Examples of Supply in Economics

Supply is defined as the total amount of a given product or service that is available for purchase at a set price. This core component of economics may seem vague, but you can find examples of supply in everyday life. Definition The law of supply states  that  assuming all else is held constant, the quantity supplied for a good rise as the price rises. In other words, the quantity demanded and the  price  is positively related. The relationship between supply and demand can be illustrated like this: Supply Demand Price Constant Rises Rises Constant Falls Falls Increases Constant Falls Decreases Constant Increases Economists  say supply is determined by several factors, including: Price Buyers want to pay as little as possible for a good or service, while producers want to maximize profit by charging as much as possible. When supply and demand are balanced, price tends to be stable Cost The less it costs to manufacture a good, the greater a producers profit margin when that good is marketed at a specific price point. As the cost of production decreases, the more product a manufacturer can produce. Competition Manufacturers may be compelled to lower the price of their goods in order to match the price of similar products offered by a competitor, thus lowering profits. Likewise, producers will seek the lowest price on raw materials, which can, in turn, affect suppliers. Supply and demand do fluctuate over time, and both producers and consumers can take advantage of this. For example, consider season  demand on clothing. In the summertime, the demand for swimsuits is very high. Producers, anticipating this, will ramp up production in the winter in order to meet demand as it increases from spring into summer. But if consumer demand is too high, the price on swimwear will rise because it will be in short supply. Likewise, in the fall retailers will begin clearing out excess inventory of swimsuits to make room for cold-weather clothing. Consumers will find prices reduced and save money, but their choices will be limited. Elements of Supply There are additional factors that economists say can affect supply and inventory. Specific quantity is the amount of a product that a retailer wants to sell at a given price is known as the quantity supplied. Typically a time period is also given when  describing quantity  supplied For example: When the price of an orange is 65 cents the quantity supplied is 300 oranges a week.If the price of copper falls from $1.75/lb to $1.65/lb, the quantity supplied by a mining company will fall from 45 tons a day to 42 tons a day. A supply schedule is a table which lists the possible prices for a good and service and the associated quantity supplied. The supply schedule for oranges could look (in part) as follows: 75 cents - 470 oranges a week70 cents - 400 oranges a week65 cents - 320 oranges a week60 cents - 200 oranges a week A supply curve is simply a supply schedule presented in graphical form. The standard presentation of a supply curve has price given on the Y-axis and quantity supplied on the X-axis. Price elasticity of supply represents how sensitive quantity supplied is to changes in price. Sources Investopedia staff. Law of Supply. Investopedia.com.McIntyre, Shawn. Economics for Beginners. Owlcation.com, 30 June 2016.

The Geography Of Bliss By Eric Weiner - 1035 Words

Different countries have different cultural values and traits. People with different culture have a huge difference than people in an organization. Culture is the sum total of ways of living built up by a group of human beings and transmitted from one generation to another (dictionary.com). In the book, The Geography of Bliss by Eric Weiner, he discussed the different values and traits of different countries during his journey in finding the data of happiness. In his journey, he mentioned some countries particularly Netherlands, Switzerland, Bhutan and Qatar. People in Netherlands have known for their tolerance, while people in Switzerland have known for their self-policing and thriftiness. In addition, people in Bhutan are different they are compassionate, they believe in imaginative possibilities, they are religious, and do not value money. Moreover, Qatar is opposite of the three countries. Unlike Bhutan, Qatar people beliefs depend on money, privilege, and luck. Indeed, culture has significant effect in people s values and traits that causes cultural differences in different countries. First is Netherlands, Dutch culture is distinctive for their tolerance. They tolerate drugs, prostitution and cycling. Most European spends most of their time in cafes. They talk everything under the sun. They spend their time in the cafe thinking until something came out in their mind. Even Weiner s believes cafe is the reason why most popular philosopher came from Europe (6). ForShow MoreRelatedThe Geography Of Bliss By Eric Weiner1379 Words   |  6 Pagesfactors that affect happiness and it is rooted from the country you were born in. â€Å"We are shaped not only by our current geography, but by our ancestral one as well (Weiner 112). Most countries have different culture that contributes to people s happiness. People who live in America will not be as happy as the one who lived in Moldova. In Eric Weiner s, book The Geography of Bliss. He was searching for data on happiness. He conducts a study on how people in different countries understand and measureRead MoreGeography Of B liss By Eric Weiner2274 Words   |  10 Pagespeople s perspective of life , or to compare what makes me happy to that of others. Reading a book geography of bliss written by Eric weiner, helped changed my believes. I was amazed at how other people around the world live their lives on daily basics ,weather rich or poor they still find ways and reasons to live in peace, be happy and co-exist together. While reading the geography of bliss, I got to understand that, Happiness comes from the deepest part of a free and willing heart. SoRead MoreZiyin 1 1 Essay1327 Words   |  6 Pagesï » ¿Ziyin Li English 1A Paul Glanting October 10, 2014 The rhetoric in Geography of Bliss In Geography of Bliss, Eric Weiner is setting on finding the worlds happiest country. He uses a beguiling mixture of travel, psychology, science, and humor to investigate where happiness is. Rhetoric has enjoyed many definitions, accommodated differing purposes, and varied widely in what it included. The traditional definition of rhetoric, first proposed by Aristotle, was the art of observing in any given caseRead MoreAnalysis Of Eric Weiners Geography Of Bliss1643 Words   |  7 PagesEric Weiner, the author of Geography of Bliss, Euromail and Amerimail, and Man seeks good, is an american author and former foreign correspondent. His works are typically non-fiction, as it usually pertains to his life. In his stories, he shows his search for happiness and why it is necessary to find   out what happiness means to others. In his book Man Seeks God, he explains his experience with his exploration of what religion and faiths had on his life. This search was inspired by a health scareRe ad MoreImpact of Cross-Cultural Differences on Different Perceptions of Happiness1358 Words   |  5 PagesIn The Geography of Bliss, Eric Weiner presents cross-cultural differences (and similarities) in perceptions and experiences of happiness. A careful analysis of Weiners findings, which are rooted in research, shows that there are universal patterns and trends beyond individual and cultural differences. Happiness entails understanding the curious combination of internal and external factors; environmental triggers and the human psychological response to those triggers. Buddhist societies like thoseRead MoreEssay The Simplicity of Bliss1407 Words   |  6 PagesFrench author, journalist and philosopher, Albert Camus writes, â€Å"but what is happiness except the simple harmony between man and the life he leads.† In his book, The Geography of Bliss, Eric Weiner sets out on a journey around the globe to â€Å"places that possess, in spades, one or more of the ingredients that we consider essential to the stew of happiness: money, pleasure, spirituality, family, and chocolate, among others†. (2) According to the World Happiness database, these are the keys to the happinessRead MoreGeography of Bliss2589 Words   |  11 PagesThe Geography of Bliss In 2008 Eric Weiner wrote and published the book The Geography of Bliss, one grump’s search for the happiest places in the world. This paper describes Mr. Weiner’s search for happiness over the course of a year, traveling through ten very different countries, including our own land America. His search has sent him through the darkest corners of the world to the brightest and busiest places of all. â€Å"Places that possess, in spades, one or more of the ingredients that we considerRead MoreExtraversion and Introversion: Who is Happier? Essay2191 Words   |  9 Pageslower. The Geography of Bliss by Eric Weiner is where my research began. It was a pleasure to follow Weiner on his journey around the world to find the happiest places on Earth. Throughout the book he touched a little on individualism and I relate that back to my research of extroversion and introversion since they are personalities and it makes us who we are. Weiner states that â€Å"[d]ifferent people define happiness differently. Your idea of happiness may not be the same as mine.† (Weiner 12). ThisRead MoreLanguage Is The Method Of Human Communication1008 Words   |  5 Pagesand no where else. As Eric Weiner stated in â€Å" The Geography of Bliss†.. â€Å"Do you speak Russian?† I ask Sandru, after the waitress has gone. â€Å"Yes, fluently.† â€Å"So why don’t you talk to her in Russian?† â€Å"Why should I?† This is my country, not hers. She should speak Moldovan. I can’t take this, being humiliated all the time. Do you know what they say to me? They say, ‘Why don’t you speak Russian? Why don’t you speak a human language? (Weiner 192-214). EffectiveRead MoreEssay on How to Achieve Happiness2099 Words   |  9 Pagesthan your friends, neighbors and colleagues†¦ money matters, but its not as important as the average citizen thinks.† (Holmes) This suggests that the more money you have the higher status you earn and with a higher status comes higher self-esteem. Weiner also talks about when a society becomes too rich and the effect it will have. â€Å"In a wealthy, industrialized society, one where we are supposedly enjoying a bountiful harvest of leisure time, we are discouraged from doing anything that isn’t productive-either

Arranging trips to Mada in Saleh-Free-Samples-Myassignmenthelp.com

Question: Write a secondary data about historical place called Mada'in Saleh that's located in Saudi Arabia. Answer: Madain Saleh is located in the Al Madinah Region, Al-Hejaz in Saudi Arabia. The Nabataean people who engrave its splendid tombs into that of the golden Quweira sandstone outthrust (Wadeson, 2013). At the entrance the Masons of that time has made dedicate details along with 111 tombs reflect their skills beautifully. Madain Saleh is mainly an archeological site, which are actually the remains of Nabatean Kingdom (Smith et al., 2014). However, UNESCO has declared Madain Saleh as a site of inheritance, becoming first World Heritage Site of Saudi Arabia. UNESCO has chosen this because of its well-maintained remains from their ancient past mainly those rock-cut tombs with their detailed ornamented appearance of the Nabatean Kingdom. The meaning of Madain Saleh is cities of Saleh, which was formulated by Andalusian traveler in 1336 AD. Madain Saleh is also known as Al-Hijr or Hegra, which in Arabic means rocky place. This name is also been used to mention to its topography. However, both t hese names are been mentioned in the Quran when mentioning to the settlements found in the territory. However, the medieval inhabitants of the area, which were the Thamudis and Nabateans, use to refer to this place as Hegra. This archeological site is mainly situated 20kilimeters north of the Al-`Ula town, around 400 kilometers from north-west of Medina, from southeast of Petra it is 500 kilometer as found in the present day Jordan (Al-Bashaireh Hodgins, 2014). While planning a trip in Madain Saleh the top sights in this area, which attracts the tourists most, are Qasr al Farid, Elephant Mountain, Al Diwan, Madain Saleh and North Gate of Madain Saleh (Ekiz, ter Stephenson, 2017). Tourists are mainly attracted to these places because it is not much crowded and people find this archeological site to be breathtaking because of its beauty and maintenance. Tourists who are interested in knowing about ancient archeological heritages visit this place and consider it a hidden gem in Saudi Arabia. However, this place is little far from the major cities but tourists are attracted towards it because of its beautiful landscape. There are no entry charges in Madain Saleh and it is open until 6pm in the evening. However, the guards so check the ID proofs of the visitors. The tourist may or may not hire a guide as there are visual shows, which describe the Nabatean civilization along with at each mountain, faade, or the monument broad written information is found. The view of sunset from the top of Madain Saleh is another beautiful attraction for the tourist. However, this place mainly attracts tourists from USA, Saudi Arabia, Ireland, India, Thailand and UK. It has been observed that approximately 2000 tourist visit this place during the holiday seasons. Maximum of the tourists are from Saudi Arabia because they are more aware of this archeological site. People other than those of Saudi Arabian also visit this place but in comparison to the Saudi Arabians, they are less in number. Tourist from Saudi Arabia as well as those outside is attracted to this place, as this place is well known for being the second largest settlement of the people of Nabataean after Petra (Kouki, 2012). Moreover, the nearest hotels for the tourists in Al Ula,Saudi Arabia are Al-Ula ARAC Resort, which is just 13.4 kilometers away from Madain Saleh and there is Madain Saleh Hotel, which is 17.1 kilometers away. There are also Guest Houses among which the best-rated ones are Shahd Land Resort, which is 1.2 kilometers away from Madain Saleh, Shaden Resort and Golden Star, which is 23.9kilometers away. Along with these, there are Speciality lodging like Madakhil Camp, Sahary Al Ola Camp and Almubarak Hotel Suites, which the tourists avail. In maximum of the accommodations, the tourists will get free parking along with facilities like Wifi, restaurants, outdoor pool and other basic as well as luxurious necessities. The nearest airports to Madain Saleh are Al-Wedjh and Al-Ula, which are located to the nearby towns. Both of these airports are small and seldom have flights. Apart from these two, the main airports are in Hail and Medina, which are the most popular flight routes, which are alm ost 3hours or less from Al-Ula. Saudia and NAS are the domestic airlines where tourists can get cheap tickets. Perfect plan will be to fly to Hail and then get into the infrequent bus to Al-Ula. There are other options as well like bus, private car and taxi to take the tourists to Madain Saleh. Buses are very rare but there is taxi, which one can easily get from the airports, or bus stands, which can take the tourists to this archeological site (Hussain, 2017). References Al-Bashaireh, K. S., Hodgins, G. W. (2014). The chronology of Qasr el-Bint, Petra: Discussion and new radiocarbon dates.Palestine Exploration Quarterly,146(4), 281-292. Ekiz, E., ter, Z., Stephenson, M. L. (2017). 7 Tourism development in the Kingdom of Saudi Arabia.International Tourism Development and the Gulf Cooperation Council States: Challenges and Opportunities, 124. Hussain, Z. (2017). Saudi Arabias Red Sea Project: Harnessing Tourism for Diversification. Kouki, P. (2012). The Hinterland of a city: rural settlement and land use in the Petra region from the Nabataean-Roman to the Early Islamic period. Smith, N. G., Passone, L., Al-Said, S., Al-Farhan, M., Levy, T. E. (2014). Drones in Archaeology: Integrated Data Capture, Processing, and Dissemination in the al-Ula Valley, Saudi Arabia.Near Eastern Archaeology (NEA),77(3), 176-181. Wadeson, L. (2013). Nabataean faade tombs: a new chronology.Studies in the History and Archaeology of Jordan,11, 507-28.