How Society Use Scarce Resources - 1281 Words

imagine living in a world in which there are infinite amounts of goods and resources to satisfy every human desire. People will not find need to budget their limited incomes, businesses will not worry about the cost of labor, and governments will not have reason to tax its citizens, or give importance to environmental issues. People living in this society will be equal to one another and everything would be free, like water in the ocean and sand in the desert. All prices would be zero and society will not find need for markets or financial institutions. Unfortunately we do not live in a utopia of limitless possibilities; we live in a scarce world of unlimited wants. Given unlimited wants, we must make the best use of our limited resources, a science our ancestors have developed and named economics. This study measures how societies use scarce resources to produce valuable commodities and distribute them efficiently among different people. Economic Disciplines The study of an economic world is a complex and unpredictable undertaking, involving people buying, selling, investing, bargaining and persuading. As a result of it being broad and complex, it is divided into many disciplines to make reason from information given by the economy. Adam Smith is considered to be the founder of a major field called Microeconomics, which is concerned with the behavior of individual entities such as markets, firms, and households. In 1776 Smith published The Wealth of Nations, a seriesShow MoreRelatedHow Society Use Scarce Resources1401 Words   |  6 Pagesthere are infinite amounts of goods and resources to satisfy every human desire. People will not find need to budget their limited incomes, businesses will not worry about the cost of labor, and governments will not have reason to tax its citizens, or give importance to environmental issues. People living in this society will be equal to one another and everything would be free, like water in the ocean and sand in the desert. All prices would be zero and society will not find need for markets or financialRead MoreAnalysis Of Mad Max : Fury Road1175 Words   |  5 Pagesco-written and directed by George Miller. It envisions a post-apocalyptic society where nuclear war and cl imate change have led to the destruction of modern civilization and depletion of resources. As portrayed in the film, societies would be reduced to wastelands with scarce resources if people continue to engage in violent confrontations. The few survivors, therefore, would be forced to survive by fighting for the remaining scarce resources. Even though it is a fictional film, â€Å"Mad Max: Fury Road† providesRead MorePrice Elasticity Scenario647 Words   |  3 Pagesmajor dilemma concerning about how to price his product so that it can be competitive in the market. This brief analysis will illustrate some of the economic principles that are relevant to the decision that Carlos faces and evaluates different option in which he might select from. Resource Scarcity The notion of the scarcity of resources is at the heart of economics and economic theory. The definition of a scarce resource is as follows (Economic Glossary): A resource with an available quantity lessRead MoreThe Basic Concepts Of Economy1399 Words   |  6 Pagesnot only about how to make fortune, but also concerning the development of the order about modern human society. Knowing several economic concepts is necessary because it can support people to make a good decision, draw up a plan, and have a long term development, no matter for individuals or nations. At the very start, what is economics would be the first question come out. For having a good understanding, there are two economic truths must to be mentioned. First, useful resources for human isRead MorePrisoners Receiving Transplants1631 Words   |  7 Pagesthe prison population in America grows in numbers and increases in age, questions and debates about the allocation of medical resources to prisoners will grow in urgency. One issue which arises every so often is whether convicted felons, especially those who are awaiting capital punishment, should receive the same level of medical care as others in society - including scarce donor organs for the purpose of transplantation. As is often the case, the debate over whether a death row inmate should receiveRead MoreThe Economic Problem Of The Market Economy1237 Words   |  5 Pagesunlimited amount of wants with a scarce amount of resources. They only current solution is to make decisions as the desire of satisfying all wants is not possible. Economics is the about the allocation of limited resources in the best possible way in order to satisfy needs (items essential for survival – food and shelter) and wants (not necessities, but provide satisfaction and assist achievement of higher standard of living). In order to choose where to allocate resources, four fundamental questionsRead More What is Economics? Essay652 Words   |  3 Pageslot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money. It is concerned with:  · The production of goods and services: how much the economy produces; what particular combination of goods and services; how much each firm produces;Read MoreEssay on The History of Chemistry: Chemistry is True Science619 Words   |  3 Pagesand all the way up to now, the Present. We use Chemistry on a day to day basis. From Jewelry, to Fire-Works, Soap, and also, even the food we eat. Often people look at Chemistry and are bored because of the information they may not know. Science is everywhere, we just have to open our eyes and explore the world of Science. There is more to Chemistry than meets the human eye, and there are several topics many people do not know the answers to. Society was very different before Chemistry. It datesRead MoreKey Principles of Economics1453 Words   |  6 Pagesprovides an understanding of how the world works. It is the study of how people choose to use resources to improve their well-being. According to Samuelson (1948) â€Å"Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.† This paper will outline the 10 key principles of economics. These principles are grouped into the three 3 categories of â€Å"How people make decision†, â€Å"How people interact† and â€Å"How the economy works as a wholeRead MoreRationing And Allocation Of Health Care995 Words   |  4 PagesThe rising costs and the increase in health insurance premiums making complication to the greatly challenged notion especially in western societies. Many factors influence the increasing the cost of health care, making different to keep quality for healthc are resources. Measures have been taken to provide efficient and equitable allocation of health care resources. Many clinicians taking the ways to impose efficiency to care and a better monitor the efficiency. However, in retrospect stand alone efficiency

Tattoos And Its Impact On Society Essay - 962 Words

Tattoos have always been very appealing to mankind. In today’s Society tattoos have spiraled out of control in my opinion. From the tattoo placement anywhere on the body, to the vulgar and offensive kind of tattoos; restrictions are absolutely necessary. Some feel as if the Marine Corps shouldn’t have any tattoo restrictions. But I strongly disagree. This Organization has been built on so many great principles, like our Corps Values: â€Å"Honor, Courage, and Commitment.† Then we have our official United States Marine Corps (USMC) slogan: â€Å"The Few, The Proud, The Marines†. We have a reputation for being a professional and disciplined fighting force. Granted, society has and will always change. From the modern day fads, and fashion statements, to the personal beliefs and the need to be an individual or different; we as a people can change in the blink of an eye. But should we allow that to dictate the USMC? Should we change our structure and foundatio n because of our society? Even though tattoos have become a part of the societal norm; in order to maintain good order, discipline, and a professional military appearance, restrictions must be put in place. There are a few reasons why I believe we should have tattoo restrictions. Our society’s perception of their military, 1st and foremost, will always be very important. Without the support and trust of the civilian populace, we as a nation will suffer. The snowball effect will be detrimental, to include: the people not wanting toShow MoreRelatedTattoos And Its Impact On Society1384 Words   |  6 Pagesto look past. Tattoos are one of the most controversial topics when it comes to professionalism mixing with open mindedness. People all across the world have tattoos and are now seen in everyday society. Tattoos have also gone back thousands of years and in some cultures were celebrated, or shown for cultural reasons. Furthermore, the U.S. military is now integrating new pol icies on tattoos, ensuring the domestication, and acceptance of tattoos. Effects of tattoos on modern day society have had a definiteRead MoreTattoos And Its Impact On Society Essay955 Words   |  4 Pages Tattoos have always been rather appealing to mankind. In today’s Society tattoos have spiraled out of control in my opinion. From the tattoo placement anywhere on the body, to the offensive kind of tattoos; restrictions are absolutely necessary. Some feel as if the Marine Corps shouldn’t have any tattoo restrictions. But I strongly disagree. This Organization has been built on so many great principles, like our Corps Values: â€Å"Honor, Courage, and Commitment.† Then we have our official United StatesRead MoreEffects Of Tattoos On Society s Society1392 Words   |  6 PagesEffects of Tattoos on Society Having a moral acceptance toward others is an important aspect in sustaining a happy and fulfilled life, but maybe some things that are quite visible can be hard to look past. Tattoos are one of the most controversial topics when it comes to professionalism mixing with open mindedness. People all across the world have tattoos and are now seen in everyday society. Tattoos have also gone back thousands of years and in some cultures were celebrated, or shown for culturalRead MoreModern Day Reasoning For Tattoos1470 Words   |  6 PagesIn a recent Fox News poll, an astounding one in five voters in America admitted to having at least one tattoo (Blanton, 2014). Body art has become increasingly popular over the past several years among a wide range of individuals. With so much attention on tattoos, it is a wonder how and when tattooing began. However, no one really knows for certain when tattooing began, or how it began for that matter. The belief is that tattooing began â€Å"at least by 3300 BCE. That is how far back anthropologistsRead MoreWhy Should People Commit Crime And Labeling Theory From A Sociological Perspective1743 Words   |  7 Pagesand explain how tattooing has become a stigma in today s society. I am going to discuss three similarity views; first they share ties with social strain in deviance, by the way, society is structured. Second, they both deal with crime among minority group as well as crime rates in the United States. Third, both anomie-strain and labeling theory focus on the deviant behavior regarding the individual social and cultural status and how society response to these types of deviant behaviors. I am goingRead MoreNegative Impact of Tattoos1546 Words   |  7 PagesTattoos have decorated bodies for centuries. From religious beliefs, to punishment, to adornment, tattoos have reflected personal stories for each of the bodies it marks. In the modern era, tattoos have become a form of art in which people use to express their indiv idualities. Although one may consider marking their bodies as a positive form of self expression, tattoos can have lasting negative effects on one’s physical, social, and professional lives. Physically, getting a tattoo involvesRead MoreTattoos Essay812 Words   |  4 Pagesthe history of tattoos, how tattoos are made, and the impact of tattoos in society. Research shows that people have been experimenting with tattoos for many years, as early as c. 2000 B.C. The ancient Egyptians were the ones to help popularize the idea of tattooing. Tattoos have many meanings behind them depending on the culture. Such as for the Ancient Asian cultures tattoos were to help sustain strong physical health. Another example would be the military personnel who get a tattoo to show theirRead MoreTattoos Have Different Meanings Or Significance1615 Words   |  7 PagesIn various societies, tattoos have had different meanings or significance. They have been popular for thousands of years in different cultures, as a common form of body modification. They can be symbolic of one’s self-expression, ‘a mark of individuality’, and body alteration as a compelling symbol. ( Tiggemann Golder, 2006; Patterson Schroeder, 2010 as cited in Atik Yildirim, 2014). Tattoos have been around for so many years that its existence is unclear thus its origin remains a debate inRead MoreFreedom of Self- Expression: Tattoos and Body Piercings at 16 Should be Permitted1232 Words   |  5 Pagesthat children should have permission to get tattoos and body piercings. I believe that teens should have the authority to get them on our own. The current Texas law states that any person under the age of 18 must have parental permission before getting a tattoo or any body piercing. Identification is required to verify the persons age. I feel that by the age of 16, any student should have the authority to express themselves in a way such as tattoos and body piercings. There are various aspectsRead MoreTattoos And Piercings : Work Environments1417 Words   |  6 Pages Tattoos and Piercings in Work Environments â€Å"According to a 2010 Pew Research report, about 23% of adults born between 1981 and 1991 have piercings other than their earlobe† (Pfeifer, Web). Also, in 2012, 2 in 10 adults in the United States reported to have at least one tattoo. That number has increased to 3 in 10 adults just last year in 2015 (Shannon-Missal, Web). The prevalence of tattoos and piercings have increased dramatically over the past few decades, especially in teens and young adults

Business Law Fault in American Contract Law

Question: Discuss about research a current products liability issue in the news and analyze, with supporting arguments and academically sound support, what elements of a valid (products liability) claim are raised, and then discuss how a negligence and a warranty claim, respectively, compare and contrast.? Answer: Introduction Johnson Johnson, the giant baby care and Pharmaceutical Company has been accused by the tort Law of US for their Talcum powder products (Andrews, 2011). The jury of St. Louis has provided verdict That Johnson Johnson has to pay $72M to the family of a woman who is dead because of using talcum powder manufactured by Johnson and Johnson. As per the article of ABA journal of 23rd Feb. 2016, it was a land mark case, where the client from Alabama State from the last sixty years purchased and applied talcum powder by Johnson and Johnson. The woman used the products of the pharmaceuticals company as the company advertised, promoted and marketed these products in such a way that they would be used by the targeted customers (Ben-Shahar Porat, 2010). The woman used these products to maintain feminine hygiene and thus dusted this talcum powder on regular basis inside of her genitals. The legation was that the company knew about the adverse effects of the talcum powder and its potentiality of giving rise to cancer. Despite of being aware of the fact that the talcum powder can be a cause of ovarian cancer and has issues with the fatal disease of cancer, the company has been unsuccessful in warning their customers. The company has shown negligence in this issue of cancer and the fact that this can adversely effect on their business, which means the company can lose out on its huge sale and thus the profitability (Boeckman, Greenwald Von Bismarck, 2013). For this particular reason, the company did not aware their customers about the adverse effect of their products, which eventually caused fatal disease to the customer. The customer was suffering from ovarian cancer, which originated from the use of the talcum powder manufactured and traded by Johnson Johnson. However, Johnson and Johnson said that there are not any connection between the usage of their talc and ovarian cancer. Moreover, after raising the issues of ovarian cancer, the company continued to sell their prod ucts containing talc and thus it is case of tort or negligence. Analysis Johnson and Johnson is a renowned company for cosmetics and baby products. But recently Johnson and Johnson has been fined 72 million dollar because it caused a consumers death. The tort law in United States of America forms to rectify damages caused to any person by the behaviour of another. Product liability is one the major issues that comprises the tort law in United States of America (Brennan, 2011). Product liability refers to the liability of sellers or manufacturers to compensate users, buyers and as well as the bystanders, for any injuries or damages because of any faults in the products purchased. The rule of tort law product liability is also applicable to the commercial sellers and the distributors of the goods. Liability can arise at any situation along the process of production and distribution also. Even, the retailer, manufacturer, and wholesaler are also being responsible for injuries and damages caused by any defected product. Basically, product liability claims are based on multiple theories of liability. It includes negligence, strict liability, breach of warranty and misrepresentation. Johnson and Johnson caused the death of a woman. Some unhygienic contents in Johnson and Johnson talc damaged that womans ovary. It has been found that the growth of her ovarian cancer was proximately and directly caused by defective and dangerous elements of the product. According to the tort law, Johnson and Johnson is responsible for not making their customers aware of the effects that the different elements in the products can have on its users (Dailyreportingsuite.com, 2016). Negligence is one of the major factors in this case because Johnson and Johnson promoted their products as hygienic. Moreover, they are the leading brand of child care product which ensures the customers that the company would not compromise on the quality of the product. According to a research, Johnson and Johnsons talcum powder is very dangerous for women if they use it in their genitals. In a word, Johnson and Johnson is liable in this case as the particular consumer claims for the product liability failure to conspiracy, negligence and warn. Discussion From the above case it can be easily perceived that a business giant like Jonson Johnson has played with the life of their customers. The company consistently crafts their advertisement, promotional and marketing programs, where the company briefly describes their products as hygienic and most suitable baby products without any adverse effect on any part of the body of the babies. Therefore, most of the people as well as families across the world extensively use their products to protect their baby from any harmful effects (Brennan, 2011). Nevertheless, it is perceived that by using the products from Johnson Johnson several women are suffering from ovarian cancer; thus, there are many cases running against the company in several judiciaries. From this particular news article it is observed that a woman from Alabama, who afterwards dwelt in Georgia, used the talcum powder for many years. As per the report from sixty cases, the consumers bought as well as used these products for pers onal as well as feminine hygiene. The women used to dust their perineum with this talcum powder for hygienic purpose. As per the advertisement campaign and promotional activities by the Johnson Johnson their products are highly hygienic and thus it is normal that several people get influenced by their advertisement and apply the products from Johnson Johnson for ultimate hygiene and safety. The women filed case on behalf of around 60 applicants against Jonson Johnson for their defective products (Cremades Dimolitsa, 2013). The woman directly accused Johnson Johnson that her cancer is caused by the defective and dangerous talc products manufactured by them. Moreover, the woman alleged that Johnson Johnson knew about the fact that their products have harmful effect on human body, but they have been consciously silent about it. The unhygienic elements of the product caused the ovarian cancer of the women. The manufacturers are also responsible because of their negligent and wrong ful conduct of the research, progress, testing, manufacturing, promotion, distribution and sale of that faulty product. Contract Law Case Study Introduction Business contracts in USA create certain obligations that must be fulfilled by the companies or people who have entered into the following agreement. According to the law, if any party fails to fulfill the conditions of the agreement then it would be called as the breach of contract. If any contractual dispute occurs then formal lawsuits and courts are the only option for the businesses and people involved in the contract (Carter, 2012). A shaft in the mill of Hadley was broken and the mill became inoperable. Baxendale was hired by Hadley to transport the mill shaft that was broken to an engineer in Greenwich in order to make a duplicate. Hence, Hadley wanted that the broken shaft to be immediately replaced and Baxendale said that the duplicate shaft will be delivered the next day. Baxendale promised for the immediate delivery but did not know that the Hadleys mill would not be operable till the new shaft arrives (Zhang, 2011). Baxendale did not transport and deliver the shaft on time and was negligent as promised, which caused the mill of Hadley to remain shut down at least for the next five days. Therefore, Hadley had paid an amount of two pounds to shift the new shaft and also sued for three pounds in the damages due to the lost wages and profits (Elliott Quinn, 2007). The court awarded 25 pounds to Hadley beyond the amount that had already been paid to the count and Baxendale appealed. Consequential damages in c ontract law are linked to foreseeability and knowledge at the time of the contracting and dealing with the damage recovery for the losses that are not arising naturally. Therefore, the parties can take action as per the contract law in USA. Analysis In the analysis of this case study, it has been found that the injured party may recover those damages which are reasonably considerable for the breach of the contract. The court also held the usual rule that the claimant should be entitled with the amount that he/she had received by breaching the other party. For this reason if the claimant is put in this position then she would had the same breaching thing that the party performed. Hadley was entitled to recover the lost profits from the extra five days since the mill was closed from five days (Gosselink Mitsch, 2011). The court also held the case and gave the decision that the damages made are fair and reasonable considering the case appeal of both the parties. It was also proved that there was contemplation of both the parties during the time of the contract. Under the contract law, the court held some special circumstances which were breached during the time the contract was made and hence the court provided the results of brea ching in between the two parties by following the special circumstances (Turner Martin, 2010). The damages for special circumstances are assessed against the parties when they were reasonably taken into considerations. With the two parties, there lies the contemplation as a probable consequence of breach. The court held the case in for Baxendale who did not have any knowledge of the mill being closed till the arrival of the new shaft. Loss of profits could not fairly be contemplated in between the two parties in case of the breaching of the contract (Grundmann, 2011). The court also said that there will be co count of the profit and losses and also these will be not considered in the jury. Discussion When the individual or the contract law breaches, under the law, the other party will have to bear all the remedies according the contract law (Grundmann, 2013). Thus the remedies can be pointed out in three parts that are as follows:- Damages: - the remedies most often breaches the contract, the remedy of damages of payment should be made in one form or the other and the breaching party should make the payment to the non-breaching party. There are many kinds of damages and generally the damages which are specific in nature are considered in the contract so as to prevent breaching in between the contract (Koziol, Steininger Alunaru, 2011). Compensatory damages: It aims to put the other party to put the non-breaching party in the position that had been if they are not breached. Punitive damages: punitive damages are the type where the breaching party must be made and the point should be compensated by the breaching party. These help in punishing the wrongful party for its particular wrong contract deeds (Lawnix.com, 2016). Nominal damages: these damages are awarded when breach occurred but no money loss will be taken into account. When the non-breaching party will be found to be in fault then he will not be paid for the wrong deeds. Liquidated damages: these are some of the specific changes that need to be made previously by the other partys contract even if the contract is breached. Liquidity damages are made even if the fault arises in case of any parties. The actual outcome may result in breaching (White, 2012). Cancellation and restitution: a non-breaching party may cancel the contract according to the clause of the institutions even if the non-breaching party has given benefits to the breaching party. Restitution act as a remedy for the non-breaching party which helps him to be put back in position. References Andrews, N. (2011).Contract law. Cambridge: Cambridge University Press. Ben-Shahar, O., Porat, A. (2010).Fault in American contract law. Cambridge [U.K.]: Cambridge University Press. Boeckman, P., Greenwald, D., Von Bismarck, N. (2013).Twelfth annual institute on securities regulation in Europe. New York, NY: Practising Law Institute. Brennan, C. (2011).Tort law. Oxford: Oxford University Press. Carter, J. (2012).Contract Law in Australia. Chatswood, A: Lexisnexis Orders/service. Cremades, B., Dimolitsa, A. (2013).Third-party funding in international arbitration. Paris: International Chamber of Commerce. Dailyreportingsuite.com,. (2016).Johnson Johnson must pay $72 million after jury finds talc. Retrieved 29 February 2016, from https://www.dailyreportingsuite.com/products-liability/news/johnson_johnson_must_pay_72_million_after_jury_finds_talc_containing_products_linked_to_consumer_s_ovarian_cancer Elliott, C., Quinn, F. (2007).Contract law. Harlow: Pearson Longman. Gosselink, J., Mitsch, W. (2011).Wetlands. Hoboken, N.J.: Wiley. Grundmann, S. (2011). The Future of Contract Law.European Review Of Contract Law,7(4). https://dx.doi.org/10.1515/ercl.2011.490 Grundmann, S. (2013). The Bankinter Case on MIFID Regulation and Contract Law.European Review Of Contract Law,9(3). https://dx.doi.org/10.1515/ercl-2013-0018 Koziol, H., Steininger, B., Alunaru, C. (2011).European tort law 2010. Berlin: De Gruyter. Lawnix.com,. (2016).Hadley v. Baxendale Case Brief Summary. Retrieved 29 February 2016, from https://www.lawnix.com/cases/hadley-baxendale.html Turner, C., Martin, J. (2010).Unlocking Contract Law. London: Hodder Education. White, M. (2012).Political Philosophy. Oxford: Oxford University Press, USA. Zhang, L. (2011).Innovations, standards, and practices of Web services. Hershey, Pa.: IGI Global (701 E. Chocolate Avenue, Hershey, Pennsylvania, 17033, USA).