Educational Wealth

Fundamentals of Money & Banking (1414) Semester: Autumn, 2020

Abdullah 2 Wednesday, March 31, 2021

Course: Fundamentals of Money & Banking (1414) Semester: Autumn, 2020 Level: Renamed as Associate Degree in Commerce Total Marks: 100                                                            ASSIGNMENT No. 1                                                                     (Units: 1-4) Q.l Define money and describe its importance as a liquid asset. INTRODUCTION TO MONEY The word money is derived from Latin word „’Monet”. Money used in economic transactions and also serve as medium of exchange. Money can be defined as “Money can be anything that is generally acceptable as a means of exchange that at the same t acts as a measure of value.” (Crowther) OR  fees, and fines through 3RTANCE AS A LIQUID ASSETS icial asset is a documentary claim that has a monetary value. In capitalism, markets offer a mechanism to trade goods and services among the buyers and sellers at an agreed price. There are many types of markets in an economy; fruits markets, cloth markets, commodity markets, auto markets etc. The financial market is also a kind of market that coordinates the activities of all other markets. The financial market is a mechanism to trade financial assets among the buyers and sellers at a mutually agreed price. The working in financial market is carried on by the financial institutions, as mentioned above, to facilitate the buyers and sellers of the financial assets. There are different types of financial assets traded in financial markets; Shares are the certificates usually bought on a stock exchange that represent the claim of ownership in a company. The shareholders are entitled to claim of profit called dividend and they can sale their shares at any time to earn a capital gain. Bonds are the certificates through which investors provide funds to the businesses at an interest rate for a specific period. The bonds are issued by companies as an alternate of shares if they are not willing to share their ownership of business. Investment Certificates are the term-specific investment tools that offer a periodic return to their holders and are generally issued by the financial institutions to finance a specific project. Commercial papers are short term investment instruments redeemable at maturity and are purchased by the buyers in order to provide funds to the businesses at an interest rate. Prize Bonds are financial assets of a fixed value that offer a chance to win a prize in a lottery. These bonds are redeemable at their original value in case of nonwinning a prize. Futures are the financial assets that derive their value from an underlying asset whose price is agreed at present and settlement is made in future. Treasury Bills are the investment tolls offered by the government for short term financing requirements that carry an interest rate and are redeemable on maturity. viii. Trade Notes represent the short-term outstanding amounts payable to the creditors by a business. These notes can be discounted by the creditors though banks before maturity or can be used for mutual settlement with another party. E-Certificates are offered by the modern online form funds in their projects. These certificates carry an explicit share claim. Units are the investment tools offered by a mutual fund or another investment scheme that carry the rights of a unit holder to p an investment scheme. Cheque is a modern banking tool that is usei through bank accounts. Generally, cl loans and payable amounts. Q.2 What is barter system? Discuss its difficulties. How were these difficulties removed by money? ORIGIN OF BARTER: The origin of barter may be traced to the human tendency to meet his wants. In the ancient time, man was self-sufficient; he had a few wants, which he satisfied himself. With the passage of time the wants of man increased. He. lost his self-sufficiency. Man engaged himself in the production of only one or some of the goods of his needs and to exchange the surplus goods with those goods which were produced by others and were needed by him. In this way the direct system of exchange of goods known as barter came into being. DEFINITION OF BARTER SYSTEM: Barter is a system in which goods and services are exchanged for other goods and services without the use of money. In a barter system goods buy goods. A few important definitions of barter system are as follows-: R.H. Parker: “Barter is the direct exchange of goods and services without the use of money as either the means of payment or a unit of account: ’’ S. H. S. Sloan: “Barter is the direct exchange of commodity or service for another without the use of money. •' • G. Thomas: “Barter is a form of trading in which goods are exchanged directly for other goods without the use of money as an intermediary.” FEATURES OF BARTER SYSTEM: The following are the main features of barter system. CO Barter system is the first stage of monetary development. Barter system is simply direct exchange of goods and services. - Barter system requires double coincidence of wants. Under barter system goods and services are directly exchanged without the use of money. ' ■ ■ . Barter system generally exists in backward and under developed areas of the world. . Barter system is possible if the wants of the people are ..... ii) Barter system existed until a full money system has been INCONVENIENCES OF BARTER ' OR DIFFICULTIES OF BARTER - OR DEFECTS OF BARTER OR REASONS FOR GIVING UP BARTER SYSTEM. As a method of exchange the barter system suffered for many, inconveniences and difficulties. The main inconveniences are as under; Lack of double coincidence (non-matching) of wants: The main difficulty of barter system is the lack of double coincidence of wants i.e. non-matching of wants. In a barter system a person who wants to exchange wheat with sugar must find a person who is willing to exchange sugar with wheat. He could not succeed in acquiring sugar until he met some one who not only had sugar but was also willing to barter with wheat. Lack of common measure: The second shortcoming of barter system is that there is no standard unit to measure the values of goods and services. So difficulties were faced in valuation of goods. Lack of sub-division: The third serious difficulty of barter system is ‘ the lack of sub-division of commodities. For example of the owner of cow wants to have 5 kilos of sugar. The barter between the person having cow and sugar will not take place because the value of cow is much more than 5 kilos of sugar. As it is not possible to divide his cow, no exchange will be possible between the two persons. Lack of store of value: The barter system suffered the lack of any reliable method of storing the ’value. Some commodities are perishable which could not be stored for a long period. Difficulty of future payments: The barter system suffered the difficulty of the future payments. There is no standard method of future payment. . Difficulty of transfer of wealth: Under barter system there is difficulty of transfer of wealth from one place to another place. Immovable property cannot be transferred to another place.^The transfer of moveable property is very difficult and costly. Suppose a person wants to shift one hundred heads of cattle from Faisalabad to Karachi. You can well imagine the difficulties he would face. Difficulties in tax collection: The difficulty of barter system is the collection of tax in the form of goods. If the government is able to collect the tax in the form of goods, there would be problem of the storage of goods. No Capital formation: Under barter system people are concerned with their current needs. They do not save and there is no capital ' formation. The difficulty of store of wealth hinders from saving and capital formation.' No Investment: The barter system suffered the lack of store of value so, there was no saving. Hence investment could not be made. No division of labour: Under barter system investment could not be made. Goods are produced in small scale. So, there was no division of labour. No Banking System: Banks deal in money there is no money in barter system, so, there is no concept of banking in barter system. No Industrial Development: The establishment of banks and stock exchanges is necessary for industrial development. Banks and stock • exchanges cannot be established under barter system, so there is nc possibility of industrial development. REMOVAL OF INCONVENIENCES/DIFFICULTIES/DEFEC^S OR < BARTER Money has removed the inconveniences, difficulties an 3 system as under: . ,. _ Double coincidence of wants: Money as me iu 9® removed the double coincidence-of wants. Un e Vs goods and services are exchanged for money._ j wheat, who wants to purchase ghee can se is Q.3 Explain the following theory of money: (20) i. Quantity Theory of Money; Fisher’s Transaction Approach ii. Cash Balance Theory of Money THEORY OF MONEY Value of money means the purchasing power and capacity to exchange the goods and services. It refers to the strength of money in the market against which we can buy or sell something. Money is a type of asset in an economy which is used to buy good and service and it serve as store value in an economy. In daily life, we can observe that mere increase in the supply of money does not make us rich rather it hurts the purchasing power of consumers. To know how value of money is determined, we need to understand the following theories: 1. Quantity Theory of Money: The quantity theory of money presented by Irving Fisher is a relationship between the money supply and the price level. Any change in the money creates an exactly proportionate change in the price level. As per theory, “Other things remaining unchanged, on the quantity of money in circulation increases, the price level also increases in direct proportion and the value of money decreases in direct proportion. On the other hand if the quantity of money is doubled, the price level will also be double and the value of money will be one half. If the quantity of mon by one half, the level will also be reduced by one half and the value of be twice. It is based on the assumption of full employment in the econ 2. Cash Balance Approach of the Quantity Theory of Money The cash balance approach was developed by the group of Cambridge economists in England which includes Alfred Marshall. A. C. Pigou, Robertson and J. M. Keynes. The cash balance approach is differing from the Fishers theory as it focuses on the store of value of function of money. According to them, the value of money is determined by money for a particular time. People want to hold real in different reasons i.e unexpected expenditures. The d portion of real income that people wants to hold i value of money depends on the cash holdin 3. Modern Theory of Value of Money ind and supply of cash balances for or money is that y form. Therefore, the ents in a country. Milton Friedman and group of economis modern theory of value of money. Mi is the theory of demand for mon or price level”. According to Fri< consumable services. In Friedma different forms. iversity of Chicago explained the iedman said that „ ’the quantity theory t the theory of output or money income man wealth includes the source of income or views, wealth can be held in the following five a) Money: It includes cu b) Bonds: Bonds are d 13 emand deposits and time deposits. s a claim for payments that are fixed in nominal units. defined as a claim for payment that are fixed in real units. includes inventories of producer and consumer goods. includes skills, knowledge and experience possessed by an individual. According to Friedman the demand for money is a function of the following factors: a) Rate of returns on shares: if rate of return on shares increases, the demand for money is decreases and vice versa. Rate of return on bonds: If the rate of return on bonds is increased, the demand for money is decrease and vice versa. Liquidity: It means how quickly the assets can be converted into cash the liquidity of assets also affects the demand of assets. Degree of risk: Degree of risk is also affecting demand for an asset. Q.4 Define Inflation. What are the main causes of inflation in Pakistan? How can it be controlled? (20) INFLATION AND ITS TYPES Inflation is an increase in the general price level of the goods and services in an economy over a period. Inflation occurs when general level of prices and cost are rising. Inflation arises when money income is expending more than proportionate to income earning activity. Inflation can be classified on the following basis: a. Inflation based on Causes: Inflation can be classified on the basis of causes as: Demand Pull Inflation: Demand pull inflation arises in an economy when the demand for goods and services is increased but on the other hand supply of goods and services decreases and the general price level rises. There are many fact cause the demand pull inflation: i. Increase in money supply Increase in the demand for goods and services iii. Increase in the income level Cost Push Inflation: Cost push inflation arises when the cost for production and operations increases. There are many factors that create cost push inflation: Increase in wages. Increase in cost of raw materials. Increase in the cost of important components. b. Inflation based on Employment: Inflation ca employment as i. Partial Inflation: According to J. M. Key] increases partly due to an increase in the to rise in supply of money before full ii. Full Inflation: It arises when employment. Increase in money without any increase in producti ssified on the basis of  hen the general price level production of goods and partly due ment stage is called partial inflation. c. Inflation based on De my has reached at level of full and general price level also increase, but d employment. control as: i. Open Inflation: of control for th ii-measures rationing. d. Inflati 'ontrol: Inflation can be classified on the basis of inflation, general price level rises day by day and gets out ment. tion: In this type of inflation government should take steps and n the rise in general price level through different methods like ased on Rate of Inflation: Inflation on the basis of rate of inflation can identiified as under: ing Inflation: In creeping inflation situation the general price rises with slow rate. In creeping inflation situation the general price level rises up to a rate of 2% per annum. Walking Inflation: During walking inflation situation the general price level is increased at lesser level as compared to the creeping inflation. On this inflation situation general price level rises approximately 5% annually. Running Inflation: In running inflation situation the general price level rises approximately 8% to 10% annually. Hyperinflation: Keynes calls hyperinflation as the final stage of inflation that type    <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image046.gif" /> <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image047.gif" /> <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image049.jpg" /> of inflation arises after the level of full employment attained, but price level increases rapidly. e. Other Types of Inflation: Monetary Inflation: Monetary inflation arises in an economy due to rapid increase in money supply. If money supply increases in an economy the value of money falls and the economy faces different problems. Budgetary Inflation: When government of a country overcome the budget deficit through lending and insurance of new currency, that behavior increase the purchasing power and also create rise in the general price level that leads to inflation. Profit Induced Inflation: Profit induced inflation arises, when the business in monopoly position they increase their rate of profit on their production, they may cause inflation in an economy. REMEDIES FOR INFLATION It is the main duty or objectives of every government to take proper measures control the inflation. Two major tools to control the inflation are monetary fiscal policy; Monetary Policy: Monitory policy influences the economy through change of mone availability of credit. Monetary policy is set by the central bank o adopts following methods to control the money supply i.e. a. Variation in reserves requirements of commercial banks. b. Variation in bank rates for lending. Variation in margin requirements for banks. Credit rationing for allocating capital in various sectors. Fiscal Policy: It is the budgetary policy of the government related to the public finance taxes, borrowing and deficit financing. Fiscal policy states the change in the spending and taxes to stimulate the economy by the government. The main fiscal measure is: a. Changes in taxation by lowering tax rates and increasing consumption b. Public borrowing is curtailed, and funds are saved c. Control of budget deficit is achie1 d. Adopting a general austerity poli iii. Other Measures: follows. O Qr Control of smuggling as it reduces supply of goods in country. Provisions of subsidies to needy sections of society. Population control to reduce the aggregate demand. age simple living to reduce demand for expensive items. ;ontrol on the prices of essential items by the government. ige Sunday and Friday markets to offer discounts. <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image051.gif" />Q.5 How would you measure measurement be accurate? VALUE OF MONEY Value of money means the purchasing power and capacity to exchange the goods and services. It refers to the strength of money in the market against which we can buy or something. Money is a type of asset in an economy which is used to buy good and ser and it serve as store value in an economy. In daily life, we can observe that mere incr in the supply of money does not make us rich rather it hurts the purchasing power of consumers. relationship between value of money and price The relationship between the value of money and the general price levelj inverse and proportional. When the general price level rises, the valuetf money falls and when general price level falls the value of money rises. MEASUREMENT OF CHANGES IN VALUE OF MONEY - INDEX NUMBER Value of money has shown a tendency to fall over time. In order to have complete knowledge about the extent of fall of value, the index numbers d various types are prepared. Index numbers measure the changes in pricesa value of money between different time periods. DEFINITION OF INDEX NUMBER Statistical method of computing the changes in the value of money is called index number. <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image052.gif" />A few important definitions of index number are given below to have a clear idea of index number. ■ . •<• . .. I compared with baselyear^K J <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image053.gif" /><img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image054.gif" />G. Whitehead ’ . ) - 'Index is a statistics which indicates the level of nrices ou,puts and var/ab/es a< given dales, r£ti£?o the level* Simple definition '■"nXSberTanVs^ '? *h® Simple as under J one year with the prices oP ,s used to compare the pn°e change in the value ofmoney „nother year in order to measure j <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image055.gif" /><img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image056.gif" />numbers are of two kinds: numb Simple or un-weighted index number: equal importance is given to all commodities is J<no— — nujmber or un-weighted index riumber . • Weighted index number: The^ index number n|ch commodities are given due .weight i m p ortan.ce in the .national consurnpttori number. The weightto be giv-ets—-To determined with reference To'~ffie amou people spend ori~ifiern7~ •— : — <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image057.gif" /> <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image058.gif" /> <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image059.gif" /> <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image061.gif" />taTjTtee the general price level in the country. cost of living: Cost of living index numbers can o -iasure the cost of Hying of different classes of nfiopIe. le government to rormuTate economic policies. j(> /ages policy^ Cost of living jndex numbers can 3, government and private entrepreneur to form re a ^glicy of the employees._ ’ /Economic changes^, Index numbers can be used changes of imports, exports, industrial activities, ■■ opportunities, etc.7\ This helps the government o decisions and to form policies with respect to t2ern.=,Q_l to c<- Purchasing power: index numbers can also be u ntry. purchasing newer of different groups of people in the c ^_^- <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image062.gif" />- - vaiue Qi money the economic conditionsclass 'oeoLt ,be-uaed tP measure —This is necessary to take necessary steoVfo W° different Periods. . International growth :<£vorld economic growth t measure the economic growth TnfTafian ' nnl-m?.i lnflfi?V£sargjjsed to andTmaerdeveloped countries' of ThezWnF^T^^F^T~T1^g^^P^d compare the economic growth ofdilfc^r^ountries P 1 kn°W and (viii) Management efficiency: Index numbers can be used to measure the changes in production level of different commodities between two periods. If there is increase in production, it means that the efficient V3*^-»of the management has improved and vice versa iciency ' '^vestment trend: Investment index numbers are used to measure the net yield_on .shares of different companies and investment trend. This helps those investors who are interested in makjng investment. <img src="file:///C:/Users/Asma/AppData/Local/Temp/msohtmlclip1/01/clip_image063.gif" />I raae volume: I he index numbers can be used to measure the V°lume of n^naland international trade. The volume of national and irneri lealiuitSTtrade of cne period can be compared with other period. The increase or decrease in the volume of trade can be used to form the trade policy.. Sales volum^-5 The sales index numbers can be used to measure J^J/and compare the sales volume of different periods. The increase or ^--decrease of sales volume will qi^rie the management of the business J^form sales policy- • - xii) General price level: International price index numbers are used to compare the genera! price level of developed and underdeveloped Countries of the world. ^LIMITATIONS OF INDEX NUMBERS OR • /DISADVANTAGES OF INDEX NUMBERS OR DEFECTS OF INDEX NUMBERS Index numbers suffer from the following limitations and defects: (i) Approximation: The results of index numbers are just approjdmatipm These are not exact. Hence, we can not pbtain the desired results from index numbers. • . .  International comparisons: International comparisons are difficult because—different—countries use different base year, different .... commodities and of different quality. Comparison between different times: Comparisons,of changes o general price level and value of money between different times are hot easy— Because during this period somg_c.Qrrunodities.mus-is very difficult to assign appropriate weigM to different commodities. Thus, the results of weigh e are not accurate.(V) Misleading results. While ,ete tbe index numbers commodities are taken to c p Therefore, the rest of commodities is not wisely numucio aic. Difficult to take decisi _ different results are available % calculating index numbers on the basis of index numb.?' is very difficult to take decisi constructed on the basis  Sample data: Index numtno( re|jab|e and correct. Fo data; therefore, the result^ar shou|d have been used, ‘p and reliable results complete . DEPRECIATION There are two types i. Devaluation DEVALUATION OF MONEY in the value of a currency: Planned devaluation is come into existence by the government decision to reduce a relative valu against ii. De, Mark marke ir country currency. Government takes devaluation of currency encies for the improvement of trading positions. preciation of Currency: driven devaluation does not arise by the government, but it arises due to the st position. Due to the monetary crises the value of currency automatically devalued against the other country currencies. Effects of Depreciation/Devaluation: Following are the effects of depreciation and devaluation of currency: When the currency is devalued, the imports tend to be more expensive and exports tend to cheaper. Devaluation discourages the investors for making investment in that country whose currency devalued rapidly. Devaluation makes the country currency less attractive at international level.  In devaluation exports increases and imports decrease, that make the balance of payment favorable. The increase in exports and decrease in imports reduced the current account deficit. <div class="notranslate" style="all: initial;"></div>

Fundamentals of Money & Banking (1414) Semester: Autumn, 2020

Course: Fundamentals of Money & Banking (1414) Semester: Autumn, 2020 Level: Renamed as Associate Degree in Commerce Total Marks: 100 ...

Solved Assignment-5002-Buisness Communication-M.LIS-Buisness Communication

Abdullah 0 Friday, March 19, 2021

Solved Assignment-5002-Buisness Communication-M.LIS-Buisness Communication Q. 1 Describe Communication Process Model with appropriate examples. ANS: Communication is a complex process, and it is difficult to determine where or with whom a communication encounter starts and ends. Models of communication simplify the process by providing a visual representation of the various aspects of a communication encounter. Some models explain communication in more detail than others, but even the most complex model still doesn’t recreate what we experience in even a moment of a communication encounter. Models still serve a valuable purpose for students of communication because they allow us to see specific concepts and steps within the process of communication, define communication, and apply communication concepts. When you become aware of how communication functions, you can think more deliberately through your communication encounters, which can help you better prepare for future communication and learn from your previous communication. The three models of communication we will discuss are the transmission, interaction, and transaction models. Although these models of communication differ, they contain some common elements. The first two models we will discuss, the transmission model and the interaction model, include the following parts: participants, messages, encoding, decoding, and channels. In communication models, the participants are the senders and/or receivers of messages in a communication encounter. The message is the verbal or nonverbal content being conveyed from sender to receiver. For example, when you say “Hello!” to your friend, you are sending a message of greeting that will be received by your friend. The internal cognitive process that allows participants to send, receive, and understand messages is the encoding and decoding process. Encoding is the process of turning thoughts into communication. As we will learn later, the level of conscious thought that goes into encoding messages varies. Decoding is the process of turning communication into thoughts. For example, you may realize you’re hungry and encode the following message to send to your roommate: “I’m hungry. Do you want to get pizza tonight?” As your roommate receives the message, he decodes your communication and turns it back into thoughts in order to make meaning out of it. Of course, we don’t just communicate verbally—we have various options, or channels for communication. Encoded messages are sent through a channel, or a sensory route on which a message travels, to the receiver for decoding. While communication can be sent and received using any sensory route (sight, smell, touch, taste, or sound), most communication occurs through visual (sight) and/or auditory (sound) channels. If your roommate has headphones on and is engrossed in a video game, you may need to get his attention by waving your hands before you can ask him about dinner. Transmission Model of Communication The transmission model of communication describes communication as a linear, one-way process in which a sender intentionally transmits a message to a receiver (Ellis & McClintock, 1990). This model focuses on the sender and message within a communication encounter. Although the receiver is included in the model, this role is viewed as more of a target or end point rather than part of an ongoing process. We are left to presume that the receiver either successfully receives and understands the message or does not. The scholars who designed this model extended on a linear model proposed by Aristotle centuries before that included a speaker, message, and hearer. They were also influenced by the advent and spread of new communication technologies of the time such as telegraphy and radio, and you can probably see these technical influences within the model (Shannon & Weaver, 1949). Think of how a radio message is sent from a person in the radio studio to you listening in your car. The sender is the radio announcer who encodes a verbal message that is transmitted by a radio tower through electromagnetic waves (the channel) and eventually reaches your (the receiver’s) ears via an antenna and speakers in order to be decoded. The radio announcer doesn’t really know if you receive his or her message or not, but if the equipment is working and the channel is free of static, then there is a good chance that the message was successfully received. Since this model is sender and message focused, responsibility is put on the sender to help ensure the message is successfully conveyed. This model emphasizes clarity and effectiveness, but it also acknowledges that there are barriers to effective communication. Noise is anything that interferes with a message being sent between participants in a communication encounter. Even if a speaker sends a clear message, noise may interfere with a message being accurately received and decoded. The transmission model of communication accounts for environmental and semantic noise. Environmental noise is any physical noise present in a communication encounter. Other people talking in a crowded diner could interfere with your ability to transmit a message and have it successfully decoded. While environmental noise interferes with the transmission of the message, semantic noise refers to noise that occurs in the encoding and decoding process when participants do not understand a symbol. To use a technical example, FM antennae can’t decode AM radio signals and vice versa. Likewise, most French speakers can’t decode Swedish and vice versa. Semantic noise can also interfere in communication between people speaking the same language because many words have multiple or unfamiliar meanings. Although the transmission model may seem simple or even underdeveloped to us today, the creation of this model allowed scholars to examine the communication process in new ways, which eventually led to more complex models and theories of communication that we will discuss more later. This model is not quite rich enough to capture dynamic face-to- face interactions, but there are instances in which communication is one-way and linear, especially computer-mediated communication (CMC). As the following “Getting Plugged In” box explains, CMC is integrated into many aspects of our lives now and has opened up new ways of communicating and brought some new challenges. Think of text messaging for example. The transmission model of communication is well suited for describing the act of text messaging since the sender isn’t sure that the meaning was effectively conveyed or that the message was received at all. Noise can also interfere with the transmission of a text. If you use an abbreviation the receiver doesn’t know or the phone autocorrects to something completely different than you meant, then semantic noise has interfered with the message transmission. I enjoy bargain hunting at thrift stores, so I just recently sent a text to a friend asking if she wanted to go thrifting over the weekend. After she replied with “What?!?” I reviewed my text and saw that my “smart” phone had autocorrected thrifting to thrusting! You have likely experienced similar problems with text messaging, and a quick Google search for examples of text messages made funny or embarrassing by the autocorrect feature proves that many others do, too. Interaction Model of Communication The interaction model of communication describes communication as a process in which participants alternate positions as sender and receiver and generate meaning by sending messages and receiving feedback within physical and psychological contexts (Schramm, 1997). Rather than illustrating communication as a linear, one-way process, the interaction model incorporates feedback, which makes communication a more interactive, two-way process. Feedback includes messages sent in response to other messages. For example, your instructor may respond to a point you raise during class discussion or you may point to the sofa when your roommate asks you where the remote control is. The inclusion of a feedback loop also leads to a more complex understanding of the roles of participants in a communication encounter. Rather than having one sender, one message, and one receiver, this model has two sender-receivers who exchange messages. Each participant alternates roles as sender and receiver in order to keep a communication encounter going. Although this seems like a perceptible and deliberate process, we alternate between the roles of sender and receiver very quickly and often without conscious thought. The interaction model is also less message focused and more interaction focused. While the transmission model focused on how a message was transmitted and whether or not it was received, the interaction model is more concerned with the communication process itself. In fact, this model acknowledges that there are so many messages being sent at one time that many of them may not even be received. Some messages are also unintentionally sent. Therefore, communication isn’t judged effective or ineffective in this model based on whether or not a single message was successfully transmitted and received. Q. 2 Why effective communication is important for organizational performance, discuss with arguments. ANS: The importance of communication in an organization can be summarized as follows: 1. Communication promotes<a href="https://managementstudyguide.com/importance_of_motivation.htm"> motivation </a>by informing and clarifying the employees about the task to be done, the manner they are performing the task, and how to improve their performance if it is not up to the mark. 2. Communication is a source of information to the organizational members for decision-making process as it helps identifying and assessing alternative course of actions. 3. Communication also plays a crucial role in altering individual’s attitudes, i.e., a well informed individual will have better attitude than a less-informed individual. Organizational magazines, journals, meetings and various other forms of oral and written communication help in moulding employee’s attitudes. 4. Communication also helps in socializing. In todays life the only presence of another individual fosters communication. It is also said that one cannot survive without communication. 5. As discussed earlier, communication also assists in controlling process. It helps controlling organizational member’s behaviour in various ways. There are various levels of hierarchy and certain principles and guidelines that employees must follow in an organization. They must comply with organizational policies, perform their job role efficiently and communicate any work problem and grievance to their superiors. Thus, communication helps in controlling function of management. An effective and efficient communication system requires managerial proficiency in delivering and receiving messages. A manager must discover various<a href="https://managementstudyguide.com/communication_barriers.htm"> barriers to</a> <a href="https://managementstudyguide.com/communication_barriers.htm">communication,</a> analyze the reasons for their occurrence and take preventive steps to avoid those barriers. Thus, the primary responsibility of a manager is to develop and maintain an effective communication system in the organization. Communication Flows in an Organization In an organization, communication flows in 5 main directions- 1. Downward 2. Upward 3. Lateral 4. Diagonal 5. External 1. Downward Flow of Communication: Communication that flows from a higher level in an organization to a lower level is a downward communication. In other words, communication from superiors to subordinates in a chain of command is a downward communication. This communication flow is used by the managers to transmit work-related information to the employees at lower levels. Employees require this information for performing their jobs and for meeting the expectations of their managers. Downward communication is used by the managers for the following purposes - Providing feedback on employees performance 2. Upward Flow of Communication: Communication that flows to a higher level in an organization is called upward communication. It provides feedback on how well the organization is functioning. The subordinates use upward communication to convey their problems and performances to their superiors. The subordinates also use upward communication to tell how well they have understood the downward communication. It can also be used by the employees to share their views and ideas and to participate in the decision-making process. Upward communication leads to a more committed and loyal workforce in an organization because the employees are given a chance to raise and speak dissatisfaction issues to the higher levels. The managers get to know about the employees feelings towards their jobs, peers, supervisor and organization in general. Managers can thus accordingly take actions for improving things. Grievance Redressal System, Complaint and Suggestion Box, Job Satisfaction surveys etc all help in improving upward communication. Other examples of Upward Communication are -performance reports made by low level management for reviewing by higher level management, employee attitude surveys, letters from employees, employee-manager discussions etc. 3. Lateral / Horizontal Communication: Communication that takes place at same levels of hierarchy in an organization is called lateral communication, i.e., communication between peers, between managers at same levels or between any horizontally equivalent organizational member. The advantages of horizontal communication are as follows: It is time saving. It facilitates co-ordination of the task. It facilitates co-operation among team members. It provides emotional and social assistance to the organizational members. It helps in solving various organizational problems. It is a means of information sharing It can also be used for resolving conflicts of a department with other department or conflicts within a department. 4. Diagonal Communication: Communication that takes place between a manager and employees of other workgroups is called diagonal communication. It generally does not appear on organizational chart. For instance - To design a training module a training manager interacts with an Operations personnel to enquire about the way they perform their task. 5. External Communication: Communication that takes place between a manager and external groups such as - suppliers, vendors, banks, financial institutes etc. For instance - To raise capital the Managing director would interact with the Bank Manager. Q. 3 Challenges of business communication in the 21st century, discuss with arguments. ANS: 1. Although it began with the failure of subprime loans and mortgage-backed securities, the most recent financial crisis has touched every aspect of our society and called into question many of the basic assumptions by which we have lived for the last fifty years. It has been the ultimate interdisciplinary dilemma, implicating technological innovation as much as financial innovation, scholarly theory as much as global realpolitik. The essays collected in this volume reflect the range of causes and examine many of the consequences. But this volume does not merely rehearse the well-documented errors, failures, and misfortune that resulted in the panic of Fall 2008. Instead, it seeks a way forward. In December 2009, with guidance from Jay W. Lorsch and Rakesh Khurana, the American Academy of Arts and Sciences and New York University School of Law convened a group of distinguished scholars and business leaders to help consider what we have learned from the recent economic crisis. (A list of conference attendees is included at the end of this volume.) The discussions and essays resulting from this meeting are presented here. Since its founding, the Academy has studied the American business enterprise. At a meeting in 1781, Academy Fellows resolved to “attend to the subject of the Commerce of America, to enquire into the principles on which it has been heretofore conducted and the effect of those principles as the balance of trade, to investigate the most advantageous sources of future trade both in a commercial and political view and particularly to consider the subject of money the medium of trade.” Recent examinations include the 1988 study “The U.S. Business Corporation: An Institution in Transition” and a project on “Corporate Responsibility,” led by Martin Lipton, Jay Lorsch, and Larry Sonsini. The latter brought together leading scholars and practitioners to reflect on the corporate scandals of the early 2000s. The first publication of the project, Restoring Trust in American Business (MIT Press, 2005), featured essays by eighteen prominent scholars and business leaders, including John Reed, Felix Rohatyn, and John Biggs, who examine the failure of “gatekeepers” to stand between corporate misconduct and the public interest. In that volume, Mark Roe predicted that the failure of Enron, WorldCom, Arthur Anderson, and other giants in the early 2000s would not be the last of the major corporate cascades. “If we’re lucky,” Roe commented, “someone will anticipate the problem and fix it up beforehand. If not, we’ll muddle through once again.” The articles in this present volume offer more than one way out of the most recent muddle. The ability of a business to communicate is crucial to its success. From effectively communicating policies to staff to reaching out to clients and customers, communication is a huge factor in business operations. There are challenges inherent to business communication, however, not least that every method of communication requires a slightly different approach. Listening to Learn, Not Just To Respond Possibly the most important aspect of communication is listening. However, it may be very difficult for people to develop this skill. Because of the innate pressures of maintaining success in the business, there may not be time to sit and listen to the needs of the employees and the customers. Without truly taking the time to listen and finding a way to understand others point of view, managerial staff may never fully understand or be aware of the needs, wants, frustrations and hardships of company staff and customers. Hiding Behind Technology It is easy for businesses to rely too heavily upon technology for communication purposes. Email, texting, voice mail and instant messaging can be quite effective for the quick transfer of factual, direct information. However, the reliance upon this technology to communicate emotion can lead to drama and dissent in the workplace. Businesses may find that communication through technology saves time, energy, and money, but face-to-face communication, especially when emotion is involved, is a much better channel of communication. Tone, posture, facial expression and eye contact cannot be expressed effectively using technology. Meetings: Essential or a Waste of Time? Many businesses are moving away from meetings as tools of communication in order to save time and to promote efficiency. Employees often see meetings as time-wasters. No matter how challenging it is to use meetings effectively, meetings are an important part of doing business. Meetings can build teamwork, making employees feel a part of something - ideally, the company. Meetings are avenues for workers can provide input and share their opinions. The simple challenge of using meetings in your business communication is creating meetings that are concise, informative, participatory and positive. Symptoms of Communication Issues If a business is having challenges with communication, warning signs appear that should trigger action by the managerial staff. Some indicators are lack of cooperation, unreached goals, high level of mistakes, casting blame, low motivation, low productivity, unsatisfied customers, arguments, high employee turnover and loss of clients. All of these can be symptoms of poor or problematic communication. Solving the Problems It is possible to take steps to improve communication to overcome the challenges that abound in business communication. As mentioned, listening is high on this list. Use tools like surveys and comment boxes to encourage healthy and confidential feedback. Avoid pointing the finger at one person; instead work on an issue with an entire group of people by using appropriate training or counseling. Those in leadership roles should have great communication skills, be empathetic and natural problem solvers. If troubles persist, a business might outsource the problem to a neutral negotiator to resolve the situation in an unbiased manner. Q. 4 Discuss barriers to effective communication in organizations with examples. ANS: Barriers to Effective Communication Communicating can be more of a challenge than you think, when you realize the many things that can stand in the way of effective communication. These include filtering, selective perception, information overload, emotional disconnects, lack of source familiarity or credibility, workplace gossip, semantics, gender differences, differences in meaning between Sender and Receiver, and biased language. Let’s examine each of these barriers. Filtering Filtering is the distortion or withholding of information to manage a person’s reactions. Some examples of filtering include a manager who keeps her division’s poor sales figures from her boss, the vice president, fearing that the bad news will make him angry. The old saying, “Don’t shoot the messenger!” illustrates the tendency of Receivers (in this case, the vice president) to vent their negative response to unwanted Messages on the Sender. A gatekeeper (the vice president’s assistant, perhaps) who doesn’t pass along a complete Message is also filtering. The vice president may delete the e-mail announcing the quarter’s sales figures before reading it, blocking the Message before it arrives. As you can see, filtering prevents members of an organization from getting a complete picture of the way things are. To maximize your chances of sending and receiving effective communications, it’s helpful to deliver a Message in multiple ways and to seek information from multiple sources. In this way, the effect of any one person’s filtering the Message will be diminished. Since people tend to filter bad news more during upward communication, it is also helpful to remember that those below you in an organization may be wary of sharing bad news. One way to defuse the tendency to filter is to reward employees who clearly convey information upward, regardless of whether the news is good and bad. Here are some of the criteria that individuals may use when deciding whether to filter a Message or pass it on: • Past experience: Was the Sender rewarded for passing along news of this kind in the past, or was she criticized? • Knowledge, perception of the speaker: Has the Receiver’s direct superior made it clear that “no news is good news?” • Emotional state, involvement with the topic, level of attention: Does the Sender’s fear of failure or criticism prevent him from conveying the Message? Is the topic within his realm of expertise, increasing his confidence in his ability to decode it, or is he out of his comfort zone when it comes to evaluating the Message’s significance? Are personal concerns impacting his ability to judge the Message’s value? Once again, filtering can lead to miscommunications in business. Each listener translates the Message into his or her own words, creating his or her own version of what was said (Alessandra, 1993). Selective Perception Selective perception refers to filtering what we see and hear to suit our own needs. This process is often unconscious. Small things can command our attention when we’re visiting a new place—a new city or a new company. Over time, however, we begin to make assumptions about the way things are on the basis of our past experience. Often, much of this process is unconscious. “We simply are bombarded with too much stimuli every day to pay equal attention to everything so we pick and choose according to our own needs (Pope, 2008).” Selective perception is a time-saver, a necessary tool in a complex culture. But it can also lead to mistakes.  Think back to the earlier example conversation between Bill, who was asked to order more toner cartridges, and his boss. Since Bill found his boss’s to-do list to be unreasonably demanding, he assumed the request could wait. (How else could he do everything else on the list?) The boss, assuming that Bill had heard the urgency in her request, assumed that Bill would place the order before returning to the other tasks on her list. Both members of this organization were using selective perception to evaluate the communication. Bill’s perception was that the task of ordering could wait. The boss’s perception was that her time frame was clear, though unstated. When two selective perceptions collide, a misunderstanding occurs. Information Overload Information overload can be defined as “occurring when the information processing demands on an individual’s time to perform interactions and internal calculations exceed the supply or capacity of time available for such processing (Schick, et. al., 1990).” Messages reach us in countless ways every day. Some are societal—advertisements that we may hear or see in the course of our day. Others are professional—e-mails, and memos, voice mails, and conversations from our colleagues. Others are personal— messages and conversations from our loved ones and friends. Add these together and it’s easy to see how we may be receiving more information than we can take in. This state of imbalance is known as information overload. Experts note that information overload is “A symptom of the high-tech age, which is too much information for one human being to absorb in an expanding world of people and technology. It comes from all sources including TV, newspapers, and magazines as well as wanted and unwanted regular mail, e-mail and faxes. It has been exacerbated enormously because of the formidable number of results obtained from Web search engines (PC Magazine, 2008).” Other research shows that working in such fragmented fashion has a significant negative effect on efficiency, creativity, and mental acuity (Overholt, 2001). Going back to our example of Bill. Let’s say he’s in his cubicle on the phone with a supplier. While he’s talking, he hears the chime of e-mail alerting him to an important message from his boss. He’s scanning through it quickly, while still on the phone, when a coworker pokes his head around the cubicle corner to remind Bill that he’s late for a staff meeting. The supplier on the other end of the phone line has just given Bill a choice among the products and delivery dates he requested. Bill realizes he missed hearing the first two options, but he doesn’t have time to ask the supplier to repeat them all or to try reconnecting to place the order at a later time. He chooses the third option—at least he heard that one, he reasons, and it seemed fair. How good was Bill’s decision amid all the information he was processing at the same time? Emotional disconnects Emotional disconnects happen when the Sender or the Receiver is upset, whether about the subject at hand or about some unrelated incident that may have happened earlier. An effective communication requires a Sender and a Receiver who are open to speaking and listening to one another, despite possible differences in opinion or personality. One or both parties may have to put their emotions aside to achieve the goal of communicating clearly. A Receiver who is emotionally upset tends to ignore or distort what the Sender is saying. A Sender who is emotionally upset may be unable to present ideas or feelings effectively. Lack of Source Credibility Lack of source familiarity or credibility can derail communications, especially when humor is involved. Have you ever told a joke that fell flat? You and the Receiver lacked the common context that could have made it funny. (Or yes, it could have just been a lousy joke.) Sarcasm and irony are subtle, and potentially hurtful, commodities in business. It’s best to keep these types of communications out of the workplace as their benefits are limited, and their potential dangers are great. Lack of familiarity with the Sender can lead to misinterpreting humor, especially in less-rich information channels like e-mail. For example, an e-mail from Jill that ends with, “Men, like hens, should boil in vats of oil,” could be interpreted as antimale if the Receiver didn’t know that Jill has a penchant for rhyme and likes to entertain coworkers by making up amusing sayings. Similarly, if the Sender lacks credibility or is untrustworthy, the Message will not get through. Receivers may be suspicious of the Sender’s motivations (“Why am I being told this?”). Likewise, if the Sender has communicated erroneous information in the past, or has created false emergencies, his current Message may be filtered. Workplace gossip, also known as the grapevine, is a lifeline for many employees seeking information about their company (Kurland & Pelled, 2000). Researchers agree that the grapevine is an inevitable part of organizational life. Research finds that 70% of all organizational communication occurs at the grapevine level (Crampton, 1998). Employees trust their peers as a source of Messages, but the grapevine’s informal structure can be a barrier to effective communication from the managerial point of view. Its grassroots structure gives it greater credibility in the minds of employees than information delivered through official channels, even when that information is false. Some downsides of the office grapevine are that gossip offers politically minded insiders a powerful tool for disseminating communication (and self-promoting miscommunications) within an organization. In addition, the grapevine lacks a specific Sender, which can create a sense of distrust among employees—who is at the root of the gossip network?  When the news is volatile, suspicions may arise as to the person or persons behind the Message. Managers who understand the grapevine’s power can use it to send and receive Messages of their own. They also decrease the grapevine’s power by sending official Messages quickly and accurately, should big news arise. Q. 5 Discuss components of communication with examples from various organizations. ANS: Business Communication & Its Components effective communication produces a meeting of the minds where everyone involved shares the same information. In business, this serves a practical purpose. Communication establishes order and unity, enables people to act and promotes wise decisions. Effective communication powers a successful business, as it’s the only way to share a company’s goals and coordinate the work that achieves those goals. All communication has the same components, and knowing how these components apply to a business can help an owner enhance communication within the organization. Sender Senders initiate the process of communication. To ensure a successful communication, the sender must consider the context of the message, who will receive it and what the message should accomplish. This enables the sender to properly shape and deliver the message. Receiver The receiver of a business message may be a supervisor, subordinate, peer, group, customer or supplier. Additionally, more than one audience might receive the communication. For instance, a subordinate can send a proposal to a supervisor -- the primary recipient -- who can forward it to his own manager -- the secondary recipient -to solicit feedback. Considering the message’s audience affects choices such as language and tone. Context Every communication occurs within a context, which helps shape the message. Business context includes urgency, timing, company culture and the setting in which the message will be received. A presentation to a group that will use the information for a brainstorming session in a creative environment calls for a different approach than delivering news to a supervisor about a drop in sales. Message The message component contains the actual information a sender needs to supply. Effective messages keep the point of the communication at the forefront. The sender also should consider the results of the message -- what the communication needs to accomplish or what action it should spur. Written communications require giving thought to visual appeal. Messages should be easy to read and navigate; fonts, white space and headings can help or hinder the communication process. Including a visual element such as a chart might get across difficult information more effectively than words. Medium The medium is the means by which a sender transmits a message. At a workplace, messages can be oral or written. Aside from spoken words, oral communications carry non-verbal messages. Tone, facial expression and a relaxed or agitated demeanor provide supplemental information to the receiver. Written messages include email, faxes, reports and memos. A small business owner might want certain types of communications -- or instance, resource requests or evaluations -- to always be in written form. Feedback Receivers supply feedback when they respond to messages. Feedback lets the sender know whether the receiver correctly interpreted the message and encourages further interaction. For an owner fielding employee requests or complaints, a handy approach to providing feedback is to summarize the message. As the authors of “Management: Meeting and Exceeding Expectations” point out, if a receiver can’t restate a message, it’s a sure sign the message wasn’t understood.

Solved Assignment-5002-Buisness Communication-M.LIS-Buisness Communication

Solved Assignment-5002-Buisness Communication-M.LIS-Buisness Communication Q. 1 Describe Communication Process Model with appropriate exampl...

Solved Assignment 5001 economic analysis MBA Semester autumn 2020 aiou

Abdullah 0 Friday, March 19, 2021

Solved Assignment     5001  economic analysis      MBA Semester   autumn 2020       aiou Q.1 Explain Islamic Economic System. Discuss the features of Islamic Economic System over the Capitalist and socialist Economies. Property In the Islamic system, property is a trust. The real owner is Allah (Subhanahu Wa Ta’ala). Man’s disposal of worldly goods is in the capacity of a viceroy and a trustee. His rights are, therefore, circumscribed by the limits Allah has prescribed, and should be exercised toward the ends Allah has defined. Unlike the capitalist system, the right to property is not absolute but has limitations and qualifications enforced not by the power of the government but by the power of one's faith and desire to be a pious Muslim. Hence, the common-good and the welfare of fellow Muslims are internalized in the decision making process of every Muslim. It is Socialism with at the state. In view of the purposive nature of man's life in the Islamic world view, even these limited rights of ownership are not devoid of purpose. Wealth is an instrument in the effective discharge of man responsibilities as the viceroy of Allah, and the achievement of wellbeing in the life for himself, his fellow Muslims and fellow human beings. No where this viceroyship is displayed like in the Shari’ah laws of inheritance. These laws clearly assume that once the individual is dead, his wealth goes back to the original owner, who specifies to whom the wealth should go. The laws of inheritance specify where exactly this wealth should go, regardless of the approve or the consent of the deceased owner. He is permitted to endow only 1/3 of his legacy. Even then, such endowment should not go to a beneficiary (one also is included in the inheritors) not to uses that are not considered is Shari’ah a charity. Distribution Because al-adl (justice and fairness) is a basic value of the Islamic economic order, distributive justice is a major concern of the system. Equitable distribution of income and wealth is therefore an objective by itself. Operationally, this is accomplished through certain institutions which form the backbone of the social security in Islam. Examples are a bound: Zakah Zakah is the third pillar of the Islamic faith. It is a unique system of social security. Zakah is not a hand-out from the rich to the poor. It is a right of the have nots in the wealth of the haves. It is a measure designed to directly transfer part of the wealth from the well-to-do to the poor and not to the government. Because the purpose is redistribution of income and wealth, without creating a class society zakah is levied on almost every one. Even the not very well to do, pay zakah. He may then receive the zakat of others at the same time. Zakah is levied annually on the wealth itself and not on the individual or income, at a general rate of 2% % per annum. This is not all. Zakah is a requirement. However, a Muslim is always engaged not to confine his charity to that requirement by giving alms (sadaqat).Laws of Inheritance It would not be possible to guarantee the functioning of the system free from injustices °o without a built-in-mechanism to prevent injustice reproducing itself generation after 0 generation. Studies show that one of the major causes of inequality in income distribution, is the distribution of wealth. One major outcome of the Islamic laws of inheritance, is to 0° prevent concentration of wealth. This is because legacy is distributed in a pre-set ratios which take into consideration need and closeness to the deceased. Yet giving the deceased the right to assign part of his wealth (not exceeding 1/3) to charitable uses. Economic Freedom Freedom is a cornerstone in the Islamic economic system. In fact, it is so basic that the whole message of Islam came to free man from all kind of slavery. Freewill is a necessary condition for the validity of all contracts. The basic human rights which are now included in the laws of civilized countries has been a part of legal system of Islam since the Prophet (P.B.U.H ) . In fact, all the so called Magna Charta has been enjoyed as the basic individual rights in Islam for centuries. Furthermore, to guarantee competition in the marketplace and freedom of transaction, many measures were adopted by the Prophet (P.B.U.H). Prohibition of monopoly, manipulation of prices and restricting entry to the market are but a few of these measures. The Islamic Economy is Interest-Free Today’s trade and commerce in the whole world is run on the basis of interest based debt. If we look at the money and capital markets in any country we find that they are basically markets for exchanging financial obligations and receivables. It is no wonder that just the mere thought that interest rate may go up (or down) will bring havoc to all sectors of the economy. Standard economic analysis tells that interest rates play important roles in the economy. Firstly, that it provides incentives for savings, and secondly that it performs an allocative function with regard to capital. The argument goes as follows: 1. Saving is essential to any economy because on which depends the rate of investment, and hence the rate of growth of the economy and the property of its citizens. Since economic development is the objective of every society, improving the nascent rate of saving becomes a basic requirement for the achievement of a 1° °l viable and sustainable economic growth. Because too much saving may be just as IL unproductive as too little, interest rates, furthermore, provide a tool for policy as regards savings where this rate is controlled in such a way as to attain the right magnitude of savings as required by the going economic circumstances. 2. As regards the distributive function of interest, it is believed that interest rate plays a yardstick (benchmark) for evaluating the feasibility of investment projects and other uses of scarce resources. Since capital is scarce, the economy need a tool through which this resource is directed to the best use, i.e. the one that produces o0 °° the highest returns. Without such a tool, it is quite possible to see capital going to  relatively poor projects, while the sound ones are left out of investment capital. With the tool of interest rate, expected profits are always compared to the rate of interest. Since the latter measures the cost of capital, only these projects which make more returns than “cost” will be financed. Even self financing will be subject to such a benchmark since interest plays an “alternative” to any investment opportunity (i.e. an opportunity cost) Q.2 Explain law of Demand. Critically discuss the law of demand and its practical implications on the common person of the society. ANS: The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility. That is, consumers use the first units of an economic good they purchase to serve their most urgent needs first, and use each additional unit of the good to serve successively lower valued ends. • The law of demand is a fundamental principle of economics which states that at a higher price consumers will demand a lower quantity of a good. • Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first. • A market demand curve expresses the sum of quantity demanded at each price across all consumers in the market. • Changes in price can be reflected in movement along a demand curve, but do not by themselves increase or decrease demand. • The shape and magnitude of demand shifts in response to changes in consumer preferences, incomes, or related economic goods, NOT to changes in price.  Law of Demand II <a href="https://www.investopedia.com/terms/e/economics.asp">Economics </a>involves the study of how people use limited means to satisfy unlimited wants. 0° The law of demand focuses on those unlimited wants. Naturally, people prioritize more urgent wants and needs over less urgent ones in their economic behavior, and this carries over into how people choose among the limited means available to them. For any economic good, the first unit of that good that a consumer gets their hands on will tend to be put to use to satisfy the most urgent need the consumer has that that good can satisfy. For example, consider a castaway on a desert island who obtains a six pack of bottled, fresh water washed up on shore. The first bottle will be used to satisfy the castaway's most urgently felt need, most likely drinking water to avoid dying of thirst. The second °O bottle might be used for bathing to stave off disease, an urgent but less immediate need. The third bottle could be used for a less urgent need such as boiling some fish to have a hot meal, and on down to the last bottle, which the castaway uses for a relatively low priority like watering a small potted plant to keep him company on the island. In our example, because each additional bottle of water is used for a successively less °O highly valued want or need by our castaway, we can say that the castaway values each additional bottle less than the one before. Similarly, when consumers purchase goods on the market each additional unit of any given good or service that they buy will be put to a °o less valued use than the one before, so we can say that they value each additional unit less and less. Because they value each additional unit of the good less, they are willing to pay less for it. So the more units of a good consumers buy, the less they are willing to pay in terms of the price. By adding up all the units of a good that consumers are willing to buy at any given price we can describe a market demand curve, which is always downward-sloping, like the one IIs shown in the chart below. Each point on the curve (A, B, C) reflects the quantity demanded (Q) at a given price (P). At point A, for example, the quantity demanded is low (Q1) and the price is high (P1). At higher prices, consumers demand less of the good, and at lower 11° prices, they demand more.  Demand vs Quantity Demanded In economic thinking, it is important to understand the difference between the phenomenon of demand and the quantity demanded. In the chart, the term "demand" refers to the green line plotted through A, B, and C. It expresses the relationship between the urgency of consumer wants and the number of units of the economic good at hand. A change in demand means a shift of the position or shape of this curve; it reflects a change in the underlying pattern of consumer wants and needs vis-a-vis the means available to satisfy them. On the other hand, the term "quantity demanded" refers to a point along with horizontal axis. Changes in the quantity demanded strictly reflect changes in the price, without implying any change in the pattern of consumer preferences. Changes in °O quantity demanded just mean movement along the demand curve itself because of a change in price. These two ideas are often conflated, but this is a common error; rising (or falling) in prices do not decrease (or increase) demand, they change the quantity demanded. Factors Affecting Demand So what does change demand? The shape and position of the demand curve can be impacted by several factors. Rising incomes tend to increase demand for normal economic goods, as people are willing to spend more. The availability of close substitute products °o that compete with a given economic good will tend to reduce demand for that good, since they can satisfy the same kinds of consumer wants and needs. Conversely, the availability of closely complementary goods will tend to increase demand for an economic good, °o because the use of two goods together can be even more valuable to consumers than using them separately, like peanut butter and jelly. Other factors such as future expectations, changes in background environmental conditions, or change in the actual or oo perceiv d quality of a good can change the demand curve, because they alter the pattern IL of consumer preferences for how the good can be used and how urgently it is needed. Q.3 Critically discuss the relationship between elasticity of demand and the revenue with examples. ANS: Price elasticity of demand describes how changes in the price for goods and the demand for those same goods relate. As those two variables interact, they can have an 0° impact on a firm’s total revenue. Revenue is the amount of money a firm brings in from sales—i.e., the total number of units sold multiplied by the price per unit. Therefore, as the price or the quantity sold changes, those changes have a direct impact on revenue. Businesses seek to maximize their profits, and price is one tool they have at their disposal to influence demand (and therefore sales). Picking the right price is tricky, though. What happens with a price increase? Will customers buy only a little less, such that the price increase raises revenues, or will they buy a lot less, such that the price increase lowers revenues? Might the company earn more if it lowers prices, or will that just lead to lower revenue per unit without stimulating new demand? These are critical questions for every business. In this section, you’ll learn more about how firms think about the impact of price elasticities on revenue. The specific things you’ll learn in this section include the following: • Explain the interaction between price and revenue, given elastic demand r • Explain the interaction between price and revenue, given inelastic demand • Explain how changes in production costs affect price Learning Activities The learning activities for this section include the following: • Reading: Elasticity and Total Revenue i* • Reading: Elasticity, Costs, and Customers Self Check: Price Elasticity and Total Revenue Q.4 Explain joint stock company. Critically discuss the advantages of Joint Stock Company over partnership business. Ans: Joint Stock: What Is a Joint-Stock Company? The modern corporation has its origins in the joint-stock company. A joint-stock company is a business owned by its investors, with each investor owning a share based on the amount of stock purchased. Joint-stock companies are created in order to finance endeavors that are too expensive for an individual or even a government to fund. The owners of a joint-stock company expect to share in its profits. Advantages of Joint Stock Company: 1. Larger Capital- The huge capital required by modern enterprises would not be possible under other forms of organisations like sole individual proprietorship and even in partnership. The joint stock company by its widespread appeal to investors of all classes can raise adequate resources of capital required by large-scale enterprise. 2. Limited Liability- Liability of the shareholders of a company is limited to the face value of the shares they have purchased. It has a stimulating effect on investment. The private property of shareholder is not attachable to recover the dues of the company. 3. Stability of Existence- The organisation of a company as a separate legal entity gives it a character of permanence or continuity. As an incorporated body, a company enjoys perpetual existence. 4. Economies of Scale- Since the company operates on a large scale, it would result in the realisation of economies in purchases, management, distribution or selling. These economies would provide goods to the consumer at a cheaper price. 5. Scope for Expansion- As there is no restriction to the maximum number of members in a IIs public company, expansion of business is easy by issuing new shares and debentures.  6. Public Confidence- Formation and working of companies are well regulated by the provisions of the Companies Act. The provisions regarding compulsory publication of some documents, accounts, director’s report, etc., create confidence in public. Their accounts are audited by a chartered accountant and are to be published. This creates confidence in the public about the functioning of the company. 7. Transferability of Shares- The shareholders of a public company are entitled to transfer the shares held by them to others. The shares of most joint stock companies are listed on the stock exchange and hence can be easily sold. 8. Professional Management- The management of a company vests in the directors duly elected by shareholders. Normally, experienced persons are elected as directors. Thus, the available skill is utilized for the benefit of the company. The company organisation, therefore, is like a bridge between the skill and capital. 9. Tax Benefits- Company pays lower tax on a higher income. This is because of the reason that the company pays tax on the flat rates. Similarly, company gets some tax concessions if it establishes itself in a backward area. 10. Risk Diffused- The membership of a company is large. The business risk is divided among several members of the company. This encourages investment of small investors. I I- Disadvantages of Joint Stock Company: 1. Difficulty in formation- The legal formalities and procedures required in the formation of a company are many. It has to approach large number of people for its capital and it cannot commence business, unless it has obtained a certificate of incorporation and a certificate to commence business. 2. Lack of Secrecy- Every issue is discussed in the meeting of the board of directors. The minutes of meeting and accounts of the firm’s profit and loss etc., have to be published. In L o this situation maintenance of secrecy is difficult. 3. Delay in Decision Making- In company form of organisation, all important decisions are taken by the board of directors and shareholders in general meeting. Hence, decision making process is time consuming. Board of directors itself has often to be at the mercy of bureaucracy. 4. Concentration of Economic Power- The company form of organisation gives scope for 0° concentration of economic power in a few hands. It gives easy scope for the formation of combinations which results in monopoly. Large joint stock companies tend to form themselves into combinations or associations exercising monopolistic power which may prove detrimental to other firms in the same line or to the consumers. 5. Lack of Personal Interest- In company form of organisation, the day-to-day management °o is vested with the salaried persons or executives who do not have any personal interest in the company. This may lead to reduced employee motivation and result in inefficiency. 6. More Government Restrictions- The internal working of the company is subject to statutory restrictions regarding meeting, voting, audit, etc. The establishment and running of a company, therefore, would prove to be troublesome and burdensome because of °o complicated legal regulations. 7. Incapable and Unscrupulous Management- Unscrupulous individuals may bring IL economic ruin to the community by promoting bogus companies. The fraudulent promoters may be fool the public to collect capital and misuse it for their personal gain. Misuse of property, goods and money by the managerial personnel may harm the interests of the shareholders and create panic among the investing public. 8. Undue Speculation in the Shares of the Company- Illegitimate speculation in the values of shares of a company listed on the stock exchange is injurious to the interest of r shareholders. Violent fluctuations in the values of shares as a result of gambling on the IL  stock exchange, weakens the confidence of investors and may lead to financial crisis. Q.5 Explain perfect market. Critically evaluate the assumptions and features of perfect market with examples. Perfect Competition - a Pure Market  We can take some useful insights from studying a world of perfect competition and then comparing and contrasting with imperfectly competitive markets and industries • Economists have become more interested in pure competition partly because of the growth of e-commerce as a means of buying and selling goods and services. And also because of the popularity of auctions as a device for allocating scarce resources among competing ends. What are the main assumptions for a perfectly competitive market? 1. Many sellers in the market - each of whom produce a low percentage of market output and cannot influence the prevailing market price - each firm in this market is a price taker - i.e. it has to take the market price 2. Many individual buyers - none has any control over the market price 3. Perfect freedom of entry and exit from the industry. Firms face no sunk costs and L Jl entry and exit from the market is feasible in the long run. This assumption means that all firms in a perfectly competitive market make normal profits in the long run 4. Homogeneous products are supplied to the markets that are perfect substitutes. This leads to each firms being “price takers" with a perfectly elastic demand curve if OO for their product IL 5. Perfect knowledge - consumers have all readily available information about prices and products from competing suppliers and can access this at zero cost - in other words, there are few transactions costs involved in searching for the required information about prices. Likewise sellers have perfect knowledge about their f ... "i competitors 6. Perfectly mobile factors of production - land, labour and capital can be switched in response to changing market conditions, prices and incentives. We assume that °r transport costs are insignificant 7. No externalities arising from production and/or consumption Understanding the real world of imperfect competition! It is often said that perfect competition is a market structure that is out-dated not worthy of study! Clearly the assumptions of pure competition do not hold in the vast majority of real-world markets. • Suppliers may exert control over the amount of goods and services supplied and exploit their market power • On the demand-side, consumers may have monopsony power against their suppliers because they purchase a high percentage of total demand. • In addition, there are always some barriers to the contestability a market and far from being ho mogeneous; most markets are full of heterogeneous products due to product differentiation • Consumers have imperfect information and preferences are influenced by persuasive marketing • In every industry we can find examples of asymmetric information where the seller knows more about quality of good than buyer - a frequently quoted example is the market for second-hand cars! • The real world is one in which negative and positive externalities from both production and consumption are numerous - both of which can lead to a divergence between private and social costs and benefits. Finally there may be imperfect competition in related markets such as the market for key raw materials, labour and capital goods. Edit by; Hayyat Afridi Media Partner:

Solved Assignment 5001 economic analysis MBA Semester autumn 2020 aiou

Solved Assignment 5001 economic analysis MBA Semester autumn 2020 aiou Q.1 Explain Islamic Economic System. Discuss the f...

2nd solved Assignment- 417 aiou. Autumn 2020

Abdullah 3 Tuesday, March 02, 2021

2nd solved Assignment- 417 aiou. Autumn 2020

2nd solved Assignment- 417 aiou. Autumn 2020

1st solved Assignment- 417 aiou. Autumn 2020

Abdullah 0 Tuesday, March 02, 2021

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1st solved Assignment- 417 aiou. Autumn 2020

1st solved Assignment- 417 aiou. Autumn 2020

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