you haven’t gotten to. This will help eliminate stress in staying on top of things. Is what you’re currently doing or plan to do going to move you closer to your goal? Define or set your goals and write them down so that you have something to reference and keep you on task. When you define your goals, ask yourself two questions; where am I now and where am I going? When you know where you are going you are better equipped to handle the tasks at hand. References Allen, D. (2009). Why is Managing Time so Stressful? Retrieved June 21, 2009, fromhttp://www.the-happy-manager.com/quotes-on-time-management.htmlDrucker, P. (2009). Don’t Forget†¦Retrieved June 20, 2009, fromhttp://www.the-happy-manager.com/quotes-on-time-management.html