Friday, March 20, 2020

Application of Microeconomic Concepts in Personal Life

Application of Microeconomic Concepts in Personal Life Microeconomics involves observing the behavior of an economy to understand how to distribute resources. This study is very important in business world because it influences supply and demand of goods and services, which are used to set the cost of products and services. Both buyers and sellers use the two elements to make financial decisions. This paper will focus on how microeconomics concepts are applied in life.Advertising We will write a custom essay sample on Application of Microeconomic Concepts in Personal Life specifically for you for only $16.05 $11/page Learn More Supply and demand are perceived to be the most influential factors concerning the cost of goods and services. This means that if the demand of a given commodity is high and the supply of that commodity is not adequate to meet the market needs, then the cost of that item will rise. This can be worse if there is only one sole supplier because he/she will be overwhelmed by the increase in de mand. This may cause the supplier to bring goods of low quality in the market and the sellers will trade them off at the usual prices. This happens because the manufacturer produces the products in a hurry. A smart shopper should not be contended with what he/she finds in one shop, but should instead look for other places where the same commodity is being sold at subsidized price. Competition among sellers favors buyers because each of them tries to entice the customer by slashing their prices without reducing the quality of the merchandise on sale. In addition, one needs to be cautious when making a purchase and the shortage of supply should not be the issue. There are people who are known to judge the quality of an item by its price tag. This is wrong because sellers are out to make profits and to them the real worth of an item is not an issue. It is therefore important to evaluate an item because it helps decide whether it is worth the cost. Many are times when the price of an it em misguides someone, only to regret later when it turns out that the item is not as durable as we were made to believe. Besides, one cannot distinguish a pair of shoes that was bought at $20 from the one that cost the owner $50.This is because they serve the same purpose. The above scenario implies that when the price of items that we require the most goes up we should identify alternative items to serve the same purpose. This is because there is no point of buying an expensive item when there are other cheap items that can quench our needs. However, it depends on the financial status of an individual. Another option would be to wait until the supply goes back to normal. This is necessary especially when the items in question are not needed that much, meaning that the needs can wait.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Likewise, planning is quite beneficial to both th e sellers and buyers. To the buyer planning ahead helps to prevent purchasing items at high prices. For instance, when schools close a parent should purchase the items that his/her child requires in the following season because at that time the demand for books and other learning materials would be low. However, if the parent opts to wait until when the schools are reopening, he/she would pay more for an item that would have cost him/her less money if he/she had made the purchase earlier. Alternatively, a smart seller observes the market behavior and understands when the low and high season commences and prepares adequately. By being knowledgeable about changing market trends a seller obtains enough stock and lies in wait for the demand to shoot up and make his/her score. In microeconomics, it is the smartest people who continue to thrive even when conditions continue to deteriorate. Microeconomics can also be used when one intends to establish a business by evaluating supply and de mand. By observing the environment, it is easy to spot an opportunity that is yet to be exploited. This involves identifying the needs of the people around you to determine what items you can sell to them. Going blindly will cause a noble idea to fail. Some people want to venture into businesses that have been tried by others simply because they know one or two people who get huge returns from selling particular merchandise. Just because John got his wealth by selling bananas by the roadside does not mean that another person will equally succeed in the same venture. It is therefore important to study the market first to identify possible customers. The same goes for people who wish to borrow money from financial institutions. This is because it is not difficult to get the money, but the interests that will accumulate. In fact, most people fear to borrow money because of these interests. When one wishes to apply for a loan, he/she should first analyze how the money is going to be rep aid. This entails carrying out research on how interests have been changing in the past. This is because the changes in interests could favor borrowers and have a negative impact on lenders. This implies that if the interest rates came down while you have already obtained money from the lending party then you will pay less money than the stated amount.Advertising We will write a custom essay sample on Application of Microeconomic Concepts in Personal Life specifically for you for only $16.05 $11/page Learn More In such a case, the borrower should take advantage of the situation to repay the loan while the rates are still low. If the borrower hesitates, the rates could increase and thus, the amount to be repaid will increase. Alternatively, the borrower can apply for a loan that has a permanent interest rate because that way he/she would be cautioned from the changes in interests. However, if one needs to borrow money when the interest rates are still high i t would be advisable not to apply for a loan in such a situation. Changes in interest rates also influence investments in bonds and shares. An investor can purchase bonds when it is speculated that the interest rates will go up in the future. This is because the returns he/she will get from those bonds will be much greater than when the interest rates remained low. In the stock market, it is possible to make profits when the interests are low .In such a case, an investor purchases stocks when the prices are still low and sells them when the prices appreciate probably due to increase in interest rates. Moreover, microeconomics can be employed in business management to dictate when an individual should enter or exit a venture. This is because if a business is not bringing any profits there is no point of operating it because it will continue to draw money from the investor instead of generating income. This is very common during recession periods. An individual who is employed should use the knowledge he/she has in microeconomics to negotiate for salary increase. The decline in the value of a local currency provides an opportunity for an employee to demand for wage increment because the salary that was once enough to meet his/her needs is no longer useful. A concerned employer would understand this logic much better. If the employer refuses to listen to such arguments then the employee should look for another job that pays more while still working for the current employer. If the situation persists, the employee should identify ways of surviving the inflation. Some of the approaches include eliminating some unnecessary expenses such as luxuries. Alternatively, when inflation reduces the people who are not employed should increase the frequency of searching for employment because job opportunities increases with reduction in inflation. When inflation increases, the learners who graduate from learning institutions should look for ways of employing themselves becau se the job market will decline and employers will be firing instead of hiring employees.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More For individuals who participate in international trade, learning about changes in other economies would help them up their game. This is economic bubbles that are experienced in one country are extended to other countries that interact with it. For instance, if the value of the US dollar rose against the value of Japanese yen then the people who import goods from US would incur more costs. On the other hand, exports from Japan would be cheap to the Americans. In the above stated case, it would be logical for a Japanese to invest in the US because he/she will earn returns in US dollars and he/she will get more profit when the money is converted to Japanese yen. On the contrary, it would be unwise for Americans to invest directly in Japan because their investments will not yield any profit owing to the low value of the yen against the dollar. In conclusion, individuals should dare to apply the principles of microeconomics because it is only then that they can make wise decisions. Micr oeconomics is not just learned for passing exams, but because we need its insight in our day-to-day lives. This implies that consumers, sellers, and the public should make decisions that are based on what they know. If we all applied this knowledge appropriately, no one would be penalized for failing to pay his/her debts in good time. Furthermore, knowledge in microeconomics increases our bargaining power as seen in the case of employees and their quest for getting better pay.

Tuesday, March 3, 2020

10 Radon Facts (Rn or Atomic Number 86)

10 Radon Facts (Rn or Atomic Number 86) Radon is a natural radioactive element with the element symbol Rn and atomic number 86. Here are 10 radon facts. Knowing them could even save your life. Fast Facts: Radon Element Name: RadonElement Symbol: RnAtomic Number: 86Element Group: Group 18 (Noble Gas)Period: Period 6Appearance: Colorless Gas Radon is a colorless, odorless, and flavorless gas at ordinary temperature and pressure. Radon is radioactive and decays into other radioactive and toxic elements. Radon occurs in nature as the decay product of uranium, radium, thorium, and other radioactive elements. There are 33 known isotopes of radon. Rn-226 is the most common of these. It is an alpha emitter with a half-life of 1601 years. None of the isotopes of radon are stable.Radon is present in the Earths crust at an abundance of  4 x10-13  milligrams per kilogram. It is always present outdoors and in drinking water from natural sources, but at a low level in open areas. Its mainly a problem in enclosed spaces, such as indoors or in a mine.The US EPA estimates the average indoor radon concentration is 1.3 picocuries per liter (pCi/L). Its estimated approximately 1 in 15 homes in the US has high radon, which is 4.0 pCi/L or higher. High radon levels been found in every state of the United States. Radon comes from the soi l, water, and water supply. Some building materials also release radon, such as concrete, granite countertops, and wall boards. Its a myth that only older homes or ones of a certain design are susceptible to high radon levels, as the concentration depends on many factors. Because it is heavy, the gas does tend to accumulate in low-lying areas. Radon test kits can detect high levels of radon, which can generally be mitigated fairly easily and inexpensively once the threat is known. Radon is the second leading cause of lung cancer overall (after smoking) and the leading cause of lung cancer in non-smokers. Some studies link radon exposure to childhood leukemia. The element emits alpha particles, which are not able to penetrate skin, but can react with cells when the element is inhaled. Because it is monatomic, radon is able to penetrate most materials and disperses readily from its source.Some studies indicate children are at higher risk from radon exposure than adults, probably because they have more rapidly dividing cells, so genetic damage is more serious. Also, children have a higher metabolic rate.The element radon has gone by other names. It was one of the first radioactive elements that was discovered. Fredrich E. Dorn described radon gas in 1900. He called it radium emanation because the gas came from the radium sample he was studying. William Ramsay and Robert Gray first isolated radon in 1908. They named the element niton. In 1923, the name changed to radon, after radium, one of its sources and the element involved in its discovery. Radon is a noble gas, which means it has a stable outer electron shell. For this reason, radon does not readily form chemical compounds. The element is considered chemical inert and monatomic. However, it has been known to react with fluorine to form a fluoride. Radon clathrates are also known. Radon is one of the densest gases and is the heaviest. Radon is 9 times heavier than air.Although gaseous radon is invisible, when the element is cooled below its freezing point (−96  °F or −71  °C), it emits bright luminescence that changes from yellow to orange-red as the temperature is lowered.There are some practical uses of radon. At one time, the gas was used for radiotherapy cancer treatment. It used to be used in spas, when people thought it might confer medical benefits. The gas is present in some natural spas, such as the hot springs around Hot Springs, Arkansas. Now, radon is mainly used as a radioactive label to study surface chemical reactions and to initiate react ions.While radon is not considered a commercial product, it may be produced by isolating gases off of a radium salt. The gas mixture can then be sparked to combine hydrogen and oxygen, removing them as water. Carbon dioxide is removed by adsorption. Then, radon may be isolated from nitrogen by freezing out the radon. Sources Haynes, William M., ed. (2011). CRC Handbook of Chemistry and Physics (92nd ed.). Boca Raton, FL: CRC Press. p. 4.122. ISBN 1439855110Kusky, Timothy M. (2003). Geological Hazards: A Sourcebook. Greenwood Press. pp. 236–239. ISBN 9781573564694.