Weekly reflection Essay Example | Topics and Well Written Essays - 2750 words

Weekly reflection - Essay Example Therefore, the goals of anyone who is studying business will be to be able to make viable decisions either as an employee, employer, or a manager in a business organization. Studying business enables someone to be of contribution to the economic growth and development of a country. My expectations at the beginning of this unit were that I would be able to understand the most important aspects of business operation and management. However, after going through this subject I am surprised that I was able to know more than I ever expected. Initially I used to imagine that business was all about the process of selling and buying. I never paid much attention to the external factors that might be of effect to the buying and selling processes. I was surprised to come to the realization that there are some underlying factors that influence day-to-day business activities. During the lectures I was able to develop some level of appreciation towards my lecturer and classmates. The lecturer would come and make sure that he explained every detail of the week’s coverage frequently giving us a chance to seek clarification. I would have trouble understanding some of the terms at the beginning, but was able to get conversant with them as time went by. The modules were of high help because they helped me in understanding some of the concepts that I might have not been able to understand in class. The modules sourced from MyBecket also proved to be high importance in understanding the subject. Business can be described as a way of dealing with scarcity. Given the fact that scarcity is a common problem, societies have to find ways through which they can deal with the problem. Business as a process involves inputs being transformed into outputs that are capable of satisfying the wants and needs of consumers. Inputs include things such as land, labour, materials, technology, finance, managerial skills, and many

Willingness to Pay Essay Example | Topics and Well Written Essays - 250 words - 1

Willingness to Pay - Essay Example The contingent valuation methodology was adopted in drafting the questionnaires that were used in collecting the data to be used in the analysis. An approximate 72% of all the participants who responded to the questionnaires indicated willingness to pay for the conservation though at varying levels. This therefore pointed out that the public in many instances are willing to contribute towards the improvement of the quality of the environment. The study employed use of logistic regression procedures in comparison of the persons who were willing and not willing to contribute actively in improving the environmental quality. Through the contingent valuation analysis, the use value as well as non-use value of natural resources and environmental quality can be established. This method therefore involves a hypothetical scene to establish the willingness to pay of individuals on such natural resources and quality of environment. Hypothetical case studies are often used in such a situation where after describing such a case to the respondent, he/she is then expected to quote the amount of money he/she would be willing to pay for the environmental quality. Reasons expressed for willingness to pay would therefore form the basis of policymaking especially as regards to legislation on environmental conservation and management. In often cases such as was revealed through the case study, non-use values like existence value were cited most as reasons why many people would be willing to pay for conserving natural environment or such a natural park. This study therefore shows that valuation of gains from natural reso urces and environment would contribute greatly towards efforts and willingness of people to pay for such conservations. Han, F., Yang, Z., Wang, H., & Xu, X. (2011). Estimating willingness to pay for environment conservation: A contingent valuation study of kanas nature reserve, xinjiang, china. Environmental Monitoring and Assessment,