Friday Night Lights Essays -- Movie Film Football Essays

Friday Night Lights   Ã‚  Ã‚  Ã‚  Ã‚  Is High School football a sport, or is it more than that to some people? Recent newspaper headlines include such items as coaches abusing student athletes; fathers of athletes murdering coaches, and mother’s disabilitating cheerleading candidates to assure their daughters make the cheerleading team. In Odessa, Texas high school football is a major contributor to the society of a small town in Texas society. Every Friday night, 50,000 people fill the stadium to see high school students put their lives on the line to win a football game. H. G. Bissinger writes a novel called Friday Night Lights, about a year in 1988 where High School players prepare and play on the High School team, and what an impact they have on a small city in Texas.   Ã‚  Ã‚  Ã‚  Ã‚  The novel begins with preseason football in the heat of a Texas summer. The players and coaches practice over 4 hours a day in 100-degree weather. The media is affecting every player pushing for a state championship and college scouts at every practice. A star player named Boobie Miles is in the spotlight and is expected to attend and earn a scholarship to a large state college. The community cannot wait for the season to start to see the greatest team in Texas history, continue the winning tradition of the Permian Panthers. In one of the first games, Boobie Miles sustains a serious injury and will likely play again. Coach Gary Gaines, the head coach, had almost every play setup up for Boobie and will have ...

Book Analysis on “New York Burning” Essay

New York Burning is a book written by Jill Lepore narrating a story about parts of history in New York City. The book implies as to how single sort of slavery made such type of liberty in New York during 18th century, as NY was considered a dazzling city as the people will see such paved streets with parks and beech trees shading like of parasol with good oysters as there can be miserable truth of having no freedom. As the author of the book mentions that the city of New York has become city of slavery as it happened and having two hundred slaves being alleged of conspiring to blaze each structure and assassination of the whites as the book mentions that there were men and women being sold into slavery in the Caribbean and the alleged ringleaders were hanged and pardoned. Thus, there were enslaved men and women being conspired that involved deep indication of evidence as there is worth of survival and excavation as the conspiracy of the slaves will imply the casting of violent shadow as it parallels to the political scene. Slavery was then a political issue but, what occurred in New York suggests that there was exertion of authoritative influence dealing to the political existence as the slaves were being suspected of conspiracy as the book describes in the first two chapters. There was emergence of political parties but there are also those critical months of having political antagonism by means of burning black men in a sudden motion. The readers of New York Burning will be able to learn such immense situations concerning the politically-inclined ruthless English immigrant, by the name of Daniel Horsmanden as the court justice at the New York Supreme Court as Daniel played a crucial role for the transmutation of sequences relating to robberies as well as disbelieving fires and Horsmanden has shaped the past memory of terrible and not known incidence. EVALUATION The author of the book, Jill Lepore then rescue Horsmanden from darkness and places him on trial in the horrible burnings as well as hangings carried out through justice in Lepore’s creative retelling of catastrophic events as Lepore saw New York’s unstable political days and certain ideas informed as it is crucial for the understanding of the plot jolt as Lepore believes that what transpired during the year 1741 was clear in light of continuing the discussion regarding freedom and slavery that originated in 18th-century English political civilization in New York City. The parallelism amid the challenge over the accurate to utter opinion in publishes and desire of slaves to expand personal liberty that was outstanding to the people. Amicably, Lepore succeeded in persuading her readers about the flow of logical sanctions in looking at the city of New York as there was the presence of the enslaved blacks determined to be heard as there supposition of political adversary as frightening as it was. There was Lepore’s expedition into the characteristics of New York City that includes such wellbeing and hygiene issues as well as the job routine of imprisoned men. The author of New York Burning demonstrated a well-developed communications system having the major node at Comfort’s glowing joined by discrete slaves mutually. Whether the country’s blacks were being far connected than the whites had think of as there ever conspired in committing the actions as emotional that remain unlock question. In the book, Horsmanden was being keen to provide credibility to assumption that mayhem was intended and subtly unlikely acknowledgment of the African Americans who were frantic to set aside the value of life but, such possible criminals in view as to whom Horsmanden had documented as the well-known individual Catholics have twisted in obliterating as there was the alleged evidence of Catholic scheme as personified in person of John Ury, another arbitrator that allocated responsibility for disaster in New York into overarching Catholic scheme. Moreover, Jill Lepore discerns diverse plots of unlike degree of likelihood as Lepore train her interests on plots that encouraged the New Yorkers to agree in placing of bereavement of many slaves and deport of others and there downplays the position of non-Catholic emotion within catastrophe that occurred. Thus, Lepore’s New York Burning has done a marvelous post of demystifying Horsmanden’s powerful manuscript and changes how the people believe about years in the history of New York as one important theme that Lepore pursues, is the unsafe lawful events that positioned stern limitations on civil liberties of the black defendants as they had nix right to have guidance and if Horsmanden is envoy, there can be ridiculed evidence as disliked. Moreover, in the book, Lepore had discovered certain religious timbre as the author noted that few slaves like for instance, the Portuguese-influenced Angola and Kongo had come across the presence of Christianity in African region. Henceforth, Jill Lepore explained and discussed the labor of Anglican catechist and has portrayed how several Protestants opposed the initiation of slaves because of fear that it can impudent the belief for freedom. Furthermore, Lepore seems to float along with unreeling story of scheme as can be partially true and adding up the drama as Lepore merge her voice with the witnesses. Aside, Lepore reported on rules and made criminals of priests ingoing the settlement of terror in New York of a lurking offshore. Amazingly, Lepore offers no clear conclusion about whether there was really a plot of Horsmanden’s diary having approval but still there is less doubt that the action case was bogus as the author of the book has also shed grave hesitation on veracity among confessions in viewing that prosecutors have urge admission as best way for accused in run off for his finish. CONCLUSION In conclusion, the book was well-written and thoroughly researched that has a gripping account of proceedings that led to the bonfires of the Negroes as the author’s description is vibrant and challenging and has evoke New York in its ethical and corporeal scruffiness within vision of freedom. Upon its ending, there were thirteen slaves being burned and seventeen being dangled and hundreds were locked up as Lepore writes the prison is like the hull slave craft and argued that some slaves were plotting alongside masters of Masonic ceremonies and masquerade priests. In New York Burning, Jill Lepore describe theatrical events with better breaking study as there explores the social climate of epoch but, Lepore noticeably show how danger of black revolt had united the white pluralities of cultural panic and aggression. Thus, Lepore’s meticulous research confronted the reader with dreadful ending as the respected citizens will permit to death of humans as the author, Lepore provide the reader with better milieu on approaches of New York whites headed for slaves and Lepore has done magnificent job of past investigation and understanding and straddling better column amid accepted work and works of educational account. Therefore, Jill Lepore’s use of the position and instance is motivating and Lepore’s account of New York Burning has brought useful awareness behind the beautiful story it has given to the readers of history. New York Burning by Jill Lepore was really an eye-catching book endowed by masterpiece encircles with lush mind’s eye in exceptional blend that is phenomenal learning and terrific writing as Lepore implies that the. New York Burning informs a matter of terrible story in city which was bloody than Salem along the pursuits of slavery with development of actions that surrounds the American Revolution denoting a serious instances from within the book content. I agree that New York Burning was an exceptional book by Jill Lepore that has exposed the dismay of slavery as the book describes in immense facet of independence in lieu to slavery realities in New York. Then, Lepore pointed out the fear of slave rebellion as a reliable theme all throughout the days within colonies. Reference: Lepore, J. (2005). New York Burning: Liberty, Slavery and Conspiracy in Eighteenth-Century Manhattan About the Author Jill Lepore is a Professor of History at Harvard University and also the author of The Name of War: King Philip’s War and the Origins of American Identity both won the Bancroft Prize and Phi Beta Kappa’s Ralph Waldo Emerson Award. Jill Lepore is contributor to The New Yorker and resides in Cambridge, Massachusetts.

Nokia Case Study essays

Nokia Case Study essays How does a 139-year-old Finnish company whose major product lines once included diapers and rubber boots become a leading-edge technology company? When questioned by MIT economist Bengt Holmstrom, Company CEO Jorma Ollila of Nokia insists that there is no secret code to the success of the company based in an inhospitably cold home market of just 5 million people. The key to success for Nokia is establishing the right balance between innovation and execution. According to Ollila, in a technology business, you need a tremendous amount of innovation, but with these volumes and growth you need to execute or it will kill you...I think we have done that better than anybody else.i Nokia Corporation is a world leader in global communications headquartered in Espoo, Finland, just outside of Helsinki. Nokias global presence is established by its 16 manufacturing facilities and 11 research and development centers in 11 different countries around the world. Their 51,000 employees contributed to the sales of 179 million units in 2003, which translated to over $36 billion in net sales and an operating profit of $6.3 billion (appendix i). Nokias $99.1 billion market capitalization makes it the largest company in the telecom equipment makers industry. In 1998, Nokia surpassed Motorola to become the worlds leading maker of mobile phones and has a 34% market share in 2003 (appendix ii). The company has been listed on various exchanges, such as the London Stock Exchange, but it was not until 1994, that Nokia finally listed on the New York Stock Exchange under the NOK ticker symbol where the majority of their cash was generated to buy-out the antsy Finnish shareholders during their troubled early years. Between 1997 and 2000, the stock had increased 2,300% to the delight of their shareholders and proved that Nokia was able to adopt shareholder-value-based thinking. In 2004, Nokia reorganized its organizati...

Organizational Behavior Structure, Development and Change

Organizational Behavior Structure, Development and Change Abstract Being an interdisciplinary area under discussion, organizational behavior includes sociology, management, psychology, and other disciplines. A number of the features of organizational behavior explained in this research paper consist of organizational structure, organizational development, and organizational change.Advertising We will write a custom research paper sample on Organizational Behavior: Structure, Development and Change specifically for you for only $16.05 $11/page Learn More The study of organizational behavior tests the control that structures, change, and development possess with regard to performance within a business or organization. In a bid to enhance maintained existence, development, and success of businesses in the contemporary aggressive and varying business settings, organizational change has become an obligation. Nevertheless, workers are slow in embracing change since they usually see it as invasive and disruptive element o f the practices and social affiliations previously relied upon to realize essential undertakings. Managing change successfully in an organization is a very difficult undertaking due to employees’ resistance to the change endeavors. Some of the methods that managers can employ in successfully bringing about change in an organization include building resources and communicating facts to employees with the intention of winning their support and loyalty. Introduction The study of organizational behavior examines the influence that structures, change, development, persons, and groups give on performance within a business or organization. Being an interdisciplinary subject, organizational behavior comprises sociology, management, psychology, and other disciplines. Organizational behavior harmonizes the scholarly learning of managerial theory (concentrating on organizational as well as intra-organizational subjects) in addition to studies on human resource (more functional and busin ess-centered). Some of the aspects of organizational behavior discussed in this research paper include organizational structure, organizational development, and organizational change (Hitt, Miller, Colella, 2010, pp. 125-146).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Organizational change signifies the progress of an organization to move out of its current situation and head towards a preferred future situation to boost its competence and success. This research paper discusses organizational behavior before focusing on resistance to change and the way to manage change successfully in an organization. Problem definition For continued existence, development, and success of businesses and organizations in the current competitive and varying business setting, organizational change has become a requirement. Business setting includes different constituents like clients, creditors, suppliers, rivals, governments, investors, and societies. Because these constituents are dynamic, businesses have to change to keep pace with their settings. Managing change in an organization could be among the most difficult undertakings due to employees’ resistance towards change implementation (Kumar, 2012, pp. 11-15). Managing change in an organizational is the practice of designing and executing the change wisely with an aim of minimizing resistance of workers in addition to outlaying business, while as well maximizing the efficiency of change attempt. It is a difficult undertaking for managers due to the resistance to changing the status quo. The resistance might take place at any level of the hierarchy in an organizational. The employees at higher ranks oppose change attempts due to the fear that the process might be a risk to their supremacy, interests, and management of resources. For employees at lower ranks, resistance arises since change brings doubt, which generates insecurity. As a result of resistance, in numerous instances, which are approximated to be as several as 50 per cent of the entire change attempts, organizational change does not deliver anticipated results or meet planned objectives. Organizational Structure A structure in organizations involves actions like duty distribution, harmonization, and management that are concentrated towards the attainment of organizational goals. Organizational structure could as well be viewed as the mirror or viewpoint via which employees observe their organization in addition to its setting. Organizations represent a modification of grouped entities, which could take up different structures in diverse manners depending on their aims (Thompson, 2008, pp. 58-60). Organizational structure decides the approaches in which a firm functions and carries out its endeavors. Organizational structure facilitates in assigning different duties to the different sections of an institution.Advertisin g We will write a custom research paper sample on Organizational Behavior: Structure, Development and Change specifically for you for only $16.05 $11/page Learn More The structure of an organizational influences the organizational feat in a couple of critical ways. First, it offers the basis where standard working practices and schedules lie. Secondly, it decides which employees take part judgment making practices, and thus to what degree their opinions form the achievements of the institution. Organization Development Organization Development (OD) signifies the orderly use of behavioral discipline at different stages like groups, businesses, and organizations to lead to the desired change. The aim of OD is a superior excellence of work-life, yield, flexibility, and success. It achieves these objectives by altering approaches, conducts, values, policies, practices, and structures for the organization to become accustomed to competitive accomplishments, tech nology advances, and the quick rate of change in the surroundings. OD is the practice of bettering organizations. In a bid to benefit the business, workers, and investors, the practice is circumspectly designed and executed. The customer organization might be a public agency, corporation, non-profit organization, aid group, or a smaller fraction of a bigger organization. The change course maintains development of the business or organization all together. Customers and specialists work jointly to collect statistics, define subjects, and settle on an appropriate line of operation (Thompson, 2008, pp. 61-65). Organizations are evaluated to generate a comprehension of the present state and discover chances for change, which will rally business goals. The difference between OD and traditional consulting lies in the fact that in OD, client participation is supported all through the entire course. The manners in which individuals converse and work jointly are addressed alongside the techn ological matters that require resolution. Importance of organizational development Excellence of work life, productivity, efficiency, and confidence are elements of interest to the majority of organizations since they influence attainment of organization objectives. There is a rising tendency to make the most of the investment of an organization in its workers. Jobs that formerly necessitated physical sleight now necessitate additional psychological effort. All organizations desire to act smarter and make use of creative plans. The labor force has as well changed. Workers anticipate more from the work of a single day than only a days salary. They desire challenge, appreciation, a feeling of achievement, valuable undertakings, and evocative associations with their bosses and colleagues. Failure to satisfy these requirements results to decline in performance (Schermerhorn, Hunt, Osborn, 2004, pp. 86-99).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The modern customers should constantly improve quality, quick delivery of product or service, quick spin instance on changes, reduced prices and additional aspects that are best accomplished in complex settings by inventive organizational processes. The successful organization should deal with the challenges of each day. Therefore, flexibility, responsiveness, and OD in general are vital for any organization to survive and prosper. Organizational Change Organizational change denotes alterations of the present work habits and policies that influence an entire organization and has become a key center of attention in literatures on change management. Whether the consequence of unification, or merely the requirements of an aggressive marketplace, considerable organizational change is a difficult strategy to execute. Organizational change keeps occurring at a great rate in contemporary organizations. A recent study of international companies accounted that organizational managers hold th at just a third of organizational change plans succeed. Even if there are certainly a range of contributing justifications for the high proportion of failure that happens in organizational change endeavors, management studies have progressively come to a conclusion that workers play a key function in the achievement or failure of organizational change (Schermerhorn, Hunt, Osborn, 2004, pp. 86-99). Prior experimental researches have verified the declaration that the responses of workers to change perform a critical function in its achievement. In this regard, the dedication of employees to change has obtained growing consideration as a significant contributor to change associated organizational results. Resistance to change Workers are frequently hesitant to assent to organizational change since they characteristically see it as invasive and disruptive aspect to the habits and social affiliations previously relied upon to carry out essential work undertakings. Employees might as wel l experience raised workloads ensuing from the handling of new work assignments in addition to existing ones, the necessity to change to new work associations, and very frequently, the institution of fresh strategic objectives. Prior studies substantiate the reality that participation in designed change in an organization is a lengthy, psychologically forceful, demanding, and fatiguing practice for the majority of employees (Miner, 2002, pp. 23-26). The constancy of such results has made a number of scholars to suggest that the severe negative sentiments experienced by most workers during the execution of change in an organization make them become reluctant to change and unwilling to enact encouraging conducts towards achieving objectives set by the leaders of different organizations. The view of change is terrifying to the majority of employees, whether logically or otherwise. The resultant terror of change frequently generates resistance in organizations during the anticipation or pronouncement of change. If executives do not sufficiently foresee or prepare for the reactions from their juniors to a planned change, the change might be far more unsettling than is necessary (Miner, 2002, pp. 27-36). Nevertheless, the agents of change have the chance to groom the employees in the organization for the intended change, and hence minimize possible organizational distraction and manage the condition as a chance for competitive restructuring and development. Managing change Build resources One technique of boosting and maintaining dedication of workers to change is by building up their personal resources before the commencement of the process of change. An example of building resources is coming up with coalitions to serve as a policy that frequently occurs all through the entire phase of executing the change (Jaros, 2010, pp. 79-81). Support is collected from every corner that will be involved in the change process and from various levels within the organization. A reward plan that strengthens the desired conduct is as well vital for a successful program of change. The build up resources can help in reducing the tensions and pressures often related to organizational change. The resources could also drive the dedication of employees to change. Such resources might not just have a constructive influence on worker mindsets and conducts, but might as well generate encouraging organizational results through these mindsets and conducts (Jaros, 2010, pp. 81-84). Therefore, it appears quite significant that managers study the function that individual workers play in determining their dedication to, and participation in, the process of change. Communication Workers often see the process of change as unsettling. A triumphant change plan necessitates that workers comprehend why the necessity for change is essential so that they accept the change plan. With lack of understanding, employees think concerning how change will profit or perhaps harm them. By g iving exact information to each employee simultaneously, chances for rumors that cause resistance are eradicated. Failure to communicate facts to employees before execution of change is the worst blunder an organization could make (Jaros, 2010, pp. 85-98). Communication helps in reducing anxiety and worry. In the case of organizational restructuring, it is vital to explain new roles with the intention of raising concerns in a neutral way and evade disorder when change is in progress. Finally, change has to be carefully managed to produce sustained outcomes. Conclusion The study of organizational behavior checks the control that structures, change, development, persons, and groups bestow on performance within a business. For maintained existence, development, and success of businesses and organizations in the contemporary competitive and varying business setting, organizational change has become a requirement. Workers are frequently hesitant to embrace organizational change since the y normally see it as invasive and disruptive of the habits and social affiliations previously relied upon to carry out essential undertakings. Managing change in an organization could be a very difficult undertaking due to employee resistance to the change attempt. Some of the ways that managers can use to bring about change in an organization include building resources and communication in a bid to win the support of the employees. Nevertheless, Jaros (2010) insists that change has to be well managed for employees to embrace it willingly. References Hitt, A., Miller, C., Colella, A. (2010). Organizational behavior (3rd ed.). New York, NY: John Wiley Sons. Jaros, S. (2010). Commitment to organizational change: A critical review. Journal of  Change Management, 10(1), 79–108. Kumar, S. (2012). Challenges of Managing an Organizational Change. Advances in  Management, 5(4), 11-15. Miner, J.B. (2002). Organizational behavior: Foundations, theories, and analyses. New York, NY : Oxford University Press. Schermerhorn, R., Hunt, G., Osborn, N. (2004). Core concepts of Organizational  Behavior. New York, NY: John Wiley Sons. Thompson, L. (2008). Organizational behavior today. Upper Saddle River, NJ: Pearson Prentice Hall.

Famous Inventors and Inventions - E

Famous Inventors and Inventions - E Charles Eames - Ray Eames Ranked among the most important of industrial designers. They are best known for their groundbreaking contributions to architecture, furniture design, industrial design, manufacturing, and the photographic arts. George Eastman Invented dry, transparent, and flexible photographic film Presper Eckert Behind the history of the ENIAC computer. Harold E Doc Edgerton Doc Edgerton invented high-speed stroboscopic photography. Thomas Edison All of Thomas Edisons major inventions. Also - The Life of Thomas Edison, Biography of Thomas Edison, An Animated Luncheon Brendan Eich Created JavaScript. Gustave Eiffel Built the Eiffel Tower for the Paris Worlds Fair of 1889, which honored the 100th anniversary of the French Revolution. Albert Einstein Einstein developed the special and general theories of relativity and won the Nobel Prize for Physics in 1921. Einsteins theories lead to the invention of nuclear power and the atomic bomb. Gertrude Belle Elion Invented the leukemia fighting drug 6-mercaptopurine, drugs that facilitated kidney transplants and drugs for the treatment of cancer. Thomas Elkins African American inventor - view his three U.S. patents. Philip Emeagwali In 1989, Emeagwali won the Gordon Bell Prize for inventing software for supercomputers. John Emmett Received a patent for Tagamet - inhibits the production of stomach acid. Douglas Engelbart Invented the computer mouse and the first GUI software before Microsoft or Apple. John Ericsson The history of the propelling steam vessels. Oliver Evans Pioneered the high-pressure steam engine. Ole Evinrude Invented the outboard motor. Try Searching by Invention If you cannot find what you want, try searching by invention. Continue Alphabetically: F Starting Last Names

Hindu and Judeo-Christian myths Research Paper Example | Topics and Well Written Essays - 2500 words

Hindu and Judeo-Christian myths - Research Paper Example In all of the creation myths, there is the birth of the world and the birth of humans. In many of the creation stories, there is also a deluge – this means that the creator thinks that He or She made a mistake in creating the humans, so sent them back to the chaos of the Flood. The waters of the flood may also be a source of new birth. The archetypal characters who may appear in the creationism myths include the creator, who makes order out of chaos, sometimes by using his own bodily fluids, sometimes by conjoining with an equal and opposite natural power; the trickster, who is the negative force; the first man and first woman; and the flood hero, who looks for a new beginning after the great flood (97). The Hindu myths and the Christian myths diverge significantly, however, in how creation began. How are the two creation stories from different regions of the world inter-related? Hindu Myths   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hinduism is an extension of Veda, which i s the source of many Hindu rites and speculation (Renou, 105). Since this religion, which essentially â€Å"fed† Hinduism, is the source of mythology, this is a religion which may be explored to determine the creationist myths of Hinduism. In Veda, there are gods which function as represented, much like in Greek mythology. Among the gods worshiped by the Vedas, was Arya, who was the god of war; Agni, the god of fire; and Soma, the god of plant and liquor (105).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   One of the myths for how the world began, according to the Veda, is the creation of the world from the soul (Renou, 107). In this myth, there was a soul that was in the form of the person. Because this soul was alone, he desired a second, and his self was split into two pieces – a   husband and a wife. From this husband and wife’s copulation, humans were reproduced. She then became a cow, and he a bull, and they reproduced. She became a mare, he a stallion, w ho reproduced. And so forth, on down to the ants. Whatever was moist in the world was created from semen, and was called Soma. He created his superiors, the gods. Therefore, according to this myth, the world was populated from one soul.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Rg Veda has another telling of how life was created, and that was through primeval incest. In this story, which may be simply an anthropomorphic retelling of the earlier myth about the One who creates a Second, which is the myth told above, a father impregnates his daughter. According to this story, when the father shed his seed in his daughter, his seed was spilled upon the earth (Doniger O'Flaherty, 167). Doniger O’Flaherty states that the Brahmanas also had a version of creation, as did the Upanisads. In this version of creation, there is also incest. The incestuous father’s name in this myth is Prajapati. In this story, Prajapati approached his daughter, who was alternatively the sky or the dawn. She was in the form of a doe, he as a stag. The others did not approve of this, and Prajapati was pierced, and flew upward as a deer. The arrow was in three parts, and was known as the tripartite arrow. Prajapati also had a chance to spill his seed, and his seed spillage became a lake. Cattle sprang up from the seeds when the Marutttsss blew upon it. Doniger O’Flaherty states that this is one version, and other versions have the sons of Prajpati committing the incestuous act with their own sister. In these other versions, the Rudra is born from the seed, and, in some versions, the Rud

Microeconomics Essay Example | Topics and Well Written Essays - 2000 words

Microeconomics - Essay Example The theory of â€Å"invisible hand† proposed by the father of economics, Adam Smith, refers to this theory of price. According to Smith, prices are the sacrifice made by customers in order to make a utility gain through consumption of the good or service and the gain made by producers by selling the product that they have produced. Therefore, any rational consumer would be willing to make lesser sacrifice for a comparatively larger amount of gain. On the other hand, producers or sellers would desire to be willing to earn more by selling their product than the sacrifice they have made during producing the good. The market comes to equilibrium at the point at which both the decisions regarding buying and selling the good intersect with one another. This phenomenon is termed as the invisible hand, since the market operates without intervention by any third party (Mankiw 26). Figure: Free market equilibrium (Source: Author’s creation) Three important functions are played by price mechanism in a competitive market economy. These are signaling function, rationalling function and incentive function. Signaling function Prices of goods and services in a competitive market economy demonstrate the rate of availability or scarcity of resources in the market. It indicates whether resource is allocated adequately in different sectors in the economy (Adil 71). In the long run, high price level signals producers to enter the market, while customers are signaled to leave the market and look for cheaper substitutes. Therefore, supply rise and demand falls. Figure: Signaling effect (Source: Author’s creation) Rationalling function Prices can ration scarce resources when market demand is much higher than market supply. If market demand is higher, price would rise, thereby making the good available to those customers only that have the demand for the good backed by purchasing power. It helps to bring the market to equilibrium from a position of disequilibrium b y equaling demand with supply (Boyes and ?Michael 26). Incentive function Price mechanism plays an active and important role in the market economy. Price of a good is the incentive for both buyer and seller to buy or sell the product. For successful running of a competitive market, prices should be efficient enough to incentive the economic agents to involve into economic transactions. Figure: Rationing and incentive effect (Source: Author’s creation) If there is excess demand it raises price. Incentive effect allows suppliers to increase supply while rationalling effect makes buyers to reduce demand. This leads to a new equilibrium (from e to e2). Answer 2: Demand and supply are two basic forces that operate in a competitive market structure. Price plays an important role in determining the equilibrium quantity of demand and supply in this type of economy. Although economic theory simplistically states that there is negative relationship between price of a product and its de mand and positive relationship between price of the product and its supply; there is a difference between expansion and increase in demand or supply for a good or service and contraction or decrease in demand or supply for a good or service (Friedman 13). Expansion or contraction in demand or supply Demand (or supply) can change either due to change in price of the good (or service) or due to change in other variables affecting price.