The Basic Concepts Of Economy - 1399 Words

The Basic Concepts of Economy Nowadays, the most important aspect of the world is about economy. It has been going into every single thing in people’s daily life deeply and deeply and influencing people’s behaviors and attitudes about the meaning of living. Sometimes it is very easy to be ignored, but economy is playing a very significant role in this modern age. For example, when people purchase a vehicle and make payment by instalment, they are completely get involved into economy, which is people usually called as business. Moreover, it happens among countries in this world. Economic level has become decisive index which is presented by gross domestic product, the GDP, and determined the country’s ranking for many years. If†¦show more content†¦More specifically, the resources that are helpful to satisfy human’s demand are scarce. In addition, some resources are scarce when there are not freely available, which means their price are more than z ero. Second, people have unlimited wants. This means everyone in this world always want more resources as long as they can satisfy these variable wants, for example, a new car, a nicer home, and more free time. Based on these two economic truths, one conclusion that although people’s wants, or desires, are virtually unlimited, the resources available to satisfy theses wants are scarce. This is so called the economic problem. When the economic problem is admitted, people will face several choices of economic behaviors. Should they work more for earning money to buy necessary scarce resources to satisfy their wants, or should they chose work less so that they can have more free time to have a rest and arrange their own life? Economy is created no other than helping people to solve these problem. Economics examines how people use their scarce resources to satisfy their unlimited wants. This means, beginning with resources, then goods and services, and finally focus on the heart of the matter-economic choice, which results from scarcity. Since resources are so important, it is necessary for public to understand the meaning of resources to improve their ability of solving the economic problem. The definition of resources is that resources are

Applying Sociological Imagination to the Drug or Alcohol...

C. WRIGHT MILLS SOCIOLOGICAL IMAGINATION Introduction According to C. Wright Mills (1959), sociological imagination is the ability to appreciate a different (wider) perspective of the self in relation to others and to society than the narrow perspective of the self that comes most naturally to the individual. Today, sociological imagination is a concept that is considered central to the study of sociology and other disciplines such as social psychology because the ability to shift from a personal perspective to a more objective perspective is crucial to understanding other people and to understanding the norms, values, and expectations of other societies that may differ substantially from the society of the researcher or student. Applying Sociological Imagination to the Drug or Alcohol Abuser There are at least two different aspects of sociological imagination that apply to substance abusers. First, there is the issue of how the behavior developed within the context of external social influences. For example, substance abuse rarely begins in isolation; instead, the first experiences of most drug and alcohol users is typically within the context of social relationships within a particular subcultures and the norms, values, and expectations of individuals within those subcultures. In that sense, the individual exercising sociological imagination might realize that the choices of norms and behaviors of the members of that subculture provide an impetus for every

Dt Gcse Revision Smart Materials Free Essays

SMART Materials A SMART material is a material that is affected by outside influence. Polymorph * Type of thermoplastic (can be reshaped many times). * Normally supplied in form of granules or small plastic beads. We will write a custom essay sample on Dt Gcse Revision: Smart Materials or any similar topic only for you Order Now * Low fusing temperature of around 60Â °C. This means it can be reduced to a mouldable condition by immersion in hot water. * Once fused turns from opaque to clear. * Heating above 65Â °C is dangerous as it will become a sticky-adherent mass, similar to hot-melt glue. Polymorph has high molecular weight and great tensile strength, and therefore suited for applications where mechanical strength is important. * Some uses are: Mould-making (i. e Gum-shields), general DIY materials, making a polymorph skeleton to support other materials, trainer/shoe components. QTC (Quantum Tunnelling Composite) * QTC is a composite material made from conductive filler particles combined with an elastomeric binder, typically silicone rubber. QTC Material has the unique ability to smoothly change from an electrical insulator to a metal-like conductor when placed under pressure. * While in an unstressed state the QTC Material is a near-perfect insulator; with any form of deformation the material starts to conduct and with sufficient pressure metallic conductivity levels can be achieved. * QTCâ„ ¢ Material can be formed or moulded into virtually any size, thickness or shape. * QTCâ„ ¢ Material is mechanically strong. QTCâ„ ¢ Material can be made to withstand extreme temperatures limits. * Used for switches and keyboards. Thermochromic Ink * These materials change colour when there is a change in temperature. * Thermochromic ink comes in two forms: Liquid crystals and Leuco dyes. * Leuco dyes are easier to work with and allow for a greater range of applications. * Applications of thermo chromic ink include: flat thermometers, battery testers, clothing. Mr Tsiang How to cite Dt Gcse Revision: Smart Materials, Papers

Management Information and Decision Support System

Question: Discuss about the Management Information and Decision Support System. Answer: Introduction Businesses today are heavily dependent on information technology and unlike before when it was used to gain a competitive advantage, its now used as the sole foundational component. This dependency creates a lot of risks as stated by Nicholas Carr (2003), who view is justified and to some extent true. According to Carr, businesses are investing more than 50 percent of their expenditures on information technology as a strategy to beat the competition. Furthermore, these statistics are supported by Microsoft findings in 2012 that predicted that companies would increase their technology spendings by 50 percent by 2015. On one hand, there are some technologies that enterprises cannot survive without, for instance, electricity and access to the internet. These technologies create the relevant conditions or environments to conduct business. However, enterprises are today focusing on other extensive technologies to enhance business such as big data, management information system and even annual replacement of technological devices e.g. PC. To some extent, these investments are way overboard beyond the returns observed. Furthermore, many enterprises today use similar IT components to conduct business which makes these technologies ubiquitous and not as innovative ventures. Nevertheless, where do the companies draw the line? What is the sound or optimum IT investment needed to succeed? This paper handles these questions by analysing the relevance of information technology in businesses today. Furthermore, the analysis will focus on the article written by Nicholas Carr (2003) supported by the relevant scholarly materials. Importance of Management Information systems (MIS) MIS are integrated systems that provide information to businesses in order to support the operations done by the management personnel. In essence, these systems are used to analyse organisations information in order to make better decisions. Similar to Simon and March work in the 1950s that employed the concepts of organisational behavioural tactics, these systems at the heart of operation use a combination of human behaviour and that of an organisation. Therefore, through the said system decisions are either programmed to fit a common repetitive routine or are designed to fit a unique structure after a thorough analysis of the data at hand. These processes help organisations make better decisions because they are centred on facts and not assumptions. Furthermore, forecasting, an integral concept for business success is also facilitated by MIS because the management can predict the future through the records they have of the past. For instance, a manufacturing company can predict the number of customers in the coming season e.g. winter based on the records of the previous year (Asemin, Safari 2011). A variety of MIS systems exist today including; decision support systems, knowledge management systems, and functional business systems among others. Yes, it is true most of these technologies are redundant and will possibly be applied by many other organisations, however, their benefits out way their expenditures. Moreover, with the modern state of events vendors of these systems have developed strategies to increase their earning such as annual licences that force users to make annual payments (Carr, 2015). However, consider the business opportunities presented, for instance, the functional business systems which comprise of finance, accounting, sales and marketing systems help monitor business operations (Al-Mamry, Shamsuddin Aziati, 2014). An organisations management can keep a watchful eye on business activities and develop adequate records for auditing purposes. Moreover, human resource system can organise and distribute manpower to the locations they are needed further increa sing an enterprises efficiency. Now, another company may have the same system but that does not make it ubiquitous instead it makes it a survival tactic a contrast to Nicholas Carr views. Basic IT concepts and Business Based on the article presented by Nicholas Carr, technologies can be classified into two groups; functional and proprietary. Functional technologies like information technology are only of value if they are shared, which makes sense when technologies like the internet and the World Wide Web are considered. However, according to him, these technologies are beneficial if they are restricted to a few thus guarantying a competitive advantage. Nevertheless, the basic concepts of IT, be it software, hardware or the internet focus on globalisation where different economies are connected to create an extended marketplace. Therefore, through the advancement in IT, (a functional technology), organisations have a bigger market to conduct their businesses (Varley, 2006). In addition to this, computer systems facilitated by the hardware and the supporting software systems enhance the services or products offered by organisations. Moreover, recent studies reveal that there are over 1.25 billion Windows PCs in the world. This number only caters for one brand of computers and thus signifies their importance not only to business but also to the way of life. As an IT concept, computers are designed to improve the way of life however the modern application reveals a much deeper role for business, that of survival (Rosoff, 2011). Furthermore, the same systems act as a foundation for the internet and the worldwide web whereas a central hub of information is found. The internet is an interconnection of networks that serves as a communication medium between different computer users. On the other hand, the worldwide web is the service or system used to access the internet. These two concepts integrate so many devices and people in the world which later is used t o support their applications in organisations while conducting business in a market environment. Business Intelligence and database systems One of the most outstanding remarks of the Nicholas Carr article is that of IT spending and financial performance, where he addresses a lack of connection between the two thus emphasising his point that IT does not matter. However, consider the importance of business intelligence and its associated components of database systems. In general, BI is a tool used to analyse gathered data from multiple locations in order to make better decisions. Therefore, as a concept, it will encapsulate the facilities of information system and database system including items like data warehouses (Chugh, 2013). Due to the increased market competition, organisations cannot depend on the overall market information available instead they are forced to develop their own systems that shed light on the current state of affairs and future of the marketplace. This means business intelligence produce justifiable results through strategic procedures. Moreover, their importance is also necessitated by the complex ity of the new environment and technologies. Our current society is filled with information, analysing such data for business relevance requires adequate structures and elaborate techniques. BI will integrate large data facilities such as database systems and warehouses to accurately interpret data to produce quality market intelligence. Furthermore, these facilities enhance data collection methods, process execution and reporting which in the end leads to better problem-solving techniques. In addition to this, risk assessments are done conveniently based on the right decisions that are accompanied by the correct actions. A quick review of BI systems reveals an elaborate structure that encompasses database systems (warehouses as well) with information systems (IS) to make better decisions (Al-ma'aitah, 2013). These IS system will include the previously discussed systems such as MIS, human resource systems, finance and accounting systems. E-commerce and associated trends A revolutionary technology that facilitates the trade of goods and services through the digital medium (internet). Many organisations in the past, particularly those that were business minded were caught off guard by this technology as they awaited to see its feasibility as suggested by Nicholas Carr. In the end, new businesses emerged that have now surpassed traditional businesses. Nevertheless, when conducting business through e-commerce several models can be used and are determined by an enterprise's requirements such as the services or the recipients (Sinha, Choudhary Mishra, 2012). At an enterprise level, four business models stand out; business to business (B2B), business to consumer (B2C), consumer to consumer (C2C) and consumer to business (C2B) models. B2B models will comprise of a product supplier and retailer where the supplier will provide the services or goods to an intermediary buyer who then sells to the final consumer. B2C, as the name suggest, will have the business itself selling products to the final consumer. C2C model will have consumers selling their own products to other consumers through a digital platform, e.g. selling used household items online. Finally, the C2B model where a website will host multiple organisation with similar services and based on the user requirements, a consumer will choose the most appropriate. For instance, different insurance companies offering the same services online (Tutorial point, 2017). E-commerce like any other technological advancement is ever changing and its application will depend on the immediate requirements as better services are always provided. Moreover, recent trends suggest an increase in online retail facilities that will see shipping cost decreased thus enable e-tailers to conduct international business through their established websites. In other ventures, e-commerce is shifting to include mobile shipping services where smartphone and other handheld devices are proposed to take over markets. These devices increase mobility and flexibility which guarantees a higher customer satisfaction rate. Moreover, mobile business improves customer engagement a valuable insight to businesses today (Parmar, 2017). Ethical issues and threats Information technology is a dynamic and diverse subject that has greatly changed the way of life. Its advantages overwhelm the disadvantages and are now a compulsory requirement for business, however, with these benefits come the associated risks and concerns. At the heart of these concerns are ethical issues more so those that deal with information privacy and security. Formal education will focus on the technical capabilities of technology without highlighting the misuse and abilities of these technical skills. Hackers, for instance, will exploit the innocence of users to gain access to privileged information thus wrongly benefit from it. Moreover, consider the countless violations made by governments and other organisations who access unauthorised information just because they can. To them it may seem as a security protocol, however, access without authorization is still a crime (Shinder, 2005). In addition to this consider other minor incidences like a company that monitors its e mployees information to manage their activities or a person who accesses a colleagues email account. Technically, these acts are not legal violations as they occur within an open network where zero authentication or authorization is given. Cybercrime and computer crimes are other threats seen today where illegal activities such as fraud, embezzlement and harassment are done using computers. These criminal activities are in most cases facilitated using malware infections or sabotage that will focus on a systems weakness. Furthermore, research done by the likes of the FBI (Federal Bureau of Investigation) suggest that nearly all business today (85 percent) are victims of cybercriminal acts. SO, why is this? According to research, large organisations will house a wide range of resources that are attractive to cybercriminals. On the other hand, small businesses will have minimal security measures because of limited resources thus attract the attacks (Williams, 2017). Moreover, with the availability of resources comes to the cases of piracy, where owners are robbed of their intellectual property such as inventions and designs. IT enables organisations and individuals to imitate products and services which violate the copyri ght laws among many others (Britz, 1996). Emerging Technological Trends (MIS) Innovation is the key to business success and no other component offers this outcome like technology especially information technology where support systems such as MIS are constantly changing to increase their benefits. Business analysis is easily performed using MIS systems which translate to better decisions. Therefore, with advancements such as cloud computing that offer computing services via the internet, the cost of MIS applications will decrease which will increase productivity and eventually the market competition. As a concept, cloud computing reduces the cost of IT infrastructure by enabling an organization to lease services that are too expensive to implement. Moreover, it promotes virtualization which in itself helps organisations to use minimal storage devices, for instance, using a common server in different departments (Khanduja, 2015). Secondly, the latest trends in mobile business and applications enhance the feasibility of management systems such as MIS where customer data is easily available through the services offered via the handheld devices. Furthermore, customer satisfaction is increased through the services offered by mobile applications which reduce the investments made in MIS systems. In addition to this, the business analytics are improved by the enhanced systems that are designed to handle the modern data requirements (MSG, 2017). Conclusion Nicholas Carr remarks perceive information technology as an irrelevant business strategy because its no longer innovative but ubiquitous in nature. Moreover, he advocates for reduced and delayed investments in IT systems in order to achieve maximum financial returns. First, his sentiments are completely wrong more so his overall assessment that sees IT as an irrelevant venture. For one, information technology is the backbone of businesses today, in fact, no organisation can survive let alone thrive without adopting a modern technological outlook. Consider the benefits of business intelligence, information management and database systems. These technologies help organisations make better decisions an important item of business success. In addition to this, consider other minor technological components that facilitate business today such as computers, the internet, printers and even electrical power. At best, all organisations will have these facilities regardless of their size or even location. These minor IT items are then used by organisations to execute their activities which translate to efficient services offered to the customers (end users). However, modern investments do call for strategic procedures where enterprises can plan the financial investments they make in IT. For instance, its not logical to have annual replacements of devices if the existing ones are in good working conditions. Through such intelligent decisions, the overall operational costs can be lowered increasing the revenues obtained. In conclusion, the value of information technology surpasses the financial losses observed which clearly refutes the claims suggested by Carrs article. References Al-Ma'aitah. M. (2013). The Role of Business Intelligence Tools in Decision making Process. International Journal of Computer Applications, 73(13). Retrieved 16 March, 2017, from: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.402.8414rep=rep1type=pdf Al-Mamary. Y, Shamsuddin. A Aziati. N. (2014). The Role of Different Types of Information Systems In Business Organizations: A Review. International Journal of Research (IJR), 1(7). Retrieved 16 March, 2017, from: https://paul-hadrien.info/The%20Role%20of%20Different%20Types%20of%20Information.pdf Asemi. A, Safari. A Zavareh. A. (2011). The Role of Management Information System (MIS) and Decision Support System (DSS) for Managers Decision Making Process. International Journal of Business and Management, 6(7). Retrieved 16 March, 2017, from: https://www.ccsenet.org/journal/index.php/ijbm/article/download/8940/7938 Bhaskar. P, Sinha. N, Choudhary. B Mishra. S. (2012). E-business and E-commerce-its emerging trends. Retrieved 16 March, 2017, from: https://www.bioinfopublication.org/files/articles/2_1_2_JIS.pdf Britz. J. (1996). Technology as a threat to privacy: Ethical challenges to information profession. Retrieved 16 March, 2017, from: https://web.simmons.edu/~chen/nit/NIT%2796/96-025-Britz.html Carr. N. (2003). IT doesnt matter. Harvard business review. Retrieved 16 March, 2017, from: https:// www.nicholascarr.com/?page_id=99 Chugh. R. (2013). Why Business Intelligence? Significance of Business Intelligence Tools and Integrating BI Governance with Corporate Governance. Research gate. Retrieved 16 March, 2017, from: https://www.researchgate.net/publication/273861123_Why_Business_Intelligence_Significance_of_Business_Intelligence_Tools_and_Integrating_BI_Governance_with_Corporate_Governance Khanduja. J. (2015). Five Emerging Trends of Information Technology in 2015. Quality Assurance and Project Management. Retrieved 16 March, 2017, from: https://itknowledgeexchange.techtarget.com/quality-assurance/five-emerging-trends-of-information-technology-in-2015/ MSG. (2017). Emerging Trends in Information Technology. Retrieved 16 March, 2017, from: https://www.managementstudyguide.com/emerging-trends-in-information-technology.htm Parmar. D. (2017). 4 E-commerce Trends That Will Rule the Market in 2017. Target marketing. Retrieved 16 March, 2017, from: https://www.targetmarketingmag.com/article/4-e-commerce-trends-that-will-rule-the-market-2017/all/ Rosoff. M. (2011). Right Now, There Are 1.25 Billion Windows PCs Worldwide. Retrieved 16 March, 2017, from: https://www.businessinsider.com/right-now-there-are-125-billion-windows-pcs-worldwide-2011-12?IR=T Shinder. D. (2005). Ethical issues for IT security professionals. Computer world. Retrieved 16 March, 2017, from: https://www.computerworld.com/article/2557944/security0/ethical-issues-for-it-security-professionals.html Simpson. K. (2014). 18 Revealing Statistics About Small Business and Technology. Canvas. Retrieved 16 March, 2017, from: https://www.gocanvas.com/content/blog/post/18-revealing-statistics-about-small-business-and-technology Tutorial points. (2017). E-Commerce - Business Models. Retrieved 16 March, 2017, from: https://www.tutorialspoint.com/e_commerce/e_commerce_business_models.htm Varley. D. (2016). ICDL module 1: Concepts of information technology. Retrieved 16 March, 2017, from: https://www.it.uom.gr/teaching/open/eng/Module1_eng.pdf Williams. R. (2017). Ethical Dilemma in the Use of Information Technology. Chron. Retrieved 16 March, 2017, from: https://smallbusiness.chron.com/ethical-dilemma-use-information-technology-18366.html