Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Analysis of the Decision-Making Process Discussion Responses
A market economy works by using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy (Market Economy, 2020). Businesses are given the freedom to pursue profits by creating outputs that are more valuable than their inputs, and they are also free to fail and go out of business if they do not.
Because of this, there are ways business can contribute to the efficiency of a market economy in ways that independent contractors cannot. With the limited role of government in a market economy, there is an increase in competition amongst firms (Green, 2021). Because businesses compete with one another, they must determine ways to have a competitive advantage over their rivals.
This leads to increased efficiency in the economy by firms figuring out how to reduce prices, improve their good or service, and achieve a higher number of sales. Another way firms contribute to the efficiency of a market economy is by hiring employees rather than a network of independent contractors. Ronald Cease describes the differences between agents and servants (contractors and employees) as one having direction while the other having the freedom to carry out their work (Cease, 1937).
Firms have two options, they can either hire an employee to do the work, in which case they can control and manage how it is accomplished, or they can hire an independent contractor where they must trust it will get done in the contracted time. Since there is not a strong tie between the market economy and independent contractors, mainly because there is no incentive to manage prices or products due to lack of competition, firms are thus able to contribute more to the market economy.
Respond to post above:
The organization I work for is a retail business that imports packaging materials from India and sell them to customers in the United States and Mexico. In my current job, we do receive the materials and deliver among many other things but we also need help from outside individual contractors when it comes to drop shipping certain items or for the freight on our importations. Firms contribute to the efficiency of the market economy in ways that networks of independent contractors do not because firms play a critical role in the economy because they provide service therefore this contributes to the economy’s cyclical evolution. When thinking about a firm this brings stability and power. Firms have a frame of teamwork where they hire employees and pay them for their work. This contributes to the progression of income in families, which is later spent on other businesses and the economy continues to move that income “Firms employ different sets of production. This includes employing workers (labor) to produce goods and services. By employing labor, firms pay wages creating a flow of income to households, which ultimately can be spent by households on goods produced by different firms” (Economics help, 2022). Firms will also contribute to the economy by wanting to stay in competitive advantage with their competitors this being because firms will be encouraged to produce more and efficient goods & services and will also seek to make the most use of capital and labor.
Respond to post above:
As soon as we wake up, we use several decision-making processes to decide what to wear, how to get to work, and even when to make arrangements with friends. Making decisions is described as “the process of defining the problem, identifying the alternatives, determining the criteria, evaluating the alternatives, and choosing an alternative.” (Anderson et al., 2015) The four fundamental models of decision-making are rationality, bounded rationality, intuition, and creativity. These vary depending on the amount of knowledge or drive a decision-maker has to make a choice. (Management Principles, 2022) I typically utilize the rational approach when deciding what to eat for dinner, taking into account all the factors such as time, money/cost (make dinner/ go out/ eat leftovers), type of food (Mexican, Asian, American), and previous meal. You eventually learn to create this decision tree in your head and select the best option based on various circumstances. The following stage is to create many top selections, then evaluate the alternatives and choose the best option you have come up with.
Respond to post above:
I often use a decision tree approach in order to determine how I will go about my day and it entails three main sections that are as follows: work, school, and personal. I selected the model based on its effectiveness in accounting for potential benefits and forfeitures that may transpire from the decision(s). As mentioned in Anderson et al. (2016), decision trees show the natural or logical progression that will/may occur over time. With this being said, I am constantly weighing outcomes and the associated costs of which, even though it may not be a monetary factor. Some days I may have time to focus on school because am caught up at work, and other days may allow me to focus on both work and school because all of my personal errands are complete. Through proper planning and analyzing, great decisions can be made that ultimately lead to efficiency and positive results.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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