Thinkertoys Week 4 Essay Example | Topics and Well Written Essays - 500 words

Thinkertoys Week 4 - Essay Example By dint of a comprehensive and thoughtful planning, the company jumped from seventh position to second position in the market. Michalko has defined steps to be applied by a company in order to turn out successful even at the most unfavorable situation. The same is being adopted by the researcher in the present research, which is as following: Since I tend to start my own consultancy, after completing my graduation in business administration, in order to provide the young people with counseling regarding career selection, I plan the following possible scenario for starting my career: I will start my consultancy at the heart of the city, where commercial activities are at boom; so that I could capture the attention of the visiting clients too along with the clientele out of my personal relationship. In case I find difficulty in finding out possible clientele, I will shift my office from commercial zone to the area adjacent to the colleges and universities, so that fresh graduates and students could discover a career counseling consultancy in their area. I will also examine the market scenario and will assess whether I am working under perfect competition or monopolistic competition. I will revise my business strategy time and again on the foundation of business environment. Since business administration degree provides its graduates with the opportunity of working in numerous fields, I may start working in the fields of real estate, advertising, marketing and others. Since I strongly believe in hard work and honesty, I will never escape from my duties and obligations towards others. I will work diligently for the promotion of my business as well as obtaining dexterity in my skills and abilities. I will not confined my thinking to myself alone; rather, I will consult the specialists, professionals and experts regarding my thoughts and

Closing the Output Gap in the United Kingdom Essay

Closing the Output Gap in the United Kingdom - Essay Example Of course, actual output is the recorded GDP of a given time that can be in nominal or real values. The nominal value refers to the prefers of the GDP synchronic to the prices or price reference of a given year while the real GDP can be valued in terms of a base or a reference prices of a reference year. Dornbush et al. (2008, p. 15) explained that the concept of an output gap provides a way of measuring the magnitude of the cyclical deviations of actual output from the potential output. The concept â€Å"potential output† is also interchangeable with the term â€Å"trend output† (Dornbusch et al. 2008, p. 15). From the economic perspective of Dornbusch et al., the output gap is negative during a recession and positive during an expansion (2008, p. 15). In a recession, resources are unemployed and actual output is below potential output. In contrast, during a positive gap or expansion, workers overtime and machineries are utilized more than the usual (Dornbusch 2008, p. 15). Positive gap or expansion is also known as an economic recovery (Dornbusch 2008, p. 15). For Mankiw (2006, p. 425), potential output or full employment output is more accurately the natural rate of output because â€Å"it shows what the economy produces when the unemployment is at its natural or normal rate†. At the same time, Mankiw pointed out that â€Å"the natural rate of output is the level of production toward which the economy gravitates in the long run† (2004, p. 425). According to classical viewpoint, the potential output or the natural rate of output depends on labour, capital, natural resources, and technological knowledge and, therefore, shifts in the potential output or natural rate of output depend on changes in the said variables (Mankiw 2004, p. 425). An output gap can promote price volatility.