What Is a Free Market Economy

At its most basic, a free market economy is one that is governed strictly by the forces of supply and demand with no governmental influence. In practice, however, nearly all legal market economies must contend with some form of regulation.   Definition Economists describe a market economy as one where goods and services are exchanged at will and by mutual agreement. Buying vegetables for a set price from a grower at a farm stand is one example of economic exchange. Paying someone an hourly wage to run errands for you is another example of an exchange.   A pure market economy has no barriers to economic exchange: you can sell anything to anyone else for any price. In reality, this form of economics is rare. Sales taxes, tariffs on imports and exports, and legal prohibitions—such as the age restriction on liquor consumption—are all impediments to a truly free market exchange. In general, capitalist economies, which most democracies like the United States adhere to, are the freest because ownership is in the hands of individuals rather than the state. Socialist economies, where the government may own some but not all the means of production (such as the nations freight and passenger rail lines), can also be considered market economies as long as market consumption is not heavily regulated. Communist governments, which control the means of production, are not considered market economies because the government dictates supply and demand. Characteristics A market economy has several key qualities. Private ownership of resources. Individuals, not the government, own or control the means of production, distribution, and exchange of goods, as well as the labor supply.  Thriving financial markets.  Commerce requires capital. Financial institutions such as banks and brokerages exist in order to supply individuals with the means to acquire goods and services. These markets profit by charging interest or fees on transactions.Freedom to participate.  Production and consumption of goods and services is voluntary. Individuals are free to acquire, consume, or produce as much or as little as their own needs require. Pros and Cons Theres a reason why most of the worlds most advanced nations adhere to a market-based economy. Despite their many flaws, these markets function better than other economic models. Here are some characteristic advantages and drawbacks: Competition leads to innovation.  As producers work to satisfy consumer demand, they also look for ways to gain an advantage over their competitors. This can occur by making the production process more efficient, such as robots on an assembly line that relieve workers of the most monotonous or dangerous tasks. It can also occur when a new technical innovation leads to new markets, much as when the television radically transformed how people consumed entertainment.Profit is encouraged.  Companies that excel in a sector will profit as their share of the market expands. Some of those profits benefit individuals or investors, while other capital is channeled back into the business to seed future growth. As markets expand, producers, consumers, and workers all benefit.Bigger is often better.  In economies of scale, large companies with easy access to large pools of capital and labor often enjoy an advantage over small producers that dont have the resources to compete. This condition can result in a producer driving rivals out of business by undercutting them on price or by controlling the supply of scarce resources, resulting in a market monopoly.There are no guarantees. Unless a government chooses to intervene through market regulations or social welfare programs, its citizens have no promise of financial success in a market economy. Such pure  laissez-faire  economics is uncommon, though the degree of political and public support for such governmental intervention varies from nation to nation. Sources Amadeo, Kimberly. Market Economy, Its Characteristics, Pros, Cons With Examples. TheBalance.com, 27 March 2018.Investopedia staff. Free Market: What Is a Free Market? Investopedia.com.Rothbard, Murray M. Free Market: The Concise Encyclopedia of Economics. EconLib.org, 2008.

The Effects Of Sleepwalking On The Nervous System

Dennis Powell Professor Key Psy2012 1 December 2015 Have you ever known anyone who has sleepwalked? Perhaps, if you lived with young children, then you may have witnessed an act of sleeping or somnambulism. The characteristics of this parasomnia are simplistic in theory; a person who is a asleep appears to be awake and is performing activities without any knowledge once they awaken. Sleepwalking is common in adolescence due to hormonal changes, but can occur throughout an individual s life. When present in adults it can indicate many more serious psychological issues underlying, for the majority sleepwalking is benign and is grown out of. Some factors that are thought to cause this disorder are: fatigue, fever, which directly affects the nervous system, general illness, stress, or sleep deprivation, although none show definite connection to the illness. Sleepwalking , formally known as somnambulism, is a behavior disorder that originates during deep slumber and results in ambulating or performing other in-volute comportment while asleep. It is much more mundane in children than adults and is more liable to occur if a person is slumber deprived. Because a sleepwalker typically remains in deep slumber throughout the episode, he or she may be arduous to arouse and will probably not recollect the sleepwalking incident. This can be categorized under several distinct sleep-wake disorders and is incorporated in almost all books used by modern psychologists. An episode can lastShow MoreRelatedSleep Is An Important Part Of Our Lives1450 Words   |  6 Pagesare extremely active, yet there is usually no input or output. During this period, along with the random eye movement (REM), there is a complete loss of muscle tone. Essentially, at this point, the motor system is paralyzed (normally the body inhibits any movement). The autonomic nervous system also alters its behavior. The regulation of body temperature is lost and the blood pressure, heart rate, respiratory rates shows increased variability. REM sleep can be detected by measuring the electricalRead MoreThe Effects Of Sleep On Children And Adolescents1530 Words   |  7 Pagescommon disorders such as sleepwalking, to a few some may have never heard of, for instance: sleep paralysis. Sleep parasomnias are â€Å"disorders characterized by abnormal or unusual behavior of the nervous system during that occur during non-rapid eye movement (NREM) sleep or rapid eye movement (REM) sleep† (Parasomnias). NREM sleep (also referred to as slow wave sleep) contains more common parasomnias that involve the stimulation of the autonomic nervous system, motor system, or cognitive processesRead MoreThe Death Of A Sleeping Pill903 Words   |  4 Pageswomen as it causes the metabolic pathways throughout the body to start shutting down. These systems include the respiratory, circulatory and nervous systems and the result of such a widespread shut down is death. The drug is attributed with certain behaviours that occur while being unconscious. It has been reported by numerous patients that the drug results in sleep related behaviours such as, sleepwalking and has resulted in many deaths. Stilnox however can be beneficial to those that are effectedRead MoreThe Importance of Sleep Essay2311 Words   |  10 Pagesas adults. This is because they start school and sleep less on weekdays and more on weekends and vacations. Their sleep patterns decrease from 11 hours to 9.25 hours. (Brynie, 23) Nightmares and night terrors develop during these ages as well as sleepwalking and â€Å"bedtime resistance.† (Brynie, 23) In teens, time spent in slow wave sleep decreases and they wake more at night which then leaves them feeling sleepier during the day due to shifting hormones and social demands. Illnesses require more sleepRead MoreEssay on Altered States of Consciousness1003 Words   |  5 Pages large-amplitude delta waves begin to sweep your brain about every second. Stage four is the deepest sleep a person gets into. Large regular delta waves occur about 50% of the time. This indicates a person is in a deep sleep. Talking out loud, sleepwalking, and bed wetting all oc cur during this deep sleep stage. Things that happen during this stage leave no trace on a person’s memory. While in stage four, a person goes through a stage of sleep called REM. REM sleep is a stage of sleep characterizedRead MoreNight Terrors2287 Words   |  10 PagesAlthough they may appear to be nightmares, night terrors are significantly different in various ways. Similarities begin when the episode begins, usually with a piercing scream. The child will look as though he/she is extremely terrified; physical effects might include dilated pupils, rapid breathing and pulse, racing heart and sweating, and an overall look of agitation (Mindell 259). In the throes of a night terror, a child may bolt out of bed and run around the room or even out of the house (MindellRead MoreSleep And Non Rem Sleep3886 Words   |  16 Pages Sleep effects every living organism on the world, whether it is positive or negative it has an impact on everyone. There are many different stages of sleep and each containing its own purpose. Sleep isn’t as simple and unnecessary as many believe it to be; sleep has the power to cause many different disorders and can even cause death if a person is deprived from sleep for too long. Sleep can also effect the brain and how the brain functions on a daily basis. Sleep is an important factor of lifeRead MoreViolation Of The Eighth Amendment Essay1591 Words   |  7 Pages (79) There are currently five different ways to carry out the death penalty in the United States. The first is death by firing squad. Death occurs because of massive damage to the body s vital organs, heart, central nervous system, or by a combination of these different effects with hemorrhage. Probably the quickest way to execute a human being with a gun is to fire a single bullet from a piston at point blank range into the head. Yet in Idaho and Utah, the law specifies a five-man rifle squadRead MoreSummary Of Grolier Multimedia Encyclopedia Advanced Search Button2276 Words   |  10 Pagesbutton Periodicals button Sleep Table of Contents How to Cite This Article Sleep is a complex form of resting state that is observed in animals that have highly developed nervous systems. Birds and mammals, including humans, do not simply become inactive and slow to react during their daily rest periods. Their nervous systems shift into modes that differ from but are not necessarily less active than wakefulness. The Nature of Sleep Humans and nearly all other animals vary their level of activityRead MoreEssay The 8th Amendment1201 Words   |  5 Pagespenalty. There are currently five different ways to carry out the death penalty in the United States. The first is death by firing squad. Death occurs because of massive damage to the bodys vital organs, heart, central nervous system, or by a combination of these different effects with hemorrhage (The Execution Protocol). Probably the quickest way to execute a human being with a gun is to fire a single bullet from a piston at point blank range into the head. Yet in Idaho and Utah, the law specifies

Strategic HRM Model and Approaches Samples †MyAssignmenthelp.com

Question: Discuss about the Strategic HRM Model and Approaches. Answer: The Strategic human resource management is implemented on every organization to build up the fame of the organization and to strengthen the pillars of the organization who are the employees of the organization. The Strategic Human resource Management method is needed in order to understand the external environment of an organization as well as the external nature of an organization. This concept basically identifies the role of the HR and it highlights the recruitment strategies of an organization. The objectives of the HR is connected with the function and the running of the organization through the implementation of this the theories that are there in the human resource management. The essay concentrates on the models and the approaches that are associated with the HRM (Sparrow et al., 2016). The applications of the same and the consequences of the application of the same are included in the essay. The HRM models: Harvard model: There are five factors that make up the HRM model. This model have huge amount of contribution in an organization. The first and foremost function of the model is that it connects the department of HR with the strategies of business that forms a major part of the organization. This model is used in the areas of recruitment, selection, training, rewards and ranks of the employees. This serves as the motivation to the employees and it includes the planning of the well-being of the employees. The trainings, the rewards and the ranks increases the urge of the employees to do the work that would in turn increase the revenue and the production of the business. The Harvard model enables an organization to perform systematically. Therefore this is an important model (Jackson, Schuler Jiang 2014). Management by objectives (MBO): The purpose of this is to ensure good quality of the works of the employees. This requires motivation and it can be performed by various methods such as the 360 degree appraisal. Feedback is another form that can help the organization to improve the quality. The feedback of every employee should be recorded. The model states that the employer and the employee both should work simultaneously in order to achieve the goal of the organization. The performance appraisal motivates the employees to perform in a better way. This serves as a motivation for them (Cascio, 2018). The theories of SHRM::Best practice or the universal theory This theory states that there are certain necessary activities of HR that are required to perform by a company in order to gain certain benefits. This practice is necessary to generate the necessary outcome in an organization. The example of this is team work in an organization. This grows the bonding between the employees and the employer and together they head towards attaining the common goal (Brewster, Mayrhofer Morley, 2016). Best fit and the contingency theory This theory is set up to increase the compatibility of any organizations with the competitors. There are many criticisms of the model. The criticism of the model includes that the organization is expected to prepare an alternative plan. The alternative plans are based on assumptions and it sometimes turns out to be irrational and impractical idea. This is also a waste of time. The results of the same might be unfavorable for the organization (Brewsteret al., 2016). Resource-based theory This theory influences the strategies of SHRM of an organization. This theory makes the organization to analyze the resources that are already exists in the organization and this in turn maintains the capability of the organization. The resources are necessary in an organization. In order to have a successful business the employment of the resources are majorly important in an organization. This enables the organization to have success and it enables the organization to maintain the performance in case the resource is utilized in an effective manner. The resources have full potential and they have to be used intelligently and wisely (Brewster Hegewisch, 2017). Practices of HRM In the articles that have been discussed in the worksheets it is mentioned that the human resource management requires dealing with the decisions related to the management of the organization. The organization must ensure that they provide motivation to the employees by offering proper training and reward system. The practices related to the performance management and the rewards are one of the essential parts of an organization. This would increase the efficiency of the employees and would in turn increase the productivity of the employees. The performance management should be done on a regular interval in any organization. The rewards should be the appraisal of some ranks or some kind of monitory rewards. This acts as a strong appreciation of the employees. The interest of the employees remains intact with the system of reward. This is the reason this practice should prevail in the organizations that would have a positive impact in an organization (Bratton Gold, 2017). Therefore from the above analysis this can be concluded that the function of the HRM is huge and it should maintain some innovative strategies to upgrade the brand of the company. This would increase the will of the employees to perform well inside the organization. The organization must keep in mind that the employees are the pillars of the organizations. The organization must implement plans and make efforts to maintain a good culture and environment of work inside the organization. The well-being of the employees must be thought and they should be motivated to perform well. Finally the soft and the hard approach should be taken into consideration. The soft approach enables a good social environment and the harsh approach has adverse effects of the same in the organization. Therefore the HRM has a major function in maintaining the strategic outcome of the organization. References Bratton, J., Gold, J. (2017).Human resource management: theory and practice. Palgrave. Brewster, C., Hegewisch, A. (Eds.). (2017).Policy and practice in European human resource management: The Price Waterhouse Cranfield survey. Taylor Francis. Brewster, C., Houldsworth, E., Sparrow, P., Vernon, G. (2016).International human resource management. Kogan Page Publishers. Brewster, C., Mayrhofer, W., Morley, M. (Eds.). (2016).New challenges for European resource management. Springer. Cascio, W. (2018).Managing human resources. McGraw-Hill Education. Jackson, S. E., Schuler, R. S., Jiang, K. (2014). An aspirational framework for strategic human resource management.The Academy of Management Annals,8(1), 1-56. Kramar, R. (2014). Beyond strategic human resource management: is sustainable human resource management the next approach?.The International Journal of Human Resource Management,25(8), 1069-1089. Sparrow, P., Brewster, C., Chung, C. (2016).Globalizing human resource management. Routledge.