Managing Scarce Resources, Mistakes Committed in History

In: Business and Management

Submitted By Gerplex
Words 1186
Pages 5
In this essay I will discuss the role of scarcity in our economy and how it affects the market, also the economic and political systems created to solve the problem of scarcity. I will also discuss the role of scarcity on the choices made on an economy and how it affects the choice of the different types of economic systems. I will discuss the difference of capitalism and corporatism, the perfect competition against imperfect competition and how those economic systems are related to scarcity. I will also examine the role of scarcity on the rationing of products and food and how it influences people decisions on what they do with their money. To conclude I will examine the best solutions possible for the problem of scarcity and the mistakes made by governments when handling the problem of scarcity and their use of economic theories by know economics. Overall I am going to prove scarcity’s hole in every action we take related, or not, to economics.

Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one good against others. It is a problem because the more one men wants the less the others can have because of the limited resources on the world.
Scarcity relates to the amount of goods and services available for the human race and how much the population wants of a certain product. Economic goods are the products that exist in a limited amount on the world, that are scarce, free goods are the ones that exist in abundance such as seawater and air.
Scarcity is not a new thing. Scarcity has always been with us and will be with us as long as we…...

Similar Documents

Managing Human Resources

...Managing Human Resources Introduction In the essay, I will firstly discuss the relationships between perception, motivation and behaviour in relation to the work of the human resource manager in an organisation. In order to do this I will briefly introduce each subject, comment on the linkages that exist between each of them and comment on the critical aspects of each that HRMs need to understand in order to be effective. I will then discuss the management of perception. Human resources management is one of the most dynamic and challenging area of management (Bratton & Gold, 1999). Each individual has its own set of standard which clearly defines his or her personality .This can be influenced by the origin of culture and tradition mind set. In an organization structure perception, motivation and behaviour are three fundamental elements that lead to strong implementation of organization structure. The human resource department must have the mechanism to manage the three fundamental elements. If they are not managed properly it can have an adverse impact on the organization strategy. According to Leopold & Harris (2009) the foundation of human resource management is based on the five areas: • Staffing - Recruiting the right person with the right qualification, skills and experience to key positions. • Development and training - Development and training programme to ensure that staff has the right knowledge and skills to keep up with new development taking place in the......

Words: 1985 - Pages: 8

Scarce Resources

...Scarce Resources Article Nurses depend on a variety of resources every day that affect patient care. Staffing issues and supply shortages are sometimes daily battles. A growing concern is drug shortages to hospitals, clinics, and doctor’s offices. Drug shortages can affect drug therapy, postpone medical procedures, and result in medication errors. An article published in the American Journal of Nursing in November 2011 discussed the national impact of the drug shortage on health systems. Since 1996 the problem of drug shortages has steady increased. As of 2011 there were 232 drugs on the national drug shortage list. “The areas most commonly reported shortages were surgery and anesthesia, emergency care, cardiovascular care, gastrointestinal and nutritional care, and pain management. Thirty-five percent of hospitals reported that the shortages had resulted in adverse outcomes” (Carter, 2011, p. 14). One specific example is the propofol shortage. Propofol is used for sedation during procedures and ventilated patients. Alternative medications are more difficult to titrate resulting in under or over sedation (Carter, 2011). There are several factors that contribute to the national drug shortage. The lack of available raw or bulk materials has a significant impact on drug shortages. “Raw material shortage can result from a number of factors, including a sole source manufacturer that ceases operation, suboptimal quality of the raw material, and wars that disrupts......

Words: 658 - Pages: 3

Scarce Resources-Nursing Shortages Nur/531

...Scarce Resources-Nursing shortages Nursing shortages has become a global issue facing many countries. The scarcity of nurses is expected to increase as demands for health care services increase. Scarcity of resources in health care is a multi-faced problem with multiple causes ranging from nurses leaving the profession because of job dissatisfaction, retiring baby boomers, increasing health demands with decreasing number of those entering the profession, shortage of nurse educators and nursing school, and lack of nursing program funding (Buchan & Aiken, 2008). Nursing shortage is not only a shortage of individuals with nursing qualification but also a shortage of qualified individuals who unwilling to work under current conditions. The American health care system is on a time bomb waiting to explode. The Nursing Shortage Influencing Factors Nurses leaving the profession because of job dissatisfaction Inappropriate distribution of nursing resources through inadequate career support, in appropriate skill mix and utilization, and poor retention incentives lead nurse’s job dissatisfaction (Buchan & Aiken, 2008). Inability of nurses to advocate for patients’ safety causes job dissatisfaction leading to poor job performance and negative patient outcomes. Therefore, nurses will leave the profession because of guilt and dissatisfaction for inability to perform to their best abilities. Aging Registered Nurses (RN) Workforce The fewer RN population entering the profession,...

Words: 1036 - Pages: 5

Managing Human Resources Notes

...Managing Human Resources Course Code: 4200 Chapter One: The World of Human Resource Management pages 1-28 Human resource management (HRM) The process of managing human talent to achieve an organization’s objectives Human capital: The knowledge, skills, and capabilities of individual that have economic value to an organization. Skills that people bring with them Six Sigma: A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time and striving for continuous improvement Reengineering: rethinking and radical redesign of business processes to achieve dramatic improvement in cost , quality, services and speed Outsourcing: contracting outside work that was formerly done by employees inside the company Change management: bring about and managing change at both the organizational and individual level Proactive Change: Change initiated to take advantage of targeted opportunities Globalization: Opening up foreign markets to international trade and investment Reactive Change: Change that occurs after external forces have already affected performance Corporate Social: The responsibility of the firm to act in the best interests of the people and communities affected by its activities Collaborative Software: Software that allows workers to interface and share information with one another electronically Human Resource Information......

Words: 3404 - Pages: 14

Managing Human Resource

...Number: Unit Title: Unit Code: Credit Value: QCF Level: BTEC Higher National Diploma (HND) in Business 22 Managing Human Resources F/601/1268 15 4 Writer of the brief: Internal Verifier name: Dr K Hoodless Dr M Rahman Learning outcomes and criteria covered by this assignment:    All pass criteria All merit descriptors All distinction descriptors Key dates: Assignment distribution date to learners: Assignment submission date for TASK 1 & 2: Assignment submission date for TASK 3 & 4: Assignment returns date to learners (if applicable): 14 May 2013 21 June 2013 02 August 2013 10 September 2013 Page 1 of 12 BTEC HND in Business/ Managing Human Resources/May 2013 -BLANK PAGE- Page 2 of 12 BTEC HND in Business/ Managing Human Resources/May 2013 Introduction The aims of this assignment are to measure the outcome of students’ learning in terms of knowledge acquired, understanding developed and skills or abilities gained in relation to achieve the learning outcomes. The aim of this unit is to develop an understanding of the theory and practice of human resource management focussing on current human resources practice and the impact of topical issues and legislation. Edexcel Grading Criteria The assignment/portfolio will be assessed according to the following grading criteria: PASS Criteria: LO 1 Understand the different perspectives of human resource management 1.1 Explain Guest’s model of HRM (P1) 1.2 Compare the differences between Storey’s......

Words: 2580 - Pages: 11

A History Marred with Mistakes

...A History Marred with Mistakes Tara Ventres Axia Collage of University of Phoenix COM 150 Effective Essay Writing Jolyn Rex February 16, 2009 In today’s world there are places that still uses force as a means of treatment or punishment for the mentally ill. The patients are chained down, sexually assaulted and beaten. Whatever society thinks of mental illness this type of treatment has to stop. Once we have educated ourselves on mental illness, we can begin to have a better understanding of those people who suffer from these types of diseases. If we look to the past we can see where we went wrong and correct those mistakes. Mental illness is something that can be traced throughout history. By looking back over the past of mental illness we see that there were infinite numbers of mistakes made a long way. We cannot allow those same mistakes to take place again. By breaking the cycle and avoid those same mistakes we can build a better future for the mentally ill. This is why I believe it is important to study the past of mental illness. Evidence indicates that Mental illness can be traced as far back as the early Egyptians. What we know today about mental illness is far different then what early Egyptians......

Words: 2336 - Pages: 10

Managing Human Resource

...Difference between Human Resource Management and Personnel Management Human resource management involves all management decisions and practices that directly affect or influence the people, or human resources, who work for the organization. In other words, Human resource management is concerned with ‘people centric issues’ in management. The Human Resources Management (HRM) function includes a variety of activities, and key among them is deciding what staffing needs you have and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies. Usually small businesses (for-profit or nonprofit) have to carry out these activities themselves because they can't yet afford part- or full-time help. However, they should always ensure that employees have -- and are aware of -- personnel policies which conform to current regulations. These policies are often in the form of employee manuals, which all employees have. DIFFERENCES BETWEEN HRM AND PERSONNEL MANAGEMENT ALTHOUGH both human resource management (HRM) and personnel management focus on people management, if we examine critically, there are many differences between them. Some are listed......

Words: 2173 - Pages: 9

Managing Financial Resources

...| MANAGING BUSINESS BUSINESS ACTIVITIES TO ACHIEVE RESULTS | [Type the document subtitle] | | MBATAR | | ANN MBURU | 4/15/2014 | | Enhancing Competitive Advantage: A Case Study of Emirate Airline Insert Surname MBURU ANN Insert Course Title MBATAR Insert Course Code Insert Date 15-4-14 Insert Lecturer’s Name Table of Content Introduction………………………………………………………………………………. 3 Objectives of the study…………………………………………………………………… 4 The proposed corporate strategy of Emirate Airline…………………………………... 4 Recommendations………………………………………………………………………… 10 Conclusion………………………………………………………………………………… 11 References………………………………………………………………………………… 12 Introduction The Emirates Airline which is a part of the Emirates Group is presently one of the main airlines in the Middle East. In one week, the airline has close to two thousand two hundred flights traversing across the United Arab Emirates and Dubai. The airline’s head offices and coordination centre is strategically located in Dubai. Other than its supremacy in flight operations in the Middle East, the Emirates Airline is known to serve the longest flights in the entire world. The airline was established after the collapse of Gulf Air in 1985 and is wholly owned and run by the government of Dubai, a constituent country of the United Arab Emirates (UAE) group. Its main activity is offering commercial transportation services which is sub divided into four categories namely: - international which entails......

Words: 2724 - Pages: 11

Competition for Scarce Resources

...2010 pp. 524–548 Competition for scarce resources P´ ter Es˝ ∗ e o and Lucy White∗∗∗ Volker Nocke∗∗ We model a downstream industry where firms compete to buy capacity in an upstream market which allocates capacity efficiently. Although downstream firms have symmetric production technologies, we show that industry structure is symmetric only if capacity is sufficiently scarce. Otherwise it is asymmetric, with one large, “fat,” capacity-hoarding firm and a fringe of smaller, “lean,” capacity-constrained firms. As demand varies, the industry switches between symmetric and asymmetric phases, generating predictions for firm size and costs across the business cycle. Surprisingly, increasing available capacity can cause a reduction in output and consumer surplus by resulting in such a switch. 1. Introduction Standard models of industrial organization treat inputs as being in perfectly elastic supply and their trade disconnected from the downstream market. However, in many real-world industries, the firms that compete downstream also face each other in the input market where supply is inelastic. For example, jewelry makers that vie for the same customers also compete for precious stones whose supply is limited; competing airlines divide a fixed number of landing slots at a given airport; software companies that produce rival operating systems draw from the same pool of skilled programmers; retailers of gas (petrol) use a common input that is in scarce supply; and so on. In this......

Words: 17328 - Pages: 70

Allocation of Scarce Resources

...CHAPTER 6 Allocating Resources to the Project In this chapter we consider the problem of allocating physical and human resources to projects.* The physical and human resources are granted to and used by the project in order to meet the project’s performance objectives. The amount of resources that can be allocated, of course, depends on the timing of the allocation as well as on the total supply of resources available for allocation. Mainly, resource allocation concerns how we allocate specific, limited resources to specific activities (or projects) when there are competing demands for the same limited resources. Projects compete with each other for the same resources in two different ways. First, consider a resource that is limited but is not consumed when used, the services of a specific technical specialist for instance. The problem here is which project gets to use the resource first and which must wait. Second, consider a resource that is limited and is consumed when used, a specific chemical reagent for instance. In this case, the second project may have to wait until more of the reagent can be purchased and delivered. In both cases, the project that must wait may suffer a schedule delay that makes it late. Just as projects may compete for resources, different activities of the same project may compete. Two or more concurrent activities might require the same personnel, or equipment, or even work space. One activity will be given priority, and the other(s) must wait. In...

Words: 18123 - Pages: 73

Scarce Resources

...Scarce Resources Article Christopher Chow Nurs/531 November 17, 2014 Annete Marget Scarce Resources Article For many years now the shortage of nurses has been a difficult global issue that is affecting many countries. Ever since I started high school about 11 years ago, we always here that there is a shortage of nurses. Even till this day, there is a shortage of nurses and it continues to grow. According to (Buchan, 2008), “A nursing shortage is not just an organizational challenge or a topic for economic analysis; it has a major negative impact on health care (Buchan 2006). Failure to deal with a nursing shortage – be it local, regional, national or global – will lead to failure to maintain or improve health care.” Influencing factors to Nursing Shortage There are several reasons why there is such a shortage of nurses that are available. This can be due to heavy population growth resulting in the need of more health care services, not enough nursing students, budget cuts in the hospitals, stress levels that are affecting current nurses which impact job satisfaction which causes them to leave and also the aging of the current nurse workforce. From experience, nurses usually leave their profession due to dissatisfaction. Dissatisfaction can be caused from nurse’s inability to provide excellent quality of care to patients, insignificant change in job performance. Another reason why there is shortage of nurses is due to the......

Words: 1159 - Pages: 5

Managing Human Resources

...The Human Resource Management models contains all Human Resource activities. When these activities respectively are carried out efficiently it will result in a competent and willing workforce These models establish the need for people to be recruited and developed, which in turn will enable them to achieve the organizational goals and maintain performance. HRM models can be termed as Harvard model, Michigan model and more recently introduced Guest comparative model respectively. Hard human resource management Here Workers are considered a resource that needs to be controlled in order to achieve the best possible profit and competitive advantage. The Michigan model. This focuses on hard HRM, because it outlines the importance of treating employees simply as means to achieve organizations strategy or as a ‘pure’ resource. Thus characteristics of hard HRM is seen in this Michigan model. Here it follows task focused employee approach which has highly defined and narrow job design and usually employees are strictly guided. Jobs are usually repetitive, shows a hierarchical culture no defined career progression offered. It defines that people should be obtained cheaply, used sparingly and developed to be exploited fully. It says that internal human resource policies should have a tight fit to the external business strategy of the organization, and thus known as ‘matching model’. The Michigan model states the different business strategies found and relates them to contrasting...

Words: 1249 - Pages: 5

Managing Physical Resources

...Role Of A Resource Manager The successful resource manager is someone with the ability to do a number of things well.  Obviously, they need to have top-notch people skills and be able to effectively set and articulate performance goals and standards.  They need to be able to evaluate individual performance against those goals and provide meaningful and constructive feedback to the people that they manage.  They also need to be mindful of team dynamics (the strengths and weaknesses of the individuals in the team and how they interact with one another), resolving issues or conflicts and supporting team morale. The effective resource manager is also adept at managing a limited supply of resources against constantly changing demand.  This requires a good view of what is coming up and creating short-, mid- and long-term resource plans: Long-Term Planning is taking a longer view of resource demand that is anticipated for six, eight, ten months out, or beyond.  In the long-term plan, the resource manager is not planning an individual’s time against specific tasks, but rather looking at general roles, skills and/or the locations of resources needed against general categories of demand (ongoing operational work vs. strategic projects, etc) using forecasts based on historical data or trends.   The long-term plan gives the resource manager the ability to anticipate resource needs and proactively plan for staff acquisition, training or other activities that typically have longer lead......

Words: 737 - Pages: 3

Managing Human Resources

...Chapter 1: Human Resources in a Globally Competitive Business Environment ------------------------------------------------- Applying Your Knowledge Employee Participation and Customer Satisfaction* Case1-1 “Joe and I virtually share everything. We sit together. We’re in meetings together. We’re together even we’re apart.” So says R. Timothy Epps, vice president of people system at Saturn Corporation. The partner to which he refers is Joseph D. Rypkowski, a vice president of the United Auto Workers (UAW). This partnering between management and labor is the crux of Saturn Corporation’s revolutionary idea. Not only are Epps and Rypkowski “paired,” but so are Skip LeFauve, Saturn’s president, and Dick Hoalcraft, the UAW’s top boss. From the top management level down through the ranks, both represented and non represented workers have partners, and, unlike many other organizations with adversarial labor-management relations, the UAW and Saturn’s management work together as teams in virtually every facet of the operation. According to Epps, We’re committed tom an entirely different set of beliefs. One is to have UAW involvement in all aspect of the business. The other crucial principle is that we believe those people affected by a decision should be involved in that decision.” Saturn Corporation is a wholly owned subsidiary of General Motors (GM). Its market share in the U.S. is down to 31.5 percent, and GM, the largest industrial......

Words: 2205 - Pages: 9

Managing Human Resources

...Chapter 13 Managing Human Resources in an International Business Learning Outcomes Chapter Outline The Internationalization of Business How Intercountry Differences Affect HRM Improving International Assignments Through Selection Training and Maintaining International Employees International Labour Relations Safety Abroad Repatriation: Problems and Solutions After studying this chapter, you should be able to: Explain how to improve international assignments through employee selection. Answer the question, “What sort of special training do overseas candidates need?” Discuss the major considerations in formulating a compensation plan for overseas employees. Describe the main considerations in repatriating employees from abroad. Managing Human Resources in an International Business 2 The Internationalization of Business More and more Canadian-based companies are conducting their business in other countries. Huge global companies like Noranda, Labatt’s, and Molson’s have long had extensive overseas operations. Global changes such as the rapid development of demand in the Pacific Rim and other areas of the world means that business success depends on the ability to market and manage overseas. Of course, to foreign companies like Toyota, Canada is “overseas,” and thousands of foreign firms already have thriving operations in Canada. Increasingly, companies must be managed globally, which confronts managers with several challenges. First, the number of their...

Words: 11261 - Pages: 46