Managment Essay Example | Topics and Well Written Essays - 3750 words

Managment - Essay Example The likely effects of demand increases on Iron-ore prices: Price can be seen as the interaction between the supply and the demand quantity as can be seen in the Figure below. The resultant market price would therefore depend upon such interaction at a specific quantity. The transaction can be done when so ever the goods or services are agreed to be bought at the market price. When transaction occurs at this price the resulting output is the equilibrium or the market clearing price as show below. As the Chinese population continues to grow so does the demand for the minerals and metals, this has not only cause the rise of Iron-ore production but also of any other inputs products used in its formation in short the supply of iron-ore increases with the increasing demand of iron-ore. We can see this in diagram below that represents a rise in the demand of iron-ore. Figure  1  an increase in demand (P.S. the word Beer can be replace by any product) The diagram notifies the increase in demand for iron-ore has increased the quantity of its production moreover there is rise in price from p1 to p2. Thus, as the quantity raises so does the demand, this is the resulting effect. The likely effect of increase on Iron-ore production To meet the ever increasing demand of iron-ore in the market the production of its input supplies would even have to increase. Suppliers only increase the product supply where there is less marginal cost of production. Therefore, we see that there is an increase in supply as shown by the diagram below. Therefore, we can notice that any increase in demand would of course raise the supply, the price and the quantity of that product. To absorb the clear effects,... This paper approves that the notion of preference has a vital role in many of the disciplines, covering moral philosophy and also decision theory. Preferences and their properties of logic also have a vital role in the rational choice theory, a subject that in turn permeates the modern economics, as well as the other branches of formal social science. The notion of this preference and the way it is analyzed vary between these disciplines. The treatment that is yet lacking is the one that takes into account the requirement of all usages and tries to gather them in some unified approach. This entry surveys the most vital philosophical use of the preference concept and deeply looking into their compatibilities and conflicts. An increase number of people’s preference for work would shift the supply curve to the right side, and increase the employment from but however it would also reduce the wage rate from. This paper makes a conclusion that a preference that attributes to workers at work places varies from self-preferences off work. The characteristic of job preferences are supervision, retirement benefits, morning and late hours, job security, and easier type of work, the company, the wage rate, good and helpful co-workers, job advancement, and favorable working conditions. Women might not very much interested in working in a mining industry due to factors such as poor job security, unfavorable working conditions, difficulty of work and late hours at mining that might not be of their preference.