The Definition of Price Essays - Pricing, Marketing, Price, Value

Prices determine how resources are to be used. They are also the means by which products and services that are in limited supply are rationed among buyers. The price system of the United States is a complex network composed of the prices of all the products bought and sold in the economy as well as those of a myriad of services, including labor, professional, transportation, and public-utility services. The interrelationships of all these prices make up the ?system? of prices. The price of any particular product or service is linked to a broad, complicated system of prices in which everything seems to depend more or less upon everything else. If one were to ask a group of randomly selected individuals to define ?price?, many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words that price is the moneyvalues of a product or service as agreed upon in a market transaction. This definition is, of course, valid as far as it goes. For a complete understanding of a price in any particular transaction, much more than the amount of money involved must be known. Both the buyer and the seller should be familiar with not only the money amount, but with the amount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, theFORM of money to be used, the credit terms and discounts that apply to the transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. In other words, both buyer and seller should be fully aware of all the factors that comprise the total ?package? being exchanged for the asked-for amount of money in order that they may evaluate a given price

Roman Law Essays - Roman Law, Ius, Ancient Rome, Jus Gentium

Roman Law Essays - Roman Law, Ius, Ancient Rome, Jus Gentium Roman Law Introduction Roman Law was the law that was in effect throughout the age of antiquity in the City of Rome and later in the Roman Empire. When Roman rule over Europe came to an end, Roman law was largelythough not completelyforgotten. (Ancient Rome, Compton's 96) The earliest code of Roman Law was the Law of the Twelve Tables. It was formalized in 451-450BC from existing oral law by ten magistrates, called decemvirs, and inscribed on tablets of bronze, which were posted in the principal Roman Forum. According to tradition, the code was drawn up to appease the plebs, who maintained that their liberties were not adequately protected by the unwritten law as interpreted by patrician judges. (Ancient Rome, Compton's 96) Originally ten tablets of laws were inscribed; two more tablets were added the following year. The tablets were destroyed in the sack of Rome by the Gauls in 390BC, but a number of the laws are known through references in later Latin literature. The Twelve Tables covered all categories of the law and also included specific penalties for various infractions. The code underwent frequent changes but remained in effect for almost 1000 years. In the 6th century a commission appointed by the Roman emperor Justinian consolidated all the sources of law, resulting in the Corpus Juris Civilis (Body of Civil Law). The Corpus Juris had no immediate effect in Western Europe, but in the second half of the 11th century it was rediscovered in Italy. The study of law based on the Corpus Juris was instituted at European universities, and the Corpus Juris became an important part of Continental law. (Ancient Rome, Compton's 96) Combined with canon law and the customs of merchants, they formed a body of law known throughout continental Europe. During the 17th and 18th centuries the authority of the Corpus Juris began to decline as it was reexamined. The stage was set for the codification of modern civil law. In the 19th century most civil-law countries codified the bulk of their legal statutes. The Early Law Prior to the Twelve Tables, the law of Rome was religious in character, and its interpretation rested with priests, who were members of the patrician class. Complaints and agitation by the plebs, the common people, led to the reduction to writing of the existing legal customs and the addition of new principles unknown in the customary law. The Law of the Twelve Tables thus drafted was submitted to and accepted by the popular assembly. This code set forth simple rules suitable for an agricultural community; it established equal law for patricians and plebs and was prized by the Romans as the source of all public and private law. The legal system established under this code, and the body of rules that developed around it, applied exclusively to Roman citizens and was known as the jus civile. (Ancient Rome, Compton's 96) The laws of the Twelve Tables are one of the earliest extant law codes. Covering both civil and criminal matters, it is commonly believed that these laws served to codify existing custom. They provide not only a valuable insight into Roman law, but into Roman culture as well. Here are some excerpts taken from the translated version. Quickly kill ... a dreadfully deformed child. If a father thrice surrender a son for sale, the son shall be free from the father. A child born ten months after the father's death will not be admitted into a legal inheritance. Females shall remain in guardianship even when they have attained their majority ... except Vestal Virgins. A spendthrift is forbidden to exercise administration over his own goods. Persons shall mend roadways. If they do not keep them laid with stone, a person shall drive his beasts where he wishes. It is permitted to gather fruit falling down on another man's farm. If any person has sung or composed against another person a song such as was causing slander or insult to another, he shall be clubbed to death. If a person has maimed another's limb, let there be retaliation in kind unless he makes agreement for settlement with him. Intermarriage shall not take place between plebeians and patricians. (Touregypt.net) Effects of Roman Rule Conquest over the Mediterranean basin compelled the Romans to work

Assignment # 7 Example | Topics and Well Written Essays - 500 words - 1

# 7 - Assignment Example b) The amount of profit generated by the company per dollar of sales: Net profit margin. It is profitability ratio. A company should have higher value for the ratio because it indicates high profitability. c) This ratio gives a measure of the number of days it takes a company to collect on sales that it sells on credit: Days sales outstanding. Efficiency/Asset Utilization ratio. A lower value for the ratio is favourable as a company collects cash faster from customers, it has good collection procedures. d) This ratio is used to determine how easily a company can pay interest expenses on outstanding debt: Times interest earned. It is a leverage ratio. A higher value for the ratio is favourable; the company has more cover for finance costs hence low business risk. e) This ratio specifies the number of days it takes for the company’s inventory to be converted to sales, either as cash or accounts receivable: Days in inventory. Efficiency/Asset Utilization ratio. A lower value for the ratio is more favourable as the company is converting its inventories into cash faster; hence the inventory is more liquid. f) This ratio indicates how profitable a company is over on accounting period (typically 12 months) without regard to how it is financed: Return on assets. Profitability ratio. A higher value for the ratio is required because it indicates that the company is more profitable. g) A ratio that further refines the liquidity by measuring the amount of the most liquid current assets there are to cover current liabilities: Acid test ratio. It is a liquidity ratio. A company should have higher value for the ratio to be able to meet its short term obligations with lots of ease. h) This ratio compares the amount of interest-bearing debt in a company’s capital structure to its total assets: Debt-to-total asset ratio (leverage ratio). A lower value for the ratio is required because it indicates less leverage and less risk. i) This ratio is a measure of

The EU Single Market Programme and Monetary Union Essay

The EU Single Market Programme and Monetary Union - Essay Example This case has been of much interest in economics and one of the concepts that were studied is the hold-up problem. In more precise terms, the hold up problem is a term used in economics to describe a situation where two parties (such as a supplier and a manufacturer) may be able to work most efficiently by cooperating, but refrain from doing so due to concerns that they may give the other party increased bargaining power, and thereby reduce their own profits1. In the case of the European Union (EU), it was previously expected that the regional integration would be beset by problems with regards to policy formulation and implementation. The EU is composed of countries that have been in constant race towards domination in economic and military terms. Germany and France, for example, have been known to apply stringent protectionist policies with regards to their industries to ensure that their economy will be robust and competitive. If only to emphasize the point that there are conflicting interests among the EU member states, it will be mentioned that both of the world wars started in the European theatre. However, the implementation of Single Market Programme and the Monetary Union seems to defy our idea that it is inevitable that hold up problems occur in the European Union policies except in the case of UK opting out of the single currency. The Single Market Programme ... was based on the following premises: 1) the increase in the size of the market due to regional integration results to larger scale investment that would not have been profitable in member states' national markets and 2) regional integration is can lead to an increased economic growth rate and foreign direct investment2. The EU monetary union is an agreement of its member countries to share a single currency among them - the Euro. This currency is currently used by Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Monaco, San Marino, and the Vatican City are licensed to issue and use the euro3. With such diversity and differing interests of the member nations, how did such a venture succeeded in achieving its goals In the first place, how did it become possible that such an agreement was made What are the factors that held stalemates/hold up problems from occurring These questions must be answered as this paper is interested in determining if holdup problems are indeed inevitable in negotiations. Chapter 1: Benefits and Concessions The key to a successful negotiation is that all stakeholders benefit from the agreement without too many concessions. That is, the number of benefits that the stakeholder is entitled to generally determines the willingness of the stakeholder to come to terms. As Putnam puts it, 'the larger the win sets, the greater will the probability that an agreement will be reached'4. Note that number of benefits is a function of the number of concessions made. In the Single Market Programme and Monetary union, what was offered as benefits for all the member state was the increase in foreign direct investment and other improvements in the economy. Mechanisms were placed such that

Compare shopping online with traditional shopping Essay

Compare shopping online with traditional shopping - Essay Example s to wider range of customers, convenience and pace in the experience of shopping at the cost of lack of physical touch of the products being purchased, alongside the incremental rates of credit card frauds and identity thefts. Traditional shopping compelled the customers to make endless trips to the stores to choose their most preferred products; such trips usually involved wastage of time in terms of commuting, waiting in lines etc. On the contrary, online shopping does not involve any commuting since the customer has the facility of making the desired purchase from the vicinity of his choice. This results in lesser wastage of any time and enables the user to choose a product from a wide range of categories under one platform. E-commerce Marketing and Optimization (2006) stated that the selection of the products can be done by means of a methodical approach of browsing in different categories; however the lack of touch and physical viewing of the objects by the customer might become an unpleasant surprise at delivery time. The trip to the retail stores makes the customer see the texture, different features of the objects in a more detailed manner rather than merely reading such information at a website. Retail stores only provide service to a certain range of customers that might be limited to a specific region and location, whereas online stores provide products and services to customer on a global level; such global access enables developing countries to attain the same quality of products that might be utilized by developed countries. One of the major issues in the increasing acceptance of online shopping is the rising rate of the credit card frauds and identity thefts. Srivastava, Kundu, Sural and Majumdar (2008) quoted research findings regarding the increasing losses to customers and organizations due to the occurrence of credit card frauds; $2.7 billion were recorded for the year 2005 while $3.0 billion in the year 2006. Credit card frauds and identity

Imperialism in the late 19th century Essay Example for Free

Imperialism in the late 19th century Essay In the late 19th century Americans fully embraced the concept of American exceptionalism, believing the â€Å"United States had a destiny unique among nations to foster democracy and civilization.† With this ideology, Social Darwinism, Anglo-Saxon, naval expansion, and the need for market promoted the rise to imperialism in the United States. When the Americans moved west and defeated the Native Americans they felt matchless because of all the technological and social developments they had over the Native Americans. Americans were able to trade and exchange guns, agriculture, and animals with Europe and Asia. The Americans thought God was making room for them but Social Darwinism is what vindicated the Whites ruling over weaker races. The wealthy used a scientific theory as a comparison to validate their greedy behavior and avoid paying taxes. There were 14 hour days for employees, no annuities, healthcare, or education. They believed the poor should work their way out of poverty. Darwinists assumed some races were inherently determined and that nature should be allowed to eliminate the unfortunate. Their way of thinking is what initiated the Holocaust. They believed that the assassinations of the Jews in World War ll meant they were cleaning out mediocre heredities. Darwinism, not to be addressed so much to Charles Darwin, but Herbert Spencer, came up with the expression â€Å"survival of the fittest.† Darwinism was a feuded rivalry between social groups creating a dog-eat-dog world. The Anglo-Saxon race felt different and that they were the superior and higher ones that were pre destined to rule the world. Josiah Strong, a Congregationalist minister, believed â€Å"The Essence of Christianity is Love.† In order to even consider yourself an Anglo-Saxon, you had to love civil liberty. You had to be a strong spiritual Christian and have a brain for colonizing. You also had to possess a great liveliness toward your own kind. Strong insisted that the Anglo-Saxons spread Christianity and share their material godsends throughout the world. The group was predestined by God. Strong believed that in order to spread out, there needed to be form of connection between the United States and the Philippines. The United States would bring the gospel of Jesus to the unfortunate races. To gain supremacy in the Pacific, they needed to build a  canal across Central America. The Anglo-Saxons needed to obtain power over the Pacific to complete the works of God and the United States needed the islands because Russia’s effect on Korea was growing rapidly. In 1901, expansion became a certainty. Mahan believed the United States economy would be incapable of receiving the vast amounts of industrial and commercial goods being manufactured locally. He then guaranteed the United States an assured access to international markets. Securing access would cause for a stronger navy, a navy that could carry out American commodities across the great highway and high seas. They needed a battleship navy to extinguish opposing navies and a system of naval bases proficient enough to provide fuel and supplies for the expanded navy. Mahan suggested the idea that the countries with the largest navy would attain the world. He was very adamant about the importance of the navy and trying to overcome the world. This was believed to be even truer once Hawaii, Cuba, and the Philippines were acquired. William Seward then strived to endorse an agreement with the Colombian Government to allow the United States to build a waterway through the Panama territory. After the Spanish-American War, the United States attained power over territories that could function as coaling stations and naval bases. The foreign market for American redundant products caused economic expansion to those nations. America was manufacturing way more than they could use. The markets of oil, steel, and agriculture were in major favor of the American expansion. Most demands for expansion were met by large commercial farmers. Vast amounts of raw materials were needed to properly preserve a strong industrial economy. Machinery became a large industry and all kinds of machines were established. Businesses were able to maneuver over wide areas creating chain stores everywhere. The invention of the steamship cut the travel time for shipping goods. The faster shipments arrived, the faster they could take advantage of supplies and sell manufactured goods. Oil was discovered in western Pennsylvania and used as lubricants and kerosene for lamps. Steel mills flourished in places where coal and iron elements could be brought together to produce steel. The American labor movement began to create unions. The unions began negotiating with possessors for higher earnings and  better working environments. The wi de-ranging knowledge of industrial development and scientific development helped enable perception for the creation of new businesses and technologies. Advanced technology strengthened the power and control of industrialized countries. The convenience of prosperity, progression by the unrestricted market of controllable canals, and coastal waterways, the large quantity of natural resources aided cheap withdrawal of goods. This strengthened the power and influence of industrial countries and allowed them higher advantage in war and economic growth. Contribution in the war overwhelmingly reformed the economy, governments, and society of the nation. This created a lucrative report creating work places for large immigrations. The United States had taken its place as the leading world supremacy. Works Cited Henretta, A. James, https://spider.georgetown.college.edu/htalent/border/bs1/berge.htm

How does Scout develop and mature as the novel progresses? Essay

How does Scout develop and mature as the novel progresses? Atticus says, "Scout , you're not old enough to understand some things yet" Scout Finch, who is a six-year-old girl at the beginning of the novel To Kill a Mocking Bird, is nine by the end of it. The novel, written by Harper Lee, is written in a very adult style because Scout is recounting memories of her childhood in Maycomb County, Southern Alabama. Scout is a very lively, intelligent girl but has a hot temper, which gets her into a lot of trouble with the adults. Unlike the typical late nineteenth century American female stereotype, of a woman staying home sitting on the porch while the man of the house goes and earns the money, Scout enjoys taking part in boyish activities with her older brother, Jem, but when she starts school, she does not just take part in the curricular activities, but also begins to learn about life and the way her society works. There are many events in the story that contribute to Scout's learning experiences, such as fights with Walter Cunningham, reading to Mrs Dubose, going to church with Calpurnia, the outcome of the Tom Robinson trial, and meeting social outcasts like Boo Radley and Dolphus Raymond. The story is set in the 1930s, where there is racial segregation in Alabama as a result of the American Civil War and the economy is corrupt due to the Wall Street crash (this was known as the Great Depression). At the time that the book was written, in the 1960s, men like Martin Luther King and Malcolm X were fighting in the Civil Rights Movement for racial equality in the United States. All of these factors affect the main themes of the novel and the events that occur within it. Pride is an important aspect o... ...ause they could not explain him, they feared him. This is similar to the situation Scout found herself in with Dolphus Raymond. He was a white man who married a black woman and fathered mixed race children. This was deemed unacceptable behaviour by Maycomb standards and therefore Dolphus pretended to be a drunk. In that way the people of Maycomb had an excuse for him marrying a black woman. Scout only realises why he pretends to be drunk when she finds out that he just sips Coca-Cola all day. She then starts to feel some sympathy for the people who are victims of racial and social prejudice. After learning about Boo Radley and Dolphus Raymond, Scout learns not to believe everything she hears. All of these factors have, in their own way, influenced the development of Scout's ethics and have shown how they affect her, along with how she reacts to them.