Team Creation Paper Essay Example | Topics and Well Written Essays - 1000 words

Group Creation Paper - Essay Example Inability to set up these two significant segments that ought to portray the characteristics of the colleagues will liable to affect contrarily on the venture. Another thought when choosing colleagues is the part of accessibility. This involves individuals who are adaptable and focused on the extend and can be promptly accessible are given inclination than chancers. Another thought in choosing the colleagues is that they ought to have something to add to the general venture. Colleagues are chosen based on the information and abilities they have about that specific task. In a similar vein, these individuals should demonstrate an ability to coexist with the other colleagues towards the achievement of the objectives of the venture. Another procedure that can be utilized to choose venture colleagues is through the foundation of the members’ ability to maintain the standards and the parameters of the task. The individuals who are not set up to learn or share their thoughts may not be fit to be chosen as colleagues. b. A portion of the group building systems will be sketched out in detail underneath. As a matter of first importance, an errand breakdown is the establishment for group building which causes the undertaking supervisor to allot the perfect individuals to the correct venture assignments (Morris 2008). This establishment phase of group building is worried about setting the vision, objectives and goals of the group. This system is significant in group working in that it obviously spells the course whereupon all the individuals from the group ought to follow towards the accomplishment of the venture objectives set. The other procedure in group building includes explaining the jobs of the colleagues. This limits clashes and misjudging as every single individual from the group will know about the job desire in the task. The other technique of group building is fixated on setting up bunch standards that will shape the lead of all the colleagues. Deciding the undertaking forms is another key factor in building a venture group which will advance group cohesiveness. Elements identified with the group, for example, issues identified with cooperation of the colleagues, correspondence, dynamic procedure too quantifies for compromise are a portion of the methodologies that can be contemplated when constructing a venture group. These elements assume a crucial job as they are intended to guarantee that the objectives of the group are unmistakably spelled just as endeavoring to limit the odds of contentions in the group. c. Inside a different venture group, potential zones of contention might be a consequence of negative conduct among individuals from the group where the individuals may differ with each other or the bearing of the group (Kerzner 2006). The significant reason for struggle in a group is the part of decent variety which incorporates such factors as age, culture, sexual orientation and work esteems. In certain occasions, senior r epresentatives may endeavor to disobedient their lesser by excellence of position as far as age which is a reason for strife. This can likewise go connected at the hip with the part of sexual orientation where now and again ladies might be looked downward on by righteousness of their sex and sex. This is a significant reason for struggle where there is out of line treatment of the individuals from the group based on sexual orientation. Social factors in a various proje

Steps to reduce the Impact of Insider Trading-Samples for Students

Question: Talk about the Influence of the Case of insider exchanging with the ship bunch on the stock exchanging situation. Answer: Presentation Exchanging the financial exchange is one of the most unmistakable and driving wellspring of measure of cash given that the exchanging is being done appropriately. Lion's share of the stock exchanging are being done in the created nations. This is because of the explanation that, created nations are having progressively powerful and great foundation for the stock exchanging alongside having increasingly number of businesses (Chen, Choi and Hong 2013). More enterprises are required for the upgrade of the securities exchange because of the way that stock exchanging is being finished with the portion of huge and medium business associations. With the rise of progressively number of business associations in the financial exchange alongside expanded number of merchants, the opposition is expanding in this division. Different exchanging firms are entering in this market to help the financial specialists in increasing more benefit from the securities exchange. In any case, in the ongoing time, different cases identified with misrepresentation and illegal tax avoidance are being risen up out of the exchanging rehearses the securities exchange. Different administrative bodies, for example, government and securities exchange authority are starting different enactments and guidelines to check these issues in the financial exchange. Disciplines are additionally being expressed, which will be given to the blamed in the event that for the demonstrated case (Kim and Sohn 2012). One of the most conspicuous and notorious case that was being developed in the ongoing time according to the misrepresentation in the stock exchanging is the situation of Rajaratnam of Galleon gathering. This case changed the current situation of the financial exchange exchanging the securities exchange of the United States just as the financial exchange of other significant countries. The instance of Rajaratanam of the Galleon gathering will be talked about in this report alongside its suggestions in the financial exchange. This report will likewise examine about the ramifications of utilizing different unlawful and deceptive data gathering methods by the exchanging firms. It will likewise be talked about the explanations for the continuation of the unscrupulous data strategies being utilized by the exchanging firms considerably after the allegations of the ship gathering. Furthermore, the ramifications of sharing secret information for all the related partners in the stock exchanging will likewise be talked about. Additionally, the impact of the case and allegation of the Galleon bunch in the data sharing strategy of other exchanging associations and the speculators will likewise be talked about. Case history Raj Rajaratnam is the very rich person representative and previous CEO and author of Galleon gathering. It is flexible investments bunch being founded on New York. His past involvement with working with different remarkable exchanging firms helped him in increasing great cash from the market. In addition, his firm Galleon bunch additionally accumulated immense notoriety in less time because of their ideal achievement rate with their financial specialists. Be that as it may, the principal allegation was being developed in 2009 when FBI captured him for enjoying insider exchanging. Insider exchanging is the way toward sharing and having the entrance of the private information of different business associations for picking up advantage in exchanging with the portions of these associations. He was blamed for enjoying having the entrance of secret information of different associations, which helped him in having unscrupulous and unlawful favorable circumstances in the securities exchange (Chen, Choi and Hong 2013). He was condemned for a long time of detainment alongside punishment of $150 million. Nonetheless, however the instance of Rajaratnam is being shut yet the outcome of this case is enduring for the current partners of the financial exchange. Data gathering procedure of the exchanging firms The data gathering methods being utilized by the exchanging firms the securities exchange comprises of different et5hical and deceptive measures. Subsequently, the procedures of insider exchanging being utilized by the Galleon bunch are very regular in the Wall Street. There are different purposes for the utilization of the exploitative methods for data assembling by the exchanging firms. One of the key reasons is the picking up of upper hands from the market. The upper hands of the exchanging firm are being begun from the data that they have the entrance for their financial specialists. In this manner, the more viable and particular data they will have for their financial specialists, the more will be the arrival from the market and more speculators will select them (Bauwens and Giot 2013). Accordingly, because of the market power, the exchanging firms will get enjoyed the act of utilizing deceptive proportions of social event secret data. In addition, it tends not out of the ordina ry that, however Galleon bunch is being blamed in the training for insider exchanging yet at the same time the act of having the entrance of classified information won't get diminished in the current business situation in the securities exchange. Steps to lessen the effect of insider exchanging Because of the quick rise of insider exchanging by the exchanging firms the ongoing years, more allegations and claims are beginning, which thus decreases the dependability of the securities exchange. Subsequently, this pattern will prompt the decrease of the quantity of speculators in the financial exchange in the next years. There are different partners being associated with the stock exchanging and it is the individual obligation of them to start different measures so as to decrease the ramifications of the insider exchanging. The accompanying areas will examine about the measures that can be taken by the partners in checking the suggestions. Steps to be taken by the business associations Business associations need to assume a significant job in forestalling the sharing and distribution of their classified information in the securities exchange. One of the key measures for them will keep their workers from purchasing and exchanging their own offers from the securities exchange during the year finishing declarations and any kinds of exercises, which will have sway on the estimation of their offers (Beneish, Press and Vargus 2012). Accordingly, avoidance of the workers in having the entrance of the secret information will help the association in shielding their private information from being advanced (Fisher 2015). Informant arrangement ought to be successfully kept up by the business associations to mindful the workers about the results of sharing any private information of the associations. The representatives ought to be given appropriate preparing about the standards and guidelines of the association corresponding to the sharing of their classified information alongside the ramifications for sharing. This will made the workers mindful about the sharing of classified information and it will assist the association with refraining them from sharing the information in the market or to the exchanging firms. Commencement of the power outage procedure will likewise be useful for the business associations. Power outage process is the idea of keeping the workers from having the entrance of purchasing the portions of their manager. As indicated by this arrangement, the workers won't have the consent to exchange the loads of the portions of their own association. This approach is being started by a few business associations to keep their workers from exchanging because of the way that the representatives will have the entrance of a type of classified information of the association. In forestalling the issue of sharing and publicizing the classified information of the associations, another key measure to forestall is having a particular division to take care of the legitimate parts of the association (Jehanzeb and Bashir 2013). Then again, this will help the representatives in having the thought regarding the different enactments with respect to the lawful customs of the insider exchanging. Also, having the lawful specialists will help the associations in dealing with any issues that can be developed in regards to the deceitful exercises in the exchanging of the offers. Steps to be taken by the speculators Speculators are the key partner in the entire procedure of stock exchanging. The cash that are being engaged with the procedure of stock exchanging is being contributed by them and in this way they are having a significant job in forestalling the beginning of the misrepresentation in the exchanging rehearses. One of the key successful estimates will be to follow with the guidelines and enactments identified with the stock exchanging (Cox, Hillman and Langevoort 2016. It is being normal from the financial specialists that, they will have clear thought regarding the different standards and guidelines in exchanging the securities exchange. This will help them in distinguishing any extortion during the time spent exchanging alongside forestalling any unexpected guilty pleasure in the untrustworthy exchanging process. This will thusly forestall them to confront any administrative examinations and other legitimate issues in future. The data being accumulated by them from their exchanging firm ought to be twofold checked so as to ensure that he information being gotten are not the classified information and they are accessible in any open discussion. This procedure will help the financial specialists in recognizing any types of extortion during the time spent the exchanging. The speculators without anyone else ought to be exacting about being moral during the time spent stock exchanging. This is because of the explanation that in the event that the financial specialists are keen on having the secret information, at that point the exchanging firm will get progressively persuaded in offering the information to them and this will humor them in the false exercises (Coffee 2013). In this way, from the outset, the financial specialists ought to be exacting about not being enjoyed any unscrupulous procedure. Speculators may likewise have a type of classified information with them, which are being assembled from their past bosses (Ogiela and Ogiela 2012). Hence, in utilizing these information, they ought to be increasingly cautious. This is because of the explanation that, utilizing of the private information being accumulated from their past bosses will likewise draw in legitimate issues and it will likewise thought to be a

Tips for Successful Studying

Tips for Successful Studying Tips for Successful Studying Home›Education Posts›Tips for Successful Studying Education PostsEvery person should know that knowledge rules the planet. In fact, knowledge is a much greater force than money, and that is why, studying is one of the most important aspects of our lives. Of course, studying is not the most lovable thing for absolutely all people. However, planning the studying process properly may turn it from a boring daily routine to a very interesting and even fascinating activity. With a few simple studying tips you will improve your studying skills and academic results.1. Arrange Your Studying According to Your Productivity PeriodsFind the exact time when your brain works at full capacity and try to learn the most difficult tasks during that time. Different people have it in different periods of the day. You need to figure out what time of the day is the best for you to study (morning, day, evening, or even night).2. Find New Solutions to Your Studying ProblemsT he majority of people cannot be good in many spheres and some course material can be really hard to understand and memorize. If you do not understand the material you need to study, do not continue reading it over and over again as this just won’t help. The best solution is to consult with other people who are more successful in dealing with the new information, for example, your classmates or even your professor. Or you can always ask for professional help at qualitycustomessays.com.3. Search for the New Ways to LearnOnly reading can be boring itself. And when you are bored, it is harder to study. Find another way to memorize new information. It can be even in a form of a puzzle game with your friends. In this case you can both study and have a wonderful time. Researches showed that if memorizing information involves positive emotions, it has only a positive impact on your studying.4. Help Your BrainEverybody knows that our body needs vitamins and minerals for the proper function ing. Especially this concerns our brains. Fast food, junk food, alcohol, and products like that are the worst enemies of your brain. Only healthy food like fruits and vegetables will help your brain to work better and faster.5. What is Important and What is Not?Let’s be honest, some subjects we need to study can be so boring or difficult that no matter how hard we try, we do not get the results needed. In this case, the best solution is to search for professional help with your studying. Instead of forcing yourself to write an essay you don’t want to, you can find many writing companies that will help you with sample papers or can even write essays for you. One of the best examples of such companies is ours where you will find professional help and positive attitude.

A Christian Theology Of Peace - 949 Words

Peace of mind is something that we all want. We all want to be able to enjoy ourselves and not be burdened down with worries. Peace is essential to Christianity, but what is a Christian theology of peace? A Christian theology of peace means love among all people, serenity that helps individuals see the right path of life and hope. Jesus Christ, the incarnation of God, walked the earth trying to achieve peace for humanity. Jesus Christ suffered for humanity so that humans could live in peace with one another and with God. A Christian theology of peace can bring individuals from different religions, ethnicity, and languages together by love. Love is one of commandments in the bible. Jesus Christ stated, â€Å"A new command I give you: Love one another. As I have loved you, so you must love one another. By this everyone will know that you are my disciples, if you love one another† (John 13:34-35). By this commandment Jesus Christ has told all humanity that we should all love eac h other as he loved every single one of us. One reason why the commandment to love each of us is important to a Christian theology of peace is because once an individual is loved, hurt hearts are healed, individuals grow on the inside, and forgiveness can be expressed to those that have hurt us. A second reason why this commandment is important to express a Christian theology of peace is because when people start to remember specific events in their lives, it brings together â€Å"different senses of time, orShow MoreRelatedEcumenical Developments in Australia Essay829 Words   |  4 Pagesunity within the Christian church. It is the promotion of co-operation and improved understanding between distinct religious groups or denominations within Christianity and other religions. 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Reason is assumed an especial importance at the time of the EnlightenmentRead MoreNeo Orthodoxy And Its Impact On Society Essay1361 Words   |  6 Pagesneo-orthodoxy are deconstructionism, narrative theology and Radical orthodoxy; views that are the results relativism, misunderstanding inspiration, and distrust in the Bible. Deconstructionism proposes to free the Biblical narrative from literal meaning or science and historical criticism (Dorrien, 3). However, with it also com es the rejection of objective truth. Another idea within Neo-orthodoxy is the drive to encounter God in the experience of life. Narrative Theology allows this experiential relationshipRead MorePope John Paul the Second Essay1265 Words   |  6 Pagesworld and became famous on all continents, but has tried very hard to keep peace with all religions far and wide. His theologies and philosophies are the ones that lead to believe he was the person he really let the world portray him as. 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In the textbook we use for class which is called â€Å"Introducing World Missions† we are told that the word â€Å"missions† (which ending with the letterRead MoreTheo 104 Reflection Paper 1642 Words   |  3 PagesBible Study, Biblical Theology, Calvinism, Character Development, Christian Service, Comfort of God, Conscience, Contemporary, Theology, Conversion, Conviction, Cosmological Argument,Creation, Crown of Life, Deacon, Death Death of Christ, Deity of Christ, Demons,Denominations, Doctrine, Dogmatic Theology, Doubt, Elder, Election, Et , Jehovahistic Statements, Judgment, Eternality of Christ, Fall of Man, Fulfilled Prophecy ,Glory of God, Goodness, Gospel, Grace, Historical Theology, Holiness, Hope, ImmutabilityRead MoreIntegrative Approaches Of Psychology And Christianity1495 Words   |  6 Pagesoffers insight and awareness to the relationship between psychology and theology. Psychology and theology share a common interest in the nature and purpose of human beings. 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Two modern day theologians, Stanley Grenz and Catherine Keller, well known in their respective fields, have approached their theology from different backgroundsRead MoreThe Theology, Christology and Pneumatology of The Book of Revelation1741 Words   |  7 PagesThe Theology, Christology, and Pneumatology of the Book of Revelation are highly reflective of the social, political and religious context in which the book was written. Within the text, we find expressed the views of an author, and Christian community in general, challenged by the power and ideology of Rome, as well as having to re-imagine and re-comprehend their God, and divinity in general, in light of the revelation of Jesus Christ and the work of the Spirit among them. Before beginning

Essay about Herman Melville A Biography And Analysis

Herman Melville: A Biography And Analysis nbsp;nbsp;nbsp;nbsp;nbsp;Throughout American history, very few authors have earned the right to be called â€Å"great.† Herman Melville is one of these few. His novels and poems have been enjoyed world wide for over a century, and he has earned his reputation as one of the finest American writers of all time. A man of towering talent, with intellectual and artistic brilliance, and a mind of deep insight into human motives and behavior, it is certainly a disgrace that his true greatness was not recognized until nearly a generation after his death. nbsp;nbsp;nbsp;nbsp;nbsp;Born in the city of New York on August 1, 1819, Melville was the third child and second son of Allan Melvill(it wasnt†¦show more content†¦He was to draw upon this memory two decades later in his writing of Pierre. nbsp;nbsp;nbsp;nbsp;nbsp;In order to support the family, Herman took a position as an assistant clerk at a local bank, and his brothers Gansevoort and Allan took over their late fathers fur business. Possibly because of his mothers concern over his health, Herman left his position at the bank in the spring of 1834 and spent a season working for his Uncle Thomass farm near Pittsfield. nbsp;nbsp;nbsp;nbsp;nbsp;During the winter months of early 1835, Herman left Pittsfield and joined his brothers in the fur business. Now fifteen and a half, he kept the books of the firm for the following two years. At some time during this period he enrolled as a student in the Albany Classical School. He also became am member in the Albany Young Mens Association, a club for debating and reading, of which his brother was already a member. Such clubs, in absence of public libraries, were popular in many cities and served a most useful educational purpose. nbsp;nbsp;nbsp;nbsp;nbsp;Within a year or two of education at the Albany Classical School, he had become qualified as a school teacher. He left his brothers at the now failing fur company and became a teacher at a one-room schoolhouse outside of Pittsfiesd. On his first day of the new job, the inexperienced teacher was confronted withShow MoreRelatedSymbolic Elements in Moby Dick Essay1320 Words   |  6 Pagesreal to his readers. In Herman Melvilles Moby Dick, one such element is the idea of the counterpane, or tapestry, of humanity, that is woven throughout the story as a symbol of the worlds multiculturalism. Melville develops this symbolism on at least three levels, proving that the world is indeed a counterpane of diverse cultures, races, and environments, in which we, while supremely unique individuals, are always connected by our humanity. 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Herman Melville is known for being the author of Moby Dick, Pierre, and Bartleby the Scrivener. In the articles Murray wrote he discuss Melville life during the time of hisRead MoreEssay on Henry A. Murray: Personology1888 Words   |  8 Pagesvery interested in the life of Herman Melville. Murray and Melville strongly identified with each others experiences. Murray never completed his biography of Melville but he did publish four studies and was perhaps one of the most successful attempts by a psychologist to delve i nto the mind of what was known as a literary genius. Herman Melville is known for being the author of Moby Dick, Pierre, and Bartleby the Scrivener. 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Audubon American Temperance Society Hudson River School Oneida Community Washington Irving Elizabeth Blackwell Edgar Allan Poe Nathaniel Hawthorne Joseph Smith Henry Longfellow Shakers Knickerbocker Group Mormons LucretiaRead MoreCoffee and Crisis Management Team21317 Words   |  86 Pagesis becoming one of the most respected brands in the world. 6 Starbucks Mission: ï‚ · To inspire and nurture the human spirit - one person, one cup, and one neighborhood at a time. Folklore: ï‚ · Starbucks is named after the first mate in Herman Melville s Moby Dick. Mission Statement: ï‚ · To establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow. Environmental Mission Statement: ï‚ · Starbucks is committed to

Intuitive Surgical Free Essays

This paper will explore the strengths and weaknesses of Intuitive Surgical. This paper will analyze which leadership model(s) and practices would encourage innovation considering the global context of the organization. This paper will also assess how the information in the Intuitive Surgical case study does or does not exemplify the five discovery skills. We will write a custom essay sample on Intuitive Surgical or any similar topic only for you Order Now Lastly, in this paper I will assess the actions that the leaders of this organization took to shape culture and processes to be more innovative. The leadership model(s) and practices that would encourage innovation considering the global context of Intuitive Surgical Intuitive Surgical is a company that has led the country as the global technology leader in robotic assisted minimally-invasive surgery (Hoffman 2012). Their main product is the da Vinci Surgical System which is a robotic surgical system designed to perform urologic, gynecologic, cardiothoracic, and general surgeries that are much less invasive than traditional surgeries (Hoffman 2012). This company was definitely a leader within their market. Each of the different leadership models support innovation within organizations in some form or fashion. In order to grasp how, one must first develop an understanding of innovation and leadership. Innovation has many meanings, but on a broad scale one can say that innovation is thinking outside the box. Leadership is a bit harder to describe because it is best understood when seen. To put leadership in words according to Doyle and Smith, leaders often become visible when an innovative response is needed (2001). Now that we have an idea of what these words mean, one of the leadership models that would be of great benefit to Intuitive Surgical is the transformational leadership. This leadership model serves as a role model by gaining the trust and confidence of peers and employees. By stating future goals, developing plans to achieve these goals and displaying an innovative edge, transformational leaders are generally successful (Bass, 1985). The transformation leader gets its followers to transcend there own self-interest for the sake of the organization (Doyle Smith 2001). As for any organization, for innovation to take place they need caring people who are will to commit to the greater good of the organization, as well as creative people who have the capacity to turn ideas into practical products and services. Therefore, with Intuitive Surgical patents expiring in the near future they should channel the transformational leadership model so they can have a great chance of building innovators within its organizations. The second leadership model that could benefit Intuitive Surgical and help with innovation in organizations is behavioral leadership. This type of leadership moved away from who leaders where to what leaders did. If they continue doing what they are doing and coming up with ideas that make patients happy with very minimal errors, this companies acquirement of innovative employees will rise along with its products. How the information in the Intuitive Surgical case study does or does not exemplify the five discovery skills In The DNA of Innovators, The discovery skills are the new ideas introduced by the innovator who did the five skills of: associating, questioning, observing, networking, and experimenting. Intuitive Surgical did use some of these skills very well. The first one I noticed them using was the networking skill. According to Dyer, Gregerson Christensen, the idea networker, â€Å"networks to actively tap into new ideas and insights by talking with people who have diverse ideas and perspectives. † They used this skill when they decided to merge with Computer Motion Inc in 2003. This merge helped them to cancel out their biggest competition and lead country with their technological advancements. Associating, as Dyer, Gregerson, Christensen (2011) stated, â€Å"happens as the brain tries to make sense of novel inputs. Associating helps innovators discover new directions by making connections across seemingly unrelated questions, problems or ideas (pg 23). † I did not notice Intuitive Surgical use of this discovery skill from the case study. In The DNA of Innovators, â€Å"Innovators ask questions to understand how things really are today, why they are those ways, how they might be changed or disrupted (Dyer, Gregerson Christensen 2011). Intuitive surgical definitely answered a lot of questions by creating the da Vinci robot. With this robot they had to ask and answer a host of questions in order to acquire the precision of their device as they did. Innovators use the observing skill by carefully watching the world around them so that what they see can help them build ideas for new ways to do things. Intuitive Surgical used this skill also when they came up with their robot. Computer Motion Inc, who they merged with, was the first company to jump into the robotic surgical field which in turn means that Intuitive Surgical watch this method and basically grew their device from a Computer Motions initial idea. Experimenting is used by innovators when they traveling to new places, seeking new information and trying new things ideas. Given that Intuitive Surgical is a leader on a global scale, this company definitely did a lot of experimenting. Also, the fact that their invention started off being used for laparoscopic surgery and went on to be used in six other surgical procedures shows that this company had done a ton of experimenting. The actions that the leaders of Intuitive Surgical took to shape culture and processes to be more innovative Intuitive Surgical took a lot of steps to make their organization more innovative. As I stated previously, merging with their biggest competitor was genius. This move alone helped them to gain a comfortable seat at the top of the ladder as global technology leader. Also, taking the step to put patents on their work secured their spot at the top for years to come. This company has helped a monopoly in the robotic-assisted MIS market. Now that the patents are due to expire the company has had time to come up with bigger, better ideas that they can put into play after the expiration has hit which could possibly acquire new patents. That way they can continue leading their competitors and protecting their development for another x amount of years. In 2008 Annual Report Letter to the Shareholders, Intuitive Surgical emphasized that their goal is to â€Å"take surgery beyond the limits of the human hand† (Hoffman 2012). How to cite Intuitive Surgical, Papers

Perfect Competition and Sources of Market Failure an Example of the Topic Economics Essays by

Perfect Competition and Sources of Market Failure Perfect Competition and Efficiency Perfect Competition is an ideal market structure (theoretical structure) primarily utilized as a standard to existing (real) market structures. This is sometimes called pure competition. This market structure is characterized as follows: 1) all firms basically produce and sell similar products; 2) all firms are subjected to the prevailing market price; 3) all firms have a small, almost uniform market share of a particular product; 4) buyers have complete information of the nature of the product sold as well as its corresponding price; and 5) firms have the freedom to enter and exit market (Perfect Competition, 2007). In perfectly competitive market, when a single firm decided to increase the price of a particular good, consumers will naturally shift their expenditure schedule (for that product) to firms selling the same product at a lower price. Need essay sample on "Perfect Competition and Sources of Market Failure" topic? We will write a custom essay sample specifically for you Proceed How much do I have to pay someone to write my assignment online? Essay writer professionals propose: Your Best Essay Helper Corollary to that, if a firm decided to decrease the price of a particular good, in order to capture a significant portion of the consumers income, the firm will be left earning profit less than the earnings of firms offering the same product at a higher price (market price). This is so since all firms in this market structure have a small portion of the products market share. This relationship between price and the relative market share of firms for a particular product is facilitated by of complete dissipation of knowledge of market prices (and the nature of products sold in the market) to consumers. If a firm raises the price of its product, the consumer can easily turn-around to firms selling the same product at a lower price. Thus, the firm (which offered a price higher than the market/equilibrium price) loses its market share for a particular product (forcing it to exit the market). Thus, it can be said that in perfect competition, price is constant (horizontal line represented as the demand curve). The volume of goods bought by consumers is unaffected by price increases. The firms receive an almost equal proportion of the consumers income. The overall profit in the short-run are almost fixed for each firm. If the demand schedule of consumers increase (maybe because of a change in taste or preference or a change in consumer expectation), the price also increases. Here a new level of market equilibrium is achieved. Firms supplying a particular product will negotiate with consumers for a new price level. After the price negotiation, a new fixed price level is established (in the long-run). Inherent in perfectly competitive market is its theoretical adherence to efficiency. Efficiency can be roughly defined as the condition of balanced welfare surplus; that is, the goods produced in the market are transferred through transactions to potential consumers. Efficiency is of two types: allocative efficiency and productive efficiency. Allocative efficiency can be defined as the guiding principle of modern economic policy when all mutually beneficial trades have been made, and all the goods are in the hands of those who value them most (Kaiser, 2007). Productive efficiency is the condition where there is the assurance that whatever is being made is produced in the most efficient manner, that is, no change in the mix of inputs would result in increased output, given the current technological constraints (Kaiser, 2007). Here what is given primacy is allocative efficiency (in relation to perfect competition). In a perfectly competitive market, welfare surplus is the volume of potential welfare (in terms of goods and services) directed to potential consumers. Deadweight loss is the opposite of welfare surplus. It is the potential welfare surplus converted to a firms profit because of inefficiencies in the market. In an ideal state of affairs, deadweight loss is zero because the market (which is perfectly competitive) offers a fixed price for particular goods. Hence, the marginal rate of substitution is identical for all consumers. No consumer can be better off without making the other worse off. This leaves all the consumers achieved what economists call the Pareto efficiency. In practical terms, it is a measure of welfare, a condition where an inpidual can be made better without making another worse off. This is generally an extension of the concept of welfare surplus. Thus, in a perfectly competitive market, all the potential consumers are theoretically satisfied of the transactions in the market (increased welfare surplus). Allocative efficiency serves as a means to increase welfare surplus. Sources of Market Failure: The Imperfect Markets There are different types of imperfect markets. When only one firm is producing/selling a particular product to potential consumers, it is called monopoly (a monopsony is market structure in which there is only one buyer of a particular product). Because entry into a particular market or industry corresponds to high costs and other impediments, the market is left with only one producer of a particular product. Monopoly though is not necessarily bad. There are certain industries in the economy that are monopolized for economic reasons. For example, monopolizing the power industry would prove efficient both for the government and the consumers. It is often embarrassing to the eye of a consumer to see different electric posts owned and run by different power companies. Monopoly though becomes inefficient if the firm produces less goods/services from that demanded by potential consumers. This generally results to an increase of price of the particular good/service. This increase in the price of a certain good also results in the reduction of welfare surplus. A portion of the welfare surplus is converted to the firms profit. Hence, in this type of market, the amount of potential welfare surplus depends largely on the price dictated by the firm (since consumers have no alternative, the power to dictate price changes rests on the single firm). Added to that, consumers often do not have complete information (imperfect information) of the internal workings of the firm; the cost of production, expected revenues, profit level, and the most important, the volume of goods produced. Needless to say, in this type of market structure the firm controls the amount of goods produced to enable it to dictate prices. When only few firms are selling/producing a particular product to potential consumers, it is called oligopoly. This group of firms usually has control over the price of a particular product. Entry to the market becomes impermissible because of high costs and other impediments. So in order to maintain the market profit of each firm, an economic reaction from a particular firm will be imitated by other firms. So if firm Y increased the price of its product by 11%, firms X and Z (in the same industry) follow suit. If firm Z decreased the price of its product by 13 %, firms X and Y will approximately decrease the price of its product by 13%. Unlike the perfectly competitive market, oligopoly rests on the assumption of economic collaboration. A group of firms in the same industry can virtually increase gradually the price of a particular product. Consumers are left without protection from these unwarranted price increases (thus, many governments institutionalized the so-called anti-trust policy to protect consumers from unwarranted market behavior of some firms). Thus, both monopoly and oligopoly result in both allocative and productive inefficiency. The market is flooded with price increases without an overall increase in the volume of goods/services offered in the market. Added to that, because entry to the market is difficult, capital becomes stagnant (concentrated to few firms). Nonetheless, the creation of more public goods (from the taxes of firms) of the government can be severely threatened. Since most governments use the so-called specific taxes (tax per unit of good produced), a general decrease in the volume of goods/services offered by a particular industry results to an overall decrease in government income. In the case of externalities (externalities are of two types: negative externalities and positive externalities the former is a market structure with negative spillover effects on others the latter is a market with positive spillover effects on other), market price of major industries becomes unpredictable in the long-run. In a May 1996 issue of the Wall Street Journal (entitled Economists Say Gasoline Tax Is Too Low), economists argued because of the unpredictable behavior in the long-run of oil prices in the world market, the US government was forced to keep the gasoline prices low (Calmes and Georges, 1996). This instance enabled oil companies to double their revenues at the expense of the consuming public. References Calmes, Jackie and Christopher Georges. (1996). May 7 Issue The Wall Street Journal. Economics Basics: Monopolies, Oligopolies and Perfect Competition. (2007). Investopedia. Retrieved on October 23, 2007 Kaiser, Hanno. (2007). The Goals of Antitrust and Economic Policy: Consumer Welfare? Efficiency? Perfect Competition? Retrieved on October 23, 2007 from http:// http://www.lawsocietyblog.com/archives/55. Perfect Competition. (2007). Investopedia. Retrieved on October 23, 2007 from http:// http://www.investopedia.com/terms/p/perfectcompetition.asp.