My Family And My Life Essay - 1226 Words

The morning of February 8th, 2015 began like any other Sunday. My family and I all woke up late and missed church. Then we all got ready and started on the tasks that need to be accomplished for the day. Little did we know that the events which would take place that afternoon would sparked a change forever leaving a billowing smoky haze on mine and my family’s life. My dad had just left with my six-year-old brother to go run some errands in town and pick up the groceries for the week, after starting the wood stove out in the garage to heat his shop. My mom, my two sisters, and I were left to clean up the house for our upcoming house appraisal that coming up that week. My sisters and I were in our bedroom going through the copious amounts of clothes that we had. Like sisters do, we were arguing about what song we were going to listen to. Just then I heard my mom screaming from the kitchen. I ran down the hall to find my mom staring out the patio doors. She was looking at the garage that was attached to our house. There was an odd amount of smoke coming from the garage. Before I could even form a cohesive thought, this man came bursting through the front door yelling that we needed to get out of the house. Once he said those words everything went to hell. Not clearly thinking I ran through the garage, barely taking in the fact that garage had been consumed in smoke. I stood inside for a slip second and that’s when I saw it, the back of the garage was engulfed in flames.Show MoreRelatedMy Family And My Life980 Words   |  4 Pagesbeen fifteen years since my parents and my brother Jack adopted me. I was only two then, but now i’m seventeen. I love my life, I have a happy, loving family, I live in a nice house on a farm in Maine, my brother Jack is my bestfriend but I also have other friends, and I have a boyfriend named Justin. I guess you could say my life is perfect. Expect there’s more to me than you think. I’m adopted and even though I love my life there is still a part of me that wants to find my birth parents and knowRead MoreMy Family : My Life1303 Words   |  6 Pageswill never get a boyfriend dressing like that.† I rolled my eyes, Emma could be so annoying at times, when will she realize ba sketball is my passion, my life. Emma was almost always wearing a dress Emma was short and she had long, flowing blond hair and brown eyes, she also had skin as white as the moon. I on the other hand had long black dreads, and blue eyes. My Mom was white and my Dad is black making me bi-racial. I was also extremely tall. My Dad was the one who introduced me to basketball, he worksRead MoreMy Life With My Family852 Words   |  4 PagesVirginia and raised in Suffolk, Virginia; my life has been spent in both country and city. Even though I was schooled in Suffolk, majority of my family had settled in Wakefield, Virginia; which the place I always recognized as home. I was brought up by my parents and with two siblings, an older sister and a younger brother. Together, in combination with my ridiculous amount of cousins, aunts, uncles, and grandparents, we had grown up to be one big, happy family that still loves each other dearly. AlthoughRead MoreMy Family And My Life1318 Words   |à ‚  6 Pages When I was 8, my family and I lived in small house in the city town. Our life was a little bit hard, everyone in the family is always busy, my mom went to work most of the time and my dad, too. My sister and me we both have school during the day and tutoring class after school. Sometimes, I only see my mom twice a week even though she is home everyday at midnight because of her busy work. My dad is in charged of taking me to school and picking me up after tutoring class, but he also have his jobRead MoreMy Life Of My Family988 Words   |  4 PagesI would be the first out of my family to graduate college and I was the first to graduate high school out of 3 generations. My father was a Marine for 10 years, he choose a different path instead of going to college or finishing high school. He joined the war overseas to serve his country and I am proud of him. He always told me to never join any branch because he saw a future for me that he wanted me to invest in an education and better m yself in everything I do. My brothers and sister choose horribleRead MoreMy Family And My Life950 Words   |  4 PagesI was born in Mexico, and raised in a Christian environment, where some of my uncles and aunts are pastors, and most of my family members serve at church. I am the youngest of two brothers and a sister. My mom used to take us to church since I remember. She also used to read us Bible stories to teach us values such as service, perseverance, discipline, faith, hope, love, kindness, honesty and humility. Mom always taught us that with hard work accompanied by perseverance, we could do all things weRead MoreMy Life With My Family999 Words   |  4 PagesMy life with my family has been a never ending rollercoaster that I want to get off of. For as long as I could remember, my mother and father have had the same ongoing problem. When I was younger I never understood what was going on. I was only a little girl who loved her parents with everything she had. It would always confuse me how I had other brothers and sisters that weren t my mom’s children. I would always ask questions about the kids that would come over and call my dad, dad. I would constantlyRead MoreMy Life Of My Family1055 Words   |  5 PagesI had something great in my life occur, surprisingly. One day when I was sitting at our home in the kitchen, I started to t hink about marriage. I felt that I was about the right age to become married. My grandparents were siblings and married, while my parents were siblings and married. I felt then that it might be a good idea to get married then to one of my sisters. The reason this happened was because it made the land stay in our family’s ownership. Both of my sisters were definitely beautifulRead MoreMy Family And My Life1118 Words   |  5 Pages On January 17, 2016, my family and myself travelled about two hours to a small town called Yantis in east Texas. The elders of our family would always get together multiple times a year to catch up and see each other since they were getting to an age where they can’t depend on themselves being here on this Earth. Out of the seven or eight senior members of the family, two or three had already passed by this time. Our Uncle Charles was not looking good either, over the past few months he went fromRead MoreMy Life Of My Family986 Words à ‚  |  4 Pages My whole family lived in Edison, New Jersey and I only saw my dad, brother, grandmother, grandfather, and my mother during my childhood. My mother was the person who had always helped me stay on the track to success. I called my mother Ma as a toddler because, I followed my brother in every way. Our culture was to call our mother Mama, but we could say Ma for short. My brother, Michael, called mother, Ma, and so I caught on. Ma was a hardworking, positive, and helpful parent. She wanted

The Book Of Romans Is Identified As An Epistle - 1289 Words

The genre of the book of Romans is identified as an epistle. It is essential to recognize the related interpretive principles when interpreting this kind of genre. Read the epistle in its entirety in one sitting to understand the intent of the letter. It is particularly profitable to also consider paragraphs as being the main units of thought. Follow the logical development of the argument as the letter progresses. Historical context is of vital importance when studying an epistle. No serious scholar today questions that Paul is the author of Romans. Dating ancient letters is notably difficult, but in the case of Romans we can securely pinpoint the letter between A.D. 55 and 58. Paul composed the epistle to the Romans during his stay in†¦show more content†¦The Gentiles were filled with contempt for the Jews for their failure to realize that Christ had freed believers from the law. Paul wanted the Jews and the Gentiles to understand that forging unity out of differences is i mportant to bring peace to the church. Paul summarizes his doctrine of salvation in a deeper way compared to the other epistles to solve existing problems in the Roman church. Not only is it important to learn about the historical context behind the passage in Romans, but we also must view the literary context. Understanding the literary context of Romans is an important part of the interpretation process. The epistle is the dominant literary genre of the New Testament in terms of space; 21 out of the 27 books are characterized as epistles. The epistle is a mixed form that combines literary and expository features. The usual New Testament epistle is composed of five main parts: 1) an opening or salutation; 2) thanksgiving; 3) body of letter; 4) moral exhortations; and 5) closing with final greetings and benediction. Paul wrote this letter to Rome during his ministry in Corinth. About a year earlier, he had written 1 Corinthians after hearing terrible news regarding opposition agains t him in the Corinthian church during his ministry in Ephesus. 2 Corinthians was probably written just a month or two before Paul’s visit to Corinth. This was a joyful time for him because much of the trouble he had experienced from the

Vietnam Pest Analysis Free Essays

Depends on your company. For a more accurate PEST analysis, it’s best to consider your company’s structure, product, and strategy. Anyway, here’s a very simple PEST analysis. We will write a custom essay sample on Vietnam Pest Analysis or any similar topic only for you Order Now Political – Vietnam is a Single Party Communist State. There is more likely to be higher government control and less autonomy for the organization wanting to enter the Vietnamese market. However, on the good side, Vietnam is more likely to have relatively greater political stability. Would be advisable to form good relations with the local government and negotiate favorable terms with them. Economy – Vietnam is a developing economy. GDP per capita is USD2,942. 00. To cater for the largest demographic, it is best to use a price leadership strategy rather than rely on product differentiation. Sell a cheaper, and more basic product or service, rather than offer a premium quality or novelty product. Socio-Cultural – For a foreign organization, there are bound to be language barriers (most obvious factor). Ensure that the labels on the packaging is in Vietnamese if you’re selling a product. Vietnam is also predominantly Buddhist (85% of the population). It is better to offer a product or service that respects the local values and culture, and is compatible. Technology – Infrastructure (an important factor) in Vietnam is adequate. Road, and rail infrastructure is well-developed. Railways are linked to other countries such as China, Laos and Cambodia. There are also 17 civil airports operating in Vietnam and pipelines to transport liquids such as petroleum. There are of course, ports (Ha Long City). Not sure if this helps. It would be better if we knew more about your business. How to cite Vietnam Pest Analysis, Essay examples

Caligula - The Corruption of Power by Anthony Barrett free essay sample

A general criticism of Barretts book about Roman leader Gaius Caesars (a.k.a. Caligula). A critical discussion on Caligula The Corruption of Power written by Anthony Barrett in his attempt to show that this Roman leader was not the bloodthirsty, evil person that is depicted in many historical works. The paper takes the works of ancient historian Suetonius as an example of bias towards Caligula by depicting him as a monster, and illustrates how Barrett contradicts these claims in his book. Barretts bias is to rehabilitate the image of Caligula. This is a huge conflict throughout the entire book, where Barrett only uses certain passages and ideas from Suetonius book, but contradicts other parts of it. This is shown consistently with the image of Caligula. Suetonius shows how bad of an emperor Caligula was and how he had what was coming to him. As Barrett points out, there is no archaeological evidence to back up certain parts of what Suetonius says, accusing hearsay. We will write a custom essay sample on Caligula The Corruption of Power by Anthony Barrett or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page

A Moment Of Silence In Schools Essays - Prayer, School Prayer

A Moment Of Silence In Schools Essays - Prayer, School Prayer A 'Moment of Silence' in Schools In 1962 the Supreme Court decided that public schools did not have the power to authorize school prayer. This decision made public school in the U.S. more atheistic than many European nations. For example, crosses still hang on the classroom walls in Poland, and the Ten Commandments are displayed in Hungary. There are prayers held at the beginning of legislative and judicial sessions and every President has mentioned a divine power in his inaugural speech. In keeping with a spirit of religious freedom as stated in the First Amendment, there is no reason why students should not be allowed to have a moment of silence during the school day when they can pray or do as they choose. The case Engel v. Vitale in 1962 decided that school prayer is unconstitutional. With this case, it was pointed out that the students were to "voluntarily" recite the following prayer: "Almighty God, we acknowledge our dependence upon Thee, and we beg Thy blessings upon us, our parents, our teachers, and our country." The court ruled that this rule was unconstitutional according to the First Amendment's "establishment clause," which states "Congress shall make no law respecting an establishment of religion." In response to the Engel v. Vitale case some schools adopted a "moment of silence." In 1963, another case was brought before the court dealing with school prayer, Abington School District v. Schempp. The Schempp family challenged a law in Pennsylvania requiring the students to say ten verses of the Bible before school. These readings from the Bible were declared unconstitutional. Members of the board felt reading the Bible would give the children more moral values. The Schempp family strongly disagreed. Members of Congress attempted to find a compromise. From this effort came the adoption of the moment of silence, which is guaranteed by the First Amendment's "Free Exercise" clause. Six states now permit silent moments Georgia, Virginia, Maryland, Mississippi, Tennessee, and Alabama. Silent prayer was ruled constitutional in 1985 as long as it had no religious intent or purpose. (Newsweek, October 3, 1994) Prayer has been banned in schools for thirty-three years. The moment of silence has been ruled constitutional, however. Every student fills a moment of silence in a different way: through song, a prayer, or a memory. - References Newsweek, October 3, 1994, vol. 124. U.S. News and World Report, December 5, 1995 Vol. 117, No. 22, pg. 8-9. The Case of Engel v. Vitale 370 U.S. 421 1962, p. 118-119. Abington School District v. Schempp 374 U.S. 203; 83 S. Ct. 1560; 10 L. Ed. 2d 844 1963, pg. 529-530.

Hunley Found essays

Hunley Found essays Since the dawn of man, humans have sought to push the limits of existence. This is evident throughout our history in many ways. Sometimes these pushes are from daredevils willing to risk their lives for no possible gain, and sometimes this is caused by the need of new designs and ideas in order to preserve a way of life. The latter is the case of the submarine. One in particular is the famous H.L. Hunley. Built by the Confederate States of America, this is a vessel largely surrounded in mystery. What is the Hunley? Where did it come from? Why was it built? How was the Hunley significant throughout history? These questions and more have been asked time and time again. The story of the Hunley is a story unsolved and almost forgotten by time. But this story has been raised with the raising of the sub itself and the questions are ready to be answered. To more accurately understand the Hunley and its concept, one needs to look all the way back to the American Revolutionary War. With this war came the invention of an infernal machine. This machine was the Turtle. The Turtle was a small, one-man submarine made out of painted wood that resembled a large wooden keg barrel. The Hunley and the Turtle had, remarkably, many similar features. They both were man powered, they both had explosives that were stuck into the hull of another ship, and they had the basic qualities that allowed the to be called submarines. Continuing to look at what influenced the construction of the Hunley, the only other predecessors came from the same men who eventually would build the Hunley. These submarines were more familiar in shape but still used the crude technology of the time. The first of these submarines was officially christened the Pioneer. Like the Hunley, it too was man powered but of only three men. The second submarine was called both the American Diver and the Pioneer II. This sub was nearly identical ...

MSc in Civil Engineering and Construction Management Assignment

MSc in Civil Engineering and Construction Management - Assignment Example Our client will have an accurate and appraised value for money (VfM). The second part deals on value engineering approach and processes which involve imaginative and creative efforts, and methods and means to provide substitute materials, tools and processes which can give a valuing ‘map’ for the project. SBE Innovations will have a chance to study and approve the recommendations through their representatives, the project manager, and project committee. The team will determine how the functions of the construction can be simplified without sacrificing quality. Value management is the first step and activity that should be applied at the early stage of the project. This is a step-by-step analysis, employing scientific methods, discussions, brainstorming, and all possible logical means to arrive at a low-cost with high value for the client’s project. Value management utilizes a workshop to study on the different functions of the project, the purpose of which is to maximize usage or functionality of the facilities, and to minimize unnecessary costs; in other words, a maximization and utilization of the different parts of the project at a minimum cost. The functions and the stages, including the brands or materials to be installed, will be examined thoroughly so that unnecessary costs can be minimized. If there are other brands available in the market which are cheaper but can provide the same quality, we will provide the recommendations. Our company provides services to clients through value management and value engineering initiatives such as functional analysis which seeks to provide a valuing process to an existing project. Our study will deal with the possible problems and barriers and the possible reduction of costs on the different functional stages of the project. We will provide a detailed scope study.

Personal Biostatement Essay Example | Topics and Well Written Essays - 1000 words

Personal Biostatement - Essay Example There is a risk of water shortages in the near future, and many sources of water are polluted. Humanity may also be close to running out of oil and other important materials. There is a limit to the numbers of people that can be supported by the earth. A higher population requires more land to be used for food, and more chemical fertilizers and intensive cultivation to be used on existing agricultural land. If a high standard of living is maintained, a high population will also require more energy and resource use and it will usually create more pollution and waste. The world population was six billion in 2000, and it is projected to rise to almost nine billion by the year 2040. In 10,000 B.C. the maximum estimated world population was around ten million (U.S. Census Bureau-International Database, 2007). There are currently signs that the current population is reaching the limits of the carrying capacity of the world. There are constant famines in some parts of Africa. Rising oil prices may signal an impending oil shortage. Consumption of oil has risen throughout the world and there have been few significant new discoveries. Deforestation is a major prob lem as poor countries cut down their forests to provide new land for agriculture. There are large "dead zones" in some coastal areas due to pollution. Damage to the environment will eventually lower the carrying capacity of the earth as agricultural yields will fall if topsoil is eliminated because of the erosion that occurs with constant monocropping and the destruction of the forests. Overfishing can cause fish stocks to collapse, and they may not recover for a long period of time even if fishing is temporarily halted. If the world population outgrows the carrying capacity of the earth, the results could be a rapid population collapse as wars, famines, and major epidemics occur in many places at once. There is evidence that the society on Easter Island collapsed due to overpopulation and the overconsumption of resources. "Apparently the islanders were greeted with a lush tropical paradise when they first discovered it. It must have seemed inexhaustable. The trees were cut for lumb er for housing, wood for fires, and eventually for the rollers and lever-like devices used to move and erect the moai" (Wassmann, 1996). Eventually, the clear-cutting caused erosion and the permanent loss of the original forest on the island. The island could no longer support its population, and there was constant warfare and cannibalism. The society collapsed, and the population of the island is estimated to have dwindled from about 7,000-9,000 to about 750. Overdevelopment has damaged the environment in many places. Human needs and wants should not be the only thing that determines where new housing developments and cities are constructed, as development can cause important species to lose land in their habitats; and it can cause other problems, such as the loss of topsoil and pollution. The loss of some species in a region can cause other species to either die off or over-reproduce. Other species could enter the region, and they could become pest species. Land in some types of developments also becomes eroded easily. Highways and developments also create large amounts of pollution and waste. Pollution has always been a major problem throughout history. The industrial revolution added many new types of pollution to the environment

The relationship between humans and their technology Essay

The relationship between humans and their technology - Essay Example The application and use of technology is replacing the human being services in the world. Currently, the technological machines are replacing human being in performing dangerous work, repetitive tasks and expensive but simple tasks. There are benefits accompanied with this aspect of machine replacing human in industries. The machines are faster than human being and this speed up the process of production. Some tasks are more dangerous and expose human beings to danger. Safety is ensured when machines perform work which could be performed by human being. For example, in a construction site machines are used to lift building bricks instead of having them carried by people. These safes people because the bricks can knock someone down (Cavan Group, 2013). In respect to speed, machines can perform task without resting. They do not need rest unlike human beings who need to rest after performing difficulty tasks. In places where machines perform task, work is done faster than in places where human perform the task. For example, typing using computer is faster because one can ma ke more copies at the same time unlike hand writing which requires one to write more copies. Machines produce high quality work than human beings. Machines are set by human being to perform a certain tasks. A well maintained machine does not alter the information but performs the task depending to the setting. Human beings can forget at times and produce low quality work. The machines always ensure quality of the work performed. For example, computers make an exact copy of information in disks. The application of technology is slowly replacing human beings in performing tasks (Karlen, 2014). Technological devices work alongside human beings. The machines can not perform any work without being directed by people. It is better to have a machine working alongside human being than leaving a machine to work alone. For example, people are working to build up robots to work together with people. It

What is the Nature of External Reality?

What is the Nature of External Reality? Worldview is the way a person views the world. Worldview is not just a story or a presumption of life. It is a reality. Worldview is not an assumption of the world. It is a simple, basic belief of life. It is a framework of beliefs through which a person views the meaning of life. A worldview is the way our hearts believe, and not just a thing in our mind. A worldview is an assumption of life that could be true or false. It is a foundation that we believe and live in. There are two basic worldviews. One is based on God, and one is not based on God. A worldview is an argument or a way of guessing why things are the way they are in the world we live in. A person needs to develop his own worldview and believe in what is truth. For a Christian, truth is the Word of God. The first question in this book is What is prime reality-the really real? In Christian Theism, reality is God revealed in the Holy Scriptures. He is the prime reality and is the source of all other reality. He is infinite. He is personal. He is transcendent. He is omniscient. He is sovereign. He is good. In Deism, God created the world and left it to operate on its own. It believes that God does not interact with anyone on earth and denies the true nature of God. In Naturalism, prime reality is matter which is endures forever and is all that exists. It does not believe that God exists. It proposes that the cosmos is the primary reality and pushes God out of the picture. It believes that matter has always existed but probably not in it current state. It is only one thing without any Creator or Divine Being. In Nihilism, nothing exists. There is no God and we are nothing. The universe has no meaning. Existentialism, it believes the same at Naturalism. According to Eastern religions, Go d is in everything, and the cosmos is God. Reality is beyond distinction. They believe that the soul of everyone is actually combined to be the soul of the cosmos, which is the ultimate reality. If something exists that is not God, it is called an illusion. Everything should be combined or united to be The One. Anything that does not combine to be The One is not reality. The One is the ultimate reality. They also believe that there are many roads to The One and that chants can help you obtain ultimate reality. According to the New Age worldview, the soul or the inner being of a person is the prime reality. In other words, self is the reality. Self is important because it is the center of the universe. It is in control of reality. There are three versions which are mentioned. The occult version deals with magic, witchcraft, and similar ungodly acts. The psychedelic deals with reality under another influence to create another reality than the one perceived. The conceptual relativist d eals with the disjunction between what is objective reality and perceived reality. The symbols that society uses do not match what reality is. In Postmodernism, thinking is reality. It is interested in how a person knows rather than what a person knows. It believes that if something is not there, then it cannot be known. It is based on thinking too much. In Islamic Theism, it believes that Allah is God and He is reality. Some people think that maybe the Quran should be included in fundamental reality. The second question is What is the nature of external reality, that is, the world around us? In Christian Theism, external reality is the world that God created. He created all the rules that govern the world. God does answer prayers in relation to His world. In Deism, external reality is the cosmos God created because He created it as a uniformity of cause. It is a closed system, and no miracles are possible. In Naturalism, the universe is composed solely of matter but to human beings, external reality appears in two forms as subjective and objective. In Nihilism, nothing exists. The world is a closed system, and it only acts within itself. In Existentialism, reality is subjective and objective. In Eastern religions, Atman is Brahman that is the sole of each human being and is the soul of the cosmos. It is external reality. Some things are more One than another. Many roads lead to the One. Reality is beyond personality. In New Age religions, external reality is manifested in two dim ensions. The visible universe is accessible through ordinary consciousness, and the invisible universe is accessed through altered states of consciousness. There are three distinct attitudes toward physical question of nature. The occult perceives things in states. The psychedelic perceives things which are projections of conscious self. Conceptual relativity perceives things in which the cosmic consciousness is the consciousness of self. In Postmodernism, matter exists, but God does not exist. In Islamic Theism, external reality is God created the universe, and all its creatures are responsible to Him. The third question is What is a human being? In Christian Theism, humans are created in the image of God. They have intelligence, self-transcendence, morality, and creativity. Human beings were created good; but through the Fall, Gods image was changed in us. In Deism, human beings are a part of the time of the universe. In Naturalism, humans are complex organisms where personalities are an interrelation of chemicals. In Nihilism, humans do not really exist and are basically dead. Their lives are already determined for them so they do not really matter, and they are not responsible for anything. In Existentialism, human beings have to come into full awareness of who they are, and people make themselves who they are. Each person is totally free to determine his destiny. In Eastern religions, the human race is on the edge of extreme change of human nature. They are prototypes of the new age. In New Age, a human is God or Kosmos. They grow in awareness and are transformed. In Postmodern ism, humans make themselves who they are by learning things about themselves. In Islamic Theism, humans are the top of Gods creation. Their high standing in creation means that they have the most responsibility to live up to Gods standards. The fourth question is What happens to a person at death? In Christian Theism, a person will enter the gate to life with God in heaven or the gate to separation from God in hell. In Deism, humans may not have life after his life on earth. In Naturalism, death means the end of a persons personality and individuality. In Nihilism, death is an absurdity. In Existentialism, it believes the same as Naturalism. There is nothing special about it because we are nothing special from other objects. In Eastern religions, a person does die, but death changes nothing that is important. It believes in reincarnation. The soul or the essence of a person is eternal. In New Age religions, there is no fear of death because physical death is not the end of a person. In Postmodernism, since there is no God, then death is only language. Death is not mentioned. In Islamic Theism, a person will either go to paradise or hell. The fifth question is Why is it possible to know anything at all? In Christian Theism, God gave us the ability to learn about the world and about Him. In Deism, it says that we have the ability in us to learn about the world and about God. In Naturalism, it believes the same as Deism. In Nihilism, nothing exists. In Existentialism, it believes a person must make the value in what it observes. In Naturalism, people learn things when they come into full consciousness. In Eastern religions, the only thing that is valuable is what is Oneness. In New Age religions, things appear or disappear when a person comes into full consciousness. In Postmodernism, reality is hidden from people. In Islamic Theism, it believes that Allah has given people the ability to learn things about their world. The sixth question is How do we know what is right or wrong? In Christian Theism, In Deism, In Naturalism, In Nihilism, In Existentialism, In Naturalism, In Eastern religions, In New Age religions, In Postmodernism, In Islamic Theism, The seventh question is What is the meaning of human history? In Christian Theism, In Deism, In Naturalism, In Nihilism, In Existentialism, In Naturalism, In Eastern religions, In New Age religions, In Postmodernism, In Islamic Theism, Microeconomics: Indifference Curve, Oligopoly Game Theory Microeconomics: Indifference Curve, Oligopoly Game Theory Introduction: Microeconomics aims to cover every aspects of our economic life. This report will discuss, evaluate and assess the usefulness and limitations of microeconomic theories in reaching that aim. Microeconomics is The study of choices that individuals make and the way these choices will interact in given markets (Parkin et al. 2012, p.2) or put more simply, microeconomics is the allocation of scarce resources. There are a number of objectives of microeconomics, the foremost being; Equity, Efficiency, Growth and Stability. This report will examine the commonly used theories of; Indifference analysis, Game Theory and the market structure of Oligopoly; analysing the benefits and drawbacks and how they are applied in the real world. Indifference Curve Analysis: To answer questions about individual decision making indifference curve analysis is applied. Before looking at this model it is necessary to assume that the individual satisfies the four axioms of rational preference formulated by Savage (1954). These are; completeness, more is better, transitivity and convexity. Sugden (1991 p.761) describes these as Preferences over acts, where acts are made up of consequences. A rational consumer will of course spend their money on the mix of products that give them most pleasure (Read 2007, p.45). However this will vary for each consumer, because each consumer will have different preferences. The consumer is constrained financially by their exogenous income to only be able to purchase bundles of goods X and Y on or below their budget line. This line does not always have to be straight, and in everyday applications it often is not. This is true with perfect compliments such as right and left shoes, the budget constraint will be stepped because a consumer will not gain much util (benefit) from having significantly more right shoes than left. An indifference curve is a graph showing a combination of two different goods that give the consumer equal satisfaction. There are four main properties of an indifference curve; it is ubiquitous, downward sloping, cannot cross and cannot become less steep. The marginal rate of substitution is the rate at which the consu mer is willing to exchange one bundle, for another along the indifference curve (this is equal to the value of the slope). Diminishing marginal rate of substitution explains why the line is curved as seen in figure 1 (Perloff, 2012). The consumer will take any allocation of resources along each indifference curve (I1, I2, I3). Their utility is optimal where the indifference curve meets the budget constraint. It can be observed that I2 is tangent to the budget constraint at point e therefore that is the rational and optimal choice, although I1 does also intersect part of the budget constraint (points a and c), the equilibrium of goods will be less desirable. Therefore that leaves I2 as the rational choice. However indifference curve analysis does not take into account the consumers preference to save instead of spend. This could cause point d to be the most desirable option. An application of Indifference curve analysis is the use of the Edgeworth box; TheEdgeworth boxis a traditional visualization of the benefits potentially available from trade. When both parties have utilised the benefit that they can receive this is called Pareto optimality. If two consumers (A and B) have fixed amounts of two products (X and Y) they must find a way to trade these goods that benefits both of them without making the other worse off. This can be solved by using their preference maps to construct an Edgeworth box diagram. Figure 2 (Perloff, 2012) shows the indifference curves of the two consumers (Jane and Denise) are tangent at a number of points. If the consumers originally plan on commencing trade at point e this will give Jane 30W and 20C and Denise 20W and 60C, Hence by using IJ2 and ID2 this is more beneficial to both parties due to there being greater overall bundles in addition to a greater combination of products. This then follows both the convexity and the more is better axioms of consumer preference. A contract curve is drawn through all of the Pareto optimal points of trade, which shows the various positions of exchange of products that equalise the marginal rates of substitution of the two exchangers. One particular drawback is that indifference curves usually only focuses on two goods, whereas in real terms it would be very rare that there are only two options of what to spend income on. Although it is possible to create an indifference map that takes into account three goods this is the furthest that the model can progress. There is also no scope for risk, uncertainty, or other factors that could influence a consumers preference map, this is because this form of analysis sticks rigidly to the assumption of Ceteris Paribus. Indifference curve analysis relies upon a consumer behaving rationally, however it is quite possible for a consumer, or anyone, not to behave in a rational way. Hume (1740) argued that reason alone was not a motive to act rationally, and that passion and impulse were of more importance in decision making. Game Theory: Perhaps one of the most discussed theories in microeconomics is that of Game Theory. Perloff, (2012, p.505) defines game theory as formally describing games and predicts their outcome conditional on the rules of the game, the information that players have, and other factors. There are certain factors that must be present for a game to exist. There must be players, strategies, orders of moves (time) and payoffs or rewards for each outcome. Providing that a player behaves rationally, we can assume they will follow a dominant strategy. This is a strategy that gives the player the best final outcome in comparison to all other potential strategies. The prisoner’s dilemma is a paradox in decision analysis where two parties end up worse off by pursuing self-interest. Furthermore it shows how if all parties in a game apply a dominant strategy there will be no real winner. Tucker (1952)formalized the game as we know it today with prison sentence rewards and named it prisoners dilemma It can be seen in figure 3 (Kane, 2013) The prisoners dilemma is set up so that both parties choose to protect themselves at the expense of the other participant; this is achieved by opting to confess. Following a logical thought process to help themselves, both participants are consequently worse off than if they had cooperated and trusted each other. Evidently, receiving confessions from both players is the Nash equilibrium (where each player is assumed to know the equilibrium strategies of the other players, and no player has any advantage by changing their own strategy).It is therefore also the Pareto optimal point. This game can be expanded , giving the players 3 or more strategies each. Although this makes the game more difficult it can be solved using the method of iterated elimination of dominated strategies. This means that when a player notices that a possible strategy is strictly dominated by another strategy (all options of other strategy give a better outcome) then the strategy will not be considered. The prisoner’s dilemma is summarised well by Matt Ridley, â€Å"broadly speaking any situation in which you are tempted to do something, but know it would be a great mistake if everybody did the same thing, is likely to be a prisoner’s dilemma† (1996, p.55). A particularly fascinating application of the prisoner’s dilemma was its use in the cold war. Simplifying research by Cobb (2012). The two players (NATO and the Warsaw Pact) had to choose whether or not to build nuclear weapons. If neither chose to do so, valuable money, time and potentially lives would be saved. All players would be considerably better off if both avoided building nuclear weapons. However if one side built weapons and the other did not then that player would have a huge advantage. Therefore the only rational choice is for both sides to build nuclear weaponry. This puts both players on an equal level. However both are now financially worse off than when they started. Although it could be argued that the application of game theory has saved the world from nuclear war. Steiner and Schelling (1960, p.210) studied a similar model and came to the conclusion that world peace would be the most plausible solution. As shown in the film A Beautiful Mind (2002), the prisoner’s dilemma and Nash Equilibrium challenge Adam Smith’s (1776) marketplace model, which implies that the pursuit of self-interest results in collective benefit. One can observe many political disputes as partially flowing from disagreement regarding which model is more appropriate in a particular situation. For example when a firm or person is operating in a market with many available players, the option to cheat (confess) will not be taken as it would tarnish a firms reputation. This point is made well by Tullock (1985) and essentially implies that if you do not choose to cooperate in the short term, you may not have anyone to cooperate with in the long term. Game theorists have the assumption that players have perfect knowledge of both their own and opponents payoffs. When applied to the real world in more complicated applications this is often not true. It is often not possible to discover an outcome until the game has been played. Traditional game theory does include the factor that humans are intelligent and will often change their strategy when a game is played multiple times. It is assumed that players of a game will always apply a dominant strategy, however, this may not occur if players know each other or know that they will later come into contact with each other. Oligopoly: An Oligopoly is a common form of market structure with limited competition, in which a market is shared by a small number of producers or sellers whereas a duopoly only has two dominant firms. Many of the models used when analysing this market structure focus on duopolies for simplicity reasons. There have been a number of contrasting models for an oligopolistic market, arguably the three most important, and the three that this report will focus on, are the Cournot model, Stackelberg model and Bertrand model. In the Cournot model each firm assumes that rivals will continue producing at their current output levels. Each firm has the assumption that its competitors production levels are fixed, and will not be effected by their own production levels. This was developed by Antoine A. Cournot (1838). Each firm has a best response possible for every situation, this is the reaction function and is shown by (Perloff 2012) in figure 4. The best response curves show which output a firm will pick to maximise profit following its belief of its rivals output, Cournot equilibrium is found where the best response curves intersect. In contrast to this, the Stackelberg model assumes that firms do not decide on output simultaneously, instead, there is a price leader and a price follower. Henceforth, backwards induction is used to find the equilibrium. Cournot’s model is a simultaneous game, whereas Stackelberg’s is a sequential game. It can be seen from diagram 4 below that in the Cournot mod el, output for the two firms will be the same, however, output in the Stackelberg model is higher for the leader and lower for the price taker. If the firms are price takers then they will produce where demand equals to marginal cost. Within the Bertrand model each firm assumes that rivals will continue charging their current prices, the model was created by Bertrand (1883) in a review of Cournots model. Bertrands argument is that firms will choose the price to set rather than quantities, and that price should equal marginal cost. One problem with this model is that it assumes that consumers will always buy the lowest price product; which does not take into account factors such as product differentiation, location and the cost to the consumer of obtaining market information. The emergence of cartels is fairly common in oligopolies. This can have a negative effect on the consumer. A cartel is an agreement between competing firms to control prices and output. A cartel will form if the incumbent firms in the industry believe they can formulate higher profits by colluding together. If two firms collude, they could operate as a monopoly, therefore producing less and charging a higher price. Following Stigler (1964) many economists now accept that collusion is not a viable option in the long term as each firm has the incentive to cheat. This could be achieved by raising either price or quantity. Although cartels are illegal in most countries this has not stopped them forming. Research from Levenstein and Suslow (2006, p43-95) showed that although cartels are often successful in raising prices in the short term, most break up before five years. This is because when there is an incentive to cheat (and get away with it), most firms will take that opportunity. As shown in the recent failed cartel within the US airline industry involving Qantas (BBC 2007) In disparity to this however, an oligopolistic market does not necessarily mean that the firms will collude. Coca cola and Pepsi have a duopoly of their market, yet they are fiercely competitive and are forced to spend vast amounts each year on advertising. This level of competitiveness drives down prices through price wars, causes firms to differentiate products, and encourages innovation. Ultimately all of this is good news for the consumer. Another interesting example of an oligopolistic market is the current UK petrol station industry. Although the price of oil has fallen dramatically in the previous year, the firms inside the market are unwilling to drop their prices to match the fall in costs. This is because of price rigidity and collusion, if one firm dropped the price of petrol then all other incumbent firms would follow the price drop. This would consequently reduce profit for all firms in the industry. This shows how oligopolies can often have a negative effect for consumers. Conclusion: In conclusion the biggest problem in the application of microeconomics is the principle that consumers will always behave rationally, as previously noted, rationality is hard to define. In addition to this microeconomic theories are based on the static assumption of Ceteris Paribus which means Other things being equal. This assumption is unrealistic, the way we think and act are constantly changing, decisions can vary from day to day in response to to many different factors. Many of the microeconomic models do not go into the complexity needed to completely analyse our everyday behaviour. For example indifference curve analysis is limited to two or three products and some of the theories behind oligopolies can only be used for duopolies. However this does not make these models obsolete by any means. For the aforementioned reasons, there is no doubt that microeconomics can, if applied correctly, cover aspects of our everyday lives and give us a detailed insight into how and why we act as we do. However, this being said, microeconomic theories should only be used as one of many tools to help aid our knowledge of the economic world. The study of Microeconomic theory helps in achieving the correct allocation of resources, commodities and output mix for the maximization of the social welfare. APPENDIX Figure 1 : Consumer Maximisation (Perloff 2012, p.115) Figure 2: Edgeworth Box and Contract Curve (Perloff 2012, p.349) Figure 3: The Prisoners Dilemma (Kane 2013.) Figure 4: Duopoly Equilibrium (Perloff 2012, p.487) Bibliography A Beautiful Mind, 2002. Film. A Beautiful Mind (2001). Available from: http://www.imdb.com/title/tt0268978/ [Accessed 27 Nov 2014]. BBC, 2007. Qantas admits cargo price fixing [online]. BBC Business. Available from: http://news.bbc.co.uk/1/hi/business/7116073.stm [Accessed 29 Nov 2014]. Bertrand, J., 1883. Book review of theorie mathematique de la richesse sociale and of recherches sur les principles mathematiques de la theorie des richesses. Journal de Savants, 67, 499–508. Cobb, L., 2012. Encylopedia of Mathematics and Society. Hackensack. Salem Press Inc. Cournot, A., 1838. Researches into the Mathematical Principles of the Theory of Wealth.The American Mathematical Monthly, 35 (8). Hume, D., 1740. A Treatise of Human Nature. (Second Edition). Oxford: Claredon Press. Kane, T,. 2013. The Prisoners Dilemma [table] United States: Available from: http://balanceofeconomics.com/2013/01/03/national-affairs-the-political-prisoners-dilemma/ [Accessed 23 November 2014] Levenstein, M. and Suslow, V., 2006. What Determines Cartel Success? Journal of Economic Literature [online], 44 (1), 43–95. Parkin, M., Powell, M., and Matthews, K., 2012. Essential Economics. European Edition. United Kingdom: Pearson Education Limited. Perloff, J., 2012. Microeconomics. 6th Edition. United States: Pearson Addison Wesley. Perloff, J., 2012. Figure 4.9 [graph]. United States: Pearson Addison Wesley. Perloff, J., 2012. Figure 10.4 [graph]. United States: Pearson Addison Wesley. Perloff, J., 2012. Figure 13.6 [graph]. United States: Pearson Addison Wesley. Read, D., 2007. Experienced utility: Utility theory from Jeremy Bentham to Daniel Kahneman.Thinking Reasoning [online], 13 (1), 45–61. Ridley, M., 1996. The Origins of Virtue: Human Instincts and the Evolution of Cooperation. London. Penguin Books. Savage, L., 1954. The Foundations of Statistics. New York: Wiley Smith, A., 1776. An Enquiry into the Nature and Causes of the Wealth of Nations. London: Methuen. Steiner, P. and Schelling, T., 1961. The Strategy of Conflict.Economica, 28 (109). Stigler, George., 1964. A Theory of Oligopoly. Journal of Political Economy, 72(1): 44–61. Sugden, R., 1991. Rational Choice: A Survey of Contributions from Economics and Philosophy.The Economic Journal, 101 (407). Tucker, A., and Kuhn, H., 1952. Contributions to the Theory of Games. Econometrica, 20 (1). Tullock, G., 1985. Adam Smith and the Prisoners’ Dilemma. The Quarterly Journal of Economics, 100.

The Fulcrum and the Lever Essay -- essays research papers fc

I turn the key and unlock the deadbolt. It’s been a long day’s work. I have been working three jobs for weeks now. I come through the door of my tiny one-bedroom house and stare at the desk, piled high with debris: old junk mail, magazines, and a few bills. I keep thinking maybe on my day off I’ll clean this mess up, balance my check book and pay my bills. â€Å"But what’s the use?† I think to myself, â€Å"I have $210 left on my credit card, that’ll get me through another week.† Independence is what I wanted and that’s what I got. I have a car, a house, furniture, stocked cupboards, and plenty of I-can-do-what-I-want free will. I was working a lot, and sure was doling out a lot of dough, yet I felt atrophy kicking in. When I was dying to leave my parents house, I didn’t think that it would be like this. Going and doing whatever I wanted all the time was not something I did. Life cost money and the reality was kicking me in the stomach every time I walked in my front door and looked at my desk. â€Å"Where is that Consumers bill? How much money is left in my checking account? Do I even have any in my savings?† These thoughts break-danced in my head often. In a day where I see more commercials advertising credit cards, debt consolidation, and home mortgage lenders, one might find it hard to believe that debt can actually be a problem. Seeing those poor saps dance in a conga line screaming, â€Å"Freedom!† makes it that much harder to notice. With three maxed-out credit cards, and other debt in the thousands of dollars, I was one of those people screaming, â€Å"Save me!†   Ã‚  Ã‚  Ã‚  Ã‚  My life could go nowhere while I was struggling to make payments on three credit cards that I hadn’t even used in two years. One of my frustrations stemmed from the fact that all of this money was going to the credit card companies for things that I don’t even remember buying. With my student loan in deferment, I had only to worry about everything else. Working three jobs was not my cup of tea. The â€Å"American Dream† was killing me.   Ã‚  Ã‚  Ã‚  Ã‚  A lot of Americans are drowning in debt, with predators just waiting to add to the pile. Dave Ramsey, New York Times best selling author and financial advisor, says: Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you're in debt then you're a slave, i... ...y Book. Holbrook, MA: Adams Media Corporation. 1999. Sylla, Richard. â€Å"American History Information About National Debt.† The Reader's Companion to American History. Houghton Mifflin Company. 20 May 2005. . Ramsey, Dave. The Total Money Makeover: A Proven Plan for Financial Fitness. Nashville, TN: Thomas Nelson, Inc., 2003. -----. More Than Enough: The Ten Keys to Changing Your Financial Destiny. New York, NY: Penguin Books. 1999. â€Å"The Debt To the Penny.† Bureau of the Public Debt: United States Department of the Treasury. 20 May 2005. . Waggoner, Darren. â€Å"Going Broke?: Younger Americans have a serious debt problem.   Ã‚  Ã‚  Ã‚  Ã‚  Not surprisingly, lenders and consumer advocates propose different remedies   Ã‚  Ã‚  Ã‚  Ã‚  for the credit crunch.† Collections & Credit Risk. 10.5 (2005): 21. Infotrac:   Ã‚  Ã‚  Ã‚  Ã‚  General Reference Center Gold. Online. 31 May 2005. Webster, Noah. Noah Webster's First Edition of an American Dictionary of the English Language. San Francisco, CA: Foundation for American Christian Education, 1995; Reprint edition 1 June 1967. Yaqub, Reshma Memom. â€Å"Swipe at Your Own Risk.† Parents. July 2005. 49-53.