BUSN 115 Week 1 Homework ES1.Question:No one can predict a natural disaster or world crisis.
When a hurricane or flood or a pandemic strikes a country, who is most likely to respond first? Which economic system is the best solution to handling a crisis of epic proportion?Your Answer:No one can foresee a when a natural disaster or world crisis will occur. The first to respond when a crisis hits is the local government. If a pandemic strike occurs the country’s the health department would be the first to respond with the mayor or in extreme cases the president. If it’s a natural disaster the first to respond it’s the Emergency Management Agencies. I believe the best economic solution to handling a crisis of epic proportion is a socialist system. A socialist system would already have a group of people in each city, village or town that is in contact with the central government.
They would be able to quickly form a central location of need for food and water as well as provide a central place for people to gather and receive the basic necessities. Socialist system is an idea that every person works for the sake of the community with no lack of consideration for others. However; in some extreme conditions like after disasters, hurricanes, wars etc.
communities tend to create socialist orders; it likes the difficulties of bring people together and for a very short period of time so that everyone puts a hand in on the community work. But again it never last long and even in the worst situations some people try to make benefit from it. I believe that when in crisis all governments should pull together what they have and share with those that were affected.Comments:your on the right track in thought regarding first responders being organizations such as FEMA, however, the best system to function in at times like these is the free market system as it would have fewer impediments allowing companies like wal-mart and coca cola the ability to effectivelyand efficiently aid their local communities.2.Question:What advantages might a socialist system have in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January, 2010?Your Answer:The socialist system is centered on the idea of equality for everyone, everyone has a job and everyone has a place to live. Everyone has to forfeit their class rights in a socialist system.
A socialist system has universal health care and dental care, childcare, as well as similar access to means such as food and water. Ideally, the socialist system could accommodate to the needs of the unfortunate because it offers equal entry to all people, in spite of income. Although advantageous to the poor, the socialist system can mean heavy taxation on all citizens. There could be exploitation as well as unequal access to resources which means that the people who tow the party line usually have more access to better goods. The socialist system means highly unusual labor quotas, food ration cards, long lines at the store, or below superior quality goods available.3.
Question:When disasters hit an area, the cost of everything seems to go up immediately: food, water, housing, gas and so forth. Explain why this phenomenon may be a good thing, using the laws of supply and demand to explain your answer.Your Answer:The economic concept of supply and demand it’s the quantity of products manufacturers or owners are willing to sell and or buy at different prices at a specific time. When a disaster hits the demand for certain things rise and the cost of everything does go up, which causes the economic issues we are facing now days. After an earthquake people may want hotel rooms to stay in until they can find better housing or move away.
If the hotel owner does not increase prices a family of four might take two rooms, one for the adults and one for the kids.That would then cause fewer rooms to be available for other families that might need or want a place to stay. However, if the owner raises their prices, the family may decide to stay all in one room.
This would leave another room open for another family to stay. The rise in prices forces individuals to ponder about priorities and ration supplies. Furthermore a rise in prices is an incentive for others to bring those necessities to the area. If gas is selling for 2-3 times its normal price, then suppliers of gas will rush more gas to the area. They aren’t doing it to be altruistic (well in some instances they are). They are doing it to make a buck.
4.Question:List your references according to APA guidelines in the space below. You are required to use at least one outside source to support your viewpoint, and this source can be the textbook.Your Answer:Nickels, W.
, McHugh, J., ; McHugh, S. (2010). Understanding Business. (9th ed) Avenue of Americas, New York: The McGraw-Hill Companies, Inc.Comments:moving forward, please use more than one referece to include your textbook to answer your assignment questions.