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Reflection on Economics and Society

Paper type: Reflection
Pages: 4 (910 words)
Categories: Economics
Downloads: 32
Views: 26

1 A. There is some factor for the decision of Greenfield’s Landscaping Company. The owner of the Company considers a comparative advantage of resources that expressed the efficient utilization of the lower imputes (overhead and labor costs) to produce products or service for maximize the company profit or to optimize the operation costs. The efficient utilization of resource with effective productivity increases the production of goods or services. It also reduces per unite of costs which are used to the increase of profit and develop the goodwill of the company image.

The company decision is considered the consequentialism or the concept of utility.

B, from the part of the context for decision making that providing ‘the environment’ because they emphasize its utility value to people rather than individuality. It is the idea of compare and contrasts the advantage of the business operation. The utility decision is considering the opportunity cost of imputes or resource utilization of the company.

C. based on the principle of justice, the company decision is an injustice because of lay off employees, but it is possible the financial income statement can be improved by doing cost minimization on the overhead and material cost of the project.

2. About healthy Hanna, the factor of Hanna health situation is based on the opportunity cost of the medical treatments that is instead of 250,000 for one person cost, 10 people treatment costs of 100,000 are better than Hanna. It is a violation of the human right and the justice rule and regulation, but hospital judgment is considered using little resource utilization to save ten people. The hospital is considered to the opportunity cost utilization to maximize more people satisfaction within fewer costs .it is the idea of the opportunity costs to save more people life by lower cost. In other words, it is the idea of resource efficient utilization.

C. on the side of justice or human right terms, the hospital is violated the social value of the people, and it is inefficient utilization of Justice because killing the women to save the other ten people life. I think it is only watching on the side of the cost-benefit analysis. It is an unethical action and violation of the universal human right law.

3. Feath full Realtor Matthew.

A. Mathew can faith the virtue of faith, but we do not know the degree of faith like. People believed in god, but there are weak and serious Christianity. So we cannot say he possesses the virtue of faith because by nature human being is selfish.

B, we can say he possesses the virtue of honesty because honesty is one of the characters of virtue, but there are another’s points inside the virtue of faith in the human mind.

4, yes I believed his theory. Milton Friedman is one of the known monetary economists in the world. Friedman was wrote some economics books which is talking about money supply and Demand, and the law of business procedures, and laws. He wrote about the primary responsibility of any business organizations have to keep the social value of the society and the environmental condition. A business company cannot create a profit without the customer, and a customer is a king. Then they have respect people interest and the law of business regulation. On the other hand, Friedman explain “capitalism is the best economic model”. Yes, capitalism is the source of free-market competition that operates the function of Demand and Supply. Capitalism believes that the free flow of capital, labor and business operation in the free market based on the SS and DD function. He believed efficient resource utilization and maximization of the marginal utility on the opportunity cost of production.

5. The expectation gap and credibility gap are the opposite terms in accounting and economics science. The expectation gap is the difference between the expectation of user of financial statements and auditors expectation financial statement that shows the big gap or the smallest gap. This is investigating auditors working. It is the high-profit fraud and the auditor found the actual amount of financial fraud, but the credibility gap is the reality of the situation what the government and politician say about it.

6. The great recession is the unethical miss use of resource utilization of the financial sectors. It was possible to avoid the great recession of financial crises. Yes, it was possible to avoid because policy makes money supplier and financial institution has to be a discussion about the problem of the American housing market failed.

A, No, the housing market familiarity is not the factor of a one group misuse of policy or other function. It was many collective social, political and economic factor affected the housing market, but the right government policy and regulation can be correct the right track of the housing demand and supply of the market, and the financial policy including the rate of interest and the country money circulation in the society.

7. Sarbanes-Oxley, yes it is possible to reduce the financial fraud by organizing the auditing network function and making different regulation and rule, but fraud may not be controlled by one time.

8. Thomas Hobbs is one of the outstanding of the world philosopher an analysis of the individual human natural right to survive nature and wrote about the city government. Human beings are equal and have natural right life, freedom, property and liberty. Human beings a self-interest against nature to survive the environment

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Reflection on Economics and Society. (2019, Dec 12). Retrieved from https://studymoose.com/reflection-on-economics-and-society-essay

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