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Rationale for government provision Does the need to ensure the provision of quality education justify government intervention? No Given the availability of information, the market will supply quality goods. Demand will adjust to provide quality education. If information is not available,
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Public Goods Private goods are produced through the market because they are divisible and come in units small enough to be afforded by individual buyers. Private goods are subject to the exclusion principle, the idea that those unable and unwilling to pay are excluded from the benefits of the product. Public goods would not be produced through the market, because they are indivisible and are not subject to the exclusion principle. National defense is a public good that is there for all of the U.S. people. Government paid for that through tax revenue. Those who receive benefits without paying are part of the so-called free-rider problem. Private producers would not be able to find enough paying buyers for public goods because of the free-rider problem. Therefore, public goods are not produced voluntarily through the market but must be provided by the public sector and financed by compulsory taxes. Quasi-public goods are those that have large positive externalities, so government will sponsor their provision. Otherwise, they would be underproduced. Medical care, education, and public housing are examples. Public and quasi-public goods are purchased through government, by group, or collective, choice. In a representative democracy that means voting for the candidate whose priorities for spending most closely match your own. According to the survey result, Americans rate education as their number one priority during the last presidential campaign in 2000. Therefore, candidates tried to emphasize their education policies to get more votes. Resources are reallocated from private to public use by levying taxes on households and businesses, thus reducing their purchasing power and using the proceeds to purchase public and quasi-public goods. This can bring about a significant change in the composition of the economy’s total output. Benefit – cost analysis is a technique in decision making process of the public sector. The concept involves comparing the marginal benefit (MB) of extra public goods with the marginal cost (MC) of providing the additional public goods. The rule to follow is that marginal benefit should equal or exceed the marginal cost. If the marginal cost exceeds the marginal benefit, that project should not be selected. When several projects whose MB exceeds or equal to MC are available, the project with the highest total benefit will be selected.
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Industry Speaker Series June 4, 2003 Texas Instruments: E&PS Supply Chain Apr. 10, 2003 Retail Demand and Supply Chain Management – continued Apr. 17, 2003 Softgoods Demand and Supply Chain Management Apr. 7, 2003 Consumer Electronics Supply Chain Management and Case Study – continued Mar. 24, 2003 Consumer Electronics Supply Chain Management and Case Study – continued Feb. 28, 2003 Wireless Data Management and the Supply Chai n Feb. 20, 2003 Retail Demand and Supply Chain Management Feb. 17, 2003 Consumer Electronics Supply Chain Management and Case Study – continued Jan. 31, 2003 Air Cargo Supply Chain Management and Challe nges Unlock the Value in Your Supply Chain Jan. 28, 2003 Lean Design: Using Blitz QFD to Deliver Maximu m for Minimum Contract Manufacturing in China Jan. 27, 2003 Consumer Electronics Supply Chain Management and Case Study June 23, 2004 Supply Chain Management at BlockBuster June 17, 2004 CEO Forum & Agile Seminar Feb. 16, 2004 Inventory Management Nov. 3, 2003 Logistics Planning with i2 Oct. 3, 2003 Trends in Wholesale Inventory Management Sept. 26, 2003 The Art and Science of Consulting Sept. 12, 2003 The Outsourced Supply Chain July 28, 2003 Supply Chain Management with Oracle July 21, 2003 Supply Chain Management with SAP APO July 21, 2003 Filling a Niche in the Consumer Goods Demand Chain July 18, 2003 Dell Site Visit, Austin Texas July 14, 2003 June 23, 2003 Slide 14
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Figure 8 A Reduction in Supply in the World Market for Oil (a) The Oil Market in the Short Run 1. In the short run, when supply and demand are inelastic, a shift Price in supply. . . S2 S1 P2 P1 2. … leads to a large increase in price Demand (b) The Oil Market in the Long Run Price 2. … leads to a small increase in price 1. In the long run, when supply and demand are elastic, a shift in supply. . . S2 S1 P2 P1 Demand Quantity Quantity 0 0 When the supply of oil falls, the response depends on the time horizon. In the short run, supply and demand are relatively inelastic, as in panel (a). Thus, when the supply curve shifts from S1 to S2, the price rises substantially. By contrast, in the long run, supply and demand are relatively elastic, as in panel (b). In this case, the same size shift in the supply curve (S1 to S2) causes a smaller increase in the price. © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. 31
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Barriers/Needs To Be Addressed • Need clear job descriptions of program directors/chairs, especially in a post ACT 10 environment • Need to have ample planning and preparedness for the post ACT 10 environment • Need for planning and assessment • Need to improve communication flow throughout the District • Review daycare at regional and metro campuses • Students need help in “navigating” the system – electronically and “faceto-face” • Review bookstore operations districtwide • Need ease in navigating the website • Admin need to come to campuses outside of Truax to meet with students and staff periodically • Need to promote what is available at Madison College • Need to increase communication and input from regional and metro campuses • Refine the registration process • Need to market the campuses • Need to clarify the enrollment process • Need to focus on consistency and clarity • Need to re-establish environment of trust • Need to “reduce” uncertainty • Silos need to be eliminated • Need framework for innovation • Need to “talk to people” about what we have • Need to redesign our thinking processes • Need to create an environment where managers can do their job without fear of losing their job • Reward faculty who make students better • Need greater response time to issues • Need better understanding of who are students are and their needs • Focus on diversity needs to be seen as a direct intent as opposed to lip service • Staff need to be valued and respected for their opinions and thoughts • Need greater outreach efforts • Need to address “bullying” and intimidation • Need to have open and transparent communication • Need to focus on affordability issues to increase access; “Open Door of Opportunity” • College needs to become more culturally relevant – more cultural awareness • Need to address issue aligned with “Best Kept Secret in Town” • Need to reassess our marketing focus to not have marketing drive what we do • Need to determine our campus facilities and operations
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4b Must Know / Outcomes: • Price Elasticity of Supply – know the "Terms and Concepts" listed at the end of the chapter – define price elasticity of supply – calculate and interpret the coefficient of price elasticity of supply using the midpoint formula – determinants of price elasticity of supply – price elasticity of supply and the market period, the short run, and the long run • Cross Elasticity of Demand – define cross elasticity of demand – interpret the coefficient of cross elasticity of demand including both its value and the sign (substitutes, complements, and unrelated goods) • Income Elasticity of Demand – define income elasticity of demand – interpret the coefficient of income elasticity of demand including both its value and the sign (inferior goods, normal goods, luxury goods)
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Externalities Externalities or spillover occur when some of the benefits or costs of production are not fully reflected in market demand or supply schedules. Some of the benefits or costs of a good may spill over to a third party. It is also called third party effect. Internalizing the external cost/ benefit will lower the impact of externalities. The optimal output level is MSB = MSC. Positive externalities refer to spillover benefits. It occurs when direct consumption by some individuals impact third parties positively. Public health vaccinations and education are two examples. Because some of the benefits accrue to others, [MSB (Marginal Social Benefit) > MPC (Marginal Private Benefit)], individuals will demand too little for themselves, and resources will be underallocated by the market. Correcting for spillover benefits requires that the government somehow increase demand to increase benefits to socially desirable amounts. 1. Government can increase demand by providing subsidies like food stamps and education grants to subsidize consumers. 2. Government can finance production of goods or services such as public education or public health. 3. Government can increase supply by subsidizing production, such as higher education, immunization programs or public hospitals. Negative externalities impact the third party negatively. An example is pollution, which allows the polluter to enjoy lower production costs because the firm is passing along the cost of pollution damage or clean up to society. Because the firm does not bear the entire cost, [MSC (Marginal Social Cost) > MPC (Marginal Private Cost)], it will overallocate resources to production. Correcting for negative externalities requires that government get producers to internalize these costs. 1. Legislation can limit or prohibit pollution, which means the producers must bear costs of antipollution efforts. 2. Specific taxes on the amounts of pollution can be assessed, which causes the firm to cut back on pollution as well as provide funds for government cleanup.
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Direct Intervention  Reliance on reserves The potential effectiveness of a central bank’s direct intervention is the amount of reserves it can use.  Nonsterilized versus sterilized intervention (See Exhibit 6.4)  When the Fed intervenes in the foreign exchange market without adjusting for the change in the money supply, it is engaging in a nonsterilized intervention.  In a sterilized intervention, the Fed intervenes in the foreign exchange market and simultaneously engages in offsetting transactions in the Treasury securities markets.  Speculating on direct intervention 20 Some traders in the foreign exchange market attempt to determine when Federal Reserve intervention is occurring and the extent of the intervention in order to capitalize on the anticipated results of the intervention effort. © 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
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Demand Curves Demand shifters Since the demand curve only describes the relation of demand for a good to its own price, demand shifts when there is a change in any other factor that affects demand. • Income  An increase in consumer income increases demand for normal goods (like meat for the typical middle-class consumer)  An increase in consumer income decreases demand for inferior goods (like beans) • Prices of Related Goods  An increase in the price of another good increases demand for a [gross] substitute good (like Windows computers and Apple computers)  An increase in the price of another good decreases demand for a [gross] complement good (hardware and software)  (I’ll explain the “gross” later.) A.1 Demand and Supply 13
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Rationale for government intervention Does the need to ensure the provision of quality education justify government intervention? No Absent any information problems, the market provides high quality education if there is enough demand for it.
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Factor Market and Market Failures The focus of this lecture is the factor/resources market. Students will learn the hiring process, supply and demand structure of the factor markets, and the related issues. Externalities and public goods will be explored. OBJECTIVES 1. Define the resources market. 2. Understand the demand and supply of the labor market 3. Explore the hiring process and causes of wage differences. 4. Identify externalities and public goods. TOPICS Please read all the following topics. FACTOR MARKET DEMAND FOR A FACTOR LABOR MARKET INCOME INEQUALITIES FINANCIAL CAPITAL MARKET EXTERNALITIES PUBLIC GOODS
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Entrepreneurship: is it good enough to be social? John F. McVea and Michael J. Naughton Introduction • The term Social Entrepreneurship has experienced a huge growth in influence over that last decade. The literature proposes a number of advantages to social entrepreneurship as a frame of reference: • Promoting innovation within non-profits • Leveraging and focusing scarce philanthropic resources • Faster response to strategic challenges • Infusion of business skills to non-business world • Involvement of non government assets in social problems • Creation of hybrid (blurred) organizations between for profit and non profit worlds. It is widely observed that practice has outpaced theoretical development leading to little agreement on definitions or frameworks for social entrepreneurship. We believe that widespread and unchallenged acceptance of the term Social Entrepreneurship masks some dangers and has contributed to confusion in the field. We believe that if we apply some insights from Catholic Social Teaching to the issue of social entrepreneurship we can move beyond the false dichotomy of Entrepreneurship/ Social Entrepreneurship and identify three specific entrepreneurial strategies which support a more robust discussion of the nature of the work that is entrepreneurship. We believe that the field would benefit from spending less time discussing social entrepreneurship and more time discussion the nature of the good entrepreneur. • • • • • The dangers of naïve acceptance of Social Entrepreneurship • • • The rhetorical risk: • Narrow definition: if S.E. is simply used to rebrand non-profits then much of the value of the new activities, hybrid design, stimulation of new resources and innovation is lost. • Implied dichotomy: if “good” ventures are termed “social” it can imply that other forms of entrepreneurship are “asocial” or “anti social” • Boundarylessness: In contrast, if all business activities are deemed “social”, to some degree or other, then the term loses all meaning focus on the distinctive phenomenon that is S.E. Despite these risks we are more concerned with a risk beyond rhetoric; the risk of undermining the meaning of work, particularly from the perspective of Catholic Social Teaching. While this perspective is drawn from the Catholic tradition, accepting the content of CST does not require acceptance of Catholic faith (Guitan, 2009). The three goods of social entrepreneurship • We are concerned by the side-effects of a concentration thesis that suggests that the moral responsibilities of entrepreneurship can be concentrated in a subset of businesses called social enterprises, presumably leaving other enterprise to simply concentrate on serving themselves. • We are concerned by the impact such a concentration thesis could have on the conception of the meaning of work beyond the world of social enterprise. • We are concerned with how such an approach can focus attention solely on the altruistic contributions of entrepreneurial ventures as the sole measure of their contribution to the Common Good • Instead we propose that, rather than trying to determine the difference between entrepreneurship and social entrepreneurship, it would be more productive to focus on the questions “What is Good Entrepreneurship? What action and activities define that goodness?” • We further propose that, by apply the perspective of Catholic Social Teaching, we can identify three specific strategies through which entrepreneurial ventures may contribute to the Common Good thus suggesting that good entrepreneurship requires a focus on: 1. Good Goods. The primary way an entrepreneurial venture can contribute to the Common Good is by bringing into existence new products and services which are inherently good and which enrich lives and minimize any unintended harms. This can include what we call the “entrepreneurship of the mundane”, that is, the manufacture of the nuts and bolts and basic necessities of life as well as the creation of life saving treatments. However, inclusion of good goods as a primary moral contribution of entrepreneurship must also require of the entrepreneur analysis of what goods are not good, and what aspects of even good goods should be redesigned or rethought in order to minimize unintended consequences. We find, in our discussions, that this is a much under appreciated dimension of the good of entrepreneurship. 2. Good Work. The second way an entrepreneurial venture can contribute to the Common Good is through the nature of the work that is carried out by the venture. This dimension has several aspects both internal and external to the entrepreneur: • The development of good character in the entrepreneur. This aspect of the good is derived from the subjective dimension of work, that is, just as how-we-work ends up changing the world, so working-on-the-world changes us. Most professionals spend the majority of their waking hours at work. As habits, character and wisdom are developed through experience and activity, for the entrepreneur, doing good work is an important opportunity to develop character. Society as a whole is better off for having good, successful entrepreneurial leaders who, through that calling, can become leaders of character. This dimension of the entrepreneurial good is widely unappreciated even by entrepreneurs themselves • Good relations with employees, customers and other stakeholders. Value creation and trade creates opportunities for the building of social relationships. The central question is “Are you in good relation with those with whom you create value?’ Do your employees have opportunity to develop as people? 3. Good Wealth. The third way the good entrepreneur can contribute to the Common Good is through the creation of good wealth. Good wealth requires a balance of reward for labor/ creativity with the provision of a living wage to all. Good wealth is often captured by individual action but has social strings attached. From the CST perspective the creation of good wealth implies a particular solidarity with the poor. One way to contribute to the common good is to donate altruistically to those in need. But even here, altruism is only one of a number of possible strategies. Good entrepreneurs may also contribute by donating their time or their particular skills. Indeed, since the donation of time and work often requires physical interaction with those in need, it often generates a solidarity of far greater integrity. Finally, it must be emphasized that altruism, for the entrepreneur, is always dependent, indeed subsequent to the creation of good wealth in the first place. Literature cited Alvord, Sarah, David L. Brown, and Christine W. Letts, 2004. “Social Entrepreneurship and Societal Transformation: An Exploratory Study,” The Journal of Applied Behavioral Science. 40:260. Benedict XVI, Caritas et veritate,   Boschee, Jerr. 1998 “What does it take to be a social entrepreneur?” National Centre for Social Entrepreneurs (www.socialentrepreneurs.org/whatdoes/html), 5pp.   Cannon, Carl. 2000. “Charity for profit: how the new social entrepreneurs are creating good by sharing wealth” National Journal, June 16: 1898-1904.   Christie, Michael and Benson Honig. 2006. “Social entrepreneurship: New research findings.” Journal of World Business. 41: 1-5.   Dees, Gregory, J., 1998. “The Meaning of ‘Social Entrepreneurship,’” Original Draft: 10/3.   Drucker, P.F. 1985. Innovation and Entrepreneurship. New York: Harper & Row.   Fowler, Alan. “NGDOs as a moment in history: beyond aid to social entrepreneurship or civic innovation?” Third World Quarterly, 21(4): 637-654.   Gregg, S. and G. Preece: 1999, Christianity and Entrepreneurship (The Centre for Independent Studies Limited, St. Leonards, NSW, Australia).   Hibbert, Sally A., Gillian Hogg and Theresa Quinn. “Consumer response to social entrepreneurship: The case of the Big Issue in Scotland.” International Journal of Nonprofit and Voluntary Sector Marketing. 7(3): 288-301.   Johnson, Sherrill, 2000. “Literature Review on Social Entrepreneurship,” Canadian Center for social Entrepreneurship. (http://www.bus.ualberta.ca/ccse/Publications/).   John Paul II, Pope.: 1992 Laborem Exercens (On Human Work): 1981, in D. J. O’Brien and T. A. Shannon, (eds.), Catholic Social Thought (Orbis Books, Maryknoll, NY).   John Paul II, Pope.: 1992 Sollicitudo Rei Socialis (On Social Concern): 1987 in D. J. O’Brien and T. A. Shannon, (eds.), Catholic Social Thought (Orbis Books, Maryknoll, NY).   Kennedy, R., G, Atkinson, and M. Naughton, (eds.): 1994, Dignity of Work: John Paul II Speaks To Managers and Workers (University Press of America, Lanham, Maryland).   Mair, Johanna and Ernesto Noboa, 2003. “Social Entrepreneurship: How Intentions to Create a Social Enterprise get Formed,” IESE Business School.   Mair, Johanna and Ignasi Marti, 2006. “Social entrepreneurship research: A source of explanation, prediction, and delight,” Journal of World Business. 41: 36-44.   Melé, D.:2001, ‘A Challenge for Business Enterprises: Introducing the Primacy of the Subjective Meaning of Work in Work Organization’, (http://www.stthomas.edu/cathstudies/cst/mgmt/le/papers/mele.htm) Conclusions We have argued that, while there is great promise in the contemporary social entrepreneurship movement, there are also a number of important dangers. We propose that, if we confront rather than acquiesce to these dangers, we can use the perspective of Catholic Social Teaching to broaden the scope of entrepreneurial ventures that we study, to enrich the moral dimension of entrepreneurial strategy and to deepen the teaching of entrepreneurship as a whole. We recommend the following to move toward these contributions: • Incorporate social entrepreneurship into entrepreneurship in a way that enhances the three goods of entrepreneurship. Specifically we propose replacing the questions “What is social entrepreneurship?” with the questions “What does it mean to be a Good entrepreneur?” From this perspective we can then apply what we have called the three goods of entrepreneurship as a means of supplying critical challenge and inspiration to all forms of entrepreneurship such that the true moral dimension of this critical force in our lives comes into fruition. • Encourage research within the entrepreneurship discipline that addresses traditional social entrepreneurial issues such as micro lending, fair trade products, etc. • Develop bridge courses such as Theo/Cath 306 which help students understand and experience the meaning of the good entrepreneur as well as connect students to the spiritual and moral principles of a good entrepreneur. • Expose entrepreneurship students to so-called social entrepreneurs as well so-called conventional good entrepreneurs so they can see the spectrum of entrepreneurial activities. © File copyright Colin Purrington. You may use for making your poster, of course, but please do not plagiarize, adapt, or put on your own site. Also, do not upload this file, even if modified, to third-party file-sharing sites such as doctoc.com. If you have insatiable need to post a template onto your own site, search the internet for a different template to steal. File downloaded from http://colinpurrington.com/tips/ academic/posterdesign. Acknowledgments I am indebted to Michael Naughton and Laura Dunham for their reflections and thoughts on this paper.
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Gross Profit Method Step 2 Goods Goods Available Available for for Sale: Sale: Inventory, Inventory, 1/1/02 1/1/02 Net Net cost cost of of goods goods purchased purchased Goods Goods available available for for sale sale Less Less estimated estimated cost cost of of goods goods sold: sold: Estimated Estimated cost cost of of goods goods sold sold Estimated Estimated March March inventory inventory loss loss $$ 12,000 12,000 20,500 20,500 32,500 32,500 (21,000) (21,000) $$ 11,500 11,500
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