HND经济学导论Outcome1考试题及翻译
HND市场学 outcome1
1.The concept of the marketing: Marketing which is the management process responsibleis to identify, anticipate, and satisfy customer requirements profitably. The needs and wants of a social and managerial process are individuals and group obtain through creating and exchanging products and value with them. To meet the objectives of the section involved, customers and their partners could be established, maintained and enhanced relationships, which is achieved by mutual exchange and fulfillment of promises.The behaviors of all companies should focus on consumer. All the function of the whole company should be responsible for the satisfaction degree of consumer. To achieve the goal of company, company should satisfy consumer. Excavating customers’ needs and wants is the main part of the company.2.Micro:A). Suppliers give the main source for company which have needs, that could guaranteethe main source of the goods. Marketer who is wise should treat the suppliers as his partners. For example, the Day Dream Company’s output is supplied to the ‘For Toys’ retail chain which sells the goods, For Toys must treat the Day Dream as its partner.B). Marketing intermediaries which contain retails, wholesales, and physical distributionfirms could help the company improve the sell and allocate the goods to ultimate customers. For example, the Day Dream reduced price to the retailer when the company hit the lower point, however, the retailer did not reduce price when they sold to consumer.C). Consumers are the component in a company’s microenvironment which are the mostimportant part. Marketers should know the new trends of their customers’ habits very well when they buy goods and service. For example, Day Dream company must adapt to the changing needs of existing and potential customers. The company has a better understand to their customers in order to make more reasoned and informed decisions.D). Competitors: Competent markets should take the best effort to know and satisfy thecustomers’ needs and wants more effectively and efficiently than any other competitors.The competitors are the section of the company’s microenvironment which are independent. For example, Day Dream should understand the scale and the quantity of the competitors and how much they rely on the competitive product.E). Publics indicates that some groups have a real and potential interest in or effect on anorganization’s capacity to achiev e its objective. For example, the public pays attention to Day Dream’s serves and product which have high quality toys and made from natural products. At last, the department store agreed to stock Day Dream’s products.MacroA). Political/Legal: Marketing strategies must be planned to take into account existinglegislation and the changes of future, which are not simply domestic politics, international politics and regulations. The political environment leads to the direction of marketing activities of company. The legislative environment rules for company that the behavior principle of marketing activities. For example, the domestic politics forbid company to use the woods as raw materials, Day Dream should use plastic and resin as raw materials.B). Economic: some factors of potentially major concern to marketing management are arate of inflation, interest rates, exchange rates, industrial output, level of disposable income and balance of payments. For example, Day Dream bought a soft toy manufacturer and expand the business, therefore the expenses increase, which has a biginfluence on the marketing activities of the company.C). Sociocultural environment has changes and trends, which shows the foundationalchallenges. The society shape the sociocultural. P eople’s basic bel iefs, attitudes and values are shaped by society. The sociocultural involves value, religion, custom and moral rule.For example, fertility rate of society declined, most of people are not willing to have babies.After a few years, the people who buy the toys will drop. Therefore, Day Dream company can sell the toys to the older child or sell the adult toys.D). Technological: the technological advance rapidly, which has a deep effect on themarketing, new products and new industries. For example, for Day Dream, they must pay attention to the developing technological in order to do better in marketing and meeting customers’ needs and wants.E). Natural environment provides all kinds of material source, which contains water, air,forest, soil and sunshine. For example, Day Dream used wood to make wooden building, simple wooden jigsaws and a limited selection of wooden animals at first.3.A). Identify new market and products means that company should identify the newproduct and potential product in order to have a new business opportunity. Forexample, Day Dream grasped the new market and published the new book whichrelevant the ‘Country Cousins’. This is the new product opportunities for the company and this became a highly profitable part of the portfolio of the company.B). Provide the right good in the right time at the right place: this means that companyshould understand the marketing needs to put the right products and in the right time at the right place, in order to obtain profit better.C). Understand the competitors means that company should identify and keep track ofall competitors, which could make company know the competitive market and make a suitable decision to sell the competitive products. For example, Day Dream company could make research to gain the information of the competitors, and make a gooddecision to sell the relevant goods to get more profit and attract more customers.D). Understand the consumer behaviors means that company makes research tounderstand the customers’ thought of buying advanced. The buying behaviors areconnected with marketing activities, which make company sale better. For example,Day Dream knew the customers buying behavior then they produced a series ofthirty ’Country Cousins’ story books and improve their sale s method.E). Identify the resources means that company should have abilities to identify theresources which are human resources, consumer resources, product resources andmarket resources. For example, Day Dream should identify the importance of existing and potential consumers and so on. They should take advantages of these resources and make the further research of the resource in order to improve their business.F). Minimize risk means that the company could make research to understand what thecustomers thoughts to help company decrease the cost. Meanwhile, it can decline the risks. Company provides the customers’ wants. For example, Day Dream shouldunderstand why the customers like play the video games, but they do not play the toys which were produced by company. For child, it is a good sign to play the hand-made toys, because they can help them understand the real world better rather than play thevideo games.G). Make appropriate marketing mix decision means that company should havesuitable product, price, promotion and place to improve their own business. Forexample, Day Dream established their new products and had a suitable price to have a better profit.4.The concept of qualitative research is that company researches and studies questions. company understands the phenomenon of things and gather the information which can be interpreted in a number of ways, such as views and attitudes of people.The concept of quantitative research is that it can find to establish statistical information about the subject matter. This type of research tends to acquire a huge number of valid information to be started.Example: The quantitative research: 1. Day Dream company can design questionnaires to put them into the exclusive shop. Day Dream can also provide the membership card to the customers when they buy products in order to get their phone numbers and email address, which can send questionnaires to consumer.2. Day Dream company can borrow the statistics from government, for example, they can borrow recent birth rate, the popularizing rate of toys and the level of consumer income, which can help the company do the secondary research to understand market. 3. Day Dream company can analyze the data of competitors through the internet or analyze Day Dream selling data. These would help them find the fittest product for customers and the commonest buying method of customers. The qualitative research: 1. Day Dream can use observational research. They can observe people who are playing in the amusement park and playing the toys which are putting in the toy store, then they can understand what are the child really want. This research shows that the child who uses and plays these toys finds problems so that the company know how to solve these problems. 2. The Day Dream company could use the focus group, this method is convening the 10 to 12 years old children, because the original customers are 5 to 8 years old children. Nowadays the company would like to expand the market, so they can find the 10 to 12 years old child or the older child, even they can find the adult. Let the customers attempt and experience this product whether it can puzzle, relieve stress and ease the aging and so on or not. 3. They can use the questionnaires, which have the ways of on-line and real life.5. A). The concept of market segmentation: Buyers compose markets, and there are a lot of different buyers. They may differ in their wants, resources, locations, buying attitudes and buying practices. Companies divide large, heterogeneous markets into smaller segments, which can provide more efficient products and services to match their unique needs and wants.B). The goals of market segmentation are search the target groups and target markets. They can help companies find crowds who have the same needs and the similar wants. These ways scatter the markets, which make markets smaller and make groups smaller.C). The steps of market segmentation: 1. Companies should find the markets needs and trait. 2. According the trait, companies classify the consumer, which contains Geographic segmentation, Demographic segmentation, Psychographic segmentation and Behavioral segmentation.3. According this segmentation, companies find one of them to proceed undifferentiated marketing, differentiated marketing and concentrated marketing.D). The example: According the marketing segmentation, it can help Day Dream company acquire more profit, the ways of profit acquiring:1. it can make company understand the customers’ needs and wants better, and company can choose fitter market through marketing segmentation. 2. It can help company produce new target market. Company can achieve the goal of expanding the company. 3. It can help company plan their marketing mix better, which means DD company can provide better product, sale in better price in a faster and convenient way to let consumer get the information of the products and send these products to the customers.。
hnd养老金-outcome1-4答题详解
1. 1952.2.22(1950.4.6)61years+11months=61years10months=1952.2.22+61years1omonths=2013.12.221.S2P●Certain disabled people, and carers, who are treated as if earning￡11,600 pa (even if they actually have no earnings at all).●Individuals who are entitled to Invalid Care Allowance or SevereDisablement Allowance.●Thos who are entitled to Long –Term Incapacity Benefit●People whose earnings are below the LEL, but are in receipt of CBfor a child under six.●Those receiving Income Support as a result of caring for a sick ordisabled person.2.DB and DC3.Inland Revenue LimitA.Controlling Directors: These are directors who own or control atleast 20% of the voting capital of a limited company. The implication is that they can exercise significant control over both remuneration and pension contributions. The Inland Revenue limits referring particularly to controlling directors are mentioned under the relevant headings below.B.Normal Retirement Date: NRD is usually between 60 and 75, that is,the date at which the individual is expected to retire. However, certain occupations are accepted by the Inland Revenue as being ones where early retirement is considered to be the norm.5.A). Returned to them in cash: This applies where an employee leavesa scheme before completing two years of qualifying services. The cash will only be equivalent to the contributions that they have paid into the scheme.B). Preserved in the scheme that they are leaving: If a member leaves a scheme after 1 January 1991 they are entitled to a preserved pension known as a protected rights pension in the scheme that they are leaving. The preserved pension may also be known as a frozen or a deferred pension.C). Invested in a personal or stakeholder pension: Under the 1985 Social Security Act, any preserved or deferred pension in a money-purchase personal or stakeholder pension scheme must receive the same treatment in terms of inflation-indexing and investment returns as active pensions remaining in the scheme.6.Investment is made in a PPS●Income tax relief is available on the premium●The fund grows and is tax exempt●On retiring, 25% of the fund can be taken as tax-free cash7.Advantages:●The individual can change the shape of their retirement incometo reflect personal circumstances in the future.●The remaining pension fund, representing the policies not cashedin or ‘vested’, can normally be returned to an individual’sbeneficiaries free of Inheritance Tax on their death●An individual can use the tax-free cash as ‘income’ and thus,for a given level of income, reduce their liability to income tax. Disadvantages:●There is no guarantee that income will be as high as that offeredunder the compulsory purchase annuity●Not all of the tax-free cash may be received as a lump sum at theoutset, as this cash may be used to supplement income●If an annuity has not been purchased by age 75, an annuity will haveto be purchased at the rates current at that time.。
hnd经济学1微观经济学outcome1
Table of Contents1.0Introduction (1)2.0 Oligopoly (1)Entry barriers (1)Non-price competition (2)3.0 Explanation for Diagram in Oligopoly (2)4.0 Pure Competitive Market (3)Lower prices (3)Low barriers to entry (4)5.0 Explanation for Diagram in Pure Competitive Market 46.0 Roles of Profit in Market Economy (6)Demand for factor resources (6)Market Entry (6)7.0 The other two alternatives to profit maximization (7)Satisficing behaviour (7)Sales revenue maximization (7)8.0 Influences on a Firm in the Short Run (8)9.0 References (9)1.0I ntroductionMarco and Micro economic knowledge we had learned in this period is mainly to discuss about some major market structures in the entire market now. And they are oligopoly, monopoly and pure competitive market and so on. In this case, the Virgin Mobile had entered in mobile phone market in the UK, which is an oligopoly market. In this market, Orange, Vodafone, BT Cellnet and One2One are the oligopolists.2.0O ligopolyWhen a market or industry is dominated by a small number of sellers, we usually believe an oligopoly appears. And there are two main features of oligopoly:Entry barriers: It’s a great block for the new company to be a long-run part of an oligopoly market. Usually, many smaller firms operate on the periphery on such s market, which means these companies cannot reach the supernormal profits or affect much to market prices and output. Take Virgin Mobile (VM) as an example: Before VM engaged in the mobile phone market in the UK, there were some industrial giants conquered the market-Orange, Vodafone, BT Cellnet and One2One, which account for a large market share. Although VM is making profit, the money it earned is far less than any one of these oligopolist.Non-price competition:As a few company be dominant to an industrial, pricing can be no longer an effective competitiveness for those oligopolistic firms. Compared with pricing, after-sales service, extension of new market and advertising seem to be more emphasized by them. In this case, the VM is better to promote the competitiveness in such ways -- improving the after-sales quality, expanding into new markets , building their own brand and so on.3.0E xplanation for Diagram in OligopolyIn the oligopolistic market, the oligopolists may react diversely to the different price variation trend of their rivals. If one oligopolist raises the price and other companies will not follow it to maintain the market share, however, if the company reduce the price and other companies must follow, which is to keep more market shares. It can be seen in the kinked demand curve below.Before the price is higher than P1, the product demand is elastic that means the price raises and the total revenue will reduce. But when the price is lower than P1, the product demand is inelastic -- the price reduces and the total revenue will also do. Thus, the company may able to reach a stable profit-maximizing equilibrium at the point G, so the companies in the oligopolistic market can not change the price optionally.4.0Pure Competitive MarketIn the pure competitive market structure, the company can compete with each other perfectly. There are two common characteristics that are considered to be “competitive”are:Lower prices: Generally, a perfectly competitive market existswhen every participant is a "price taker"which means thesuppliers will have not able to raise price for facing elasticdemand curves, and no participant influences the price of theproduct it buys or sells.( /wiki/Perfect_competition#Basic_structural_characteristics ) .So simply raising price will make a loss of demand and totalrevenue. The cross-price elasticity of demand can reflect thecustomers’attitude towards some particular goods. Thedemand of substitute goods is holding pace with the pricewhen it has any change. Conversely, the demand ofcomplementary goods would decrease when the price increase.In this condition, customers will always find the most propergoods for themselves.Low barriers to entry: Compared with oligopoly, the new firms would be easier to enter in the pure competitive market. Andthe entry of new participants will probably providecompetition and ensure price is kept low in the long run.5.0Explanation for Diagram in Pure Competitive MarketIt is known to all that each individual firm is considered as a pricetaker. Customers may not prefer to buy a product with a higher price. Because of the characteristic (perfect knowledge) of pure competitive market, neither buyers nor sellers can gain an advantage and firm may sell their goods at the point where they have the maximized profit.From the short run view of a firm in a pure competitive market structure, the explanation of the diagram is as follow:The price in a pure competitive market structure is decided by demand and supply, which can be seen in panel on the right. When demand rises from D1 to D2, the equilibrium point goes from A to B and P2 is the established price. Because of the price which a firm use stays at P2, marginal revenue is equal t o P2 at last average revenue is equal to P2 as well. When MC=MR, pr ofit maximization is achieved, so the point which firms will stop prod ucing should be C which ordinate is P2 and abscissa is Q2. Accordingto the diagram above, when quantity is Q2, ATC is equal to P1. So P2 subtract P1 is average profit and then multiply by Q2 can obtain tot al profit.6.0Roles of Profit in Market Economy●Demand for factor resourcesScarce factor resources to flow where the expected rate of return or profit is highest. In the mobile phone market, when Richard Branson started to get profit in 2002, VM has 1,445,492 customers, which means stronger demands, more labour and capital are committed.With more scarce factor resources, VM may able to earn more profit.However, in a recession, the output, incomes and investment for VM must all fall, which may cause the profit loss. Thus the company should take action (for example cutting costs) to preserve its market position.●Market EntryIf an individual company gets more profit than others, it must be a signal to other producers within a market that profitable entry may possible. After three-year efforts, Richard Branson made VM profiting.When it comes, many other firms would be attracted to enter the industry. Thus, the competition would be increased and new products,technologies would be also updated in a higher speed.7.0The other two alternatives to profit maximization●Satisficing behaviourSatisficing behaviour can be the substitute to profit maximization behaviour. This behavioural method lays stress on how decisions are taken within the firm. When a decision is making, satisficing explains that individuals and groups should choose the first option that is good enough to address most needs rather all. Based on Herbert Simon’s work concerning behaviour --“people possess limited cognitive ability and can exercise only ‘bounded rationality’when making decision in complex, uncertain situations”, satisficing behaviour encourages individuals and groups to attain a more realistic goal.If VM set a goal that expending their customers to 2 million in a year, finally it reaches 2.5 million. Thus wise we can take the goal for a receivable.●Sales revenue maximizationThe goal of sales revenue maximization is to maximize the sales other than profits. The managers decision price and strategy of products. In this pattern of management, business can grow or sustain marketshare, ensure survival, discourage competitors, achieve bonuses and build the prestige of the senior management.For the VM, when it initially entered the mobile phone market, it is a great approach that selling their products as many as possible with the lowest profit to enlarge their market share.8.0Influences on a Firm in the Short RunFrom the diagram above, which can be seen are total cost (TC) is the sum of fixed (TFC) and variable costs (TFC).In the beginning, when nothing is being produced ,the fixed costs will be equal to the total cost. The TC and TVC increase concurrently with the quantity, but they are paralleled and the distance between them is TFC which is always invariable. And total cost is an upward trend.The diagram is about the short run cost curves. One time the fixed cost is excessively used, which will lead to the progressive decrease of marginal product, meanwhile the marginal product reduce will lead to the decrease of marginal revenue. Leading the reducing of the ATC when MC<ATC, on the opposite, it will lead to the ATC's increasing. Making the short-run ATC curve look like U-shaped, on the other side, the law of diminishing returns will lead to the rise of marginal cost of pr oduction as output increases.When AVC increasing higher than the fall in AFC one time the output in creases , which the marginal cost is rising will lead to the average total c ost rising9.0References( /wiki/Perfect_competition#Basic_structural_char实用文案acteristics ) .标准文档。
SQA-HND-商法-OUTCOME1 答案
Outcome 11. The two main areas of law are Criminal and Civil Law.- Criminal lawDefinition: deals with all types of offences过错and crimes, concerns itself with the recognition of what amounts to a crime and the punishments suitable for these recognized crimes.Criminal conduct is the behavior which threatens the safety and security of the community. So the offender should be punished by imprisonment or fine or some other sanctions. Examples: murder, culpable homicide, piracy, treason, armed robbery, supplying illegal drugs, fire raising, assault, fraud, theft, house breaking, dangerous driving, and breach of the peace)- Civil lawDefinition: concerned with non-criminal disputes and situation, including the following:a) The settlement of legal disputes between individuals and other bodies (example: divorce case).b) The payment of compensation from one party to another for loss or injury (example: a case where someone was claiming damages after being injured by faulty machinery at work).c) The setting of procedures to govern financial and other matters (example: the legal procedures to be followed when buying or selling a house).2. Sources of Scots Law are Statute Law, European Union Law, and Common Law or Judicial Precedent.- Common LawDefinition: is a numerous legal rules that form the part of unwritten laws of Scotland which has been handed down to us as customs and practices over the centuries.A major source of Common Law is the practice whereby judges make new rules of law will be followed by other court, so that it is legally binding rules.3. Doctrine of Judicial PrecedentDefinition: is a process involves a process whereby a judge can develop a rule of law by making a decision in a test case. A test case refers to the one in which clarification of an important point of law is sought, and judges after listening to opposite legal arguments will have to make the decision about which view of the law is correct. Once this decision has been made, future judges and course will be expected to follow the reasoning in the test case, if they are dealing with a case with similar legal issues.It must be emphasized that not every judge can make a new binding legal rule. The authority of the judge or court should be considered here, if the judge is relatively junior, he/she will be unlikely to be able to create a new rule of law. But on the other hand, if the rule comes from superior courts, this decision will be followed by the lower or inferior courts.Judicial precedent or case law is parts of the unwritten law of Scotland.Donoghue v Stevneson (1932)4. Westminster Parliament and Scottish Parliament (legislative body)Unlike the previous Scottish Parliament which was abolished by the Act of Union in 1707, the new Scottish Parliament is not a completely independence body. The Scottish Parliament is clear and inferior body compared with the Westminster Parliament.It is the Westminster Parliament from which the Scottish Parliament obtains its authority to pass laws for Scotland. So any legislation of the Scottish Parliament is thought to be secondary legislation.It is also necessary to know that a simple Act of the Westminster Parliament is all that it would take to abolish Scottish Parliament. Westminster Parliament has already abolished a local assembly.Acts of Parliament are often referred to as legislation or statute law until the creation of Scottish Parliament, the Westminster Parliament alone made laws for Scotland. However Westminster has given the Scottish Parliament authority in many different areas of policy to make statute law.Abolition of feudal tenure act 2000The Health and Safety at Work Act 1974Sale of Goods Act 1979Employment Rights Act 1996Protection of Children Act 20035. Civil Law v Criminal Law- Criminal Law is primarily used by the state as a means of maintaining law and border by punishing certain individuals who have the behavior as criminally and antisocially. The State uses the Criminal Law to punish criminals on behalf of the community or sociality.- The Civil Law is to resolve legal disputes between private individuals in such areas as 民事纠纷Family Law, Company Law, Partnership Law, Banking and Finance Law, Sale of Goods and Services Law, Consumer Law, Personal Injury Claims Law, and Divorce.- Different courts and standers of evidence and procedures exist depending on whether we are talking about a criminal action or a civil dispute.Conflict between Scottish and european lawIf there is a conflict between Scottish and European law, the court should obey the rules or laws under European law.The European Union is an organization of 25 member states. The members must obey the rules or laws in order to enjoy the benefits of membership.Britain has been a member of the European Union since January 1, 1973. because of the passing of the European Communities Act 1972 by the Westminster Parliament. It is this legislation that recognizes the supremacy of European Law over the domestic law. By the time Britain became a member of European Union 1973. Many of the important law were already in place and Britainhad to accept this as a price of membership of European Union. But if Britain decides to withdrawal from membership from European Union, then its national law will once again get supremacy.6. The Council of MinistersThe European ParliamentThe European Court of JusticeThe European CommissionThe first two have the power to make laws for the people of European.The third one enforces European Union Law.The forth one is effectively the unions civil service and it can propose law. It can also bring breaches of the varies European Union Treaties to the attention of the European courts of justice. The Commission is regarded as the EU Treaties guardian of the varies European Union Treaties.。
HND商法outcome1问题及答案
1.现代苏格兰法的渊源Source Of Scotland Law1.Statute 成文法2.EU Law 欧盟法mon Law 普通法2.民法与刑法的区别The main differences between civil and criminal law are:a.Criminal law is primarily used by the State as a means of maintaining law and order by punishing certain individuals who indulge in behaviour which is regarded as criminal and anti-social. The State uses the criminal law, therefore, to punish criminals on behalf of the community or society.b.The civil justice system, in contrast with criminal law, aims to resolve legal disputes between private individuals in areas as wide-ranging as family law, company law, partnership law, banking and finance law, sale of goods and services, consumer law, personal injury claims, trusts, defamation actions, succession issues and divorce (消费者保护法，个人伤害索赔，信托，诽谤行动，继承问题和离婚).c.Different courts, standards of proof and procedures existdepending on whether we are talking about criminal action or a civil dispute. (we will discuss this more in later chapters)3.成文法的定义Acts of parliament are often referred to as legislation or statute law. the westminster parliament alone made laws for scotland until the creation of the scottish parliament,however,westminster has given the scottish parliament authority in many different areas of policy to make statute law.4.苏格兰议会与英国议会Which the Westminster Parliament or the Scottish Parliament , is the superior legislative body?(a)The westminster（维特敏斯特——伦敦市的一个行政区英国议会所在地）parliament(b)1.After(the Act Of union in)1707,the new scottish parliament is not completely/totally/fully independent（独立的）(body/organization).2.It's westminster parliament that gave scottish parliament.3.Scotland can only make secondary legislation（法规法令）/can not make primary legislation.4.Scotland parliament can abolish（废止）.5.欧盟立法机关European Union Legislation(what are the four most important institutions of the European Union and which of the European Union institutions has law-making powers?)(a)四个机构1.The Commission European: A Supervision（监督）Role2.The Council of Ministers (部长理事会决策性的)3.The European Parliament(建议性的)4.The European Court of Justice (执法)(b)哪个机构有权利制定法律1.the council of ministers and the european parliament have the power/authority to make law/advisory.2.The EU commission can not make law.3.The court enforces EU Law.法院实施欧盟法6.The primary of European Union Law Assuming three exists a conflict between scots and European Union law , which one of the two legal systems are the Scottish courts bound to follow? Why?(a) 如果Scotland law与EU Law发生冲突应该遵守？The Scottish corts would have to obey/observe the European Law.(b) Why?1.the EU Union have 27 member state,every state must to obey the EU Union's regulation.2.3. Scotland is a part member of the EU Union,so It must obey the EU Law,if UK decided get out of the EU Union,Scotland will not obey the EU Law.7. 6个民事纠纷例子Civil disputes Employment law disputes e.g. unfair or wrongful dismissal claims劳动法纠纷，如不公平的或者错误的解聘纠纷Family law disputes (custody or adoption of children)家庭法纠纷（孩子的监护或收养问题）Divorce or separation actions离婚或分居诉讼Debt recovery actions债务清偿纠纷Defamation of character人格诽谤纠纷Land disputes土地纠纷Winding up of a corporate body公司解体纠纷Succession disputes (wills)继承/遗嘱纠纷Personal injury claims人身伤害纠纷Contractual disputes合同关系纠纷8. 5个苏格兰使用的法律Sale of goods act 1979Employment right act 1996Human right act 1998Protection of children（scotland）act 2003The healthy and safety at work act 1974Abolition of feudal tenure （scotland）act 2000The licensing （scotland）act 19769.什么是犯罪What is a crime?A crime is behaviour which is regarded as so reprehensible (应受谴责) and which, consequently, threatens or undermines thesecurity of society. Criminal behaviour ought to be punished by the State by the imposition of a prison sentence and /or fine or other sanction (制裁) on the person who is convicted of a crime.举例（5个）：Examples of criminal conduct include murder, rape, assault, fire-raising, theft and fraud (欺诈行为).10.司法先例Judicial Precedent定义Judicial Precedent (司法先例)Judicial Precedent also known as Stare Decisis (遵循先例).If a legal dispute or any other legal situation occurs and there is no provision in any Act of Parliament of any piece of delegated legislation to cover it, the judge dealing with the dispute must make a decision which he/she sees as fair and just.In such a situation therefore, the judge is actually making the law—he/she is creating a precedent—and their decision will be followed in the future by other judges in similar cases. However, if legislation is passed later which is contrary to the judicial decision, then the legislation that is passed later will overrule it.原则For precedent to be applied the following must be shownThat the cases are “in point”—This means that the case beingheard in court must be dealing with the same question of law as the case being heard in court as the case that is being used as a precedent.That the original decision was made in a higher court: the Court of Session and Sheriff Court Judges must follow a House of Lords decision.There is no legislation to cover this point. At the time of this case, there was no legislation to cover such a situation and so the judges had used their sense of fairness to reach a decision.举例Donoghue V Stevenson 1932 SC（HL）31Daniels V White （1938）Grant V Australian Knitting Mills（1936）。
HND市场学导论outcome1
HND市场学导论outcome1Marketing: An IntroductionContentsIntroduction (3)Marketing concept (3)Pay attention to market research (3)Corporate Profit (3)Pay attention to the marketing plan (3)Marketing Orientation and Customer Relationship Management (4)After Service (4)The marketing environment (4)Types of Marketing Environment (5)Marketing Research&Information: (5)Find out enterprise’s problems and mistakes (5)Market Segmentation (5)Opponents of information (6)Marketing plan (6)Market research and information Introduction (6)Quantitative&Qualitative Research (6)Qualitative Research (6)In-depth interviews (6)Quantitative research (7)Face-to-Face surveys: (7)Segmentation & targeting (8)Research information (8)Market segmentation (8)Benefits of Market S&T (8)Conclusion (9)Reference (9)IntroductionThis report is writes for the Trusty-Land Food Company. The report consists of 5 point that includes the marketing environment segmentation and targeting, the market research and information and marketing conception. Making a final and review summary in the end.FindingsMarketing conceptPay attention to market researchThe organization researches the local environment that can help company to make market segmentation. Finally, the organization can meet customer?s demand.Corporate ProfitThe organization uses advanced technology or policy to improve the product in market. The organization enhances the market shares that will increase corporate profit.Pay attention to the marketing planThe organization pays attention to the customer?s demand competitions plan and own enterprise conditions. The marketing plan can ensure customer growth and growth enter company?s profit.Marketing Orientation and Customer Relationship ManagementThe organization is gives priority to the customer?s demand. The organization communicate and cooperate with customers that can help organization to take long-term benefits with customers.After ServiceThe organization reasonable to meets customer?srequirements. The organization mast timely and effective to deal with customer?s problem. Eventually the organizati on make customer satisfaction.The marketing environmentMicroenvironment:The Company met the specific conditions in the business environment and explores the relevance economic reasoning to managerial decision-making. The …Trusty-Land Food? formed a sales to large grocery chains. The large grocery chains includes Seven Eleven. But Seven Eleven wanted supplies under their name on Trusty-Land Food?s products, so the Seven Eleven become a competition. It affects the reputation of our products, costumer always pay great attention to packing. Trusty-Land–Food?s logo represent a big part and Seven Eleven?s logo represent a small part.In 2009, the “HealthMeat” is imperative for companies to increase their focus on retaining existing customers and attracting new ones. Bring the benefits to company from new ones. The companies adhere to innovation. Wide range of goods will attract more customers that can move the company forward.Macroenvironment: The bird flu and the mad cow scare appeared in 2005 and 2006 that decreased the customer?s demand. The bird flu and the mad cow scare appeare d that made the company lose great profits. Security checks in the supplier have becomestricter to help the bird flu and mad cow scare disappeared. The mass media should be propagandas food Trusty-Land Food Company?s products safety that can maintains sales.The new dietary guidelines had been proposed by government is reduce consumption by red meat and processed meat. The new dietary guidelines effect the company?s red meatand processed meat?s sales. Responding to government?s policy, the company reduce products of the red meat and processed meat and production more products of write meat. Responding the government?s policy can make the product sales to rise.Types of Marketing EnvironmentAccording to Philip Kotler in his book Principles of Marketing (4th European Edition), the marketing environment consists of all the actors and forces that affect the marketing management?s ability to develop and maintain successful relationships with its target customers. According to Gary Armstrong & Philip Kotler, Marketing: An introduction (10th Edition), a public indicates any group that has an actual or potential interest in or impact on an organization?s ability to achieve its objectives.Marketing Research&Information:Find out enterprise’s problems and mistakesI t can help enterprise to finds out enterprise?s problems and mistakes and then it can help enterprise to deal with problems and mistakes. It benefit the further development of the enterprise.Market SegmentationMarket segmentation can help the enterprise to makes market segmentation. The enterprise uses market segmentation to finds customers that can help enterprise to improve the product sales.Opponents of informationThe enterprise mast grasps the opponents of information to keeping the advantage of the enterprises in the competition. It beneficial to company development.Marketing planThe marketing research brings the information. The information helps enterprise to makes next marketing plan.Market research and information Introduction“The function linking the consumer, customer and public to the marketer through information that is used to identify and define marketing opportunities and problems, to generate, refine and evaluate marketing actions, to monitor marketing performance, and to improve understanding of the marketing process”Quantitative&Qualitative ResearchQualitative ResearchIn-depth interviewsThe Trusty-Land Food Company looks for three people to in-depth interviews. The three men is consumer representative and representative of major ad agencies and market development manager. The company in order to improve the sales of the company?s products that can attract more customers. Consumer representatives put forward opinions and suggestions on the quality of our meet?s products, to meet the majority of consumer preferences to make changes.Now advertising is very important to strengthen the use of the media to advertise. The representative of major ad agencies proposals combined with the company's characteristics and corporate culture. Recommendations includes the methods of packaging products and mass media. The success of the product packaging and advertising can attract more customers. The market development manager hear consumer representatives and representative of major ad agencies? recommendations that can improvements products. Such as advertising companies to listen to consumers representative of the appearance of the product preferences and consumers gets information through what kinds of the media, Advertising Company to understand thecorporate culture and characteristics through the market development manager. Three people to discusses and ultimately achieve the best packing effect and publicity of company?s products.Quantitative researchFace-to-Face surveys:The Investigation team to nearby food market in a number of neighborhoods face to face surveys before the lunch time and dinner time. The investigation team to conduct research on people who buy food, because most people cooks for family should buy food. Investigation team to understand people usually buy food to eat what kind of meat, raw food or cooked food which some more, people buy food for the food safety requirements, etc. Giving small gifts when the customers answered the question after. Small gifts may be the company's new tasting product. Through investigation, improvement of products that can increase sales.Segmentation & targetingResearch informationThe enterprises to understand the details of their own problem, such as the competitiveness of an enterprise; band effect; fiscal reserves.Knowing the market. Trusty-Land Food Company to understand that consumer?s consumption habit and hobby. The company respect the religious beliefs and customs, many people know that not eating pork is one of eating habits of the Muslim.Market segmentationThe company chooses religion from demographic segmentation to make market segmentation. The market is dividing a market into distinct groups of buyers with differentneeds, characteristics or behaviors, who might require separate products or marketing mixes and company evaluates each market segments. Philip Kotler also describes market targeting as “evaluating each market s egments segment?s attractiveness and selecting one or more of the market segment?s attractiven ess and selecting one or more of the market segments to enter.”The company chooses Catholic, Protestant, Jewish, Islamic from religion to do market segmentationMoslem do not eat pork .Using differentiated marketing in Moslem market, such as the company mast prints Islamic identity on food?s packaging. According to Muslim tastes to make improvements from the company's products.Benefits of Market S&TThrough making Market S&T and making continuous improvements, customer satisfaction scores and courtesy, along with market share, are on the rise. Our customers get hooked on the good product and setting up the good enterprise image, they will buy and become more loyal to our brand.ConclusionFinally, I recommend that companies adhere to market research and innovation that can make the company's product sales rise. I hope that the company develop better and better.ReferenceWang Huihong, WANG Jing, 2013, SQA Unit Student Guide on Marketing: An Introduction, China Modern Economic Publishing House.Kotler Philip, Wong V eronica, Saunders John, Armstrong Gary, 2005, Principles of Marketing 4th European Edition, Prentice Hall.。
HND经济学导论Outcome1考试题及翻译
Assessment task instructionsRead the following passage and answer the questions which follow.SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors.The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces.It is estimated that in the coming year it will have £2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes.A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country.The boards of directors of SteamScot are also considering a change in their pricingbut are unsure if this is a wise move. At present the average price of a journey is £4 and 60,000 tourists use the services. A report commissioned by the board on price, supply and demand is shown on the following table.1 SteamScot face a ‘basic economic problem’!What is this ‘problem’ and what is the opportunity cost of the replace and repair programme?2 From the table in the previous passage, construct a demand and supply schedule ona diagram and identify the equilibrium price and quantity.3 (a) Calculate, using total revenue, the price elasticity of demand when: (i) price rises from £4 to £5(ii) price falls from £4 to £3(b) If you were a member of the SteamScot board, what would you recommend the company does in both situations? Give reasons for your advice.4 How would the advertising campaign by Visit Scotland affect demand for SteamScot journeys?Show the effect on a diagram.5 Apart from an increase in price, what other determinant would encourage SteamScotto increase its supply of rail journeys?6 If the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScot’s product s? Explain your answer with reference to income elasticity of demand.7 Using a diagram, show what would happen to the equilibrium if the Scottish Executive gave SteamScot a subsidy. Explain any changes and how the market would return to equilibrium.评估任务说明阅读下面的文章,回答下列问题。
HND市场学outcome_1_考题及参考答案
1 please describe the purpose and importance of marketing research to organisations.(expected response:approximately 200 words)Answering this question you'll be asked to interpret the meaning of marketing research first, then explain the importance of marketing research.An explaination of the importance of marketing research to include points such as: Definition of marketing researchReferenceMarketing research is a systematic, objective collection and analysis of data about a particular target market, competition, and other environment inluding internal and external environment. It always incorporates some form of data collection whether it be secondary research or primary research which is collected direct from a respondent.The marketing research aims at meeting the needs of its market where a company needs to understand its customers. With the change or development internal and external environment of company, the product market will varies from many factors such as customers' wants or demands.Since meeting consumers' needs is the basic commercial laws, and important for the company's survival and profits making, the company can do some efforts to create more customers' utilities (satisfaction) by marketing research. With the coming of the products' market growing and mature, the quantity of competitors increases, there is no more space available of prodcts' profits making. In order to survive, to keep the existing profit, or to increase the profit, company have motions to explore the potential markets by marketing reseach.2 expected response: approximately 300 words.(a)describe and distinguish between primary and secondary data.Reference :Primary data is the information collected for particular(specfic) purpose at hand. Secondary data exists somwhere, gathered for another purpose.The difference between the primary data and the secondary data can be listed as follows:Just as its name implies, primary data is the first hand information, while secondary data is the seond hand information. That is to say, primary data is field research which is gathered by an organisation for its own specific purpose. Seondary data is desk or library research which is gathered from the library and internal organisation, etc. So we can conclude that secondary data is started first, the more expensive, time-consuming primary research will be used only when missing information has to be collected by marketing research.Secondary data comes from both the internal database and information publicly available(marketing intelligence). While primary data can gathered from outside the organisation.There is the difference in the instrument of the two data. Primary data can gathered through survey . We can survey the targeting by mail, phone, or internet. It can collected through observation by ethnographic research, or sending its staff to observe. It also can gaghered information by focus group interivewing and by experimental research. While the secondary data can be sorted from public available information and internal information. the public available information may include government's report of industry, the news of competitors' website, the references form library, free industry research database, public limited company's information, etc.(b)idetify the advantages and disadvantages of using secondary data.AdvantagesReference:There are five main (key) advantages of secondary data. The fist, it is cheaper and can be obtained more quickly. The seond, Vast quantities of information covering a wide range of subjects are available. The third, since secondary data exists somewhere, it has already been analysed and processed. The fourth, organisations have gathered information over many years and trends and patterns can be identified so that the data is used because public receive it undoubtedly. The last, Governments produce statistics about markets and consumer habits, so if the change of environment can be neglected, the resources about markets can be used.The disadvantages of secondary data includes as follows:it is provided to pulic, so it can not provide specific information for a particular organisation, that is to say , the rivals possibly have the same accesses to gain the similiar information. It ages easily , so it is possibly out of date. Secondary data is not specially prepared for the specific problem of marketing, so the outcome maybe be biased.(c)identify different secondary soures which the organisation in the case study might use.Government statistics about social trends from the Annual Abstact ofStatistics.The financial accounts of rival company.Sales records from within the company to identify growing/declining areas.Newspaper articles about the latest toy crazes in America.Census figures which highlight population changes.Government statistics about the state of the economy.3 explain how the organisation in the case study might use different types of marketing research. Provide realistic and relevant examples of types of marketing research which the organisation could use to improve its current business situation.(expected 400 words)The company could carry out questionnaires in retail outlets, such as retailers and other middlemen by telephone, personal talk or online.the company could visit parent and toddler groups to observe how children play with toys.The company could invite pre-school children to play in the observation room exlusively bulit for research, the marketing managers could watch or observe the children's behavior by scanners or through the window outside the observation room.The company hire an well trained person who was good at marketing research to observe the parent and children's buying behaviors.The company could organise focus groups to discuss new products with groups of 10-12year olds. The company could create a flexbile and comfortabletalk/chat environment, start from an interesting topic so as to calm down the groups, then induct them to speak their true views on the exploration of the new product.The company could carry out the quesitonnaires to make sure the customers' buying preference and their habbits of buying toys , by this process, the company can gain some resources about the development of the new products for added customer market which can be described with 10-12year olds.The company could send out questionnaires to the toy buyers for exsitingproducts in different retail stores such as toy stores , super markets, etc. The contact methods are available which are mail, phone, personal talk, and online. Ifthe outlay for marketing research is enough , the suggested method is personal talk. Because this method is easy to control the quality of research.The company could organise focus groups to discuss exsiting products with groups of pre-school year olds. Since the customers' characteristic, the form of research maybe variable and flexible. Maybe playing games with them is available while carrying out research. By chatting with them, marketing managers or marketing researchers can know their needs for the toys.Since the industry is becoming even more competitive, gathering more secondary data of rival company's marketing activities is a quite right choice. We can analyse the rival companys' sales figures to see how they had adapted their product ranges. We can go to library for basic reference of rival company, we can gain the free data from the government statistics of industry, we can also gain the information of rival company on the internet ,especially on the rival company's website which includes formal information and informal information like BBS' news.For gathering more information of rival company, we can use the ethnographic research.we can hire a person specially trained for marketing research. The person will observe the buying behavior of their own consumers and rival companys' consumer, then analysis the difference between the two kinds of consumers. Finally give the different marketing strategy .The company could use secondary sources such as government statistics to identify changes in the market place.The company could gather information of book order of government for the primary scholar or pre-school children through the report of government 's work which can be received freely and through government authoritative website.。
HND2013经济学outcome1答案框架
Answer the following questions in relation to WJE1 Economics revolves around the nature of choice and the availability of Resources. With reference to WJE’s current situation, explain what is meant by the term ‘the bas ic (central) economic problem’.经济学围绕所选择的性质和资源的可用性。
参考Wje的现状，解释什么是“基本经济问题”（中央）。
回答：在这里涉及到基本经济问题中的两种，一种是稀缺资源，另一种是选择。
稀缺资源：定义（看书）+ 文章中的例子（金钱，材料等等具体说出来）；机会：定义（看书）+ 文中的例子（在introduce a new model和upgrade the Tiger2 at a modest cost中选一个）2 In relation to WJE’s current situation explain what is meant by the term opportunit y cost. 在关系到Wje现状的解释什么是短期机会成本。
回答：机会成本的定义（书上）+联系例子（文中选择了introduce a new model，因此文中的机会成本便是upgrade the Tiger2 at a modest cost）3 Figure 1 shows the demand and supply curves for performance sports cars similar to those offered by WJE. The quantity demanded is illustrated by line D, and the quan tity firms are prepared to supply is illustrated by line S.图1显示性能跑车所提供的类似的需求和供给曲线Wje。
hnd商法导论outcome1
1．List the main sources of modern Scots Law?．The main sources of modern Scots Law are statute law, European Union law and common law.2. (a)What is meant by the doctrine of judicial precedent?(b) Please give an example of a judicial precedent.The doctrine of judicial precedent [stare decisis] involves such a process whereby a judge or judges can develop a rule of law by making a decision in a test case.A test case is the very case in which clarification of an important point of law is sought and judges, after listening to opposing legal arguments, will have to make the decision as to which view of the law is correct. Once this decision has been made, future judges and courts will be expected to follow the reasoning laid down in that test case if they are dealing with a case of similar legal issues.However, it should be stressed that not every judge can make a new, binding legal rule. The authority of the judge or the court will have to be considered first all. It is very unlikely that Junior judges like a Sheriff or a Justice of the Peace will be able to create a new rule of law. On the other hand, if the ruling came from superior courts, for example, the High Court of Justiciary or the House of Lords, this decision would have to be followed by the lower or inferior courts. Therefore, the position of the court matters greatly.Judicial precedent or case law is part of the unwritten law of Scotland.The well known case of Donoghue v Stevenson [1932] could be used as a good example of the doctrine of judicial precedent. (See 5.1.03 P.44)3.(a) Which is the superior legislative body :the Westminster Parliament or the Scottish Parliament?(b) Explain your choice of answer in part above?The superior legislative body is the Westminster (or United Kingdom) Parliament.By the Act of Union in 1707, the previous Scottish Parliament was abolished. Ever since, the new Scottish Parliament is not a completely independent body. It is an inferior body in comparison to the Westminster Parliament, from which the Scottish Parliament derives its authority to pass laws for Scotland.Any legislation of the Scottish Parliament is considered to be secondary legislation NOT primary legislation. Surely a simple Act of the Westminster Parliament is all that it would take to abolish Scotland's Parliament, let alone the legislation by the latter.4. What is a statute?Acts of Parliament are often referred to as legislation or statute law. The Westminster Parliament (the national Parliament of the United Kingdom) alone made laws for Scotland until the creation of the Scottish Parliament, However, Westminster has given the Scottish Parliament authority in many different areas of policy to make statute law.5. Name five Acts of Parliament.You are free to name any five acts of either the Westminster or Scottish Parliaments, e.g.1) the Health and Safety at Work Act 1974,2) Sale of Goods Act 1979,3) Employment Rights Act 1996,4) Abolition of Feudal Tenure (Scotland) Act 20005) Protection of Children (Scotland) Act 20036) The Licensing (Scotland) Act 19757) The Divorce (Scotland) Act 1976.6. What are the main differences between civil law and criminal law in Scotland?The main differences are:Criminal law is primarily used by the State as a means of maintaining law and order by punishing certain individuals who indulge in such behavior that is regarded as criminal and anti-social. The State uses the criminal law, therefore, to punish criminals on behalf of the community or society as a whole.The civil justice system, in contrast with criminal law, aims to resolve legal disputes between private individuals in the areas as wide-ranging as family law, company law, partnership law, banking and finance law, sale of goods and services, consumer law, personal injury claims, trusts, defamation actions, succession issues and divorce. What courts, standards of proof and procedures should be adopted for a certain case then? It all depends on the nature of the case - whether a criminal action or a civil dispute.7. What is a crime? (You should list four examples of criminal behavior)\A crime is behavior which/that is regarded as so blameworthy and which, consequently/finally, threatens or undermines the security of society. Criminal behavior ought to be punished by the state --- e.g. by means of the imposition of a prison sentence and/or fine or other sanction on the person who is convicted of a crime.Murder, rape, assault, fire-raising, theft and fraud are all criminal conducts8. Provide three examples of a civil dispute.Examples of a civil dispute might include any of the following actions:* Employment law disputes e.g. unfair or wrongful dismissal claims, unlawful discrimination and cases involving unauthorized deductions from wages.* Family law disputes (custody or adoption of children).* Divorce or separation actions.* Debt recovery actions.* Defamation of character.* Tenor or authenticity of a lost document.* Land disputes e.g. trespass, nuisance, non-natural use of water, liability for animals, occupier's liability and spiteful use of property rights.* Winding up of a corporate body (companies, limited liability partnerships or limited partnerships) in an insolvency or bankruptcy situation.* Succession disputes (wills).* Trusts.* Personal injury claims.* Contractual disputes whether consumer or commercial in nature.9. (a)In a conflict between Scots and European Union Law, which one of the two legal systems are the Scottish Courts bound to follow?(b) Explain your answer? Such being the case, the Scottish Courts would have to obey the European Union's legal system.The European Union is a club of twenty-seven member states. Like most organizations or clubs, their members, in order to enjoy the benefits of membership, have to obey the rules or laws. UK has been a member of the EU since 1st January 1973 as a result of the passing of the European Communities Act 1972 by the Westminster Parliament. This legislation recognizes the supremacy of European law over domestic law.By the time Britain became a member of the European Union in 1973, many of the EU key laws were already in place and Britain had to accept these as the price of membership of the European Communities (now the Union). So, it would be safe to say that UK national law would never again reign supreme unless Britain decided to withdraw from membership of the European Union.10.(a )What are the four most important institutions of the European Union(b)which of the European Union institutions has law-making powers?(a) The four primary institutions of the European Union are as follows: The Council of Ministers; The European Parliament; The European Court of Justice; The European Commission.(b) Speaking exactly The Council of Ministers, with the advice of the European Parliament, has the power to make laws for the people of Europe. The European Court of Justice enforces European Union Law. The European Commission is effectively the Union's civil service in the sense that it can propose laws (but it cannot actually legislate) and it can also bring breaches of the various European Union Treaties to the attention of the European Court of Justice. In this latter role, the Commission is often regarded as the Guardian of the various European Union Treaties.。
精选-HND经济学导论Outcome1考试题及翻译
Assessment task instructionsRead the following passage and answer the questions which follow. SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors. The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces. It is estimated that in the coming year it will have £2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes.A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country.The boards of directors of SteamScot are also considering a change in their pricing but are unsure if this is a wise move. At present the average price of a journey is £4 and 60,000 tourists use the services. A report commissioned by the board on price, supply and demand is shown on the following table.1 SteamScot face a ‘basic economic problem’!What is this ‘problem’ and what is the opportunity cost of the replace and repair programme?2 From the table in the previous passage, construct a demand and supply schedule on a diagram and identify the equilibrium price and quantity.3 (a) Calculate, using total revenue, the price elasticity of demand when:(i) price rises from £4 to £5(ii) price falls from £4 to £3(b) If you were a member of the SteamScot board, what would you recommend the company does in both situations? Give reasons for your advice.4 How would the advertising campaign by Visit Scotland affect demand for SteamScot journeys?Show the effect on a diagram.5 Apart from an increase in price, what other determinant would encourage SteamScot to increase its supply of rail journeys?6 If the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScot’s product s? Explain your answer with reference to income elasticity of demand.7 Using a diagram, show what would happen to the equilibrium if the Scottish Executive gave SteamScot a subsidy. Explain any changes and how the market would return to equilibrium.评估任务说明阅读下面的文章,回答下列问题。
HND经济学outcome1及问题翻译
SteamScot是一家在苏格兰提供蒸汽火车之旅的私有的铁路公司。
目前他们在苏格兰运作三个具体的铁路旅行。
这些旅行是针对旅游市场并贯穿夏季。
大约70%的旅客是国内游客与其他30%的海外游客。
过去十年来，公司一直相当盈利,借助各种助学金,他们正考虑扩大业务。
然而,它也意识到在未来五年内主要检修的资本存量以及大修必须实行。
这正是该公司董事会面对的进退两难的局面。
预计在明年将有250万英镑。
这笔钱可以用来打开一条威廉堡,或因弗内斯之间的新路线,或对其当前的路线开展维修、更换计划。
最近的一份报告强调以下恐怖威胁,预计在未来三年内来自美国的参观者下降,但欧洲的游客可能会增加欧元上升趋势。
它还希望访问苏格兰的旅游机构，将在英国组织一个主要的广告宣传活动,以鼓励更多来自英国的访问者。
SteamScot董事会也正在考虑改变他们的价格,但不知道这是不是一个明智的做法。
目前的平均价格是一次旅程£4并且有60000名游客使用我们的服务。
一份由董事会委托的关于价格、供给与需求的报告显示在下面的表格。
门票价格需求量供给量£6 20,000 100,000£5 40,000 80,000£4 60,000 60,000£3 80,000 40,000£2 100,000 20,000£1 120,000 0问题：1.steamscot面临的基本经济问题是什么?这个问题是什么,什么是更换和维修计划的机会成本?2。
从上表中,建一个供给和需求的安排的一个图表,并确定均衡价格和数量。
3.a)计算,总收益和价格弹性需求。
(1)。
价格从4上涨到5。
(2)。
价格从4下跌到3。
b),如果你是steamscot董事会的一员, 在这两种情况下你有什么推荐给公司呢?听听你的意见。
4。
苏格兰旅游机构的广告将会如何影响SteamScot旅行的需求?做出图表。
5。
除了价格上升,别的什么决定将鼓励steamscot去增加供应它的旅行?6。
hnd保险原理outcome1答案
1.There are both Primary and Secondary Functions connected with insurance. Primary Function :The basic function of insurance is to transfer risk and loss-sharing features, as well as economic compensation and insurance payment function. It is in line with the initial motivation of people to cope with risks, is the most important function of insurance. Secondary Functions :Secondary Functions may be direct or indirect.Direct functions :the stimulation of business activities.the solution to social difficulties.the removal of business distractions and problems.the promotion of less prevention.the production of invisible exports.EX: The stimulation of business activities. Any one of the operating companies will have potential risks, including the company building, machinery and equipment, and even computer security systems, etc., will be at risk, so there will always lose. The cost of insurance can be transferred to the insurance company may lose, this will reduce the company's losses, thereby reducing the burden.Indirect functions :promotes increased investment in the nation.marginally reduces prices of goods and services.reduces insurance premiums.EX: Promotes increased investment in the nation.The insurance company gathered a large number of funds through their activities, and these funds are being used to investment, government and industrial sectors with the invested money to some of the financial instruments, so as to promote the development of the country.2.The definition of risk is the uncertainty of loss. This means that individuals will take the risk and cannot ensure whether the loss will occur.There are five different forms of risk in risk. They are rspectively pure risk, speculative risk, fundamental risk, particular risk, ‘acceptable’ risk.Pure Risk : Pure risk refers to the risk of loss is only and no profit opportunity, can also be seen as “no beneficial result”.For example, Fire. In one day's night, a man in the house to smoke, he has not smoked, an emergency telephone calls him out, shut the cigarette butts thrown into the dustbin men, the man was gone, did not destroy the cigarette ignited wastebasket, then caused a fire.The risk is insurable and the insurance company can help it .Because the insurance company can calculate the probability of the occurrence of the event according to the previous data, so the risk is usually to be insured.Speculative Risk:Speculative risk is likely to generate revenue or risk of loss, both profit opportunities may exist, and there's the possibility of loss.For example,Stocks.A man bought some shares a few days the stock market crash, the money invested as spilled water, never come back.This risk is uninsurable, the insurance company will not help them.Because the risk of speculation too many variables, it is difficult to predict, the greater the investment, the greater the loss of the insurance company, so under normal circumstances, this risk can not be guaranteed. Solution : People can choose to diversify investment, thereby reducing the risk. Fundamental Risk : The fundamental risk refers to the risk caused by non personal behavior. It affects the whole community and the whole society, and it is unable to prevent the risk of personal.Such as war. If during the war, your assets or if you have nothing to lose oneself, then the insurance company will not be responsible and will not help them, because such risk is uninsurable. Because such cases, the impact is too large, the insurance company may not be protected.Solution: People can seek help from International Aid Agencies and Governments.Particular Risk : Particular risk refers to the risk caused by personal behavior, it only with particular individuals or business related, does not affect the entire community and society.Such as vehicle accident . On thursday's day, Mr. Zhang was driving a car on the road, opposite the sudden appearance of a truck, Mr. Zhang response is not timely, resulting in two vehicles collided, causing a vehicle accident.This risk is insurable. Because of these risks can be predicted by people, the probability of these events can be calculated.‘Acceptable Risk’ : Acceptable risk is the maximum extent of the losses expected risk of accidents at work or personal financial ability and mental capacity within the maximum extent.For example, a man was walking on the road to a drop from the clouds suddenly was hit in the head of the football. The risk is uninsurable. Because of this risk group of individuals within the tolerance range, the insurance company may not be able to help.Solution : As far as possible to reduce the risk, increase the protection measures or choose not to do.3. There are four major types of insurance, include property insurance , personal insurance, motor insurance and travel insurance .Property insurance includes marine, fire, household, theft, livestock, consequential loss and aviation.Fire insurance refers to fixed assets are kept in place and in a relatively quiescent state of the subject matter insured, the insurer shall be borne by the insured property insurance accident suffered losses of a financial liability and property insurance. Insurance stored addresses are not free to change the subject, change is affecting the effectiveness of the insurance contract. Fire insurance insurable risk is very broad, including natural disasters and a variety of accidents. Fire insurance insurable property include: housing and other buildings and ancillary equipment renovation.Finally, the amount of insurance fire insurance is usually determined by the breakdown of the underlying insurance.Theft insurance.During the period of insurance, the insurance address stored in the property insurance, the loss suffered damage due to external has obvious traces of the theft, robbery, caused by theft, the insurance company responsible for compensation; however, the insured person and their family members, service personnel, who the theft, theft or condone the others by insurance property loss, the insurance company is not responsible for compensation.Aviation insurance . Aviation insurance is based on the aircraft travel is a kind of insurance mark insurance, is a kind of property insurance. When the insured aircraft due to natural disasters or accidents and damage, resulting in third or the passengers personal injury, property loss, the insurance company responsible for compensation.Personal insurance includes personal accident, personal health, employer’s liability, public liability and life assurance.Personal accident insurance refers to the insured in the insurance period, subject to involuntary, exotic, accidents happen suddenly, causes the body to suffer injury or death and disability, the insurance company in accordance with the provisions of the contract of insurance the insurance that pays insurance gold. Such as falling off a horse or being bitten bu a monkey.Personal health insurance is designed to replace income on a long-term basisi for a disability caused by sickness or an accident. But ,some items not included in the policy such as AIDS etc.Motor insurance include third party; third party, fire and theft adn fully comprehensive. Travel insurance include personal accident benefits; medical expenses; loss of deposits; baggage,personal effects and money; personal liability; delayed baggage; hospital cash benefits; travel delay.4.This case suit property insurance. Mike went to horse racing, and later found on a camera on the seat was stolen. This event belongs to theft. This is within the range of theft insurance. Cameras are valuables, insurance companies should ensure and verify the authenticity of the event. Meanwhile, Mike needs to check the limit of insurance claims. First, to assess the value of the camcorder, and then have to check whether within the scope of insurance. If the camcorder is not covered by insurance coverage, you need to buy a separate insurance for the camera.5.This case suit travel insurance.Miike’s mother was ill during the period of traveling abroad. In foreign hospital to be described as sunstroke.Then travel to be terminated, back to the local hospital to check, she had suffered a minor stroke. At the same time, Mike also should pay attention to some matters needing attention of travel insurance.First, Mike should look at the specific insurance policy, and then look at whether the costs incurred by the hospital in the insurance coverage.Finally, his mother previously been sick, he should tell it to the insurance company to see if in the coverage,if did not inform the insurance company, the insurance company will not pay compensation.。
hnd_商法outcome1考试_答案
1 S ources of modern Scots Law.Statute law, common law and European Union law2 How do you describe the doctrine of judicial precedent? Examples of judicial precedent.It means that a judge can make law when there aren't legislation or precedents for him to use to deal with the case in his hand. In doing so, the judge or judges listen to arguments of all parties to decide which view of law is right. This case is called test case. They make their decision and then future judges should follow the reasoning in the test case . Not all the judges have the authority to make precedents. Junior judges usually can not do this. Ruling made by superior court must be followed by lower court.3 Which is more powerful: the Westminster Parliament or the Scottish Parliament? Why?The Westminster Parliament is superior. On the one hand, Scottish Parliament passes laws within the power conferred by the Westminster. On the other hand, the Westminster can abolish Scottish Parliament by passing an act.4 What is a statute?A statute is where a legislation is written down. A legislation made by parliament is called Act of Parliament, and also known as a statute.5 Name five Acts of Parliament.The licensing (Scotland) act 1975The divorce (Scotland) act 1976Abolition of poundings and warrant sales act 2001Dog fouling (Scotland) act 2003The health and safety at work act 1974Sale of goods act 1979Employment rights act 1996Protection of children (Scotland) act 20036 What are the main differences between civil and criminal law in Scotland? Criminal law is to maintain law and order by punishing criminals. The punishments includes imprisonment and fine and so on.Civil law is to resolve legal disputes between individuals such as divorce, personal injury, contractual disputes, sale of goods, etc.Criminal and civil cases are dealt with by different courts, who use different proof rules and follow different procedure.7 What is a crime? (You should list four examples of criminal behaviour)A crime is a kind of behaviour which threatens or destroys social security and should be punished by the state.Murder, rape, treason, theft, manslaughter, robbery, bribery, fraud, etc.8 E xamples of a civil dispute.Contractual disputes, employment disputes, debt recovery, divorce, personal injury, land diputes9 If any conflicts between Scots and European Union Law, which one should the Scottish Courts follow? Why?European Union law.The UK is now a member of the EU. In order to enjoy the benefit as a member, the UK must obey the EU law. The UK has passed an act to confirm its membership and accepted that the EU law shall be superior to its domestic law.10 List the four most important institutions of the European Union and Which of them has law-making powers?1 The Council of Ministers.2 The European Parliament.3 The European Court of Justice.4 The European Commission.The Council of Ministers and the European Parliament has law-making powers.1 Examples of The European Union can make legal rules.Regulations, Directives, Decisions, Recommendations and Opinions2 “the primacy of European Union Law”?It means that when there is a conflict between EU law and Scots law, a Scottish court implements the EU law instead of Scots law.4 What is …legislation‟?Legislation refers to laws passed by the parliaments. These laws are Acts of Parliament. Besides, there is delegated legislation, which is made by bodies lower than the parliaments and authorized by the parliaments.5 Which of the two legislative bodies is more important?The Westminster Parliament is more important than The Scottish Parliament.6 What does the XXX (Scotland) Act mean?It means that this legislation is made by Scottish Parliament and applys to Scotland only.8 What is the burden of proof in a criminal trial which a prosecutor mustachieve in order to convict the accused?The prosecutor must clearly prove the accused is guilty beyond any reasonable doubt.9 What is …common law‟?Common law is an important part of the unwritten law of Scotland. It includes judicial precedents, custom, equity and institutional writings.1现代苏格兰法律的来源。
HND2013经济学outcome1 Case
Case studyWJE is an independent British manufacturer of quality sports cars based in Dumfries.WJE是位于邓弗里斯的一个独立的英国生产优质跑车的制造商。
The company manufactures lightweight sports cars with powerful engines and has become the only specialized sports car manufacturer in Scotland, offering a select range of performance cars, built to a high standard. Most vehicles use the WJE engine which is highly regarded for speed and reliability. WJE performance sports cars are constructed from tubular steel frames, cloaked in fiberglass or carbon fibred bodywork.该公司生产带有强有力的发动机轻量级跑车，并在苏格兰已成为唯一的专业运动汽车制造商，提供大量的选择范围内的性能车，建成了高标准。
大多数车辆使用Wje引擎是对速度和可靠性的高度重视。
Wje性能跑车是由管状钢架，玻璃纤维或碳纤维的车身。
The company began its life in 1960 in the old Rubber factory, in Dumfries. The factory though old was of a suitable size to allow for the production of several cars at any one time. In 1962 the company launched their highly successful WJE Tiger which quickly gained a strong reputation for power and reliability. Sales for the Tiger quickly reached 100 units per year, and in 1967 WJE were selling 145 units per year. By 1970 sales were beginning to drop and the second model to be known as the Panther was introduced. The Panther saw the company progress well outside its Scottish roots with around 60% of the sales being exports to Europe and the US. This strong reliance on foreign exports has stayed with the company throughout its existence.该公司1960在邓弗里斯的旧橡胶厂开始它的生活，。
HND大二经济学 outcome1
The Analysis of the Virgin Mobile by Using the Micro Economic TheoryName: Jiang WeiStudent ID: 2011935206Date: May 1, 20131.0 IntroductionCase: Virgin Mobile is a new company formed by Richard Branson, through his three years of efforts to obtain benefits. Until 2002, the company is to have a considerable customer and achieve profit maximization. These customers, and Virgin Mobile contract, those who use Orange, Vodafone, BT Cellnet or One2One a small part of it that oligopoly. Paper is to analyze the microscopic theory of Virgin Mobile ties. In the paper, the main theories include: the characteristics of short-term costs and oligopolistic maps, features and figure of perfect competition, profit maximization (Williamson's theory and the growth maximization theory) alternatives, and profit maximization of the two the role. From these sections, we will have a depth of understanding of Virgin Mobile.Questions:1the mobile phone market is believed to be an oligopoly---what are two characteristics of this market structure?2 illustrate with an appropriate diagram and describe the price and output behavior that may be seen in an oligoplistic market structure.3 choose another marker structure and suggest two characteristics of this market structure.4 for your chosen market structure and with the aid of an appropriate diagram describe the price and output behavior in it5 what two role would profit have played in attracting richard branson to the mobile telephone market.6 analyse two other alternatives to profit maximisation as a goal of the firm.7 discuss what influences the shape of the total cost, average cost and marginal cost curve in the short run in a firm.2.0 Finding :Behavior of the mobile communications market vendors2.1 Two characteristics of oligopoly The production and sale of a commodity from the market, few companies controlled by several major market structure.In the case of the mobile phone market, is believed to be an oligopoly. Oligopolistic market forms, that is, a market or industry dominated by a few sellers.The main features of an oligopoly of two.(1) interdependence is the basic characteristic of oligopoly markets with independent features, but their actions affect each other and interdependent. This oligopoly firms can reach a total of a variety of ways cooperation can sign an agreement to secretly understanding. A few firms account for a large market share so that these companies have very strong monopoly power. (2) The basic factors is the existence of these industries obvious economies of scale of economies of scale make large-scale production has a great advantage.high profits will attract more companies to enter the industry and profits to the company to finance development. large companies growing, small companies can not survive the final formation of a small number of highly competitive business situation.The main features of perfect competition(1) A large number of buyers and seller of the commodity, so that no one firm can affect the market price through its own action.(2) Freedom of entry and exit to the market for buyers and sellers. this is probably the most important condition for the theory of perfect competition2.2 Firms in the mobile communications market price of the demand curveThe figure shows that oligopolistic market structures may see the price and output behavior. OP is the price and OP output. If the price P will increase the demand, then its sales will decline. Demand curve is elastic. Conditions of this price increase will result in the loss of market share. Then, production will decline, but could cause the target can not be transferred out.On the other hand, if the price is lower than P, the price cut will affect the opponent will be changed. The price decline, the number will decrease, so production will increase. This growth trend in the company's products target the results quickly. A loss of profits in sales. Sales may be difficult to change. Demand curve is inelastic.The market demand curve and the demand curve for a perfectly competitive market are not the sameThe following figure shows the possible structure of a fully competitive market price and output behavior. As the characteristics of the market, average revenue equals marginal revenue. Demand curve is perfectly elastic. Price level is determined by the recipient. To maximize profits, it needs to average income is equal to marginal revenue, the only way companies can get a normal profit.2.3 Roles of profit in a Market Economy.Profit is the ability to return to the entrepreneur. In this case, by Orange, Vodafone, BT Cellnet or One2One market structure, so that profit Richard Branson, is a leader in performance incentives, and get more benefits. In addition, the behavior of profits to attract entrepreneurs into the industry's investment signals. Circumstances, increase profits investment, may also attract the attention of other companies and a growing number of companies to increase the number ofprograms and technology. In addition, the output is running after profits. Profit depends on the number of products and customers.2.4 Profit maximization as a goal of the firm.The first role of profit maximization, the sales revenue maximization theory. Managers will seek to maximize sales. The reason is that it may determine the level of sales manager. It is becoming increasingly important, as the sales manager's role is to function as more focused. In addition, the manager's salary, power and prestige may be directly dependent on sales.The second role of profit maximization is that growth maximization theory. Maximization and business growth strategy is at the expense of the enterprise to maximize the flow of future profits growth. Manager of efforts, not the most profitab le growth. ≥ advertising spending growth needs; further price cuts; extensive advertising, may be harmful to the mobile communications industry, because of the economic growth and financial constraints on growth management constraints.2.4 The curve of total cost, average cost and marginal costFixed costs are those costs does not vary with volume of output. The volume of output can be determined by dividing the average cost of the company's costs. The total costs include fixed costs and average costs. Therefore, the total cost is equal to the increase in the average cost of fixed costs. In addition, the total fixed cost is the cost to maintain the same increase or decrease output. In addition, the total cost of the process of slow decline in output growth. Although the total cost during this period with the total average costs. The average total cost and total cost is parallel.In economics, diminishing returns (also called diminishing marginal returns) is the marginal output of the production would adducealong with a until increase in the number of factors of production, and production of all other factors remain the same amount. Below average total cost curve shows the marginal cost. Marginal cost curve cuts the average cost curve at its lowest point. If the marginal cost is lower than average total cost, average total costs will fall. Contrast, the marginal cost exceeds average total cost, average total costs will increase.ConclusionVirgin Mobile is considered to be an oligopoly. Oligopoly in a few specific suppliers of goods. May be similar goods or services. There are two types of market structure is perfect competition and monopoly. Perfect competition has barriers to entry. In addition, all products are the same. Under normal circumstances, Virgin Mobile's goal is to maximize profits. When marginal revenue equals marginal cost, the maximum corporate profits. If you can not achieve this role, Virgin Mobile should ensure that the total revenue is greater than the total cost, the profit. If profit maximization is not the main objective of Virgin Mobile, there are some alternatives to maximize profits. One is to maximize sales; the other is to maximize growth. Virgin Mobile should make decisions for different situations.References1. Scottish Qualifications Authority, 2009, Economic 1: Micro and Macro Theory and Application.2. /3404/oligopoly.html3. /3661/perfect_competition.html。
HND经济学outcome1
The Micro Theory and Application in Virgin Mobile Summary: The thesis is contact the micro theory to analysis the Virgin Mobile company. In the thesis, the mainly theory including:Short run costs, the characteristics and diagram of oligopoly,the characteristics and diagram of perfect competition,alternatives to profit maximization( Williamson’s theory andGrowth Maximization Theory), and the two roles of profitmaximization. From these parts, we will have a deeplyunderstanding about Virgin Mobile company.Key words: Oligopoly, Perfectly competition, Profit maximization, Short run costAs the social developed, the mobile phone market has a large developed. Due to the mobile phone market need is high technology, only a few company account for a large share of the market, so these companies has a very strong monopoly power in this market. Products of these enterprises are equal quality, but the same products in their price is not same. With the fierce price competitiveness created by this sticky-upwarddemand curve, firms use non-price competition in order to accrue greater revenue and market share. Oligopoly means that there are only a few sellers of a particular commodity. In the oligopoly the price are unlike to change very often, and there are obvious barriers to entry, which is a small number of business to occupy most of the necessary conditions for market share. The following is the behavior of price and output views:In DG, the demand is elastic that all the firms will remain unchanged the prices. In DG, the demand is inelastic that all the firms will cut the price to gain the more profits, it will leading to a price war. So the point G is the equilibrium point that is the best option for the oligopolies market. At this time, the price is OP and the output is OQ.There is another market structure—Perfect Competition. There has some characteristics of this market. In Perfect Competition market, a large number of buyers and sellers of the commodity, so that no one firm can affect the market price through its own action. The other is freedom of entry and exit to the market for buyers and sellers. This is probably the most important condition for the theory of Perfect Competition. The following is the behavior of price and output views:From the diagram, we can note that the premise is that AR=MR=Price. Because of the characteristics of this from of market no one can gain an advantage and firms can sell their goods up to the point at which they have maximized their profit. In this market firms are ‘Price Takers’because any change in output of one firm is too insignificant to affect theprice. When the marginal costs meet marginal revenue, they generate the most profit.Profit is the reward to entrepreneurs and the incentive that encourages them to take risks. Profit is also a reward. It must be earned, as we have seen, generally in an imperfect competitive situation. Profit can also be termed ‘Normal’ or ‘Supernormal’. Normal profit is the minimum amount of profit, which is necessary to keep a firm in an industry. Supernormal profit is anything above that minimum amount of profit. Normal profit is the average rate of reward per until of output prevailing for the average entrepreneur over an economy as a whole. The following diagram shows the normal relationship between revenue cost and profit and output.Maximum profit occurs at point Q2 where gap between total cost andrevenue is greatest. Total revenue highest point occurs at Q1 and after this point declines because the total cost starts to rise quickly as output increase.An alternative way of showing what effect might be of maximizing profits of revenue would be to use the marginal and revenue diagram already shown. This would look like this:When output is Q1, price is P1, this is where marginal cost equals marginal revenue (MC=MR), the profit maximum. When output is Q2, price is P2, where marginal revenue equal zero (MR=0), the revenue maximum.For many company that profit maximisation is not always the main goal. They may want to achieve the profit maximisation, at the same timeachieve individual motives. There will analysis two other alternatives to profit maximisation as a goal of the firm: Sales Revenue Maximisation Theory and Growth Maximisation Theory. Sales Revenue Maximisation Theory was propounded by Professor W J Boumal based on the following: Managers get better perks and salaries from sales than profit. Market share is considered a better sign of progress of a firm. Because of the above, heavy advertising will take place to maximize sales. Profit may be reduced to pay for advertising. Firms will still make profits—to keep shareholders happy—and salaries and perks up—but it will not be a Profit Maximisation Philosophy. Firms which operate on this philosophy will attempt to sell more but at a lower price than a firm looking for maximum profit. The anther is Growth Maximisation Theory, it propounded by Robin Marris. It stressed that managers look for perks, status, salaries etc but want to grow their own firm. If firms want to sell more they must produce more. Productive capacity must also grow, growth is therefore more balanced. If market or product is ‘mature’and has little growth potential firms might have to diversify into new areas. Growth can occur because of amalgamation, merger and takeover. Managers can neverignore their shareholders; they must keep them on board. This will only occur if shareholders believe there is increasing value for them in this growth.We know TC(total cost)=FC(fixed cost)+VC(variable cost). Venture capital is fixed, so the only factor is the FC. In another aspect, a mobile phone is more variable cost curve will be more sudden. For the AMC(marginal cost) and AC(average cost) curve, short-term average cost curve is determined by the law diminishing marginal returns. The average curve increased and then decreased after. Virgin Mobile is part of the repaid development. This is a new first as an oligopoly market. Its share to seep curve is also a trend MC curve is similar to the U curve, which means more of the cost of commodity production.。
hnd-经济学1-微观经济学-outcome1
Table of Contents1.0Introduction (1)2.0 Oligopoly (1)●Entry barriers (1)●Non-price competition (1)3.0 Explanation for Diagram in Oligopoly (2)4.0 Pure Competitive Market (3)●Lower prices (3)●Low barriers to entry (3)5.0 Explanation for Diagram in Pure Competitive Market (3)6.0 Roles of Profit in Market Economy (4)●Demand for factor resources (4)●Market Entry (5)7.0 The other two alternatives to profit maximization (5)●Satisficing behaviour (5)●Sales revenue maximization (5)8.0 Influences on a Firm in the Short Run (6)9.0 References (7)1.0IntroductionMarco and Micro economic knowledge we had learned in this period is mainly to discuss about some major market structures in the entire market now. And they are oligopoly, monopoly and pure competitive market and so on. In this case, the Virgin Mobile had entered in mobile phone market in the UK, which is an oligopoly market. In this market, Orange, V odafone, BT Cellnet and One2One are the oligopolists.2.0OligopolyWhen a market or industry is dominated by a small number of sellers, we usually believe an oligopoly appears. And there are two main features of oligopoly:●Entry barriers: It’s a great block for the new company to be a long-run partof an oligopoly market. Usually, many smaller firms operate on the periphery on such s market, which means these companies cannot reach the supernormal profits or affect much to market prices and output. Take Virgin Mobile (VM) as an example: Before VM engaged in the mobile phone market in the UK, there were some industrial giants conquered the market- Orange, V odafone, BT Cellnet and One2One, which account for a large market share.Although VM is making profit, the money it earned is far less than any one of these oligopolist.●Non-price competition:As a few company be dominant to an industrial,pricing can be no longer an effective competitiveness for those oligopolistic firms. Compared with pricing, after-sales service, extension of new market and advertising seem to be more emphasized by them. In this case, the VM is better to promote the competitiveness in such ways -- improving the after-sales quality, expanding into new markets , building their own brand and so on.3.0Explanation for Diagram in OligopolyIn the oligopolistic market, the oligopolists may react diversely to the different price variation trend of their rivals. If one oligopolist raises the price and other companies will not follow it to maintain the market share, however, if the company reduce the price and other companies must follow, which is to keep more market shares. It can be seen in the kinked demand curve below.Before the price is higher than P1, the product demand is elastic that means the price raises and the total revenue will reduce. But when the price is lower than P1, the product demand is inelastic -- the price reduces and the total revenue will also do. Thus, the company may able to reach a stable profit-maximizing equilibrium at the point G, so the companies in the oligopolistic market can not change the price optionally.4.0Pure Competitive MarketIn the pure competitive market structure, the company can compete with each other perfectly. There are two common characteristics that are considered to be “competitive” are:●Lower prices: Generally, a perfectly competitive market exists whenevery participant is a "price taker"which means the suppliers will have notable to raise price for facing elastic demand curves, and no participantinfluences the price of the product it buys or sells. ( ) .So simply raising price will make a loss of demand and total revenue. Thecross-pri ce elasticity of demand can reflect the customers’ attitude towardssome particular goods. The demand of substitute goods is holding pacewith the price when it has any change. Conversely, the demand ofcomplementary goods would decrease when the price increase. In thiscondition, customers will always find the most proper goods forthemselves.●Low barriers to entry: Compared with oligopoly, the new firms wouldbe easier to enter in the pure competitive market. And the entry of newparticipants will probably provide competition and ensure price is keptlow in the long run.5.0Explanation for Diagram in Pure Competitive MarketIt is known to all that each individual firm is considered as a price taker.Customers may not prefer to buy a product with a higher price. Because of the characteristic (perfect knowledge) of pure competitive market, neither buyers nor sellers can gain an advantage and firm may sell their goods at the point where they have the maximized profit.From the short run view of a firm in a pure competitive market structure, the explanation of the diagram is as follow:The price in a pure competitive market structure is decided by demand and supply, which can be seen in panel on the right. When demand rises from D1 to D2, the equilibrium point goes from A to B and P2 is the established price. Because of the price which a firm use stays at P2, marginal revenue is equal to P2 at last a verage revenue is equal to P2 as well. When MC=MR, profit maximization is achi eved, so the point which firms will stop producing should be C which ordinate is P2 and abscissa is Q2. According to the diagram above, when quantity is Q2, ATC is equal to P1. So P2 subtract P1 is average profit and then multiply by Q2 can obta in total profit.6.0Roles of Profit in Market EconomyDemand for factor resourcesScarce factor resources to flow where the expected rate of return or profit is highest. In the mobile phone market, when Richard Branson started to get profit in 2002, VM has 1,445,492 customers, which means stronger demands, more labour and capital are committed. With more scarce factor resources, VM may able to earn more profit. However, in a recession, the output, incomes andinvestment for VM must all fall, which may cause the profit loss. Thus the company should take action (for example cutting costs) to preserve its market position.●Market EntryIf an individual company gets more profit than others, it must be a signal to other producers within a market that profitable entry may possible. After three-year efforts, Richard Branson made VM profiting. When it comes, many other firms would be attracted to enter the industry. Thus, the competition would be increased and new products, technologies would be also updated in a higher speed.7.0The other two alternatives to profit maximization●Satisficing behaviourSatisficing behaviour can be the substitute to profit maximization behaviour. This behavioural method lays stress on how decisions are taken within the firm. Whena decision is making, satisficing explains that individuals and groups shouldchoose the first option that is good enough to address most needs rather all. Based on Herbert Simon’s work concerning behaviour --“people possess limited cognitive ability and can exercise only ‘bounded rationality’ when making decision in complex, uncertain situations”, satisficing behaviour encourages individuals and groups to attain a more realistic goal.If VM set a goal that expending their customers to 2 million in a year, finally it reaches 2.5 million. Thus wise we can take the goal for a receivable.●Sales revenue maximizationThe goal of sales revenue maximization is to maximize the sales other than profits.The managers decision price and strategy of products. In this pattern of management, business can grow or sustain market share, ensure survival, discourage competitors, achieve bonuses and build the prestige of the senior management.For the VM, when it initially entered the mobile phone market, it is a great approach that selling their products as many as possible with the lowest profit to enlarge their market share.8.0Influences on a Firm in the Short RunFrom the diagram above, which can be seen are total cost (TC) is the sum of fixed (TFC) and variable costs (TFC).In the beginning, when nothing is being produced ,the fixed costs will be equal to the total cost. The TC and TVC increase concurrently with the quantity, but they are paralleled and the distance between them is TFC which is always invariable. And total cost is an upward trend.The diagram is about the short run cost curves. One time the fixed cost is excessivelyused, which will lead to the progressive decrease of marginal product, meanwhile the marginal product reduce will lead to the decrease of marginal revenue. Leading the reducing of the ATC when MC<ATC, on the opposite, it will lead to the ATC's increasing. Making the short-run ATC curve look like U-shaped, on the other side, the law of diminishing returns will lead to the rise of marginal cost of production as o utput increases.When AVC increasing higher than the fall in AFC one time the output increases , whi ch the marginal cost is rising will lead to the average total cost rising9.0References( ) .。
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Assessment task instructions
Read the following passage and answer the questions which follow.
SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors.
The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces.
It is estimated that in the coming year it will have £2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes.
A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country.
The boards of directors of SteamScot are also considering a change in their pricing
but are unsure if this is a wise move. At present the average price of a journey is £4 and 60,000 tourists use the services. A report commissioned by the board on price, supply and demand is shown on the following table.
1 SteamScot face a ‘basic economic problem’!
What is this ‘problem’ and what is the opportunity cost of the replace and repair programme?
2 From the table in the previous passage, construct a demand and supply schedule on
a diagram and identify the equilibrium price and quantity.
3 (a) Calculate, using total revenue, the price elasticity of demand when: (i) price rises from £
4 to £5
(ii) price falls from £4 to £3
(b) If you were a member of the SteamScot board, what would you recommend the company does in both situations? Give reasons for your advice.
4 How would the advertising campaign by Visit Scotland affect demand for SteamScot journeys?
Show the effect on a diagram.
5 Apart from an increase in price, what other determinant would encourage SteamScot
to increase its supply of rail journeys?
6 If the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScot’s product s? Explain your answer with reference to income elasticity of demand.
7 Using a diagram, show what would happen to the equilibrium if the Scottish Executive gave SteamScot a subsidy. Explain any changes and how the market would return to equilibrium.
评估任务说明
阅读下面的文章,回答下列问题。
SteamScot是一个私有的铁路公司, 在苏格兰提供蒸汽火车旅行。
他们目前在苏格兰各部操作三个具体铁路旅程。
这些旅行目的是旅游市场并在夏季经营几个月。
大约有70%的旅客国内游客与其他30%的外地游客。
公司在的过去十年来一直相当有利可图,借助各种可用的奖助金,他们正在考虑扩大其运营。
然而,它也知道在未来五年内主要检修的资本存量以及大修必须实行。
这种进退两难的局面,是该公司的董事会面对的。
据估计,在未来的一年里会有£2500000可用。
这笔钱可以用来在因弗内斯堡和威廉之间打开一个新线,或在其目前的路线开始修复和更换计划。
最近的一份报告强调,伴随着最近恐怖分子的威胁, 来自美国的游客预计将跌在3年内减少,但欧洲游客可能由于欧元的升值而上涨。
但同时预期Visit Scotland (旅游组织)将在英国安排一个重要的广告宣传活动,以吸引更多英国游客。
SteamScot的董事会也正在考虑改变他们的价格,但不确定这是一个明智的做法。
目前的平均价格是一个旅程£4并且60000名游客使用我们的服务。
一份报告董事会委托价格、供给与需求显示在下面的表格。
1 SteamScot面临一个基本经济问题”!
这个问题是什么,更换和维修计划的机会成本是什么?
2从先前的表格中,构建供给和需求图表,并确定均衡价格和数量。
3(a)用总收益计算下列情况的价格需求弹性。
(i)价格从£4上涨至5£
(ii)价格从£4下跌至£3
(b)如果你是一个SteamScot董事会的成员,你会建议公司在这两种情况下如何做呢?给出理由,听听你的意见。
4 Visit Scotland的广告如何影响SteamScot旅行的需求量?
在图形显示作用。
5 除了涨价之外,还有什麽其他决定性会鼓励SteamScot增加铁路旅行的供应? 6如果财政大臣将减少所得税,是否会影响SteamScot的需求?请解释你的答案,参照收入需求弹性。
7使用一个图表,显示如果苏格兰行政院给SteamScot一种补贴平衡会发生什么。
解释如何变化,市场会回到平衡。