Indifference Curve Essay Example | Topics and Well Written Essays - 500 words

Indifference Curve - Essay Example The list of indifference curves associated with different utility level is called an Indifference Map. The rational consumer prefers the higher or right most, Indifference curve, since they represent combinations of goods providing higher utility levels. The slope of the indifference curve is called the marginal rate of substitution. It is the rate at which consumers are willing to give up one good in exchange for more of the other good. For most goods the marginal rate of substitution is not constant so their indifference curves are curved. Indifference curves are typically assumed to have the following features: Today's Economy is market driven where customer is the king. The market price is determined by forces of 'Demand and Supply'. To excel in the market, the firms must asses the demand of the customer. Consumer theory uses indifference curves and budget constraints to produce consumer demand curves. A budget constraint shows the consumer's purchase opportunities as every combination of two goods that can be bought at given prices using a given amount of income. Consumer's optimal combination of goods to consume is the amount that maximizes his utility subject to his/her budget constraint.

To what extent do religious teachings impact upon attitudes towards Essay

To what extent do religious teachings impact upon attitudes towards sustainability in both production and consumption - Essay Example This is in the specific aspects in the society such as the business and commerce. Such view is due to the fact that any field acts and works on the basis of accepted norms perceived as values. The main objective of the study conducted a focus on the effects of religious teachings and practices in the commencement and operation of business and industrial world. Values are largely related to ethics, an acceptable set of actions often perceived through morality. This can often be measured through a virtue of positive projection. Business ethics are measures of perceived guidelines of application and course of action in the local and international business arena (Megone and Robinson, 2002). There are certain general concepts that can be considered essential. One of the important considerations in the study of business ethics is in relation to the religious practices that can affect the commencement and the values in business. The relationship of values and the operation of business and any aspect of commerce had developed to be one of the most important factors in the field. These values can be considered as included in the outer factors that serve as the major affective factors, which are referred to as the moral constraints in the operation of the business. These can be considered as the main factors that set up the standards in the operation of the system in relation to ethics (Megone and Robinson, 2002). In the given perspective the understanding of the conception of values as applied in the business is essential. The concept of values experienced an evolution through the course of history. This can be considered as an important development due to the fact that it is now recognized as one influential component in the field of economics. Though the concept was recognized to be a key factor in the commencement of business operation including the

International Marketing Master Case Study Example | Topics and Well Written Essays - 6250 words

International Marketing Master - Case Study Example The recent terrorist attacks in the last 3 decades have brought turmoil in the current travel and tourism industry bringing a severe collapse in the travel and tourism sector worldwide. The first of these atrocities took place in 1982 during the Iraq affair and the oil crisis. The international tourism industry greatly suffered during those years of severe political unrest. The next unfortunate event was the outbreak of Foot and Mouth disease in north Europe in the year 2001. Umpteen numbers of bookings for the trips to Europe were dismissed. Another heinous act that took place on 11th September 2001 was the terrorist attack on the World Trade Center. The aftermaths of the terrifying incidence revealed the crumble of the international tour and travel for a long time. The year 2002 revealed intensive respiratory syndrome epidemic due to air travel (Mangili & Gendreau, 2005). Air travel is capable of spreading newly budding contagions which could even give rise to pandemics. The travel and tourism industry worldwide experienced a set back again. The next plan of brutal act of the terrorists who were caught carrying liquid explosives on 10th August 2006 in flight from United Kingdom which could have destroyed tolls of innocent lives was terminated. The travel and tourism industry has yet again undergone a tremendous shock. ... It is true that the international travel and tourism industry is presently facing a turbulent environment. However, it is certain from the ever adventurous tourists from around the globe and their impeccable passion for travel that the worldwide international travel and tourism is doubtlessly to overcome this temporary challenge. The World Travel and Tourism Council (WTTC), the business leaders' forum for travel and tourism is presently working with governments to spread consciousness of the economic magnitude of the globe's prevalent creator of prosperity and service (Travel & Tourism Security Action Plan, n.d.). Analyzing the current problems of global business conflicts including the Tourist Behavior: The travel and tourism industry is facing major challenges at the very moment due to the problems of global business conflicts. These may be analyzed as follows: Political Political Unrest Political unrest among different nations still has adverse affects on the international travel and tourism especially on the countries involved. War at the moment would be the last thing that the travel and tourism industry would wish for. Tourists never wish to select a destination which is suffering from any sort of political disturbances. One would have never chosen a destination like when the American soldiers faced the Taliban groups. Lack of Government Contribution Deficiency in the support of the respective governments of every country in aiding to develop and sustain its travel and travel sector offers a great business conflict. Economical Lack of Funds The small and medium enterprises in developing and underdeveloped countries especially in rural areas are incapable of flourishing tourism activities due to