Economic Concepts Worksheet Dys Singa University Of Phoenix Mba 503: Introduction To Finance And Accounting

918 words - 4 pages

Economic Concepts WorksheetConceptApplication of Concept from Personal ExperienceReference to Concept in ReadingScarcity and ChoiceScarcity and Choice, there exist only a limited supply of human and non-human resources that are available without sacrifice of something else.My Psychiatric department is limited by the amount of funds it receives annually for staffing and the implementation of various healthcare projects and services. A recent change in the acuity and demographics of the psychiatric patient population has increased the necessity to hire additional nursing staff to maintain a high quality of services and care. Due to financial constraints, scarce human and property resources the Director has elected to use financial resources to execute critical changes that positively impact more than eighty percent of our patient population, as long as these interventions attract and retain patients and does not lead to substantial labor costs. Our department has become automated in an effort to enhance efficiency and delivery of services offered. As a result, additional nurses have not been hired, our psychiatric unit census and acuity is high and the Director has given the nurses the choice of working overtime hours, working understaffed, or seeking new employment.There are predetermined and/or inadequate amounts of goods and services that can be produced for human consumption, all individual or societal needs and desires cannot be fulfilled, a scarcity in resources necessitates that choices be made from all existing options. " Scarcity limits our options and necessitates that we make choices. Because we "can't have it all," we must decide what we will have, and what we must forgo," (McConnell & Brue, 2004).Marginal AnalysisMarginal Analysis is a valuable economic approach to validate if a particular want is worth satisfying.I am a bargain shopper at heart; therefore, I often impulsively purchase merchandise when stores advertise "buy one, get one free" deals. When I take the time to compare the marginal benefit derived from my purchase, against the marginal cost I am empowered when I identify that my purchase gives me the most value for my dollar. When grocery stores, sell perishable items nearing the expiry date at discounted prices. I weigh the marginal benefit of purchasing fresher food at additional cost against the benefit of saving a few dollars and I do not make the purchase.Marginal Analysis refers to the process of performing a cost/benefits analysis, evaluating economic efficiency and maximizing profits/utility "comparison of marginal benefits and marginal cost" (McConnell & Brue, 2004)MicroeconomicsMicroeconomics studies the output indicators of specific products, the price mechanisms and the distribution of resources and income.In 2005, forty nurses currently employed by my hospital relocated from Canada to the USA. Their decision was influenced by the microeconomic factors of job stability in the US healthcare industry,...

Find Another Essay On Economic Concepts Worksheet Dys Singa University of Phoenix MBA 503: Introduction To Finance And Accounting

Introduction to Finance (1st year university work)

1783 words - 7 pages A Limited Company is an artificial legal person” P, Atrill, & E,Mclaney, Accounting and Finance for Non- specialists, Third Edition, p85. (VERY GOOD BOOK FOR THIS TOPIC!!!)In other words a company has as many rights and responsibilities that a genuine person would have, apart from one exception this being those created by the Registrar Of Companies. There are two types of company there is the private company and the public company. A...

University of Phoenix Week 4 Paper: Project Background and Scope Paper, MBA 590

1779 words - 7 pages Executive SummaryEveryone loves a clean space, whether the space is at work or at home. SC Johnson not only loves a clean environment but strives for a clean and healthy living space for people all around the world. SC Johnson has great products but is always looking for improvement with newer products. In order for SC Johnson to promote and market new products they can easily start by giving new products to new housing tracks so that they may...

International Trade Concepts Simulation, Economics 372, University of Phoenix

1098 words - 4 pages PAGE PAGE 6 International Trade Concepts Simulation International Trade Concepts SimulationLaura GabbardUniversity of PhoenixECO 372 Principles of MacroeconomicsDaniel M. Rowe, MBAApril 7, 2008International Trade Concepts SimulationThis assignment consisted of using a simulation pertaining to international trade advantages and limitations of international trade for the country of Rodamia. The simulations serve to familiarize the student with...

International Finance and Conversion Rate Change Risks for University of Phoenix (UOP) MGT 448

830 words - 3 pages Week Three Individual Assignment: International Finance PaperCurrency conversion rate changes are the most obvious risk of conducting business internationally; this can happen two ways: transaction and economic risks. Transaction risks arise when a firm agrees to pay or receive an amount of foreign currency. For example, if a US company agrees to purchase goods in 12 months for 100 million yen, and the dollar depreciates against the yen over that...

The Concept of Yield to Maturity-MBA 503

817 words - 3 pages All stock investors should know about bonds. Bonds are the other side of the investing coin that may help keep a portfolio afloat in troubled times. Although less exciting than stocks, bonds play a critical role in our economy and an important role in every well-balanced portfolio. A bond is an "I owe you" issued by a corporation, government, or governmental agency to cover money the bondholder has lent. (Little, K. 2004).If a person owns stock...

Overview of Cash Management MBA 503

1696 words - 7 pages Cash management involves controlling the cash flow (cash receipts in and cash payments out) of a firm to minimize nonearning cash balances (Block-Hirt, 2004). According to A Handbook of Management Techniques (2008 ) the purpose of managing cash is to ensure that there is enough cash and working capital for fluctuating needs without tying up funds needed elsewhere or relying too heavily on short-term financing.Cash management requires continuous...

Comparing and Contrasting University of Phoenix and University of Oklahoma

654 words - 3 pages Attending two different colleges has given me the opportunity to see which type of college is best for me. When I first got out of high school I decided I was going to attend the University of Oklahoma but had to drop out due to personal issues after the first year. Now that I am older and ready for college I am now attending the University of Phoenix. When comparing and contrasting the University of Phoenix and the University of Oklahoma you can...

Key Concepts of Creativity and Innovation Worksheet

1141 words - 5 pages University of PhoenixEmployment Conflict Management Concepts WorksheetConceptApplication of Concept in ScenarioCitation of Concept in ReadingPersonal Experience in your OrganizationThree types of innovation: Incremental, Semi-Radical, And Radical."Incremental innovation leads to small improvements to existing products and business processes… Radical innovation results in new products or services delivered in entirely new ways."In the past...

University of Phoenix Student Goals

811 words - 3 pages "Be all that you can be" was the Army's motto for many years, and quite frankly it was my motto for just as many. I remember when I first went into the military, people would ask me what my goals were, and I would reply, "Be all that I can be." Most would say, "You are not in the Army, you are in the Air Force, Aim High." I would forever thrive to truly be all I can be, or even to Aim High. After reading Peak Learning, I realized that goals...

Leadership Theories and Styles - University of Phoenix - LDR

1226 words - 5 pages Know thyselfAssuming that no one wants to work on a job that he or she dislikes, a person must have a clear understanding of what path she or he should follow in his or her business life. However, to choose a career is a tricky business, if the chosen career is one that does not suit the person, then their personality is likely to become confused which will lead to unhappiness and a feeling of being burned out.Settling down with the right career...

Compare and Contrast of the University of South Africa and University of Phoenix

1373 words - 5 pages Compare and Contrast of the University of South Africa and University of Phoenix In 1873, the University of the Cape of Good Hope was established; now referred as the University of South Africa or UNISA. The University of South Africa served as a model for all other branches of higher education in Africa. UNISA ultimately established itself as the examining center, not an instructional center, for Oxford and Cambridge Universities...

Similar Essays

Cost Descriptors Dys Singa University Of Phoenix Mba 503: Introduction To Finance And Accounting

1428 words - 6 pages Cost Descriptors MemoTo: All Human Resource ManagersFrom: Jane Doe MBACC: Jim Jones CFODate: April 29, 2008RE: Cost DescriptorsAt the last meeting, it was apparent that our Human Resource Managers (HRM) lack the basic knowledge of the accounting cost descriptors terminology and concepts. The use of efficient cost accounting techniques in accordance with the generally accepted accounting principles (GAAP) regulations is mandatory for accurate...

Working Capital Management Concepts Worksheet University Of Phoenix Mba550 Week1

801 words - 3 pages PAGE 1 Working Capital Concepts Working Capital Management Concepts WorksheetUniversity of PhoenixMBA550 week1Working Capital Management Concepts Worksheet Concept Application of Concept in the Simulation Reference to Concept in Reading Short-term financing "Lawrence Sports (LS) currently finances all cash flow shortages with a $1.2 million line of credit from central bank. The credit line allows LS to maintain a positive cash balance of...

Mba/520 Leadership Concepts Worksheet Essay

538 words - 2 pages PAGE 1 Leadership Concepts Leadership Concepts WorksheetPhyllis YatesUniversity of PhoenixLeadership Concepts Worksheet Concept Application of Concept in the Scenario or Simulation Reference to Concept in Reading Work team effectiveness Eight years ago, the leadership team at GeneOne worked together to develop a gene technology that destroys diseases found in tomatoes and potatoes. As a result, farmers no longer have to use pesticides...

Mba 570, University Of Phoenix: Classic Airlines Problem Solution

1352 words - 5 pages Classic Airlines is the fifth largest airliner in the world and commands more than 375 jets. In 25 years of business, Classic Airlines has more than 2300 flights daily and serves 240 cities. Since the beginning, Classic Airlines has always been profitable, but since 2005 the Classic Rewards program has sharply declined by 19%. To make matters worst, consumer confidence appears to be vanishing and remaining Classic Rewards members on flights is...