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How budgeting could be used as a planning tool in the organization
Budgeting as a planning tool in organisation
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Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction, studying it often reveals why people and governments behave in particular ways. Critical evaluation- Personal life: Economic on personal life play a very important role , without money we cannot service in the world ,to earn money we need to have good education. Money is play an major role in every individual. Social life: Economic on social life, as per my studies ,I feel money is important for everything if you have no money we cannot move on in this world, since everything has expenses we …show more content…
It requires an adequate and sound organizational structure, that is, there must be a definite assignment of responsibility for each function of the enterprise. Budgeting compels all the members of management, from the top to bottom to participate in the establishment of goals and plans. Budgeting compels departmental managers to make plans in harmony with the other departments and of the entire enterprise. Budgeting helps the management to put down in figures what is necessary for a satisfactory performance. Budgeting helps the management to plan for the most economical use of labor, material and capital. Budgeting tends to remove the cloud of uncertainty that exists in many organizations, especially among lower levels of management, relative to basic policies and objectives. Budgeting promotes an understanding among members of management of their co-workers' problems. Budgeting force management to give adequate attention to the effects of general business conditions. Budgeting aids in obtaining bank credit as banks commonly require a projection of future operations and cash flows to support
Money is something that can either be used for the greater good of society, or it can be contorted into something that is detrimental to society, it all depends on whose hands that money happens to fall into. Human tendencies begin to change once people come to have money, the lavish and selfish lifestyle begins. Entitlement comes with having money because money gives people what they want which makes people think they are entitled to get everything they want. In The Great Gatsby Fitzgerald portrays that money is the root of all problems with can ultimately lead to loneliness and careless behavior.
What is economics? On the basis of most college courses in economics, it would be most appropriate to say something about supply and demand, those familiar curves that mysteriously set the price of goods and services. Close in relation to this are the "marginal propensity to consume" and various graphs that demonstrate the relationship between savings and investment, as mediated by the prevailing interest rates, or price of money. Contemporary economists are also fascinated by "the multiplier effect," the fact that the "effective money supply" is always much larger than its foundation in reserves, such as gold. The answer, in other words, is always that money lies at the heart of economics. Value equals price; that is, the value of anything is determined by market conditions. In thi...
respect from others and to obtain power. By being financially stable you can live better because you
As the old saying goes, money is power. As the statistics show, some people have an insane amount of money, yet their fellow countrymen have close to nothing. In a struggling economy, unfair distribution of wealth can create real problems and unimaginable hardships for some people. For example, millions of people pay $2 for a bottle of designer water, while millions more live on less than $2 a day. If this is to one day change, wealthy people must adopt a much more magnanimous conviction towards their money.
For my essay, I will write about the effects wealthy people have on society. I will determine how money ranks their classification, and what social standards have become over time. I will go into explanation about how society feels (upper and lower class feelings), what lower class people think should be done money wise, and what upper class people believe is right. I will determine how someone becomes rich or what is classified as wealthy and what advantages they have over the poor, or if it is just a myth that richer people live life better. I will determine if the money someone has makes their child smarter when it comes to learning or if home background doesn’t have a play in education; because in today’s society, the world revolves around money, social status, and classification; it isn’t based on what someone wants for themselves, earns, or what one feels is right for their needs, instead it is a competition to rise to the top, but why? How does wealth have such a big impact on our society and why is money what determines social status and class?
People need money to live, and enough to buy the basic goods one needs to survive, but everybody wants more money. More money means an easier life. The more money one has, the more money one wants, as is shown in the story, "The Rocking Horse Winner" by D. H. Lawrence.
The world revolves around money. Not only is money the base of our society, but people also depend on money to live a healthy and secure life. People have lost their homes, their families and th...
money for people. The driving force of the economy is basically capital accumulation, where the capital
When it comes to financial planning, economics plays a major factor in people’s personal finances in many ways, it is an essential part of the world we live in today. When you buy gas, or shop for groceries, plan a vacation, economics is at the core of those choices. So why does economics play such a vital role, what is the driving force behind this? In its simplest form, it’s based on choice. We will look at a few factors that impacts financial planning and the economy, including the use of credit, and how the government affects the economy.
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level.
There are two reasons help us to answer this question. Firstly, as it mentioned above, economics could provide supports to help people make right decisions. Everyone have to make a considerable amount of decisions in life and work, no matter they are politicians or housewives. For example, a wise politician makes use of economics theory to make economic decisions in order to run the country well and bringing prosperities to people. A smart housewife knows that breads’ and vegetables’ prices are economical in the afternoon under economics’ guidance. Some common rules hide incredible economics theories people might never notice because it seems so simple in the normal life. If we known these theories, we can take advantages of it to make right decisions at vital moment. Secondly, economics, as one of the most important subjects in academic circle, playing a significant role and affecting many aspects of our life. Before I study economics, I found many strange things whereas I can not explain by using common sense. For example, why are diamonds so much more expensive than water even thought water has vital importance to human existence than diamonds? Why does government levy taxes on merchandises to increase citizens’ financial burden? Why does the fast food restaurant drink can be refilled for free? After I learned the marginal cost and
Money is a necessity, no doubt. It pays our electric bill, keeps our heating running,
Among every community one popular topic that we all discuss is money. Money is used every day for the buying or selling of goods, services, or repayment of debts. Money controls almost all of the things that we do or want to do. It is an influential object that installs buying capability, or the shortage of. It can alter certain choices that may be made in life. Both the creation of money, and how the value of the money is determined effects everyone.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
Money presents in so many aspects of life. It seems that almost everything can be bought, with the high value attached to money. People are very addicted to money because of the idea that if you have money, you have the success, popularity, power and acceptance. But, there is always danger in losing values such as love for sports or being a hardworking person. A good example is the current trend in sports wherein top players in football or basketball are only interested in picking up their paycheques more than genuinely loving sports and achieving success in terms of being the best athletes they could be (Money is not the motivation 2004). There are nagging thoughts of what the real motivation is for entering a venture as the importance of money is becoming more and more hard-hitting these days.