Virtual Reality Essay -- Technology Research Papers

Virtual Reality Imagine walking down a white sandy beach. The sand is warm between your toes and there is a light breeze that moves your hair. You look across the horizon at the bright warm sun, a little to bright you think as you squint. But the water before you is so clear, you can see small fish clear to the bottom. The water is cool and it feels refreshing as you let the waves crash gently at your feet. This place is beautiful and peaceful, but you realize your not alone. You look to your right and see a child and her mother splashing in the water. You can hear the child laughing and feel the rippling sensation in the water against your legs. The sun is getting a little warm as a small bead of sweat falls across your brow. You look onto the beach and see the white sand as it glistens from the sun. You look a little farther and see the towel and chair you left earlier. You marvel about what a beautiful day it is. Then, you sigh as you walk across the warm sand and it sticks to your wet feet, wate r is dripping off you, but you feel relaxed. You don't want to leave this beautiful place, but you realize your time is up. You feel a sharp tap on your shoulder and your helmet is slowly being removed from your head. Reality comes flooding back to you, gone is the white sandy beach and warm sun, but and in its place are the cold uninviting walls of the laboratory. The scientist smiles and asks how you enjoyed your experience. What has just happened is the technology of the future called virtual reality. This is concept that allows one to think they are experiencing something through the use of the major senses. Virtual reality creates an imaginary image that allows for a sense of deception. Virtual reality takes place in many ... ...of funds. With further research and advancements comes the opportunity to entertain, train, as well as help people. Wouldn't we all like to experience a little vacation without the hassle of packing, flying or driving, and unpacking when we return. Instead we could relax and experience it without leaving the privacy of our own homes. Works Cited Beier, K.P. Virtual Reality: A Short Introduction. University of Michigan. September 2001. www.~VRL.umich.edu Facit Visual Simulations. Sensory Product Line. 2001 Facit Ltd for Virtual Reality. www.facit.co.uk/medical.htm Mc.Masters, Kelly. Almost There. November 13, 2001. PC Magazine. www.pcmag.com Mitchell, Keith. Virtual Reality. December 16, 1996. www.ei.cs.vt.edu/~history/Mitchell.VR.html "Virtual Reality." Encararta Encyclopedia Article. Ed. Zelter, David 1993-2000. www.encarta.msn.com Williams

Scope of Managerial Economics Essay

Economics has two major branches namely Microeconomics and Macroeconomics and both are applied to business analysis and decision-making directly or indirectly. Managerial economics comprises all those economic concepts, theories, and tools of analysis which can be used to analyze the business environment and to find solutions to practical business problems. In other words, managerial economics is applied economics The areas of business issues to which economic theories can be applied may be broadly divided into the following two categories: †¢Operational or Internal issues; and †¢ Environmental or External issues Micro Economics Applied to Operational Issues Operational problems are of internal nature. They arise within the business organization and fall within the perview and control of the management. Some of the important ones are: †¢ Choice of business and nature of product, i.e., what to produce; †¢ Choice of the size of the firm, i.e., how much to produce; †¢ Choice of technology, i.e., choosing the factor combination; †¢ Choice of price, i.e. ,how to price the commodity; †¢ How to promote sales, i.e., sales promotion measures; †¢ How to face price competition; †¢ How to decide on new investment; †¢ How to manage profit and capital; †¢ How to manage inventory, i.e., stock of both finished goods and raw material The above mentioned issues fall within the ambit of micro economics; therefore, the following constitute the scope of managerial economics: Theory of demand †¢ Consumer behaviour- maximization of satisfaction †¢ Utility analysis †¢ Indifference curve analysis †¢ Demand analysis and elasticity of demand †¢ Demand forecasting and its techniques/methods Theory of production and production decisions †¢ Production function [Inputs and output relationship] in short-run and long-run †¢ Cost and output relationship in short-run and long-run †¢ Economies and diseconomies of scale 7 †¢ Optimum size of firm and determining the size of firm. †¢ Deployment of resources [labour and capital] for having optimum combination of factors of production. Analysis of market structure and pricing theory †¢ Determination of price under different market conditions †¢ Price discrimination †¢ Multiple pricing policy †¢ Advertising in competitive markets †¢ Different pricing policies and practices Profit analysis and profit management †¢ Nature and types of profit †¢ Profit planning and policies †¢ Different theories of profit Theory of capital and investment decisions †¢ Cost of capital and return on capital-choice of investment projects †¢ Assessing the efficiency of capital †¢ Most efficient allocation of capital †¢ Capital budgeting Macro Economics Applied to Business Environment Environmental issues relate to general environment in which business operates. They are related to overall economic, social and political environment of the country. The following are the main ingredients of economic environment of a country : †¢ The type of economic system- capitalist, socialist or mixed economic system. †¢ General trends in production, employment, income, prices, saving and investment. †¢ Volume, composition and direction of foreign trade. †¢ Structure of and trends in the working of financial institutions- Banks, NBFCs, insurance companies an other financial institutions. †¢ Trends in labour and capital market. †¢ Economic policies of the government- Fiscal policy, Monetary policy, EXIM- policy, Industrial policy, Price policy etc. †¢ Social factors- value system, property rights, customs and habits. †¢ Social organizations- Trade unions, consumer unions and consumer co-operatives and producers unions. †¢ Political environment is constituted of the following factors: †¢ Political system-democratic, socialist, communist, authoritarian or any other type. †¢ State’s attitude towards private sector †¢ Policy, role and working of public sector †¢ Political stability. †¢ The degree of openness of the economy and the influence of MNCs on domestic markets- Integrations of nation’s economy with rest of the world (Policy of globalization) 8 The environmental factors have a far reaching influence on the functioning and performance of firm/s. Therefore, business managers have to consider the changing economic, social and political environment before taking any decision. Managerial economics is however, concerned with only the economic environment and in particular with those which form the business climate. The study of social and political factors falls out of the perview of managerial economics. It should, however, be borne in mind that economic, social and political factors are inter-dependent and interactive. The environmental issues mentioned above fall within fourwalls of macro economics, therefore the following constitute the scope of managerial economics: Issues related to Macro Variables †¢ General trends in economic activities of the country †¢ Investment climate †¢ Trends in output †¢ Trends in price – level (state of inflation) †¢ Consumption level and its pattern †¢ Profitability in business expansion Issues related to Foreign Trade †¢ Trade relation with other countries †¢ Sector and firms dealing in exports and imports †¢ Exchange rate fluctuations †¢ Inflow and outflow of capital †¢ Trends in international trade- volume, composition, and direction †¢ Trends in international prices of various goods and services †¢ International monetary mechanism †¢ Rules, regulations and policies of WTO Issues related to Government Policies †¢ Regulation and control of economic activities of private sector business enterprises †¢ Enforcing the government rules and regulations for imposing of social responsibility †¢ Striking balance between firm’s objective of profit maximization and society’s interest †¢ Policy and regulatory measure for reducing social costs in terms of environmental pollution, congestion and slums in cities, basic amenities of life such as means of transportation and communication, water, electricity supply etc.

Andrew Jackson, The Democratic, Third President Of The...

Andrew Jackson, the democratic, seventh president of the United States, would propose an act, that would become infamous among future generations, as the genocide of the indigenous people of the Americas. Jackson was elected in 1828, two years before the passage of his Indian Removal Act, that would determine the fate of the Natives Americans in Georgia. Andrew Jackson, countering George WAshingtons views and past acts on the vatives will fight for a bill in 1830 that would forever change our stance with Native Americans (Jason Meyers 54).The reasons for such an act, was simple in the mind of Andrew Jackson. It was a matter of the notion â€Å"Manifest Destiny†, or the widely accepted belief that the settlers of the United States were to be the ones to settle the land all across the continent. Upon handling the Native Americans, Andrew Jackson showed early on, that he would have little tolerance to their reactions. Andrew Jackson, in favor of a more agressive route to depart t he Natives farther West, rather than Congress’s treaty to negotiate with the Indians concerning land decided to take the matters into his own jurdiction (Alfred Cave 1333). Going past the legal realm that the Indian Removal Act provided, Jackson was often threatening the Native Tribes by saying he would revoked their rights (Alfred Cave 1390). When Jackson was trying to get this act passed, he was often met with differential views from the people. Congressmen in favor of Jackson often had to reassure theShow MoreRelatedThe Achievements Of Andrew Jackson And The Jacksonian Democracy1047 Words   |  5 PagesAndrew Jackson was the seventh president of the United States; he was the first â€Å"people’s president†. Jackson has had many accomplishments throughout his lifetime: he won the battle of New Orleans, he compromised and stopped South Carolina from seceding, and he got Florida from Spain. 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