Essay on Microeconomics and the Board Game Monopoly

All I ever needed to know about microeconomics I learned from the Hasbro board game Monopoly. Some people, like myself, need practical models in order to understand certain concepts and theories. In our text book The Economy Today it completely ignores the intrinsic value of business decisions because you can’t put a numeric value on it. The game Monopolyâ„ ¢ is all about the numbers. In the game of Monopolyâ„ ¢ you have goals: The object is to bankrupt all opponents. To do so, you must be dedicated and make each decision with the aim of improving your chances and wiping out your opponents.† (Monopoly) In what I will call throughout the paper real life, the goal is the same. Look at the excerpt from an ABC New article called The†¦show more content†¦On the official Hasbro â„ ¢ website, and in many books you can find all kinds of strategies for winning the board game. Know when to cause a building shortage If you have only low-rent color groups, quickly build three or four houses per property to restrict the availability of houses to owners of high-rent color groups. Never move up to a hotel anywhere if the return of houses to the bank would enable an opponent to develop an expensive color group. (Example: the Yellow group has just been formed. There are only three houses in the bank, but six hotels. You own the light blues with four houses on each. Do not buy hotels. Doing so would give the player owning the Yellows an opportunity to build up to hotels on them.) (Monopoly.com) By buying up the houses you are creating a barrier to entry. It is a barrier even if your opponent has the necessary funds to enter. This is because of the basic economic principal of scarce resources, or as Stephen Slavin calls it in Economics Control over essential resource. (Slavin 541) The game Monopoly is a prime illustration of scarce resources; that is, â€Å"There’s a limit to the amount we can produce in a given time with available resources.† (Schiller 9) The property is limited - Nothing can be done to create more property; you can only build on yourShow MoreRelatedTaking a Look at the Concept of Monopoly923 Words   |  4 Pagesof this class of microeconomics would be monopoly. I chose this topic because as of today we face many issues regarding this topic and I would like to be well informed and help others be informed on monopoly. One of the two articles that I will be using is published on Econlib, the name is â€Å"Monopoly† by George J. Stigler. The other article I will be using is published on about.com in the economic education section and the title is â€Å"What Is a Monopoly?† by Jodi Beggs. â€Å"Monopoly† by George J. StiglerRead MoreMonopoly Between Monopoly And Oligopoly1561 Words   |  7 PagesMonopoly isn’t just a board game where players move around the board buying, trading and developing properties, collecting rent, with the goal to drive their opponents into bankruptcy. However, the game Monopoly was designed to demonstrate an economy that rewards wealth creation and the domination of a market by a single entity. Monopoly and Oligopoly are economic conditions where monopoly is the dominance of one seller in the market and an oligopoly is a number of large firms that dominate in theRead MoreGame Theory and Oligopoly Fall2627 Words   |  11 PagesEcon 101: Principles of Microeconomics Chapter 15 - Oligopoly Fall 2010 Herriges (ISU) Ch. 15 Oligopoly Fall 2010 1 / 25 Outline 1 Understanding Oligopolies 2 Game Theory The Prisoner’s Dilemma Overcoming the Prisoner’s Dilemma 3 Antitrust Policy Herriges (ISU) Ch. 15 Oligopoly Fall 2010 2 / 25 The Oligopoly Monopolies are quiet rare, in part due to regulatory eï ¬â‚¬orts to discourage them. However, there are many markets that are dominated by a relativelyRead MorePrinciples of Microeconomics Fifth Canadian Edition20085 Words   |  81 PagesLicensed to: iChapters User PRINCIPLES OF MICROECONOMICS: A G U I D E D T O U R PART ONE: INTRODUCTION Chapter 1 Chapter 2 Chapter 3 Ten Principles of Economics Thinking Like an Economist Interdependence and the Gains from Trade The study of economics is guided by a few big ideas. Economists view the world as both scientists and policymakers. The theory of comparative advantage explains how people benefit from economic interdependence. PART TWO: SUPPLY AND DEMAND I: HOW MARKETSRead MoreAdvantages and Disadvantages of Privatisation 24553 Words   |  19 Pages 2.8 Improving Government Financing 6 2.9 Reorganisation or Restructuring Government Systems and Performance Measures 7 3.0 DISADVANTAGES OF PUBLIC SECTOR PRIVATISATION 7 3.1 Possible Control of Foreign Entity on National Interests 7 3.2 Monopoly Risks 8 3.3 Management Incompetencies 8 3.4 Misproprietion of Funds and Misuse of National Interests 9 4.0 ADVANTAGES OF PUBLIC LISTING PRIVATISATION 10 4.1 Focus on Core Competences such as Operations, Financing and Investments. 10 4.2Read MoreIpo on Gopro2624 Words   |  11 PagesGOPRO How their IPO affected them. Christian Pichardo Principles of MicroEconomics Mr. Peter Cronrath April/4/2015 TABLE OF CONTENTS Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..pg 3 GoPro†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...pg 4- 5 IPO †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..pg 6 Problem†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦............pg 7- 8 Solution†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦............pg 9 Charts†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...........pg 10-11 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦................pg 12 INTRO The stockRead Morechapter 13292 Words   |  14 Pagesis nearly identical to its product. e. both c and d 1-14 Which of the following statements is true? a. Shareholders as a group have little or no ability to force managers to pursue maximization of the firm’s value. b. The effectiveness of a board of directors in monitoring managers will be enhanced by appointing members from the firm who are well-informed about the management problems facing the firm. c. Reducing the amount of debt financing can reduce the divergence between the shareholders’Read MoreGame Theory Introduction17342 Words   |  70 PagesStrategies and Games Strategies and Games Theory and Practice prajit k. dutta The MIT Press Cambridge, Massachusetts . London, England  © 1999 Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. This book was set in Melior and MetaPlus by Windfall Software usingRead More10 Principles of Economics6483 Words   |  26 Pagesmakeup and concert tickets. Inelastic goods show little or no change in demand when the price changes. Examples include electricity and gas. Firm Behavior * The goal of a firm is to maximize profit. William McEachern explains in the book, Microeconomics: A Contemporary Introduction that perfectly-competitive firms maximize profit when the marginal cost equals the marginal revenue. When this equilibrium is reached, the firm can stay competitive and profitable. When marginal cost exceeds the marginalRead MoreCfa Study Guide15531 Words   |  63 Pagestechnical analysis; c. list and describe examples of each major category of technical trading rules and indicators. www.cfainstitute.org/toolkit—Your online preparation resource STUDY SESSION 4 ECONOMICS: Microeconomic Analysis T his study session focuses on microeconomic concepts and how firms are affected by these concepts. One of the main concepts related to the equilibrium between demand and supply is elasticity, which measures the rate of changes on the equilibrium price level

Essay Hybrid Health Record - 1063 Words

Running head: Hybrid Health Record Hybrid Health Record Ryan Engle 250129 Western Governor’s University Abstract Management of health records is becoming increasingly complex. I will discuss the management of â€Å"Hybrid† health records, including legal issues. Additionally, I will evaluate a sample record policy for compliance with Washington State Administrative Code, Medicare Conditions of Participation, and Health Insurance Portability and Accountability act. Hybrid Health Record Electronic Health Records (EHR) transition from paper to electronic has necessitated a â€Å"hybrid† environment. The combination of paper, EHR, and document imaging (scanning) is causing challenges for Health Information Managers (HIM). Paper forms are†¦show more content†¦Ancillary reports follow below subheadings. Physicians and nurses create paper charts, and that chart, when patient is discharged, is scanned into the EHR by an HIM. That data then becomes part of the legal document. A legal medical record is described as residing wherever the document is born. When information is created in the form of an electronic database, which is the legal record. The EHR must be considered a document that can be subpoenaed for legal proceedings. Signatures, whether electronic or paper, must be documented in a master list that follows the chart at all times. The master signature list ensures that anyone that accessed the record, added or deleted information, and had direct care for the patient is appropriately documented. When a Request for Information (ROI) is generated, a hybrid EHR becomes a good choice. The hybrid record, when imaging is used, allows for complete releases by the HIM without having to data mine the paper records. This increases productivity in the HIM by decreasing the time to find and copy data, and decreased the amount of paper required when the ROI can be fulfilled with electronic data transfer instead of paper being sent. The â€Å"Willow Bend Record Policy† was established to establish guidelines for retention, storage, and destruction of health information. I will be evaluating this policy/procedure for compliance with Washington State Administrative Code (WAC) and the Revised Code of Washington (RCW),Show MoreRelatedSteps To Defining Legal Health Records In Hybrid Systems716 Words   |  3 Pagesthem to off-site storages. That process will eliminate confusion in storing and allow easily retrieve of records when needed. Once scanned, the documents should be sorted and stored under correct patients’ records with appropriate file names for indexing. After that, HIM professionals must recheck to assure the success of importing data into EHR. Procedures and policies to keep the medical records confidentiality during transferring process must be implied. Lastly, HIM professionals must adhere to stateRead MoreHistory Of Medical Record Keeping Documents754 Words   |  4 PagesThe history o f medical record keeping documents have been traced back to Ancient Egypt around 1900BC to 1500BC. As Egyptian priests or physicians would make new discoveries about the human anatomy, they would document the findings on thick pieces of paper like fabric that was made from the vascular tissue or pith of the Cyperus papyrus plant known as papyri. During the medieval era of Europe, Physicians were known to document patient diet recommendations, successful treatment plans, and surgicalRead MoreSpotlight in Electronic Health Record Errors982 Words   |  4 Pagesarticle entitle â€Å"Spotlight on Electronic Health Record Errors: Paper or Electronic Hybrid Workflows† was written by Erin Sparnon on June, 2013. The Electronic Health Record (EHR) is a longitudinal electronic record of patient health data made by one or more encounters in any care delivery setting. Comprised in this information are patient demographics, progress notes, complications, medicines, vital signs, past h ealth history, vaccinations, laboratory records and radiology information. This systemRead MoreElectronic Health Records Are Helpful For Physicians And Healthcare Providers1048 Words   |  5 PagesMary K Horne Electronic Health Record Transitioning Professor Deana Lamolinare Devry University HIT 170 Electronic health records are helpful to physicians and healthcare providers, because they can be used between different health facilities and agencies. The Electronic Health Record system can be used to improve the effectiveness, quality care, and reduce cost in the future. This record of information contains the history of the patient’s visits to a healthcare facility along withRead MoreThe Field Of Health Information Technology1178 Words   |  5 Pagesfield of Health Information Technology we have to be able to determine the difference between a series of health records and what they are used for. As a Health Information Technician we need to be able to provide legal action or information in civil cases and to be able to understand and follow code of ethics and laws that are in place for a health record. It is important for a Health specialist to protect health information at all times to prevent any illegal threats from occurring. As a health specialistRead MoreO Connor Is A Non Profit Hospital Essay1214 Words   |  5 Pagesenergetic and was generous with her time. O’Connor is a non-profit hospital that has been in operation for over a 100 years. O’Connor is part of the Daughters of Charity Health System (DCHS). Earlier this year O’Connor hospital, a part of Verity Health announced a comprehensive revenue cycle management (RCM) agreement with Conifer Health Solutions. Department Organization: This 358 hospital bed acute care facility. The HIM department is staffed with twenty one individuals who hold various positionsRead MoreThe National Coordinator For Health Information And Technology1234 Words   |  5 PagesMeaningful Use and Health IT Introduction The charge of the Office of the National Coordinator for Health Information and Technology (ONC) is to coordinate â€Å"national efforts to implement and use the most advanced health information technology and the electronic exchange of health information †¦ to improve health care† (Health and Human Services [HHS], n.d., website). However, sharing confidential information found in the electronic health record (EHR) for research and quality improvement potentiateRead MoreA Brief Note On The Electronic Health Records Essay1484 Words   |  6 Pagesproviders and patients, and provide medical records that will help patients track their conditions. The Electronic Health Records (EHRs) have revolutionized the process of clinical documentation through direct care to the patient. This electronic health record is a new technology that helps maintain patient’s privacy. Both computers and EHRs can facilitate and improve the clinical documentation methods, which is beneficial for all patients, the care teams, and health care organizations. In this case, documentat ionRead MoreThe Health Insurance Portability And Accountability Act Essay810 Words   |  4 PagesResults: The purpose of this review was to identify the holistic approach to deal with the privacy issues of the health data usage in the era of big data. Based on the research review, several results were generated about how to address these issues. 1. Data access control In order to ensure the privacy of health data, the establishment of access control strategies is required as well as the related policies, which focus on limit the access rights to patient data, assign the proper access rightsRead MoreThe Electronic Health Records ( Ehrs ) Essay1644 Words   |  7 Pagesprovide medical records that will help patients track their conditions. The Electronic Health Records (EHRs) have revolutionized the process of clinical documentation through direct care to the patient. This electronic health record is a new technology that helps maintain patient’s privacy and to direct care of the patient. Both Computer systems and EHRs can facilitate and improve the clinical documentation methods, which is beneficial for all patients, the care teams, and health care organizations

The effect of hyperinflation Free Essays

The main effect of hyperinflation is that consumers struggle in buying what they need. The prices of goods rise continuously, so people do not have enough money to buy the items they would have been able to afford previously. This results in debt, which would be hard to pay off especially if prices continue to rise, or going without, which could cause health issues. We will write a custom essay sample on The effect of hyperinflation or any similar topic only for you Order Now There is also the temptation of theft; in desperation some people might be drawn to thievery to support their family. Even for those few people whose salary kept pace with inflation, it was hard to buy the goods. They needed so much money to buy what they needed that they would physically struggle to transport the money to the shop. In some cases of hyperinflation, people had to transport money in wheelbarrows because they needed so many notes for even small items. An example of this was in Germany 1923, where a single loaf of bread eventually cost 200 billion marks. Another result of prices rising all the time was that workers had to get paid twice a day to rush out and buy their goods before prices rose even more. Furthermore, this meant that wages never caught up with the ever-diminishing value of money, and were insufficient to cover the costs. Another important effect of hyperinflation is that people in general struggled with growing shortages. When small items were equal to thousands, or even millions, of notes, foreign suppliers started refusing to accept the hyper-inflated currency. This meant that imports dried up and shortages of food and other goods got worse, for everyone. In addition, savings, insurance policies and pensions became worthless. This mainly affected the middle class, particularly old age pensioners, and widows. For unemployed people relying on savings and pensions, this was devastating and caused many problems. On the other hand, this worked to the advantage of those in debt before the hyperinflation, who would now easily be able to pay them of as the sums involved became worthless. Businesses were greatly affected by hyperinflation as well, for good and bad. Wealthy businessmen would benefit from hyperinflation because property was cheap and with smaller businesses struggling; the bigger, more successful businesses would take over the smaller ones at low cost. . Unfortunately, it didn’t help smaller businesses as much. They had to pay higher wages which they could not afford and had less buying power. They were also in risk of being bought out by the bigger businesses leaving them unemployed. Leading on from this, the workers would struggle too because when the smaller businesses got taken over, they would lose their jobs and then struggle to pay for goods, whilst unemployed. . On some occasions, one result of hyperinflation was that the government printed more money. This made it better to start with, but ultimately made inflation worse and initiated another cycle. As the prices rose, more money was printed, causing prices to rise again. In conclusion, the main effect of hyperinflation was that people struggled with buying what they needed, however there are many other effects that caused shortages and hardship: savings and debts becoming worthless, bigger businesses taking over the smaller ones, leading to unemployment, and the government printing more money. There are lots of effects of hyperinflation, and although it benefited a few people, on the whole, it caused chaos and misery for the people. How to cite The effect of hyperinflation, Papers

First Confission free essay sample

The opening sentence drew me in: All the trouble began when my grandfather died and my grandmother my fathers mother came to live with us. We learn that the grandmother, a country woman, is unsuited to life in town. She walks around the house barefoot, eats with her fingers, and drinks quite a bit of porter straight from the jug. The narrator, a seven-year-old boy named Jackie, is mortified by this behavior, while his older sister Nora sucked up to the old woman for the penny she got every Friday out of the old-age pension In one instance, we find Jackie, who refuses to eat any meal prepared by his grandmother, hiding under the table threatening to protect himself with a butter knife as Nora tries to force the food upon him. Jackie is preparing for his first confession and communion. The teacher, who talks mostly about hell, has scared him to death. We will write a custom essay sample on First Confission or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page When the day of confession arrives, Jackies mother sends Nora to accompany him to the church. Now that girl had ways of tormenting me that Mother never knew of.She held my hand as we went down the hill, smiling sadly and saying how sorry she was for me, as if she were bringing me to the hospital for an operation. Oh, God help us! she moaned. Isnt it a terrible pity you werent a good boy? Oh, Jackie, my heart bleeds for you! How will you ever think of all your sins? Dont forget you have to tell him about the time you kicked Gran on the shin. Nora goes to confession first. Noras turn came, and I heard the sound of something slamming, and then her voice as if butter wouldnt melt in her mouth, and then another slam, and out she came. God, the hypocrisy of women!Her eyes were lowered, her head was bowed, and her hands were joined very low down on her stomach, and she walked up the aisle to the side alter looking like a saint. You never saw such an exhibition of devotion; and I remember the devilish malice with which she had tormented me all the way from our door, and wondered were all religious people like that, really. Jackies turn follows. The description of the confession is quite comical and well worth reading. The entire piece is about five pages long and can be found  here. I loved this story and will look for others by Frank OConnor.