Effects of the Government on the Economy

Effects of the Government on the Economy This essay articulates the principles, relationship between micro economic and macroeconomic by doing research in regard to this essay we can assume that government play a major role in economics such as price control, policies, increasing wages of employees and making decision in the market place however we can also assume economic policies are not influenced if they are not almost generally determined by acceptance of some of these mistakes. Perhaps the shortest and surest way to an understanding of economics is through segmentation of such errors, and particularly of the central error from which they stem. In addition economics is all about policies how society decides what, how, and for whom to produce. INTRODUCTION Human being intend to be able to solve living basic problem such as what goods and services to produce, how to produce these goods and services and for whom to produce these goods and services. Economics is the study of how society decides what, how, and for whom to produce. Economics is also about human behaviour we also could describe it as a science rather than a subject within the arts or humanities. This reflects the way economics analyse problems, not the subject matter of economics. Economist aim to develop theories of human behaviour and to test them against the facts moreover good economics retains an element of art, for it is only by having a feel for how people actually behave that economists can focus their analysis on the right issues. But what exactly is economics? Task1: Most modern definitions of economics involve the notions of choice and scarcity. Possibly the earliest of these is by Lionell Robbins in 1935: Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Virtually all textbooks have definitions that are derived from this definition. Although the exact wording differs from author to author, the standard definition is something like this: Economics is the social science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants. Scarcity means that people want more than is available. Scarcity limits us both as individuals and as a society. As individuals, limited income (time and ability) keep us from doing and having all that we might like. As a society, limited resources (such as man power, machinery, and natural resources) fix a maximum on the amount of the goods and services that can be produced. b) Concept of opportunity cost: This concept of scarcity leads to the idea of opportunity cost. The opportunity cost of an action is what you must give up when you make that choice. Another way to say this is: it is the value of the next best opportunity. Opportunity cost is a direct implication of scarcity. People have to choose between different alternatives when deciding how to spend their money and their time. Milton Friedman, who won the Nobel Prize for economics is fond of saying there is no such thing as a free lunch. What that means is that in a world of scarcity, everything has an opportunity cost. There is always a trade-off involved in any decision you make. The concept of opportunity cost is one of the most important ideas in economics. Consider the question, How much does it cost to go to college for a year? We could add up the direct costs like tuition, books, school supplies, etc. These are examples of explicit costs, i.e., costs that require a money payment. However, these costs are small compared to the value of the time it takes to attend class, do homework, etc. The amount that the student could have earned if she had worked rather than attended school is the implicit cost of attending college. Implicit costs are costs that do not require a money payment. The opportunity cost includes both explicit and implicit costs. C) Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. This means also taking into income taxes and regulations created by governments. MicroeconomicsÂÂ  focuses onÂÂ  supply and demand and other forces that determine the price levels seen in the economy. For example, microeconomics would look at how a specific company could maximize its production and capacity soÂÂ  it could lowerÂÂ  prices and better compete in its industry. Macroeconomics, on the other hand,ÂÂ  is the field of economics that studies the behaviour of the economy as a whole and not just on specific companies, but entire industries and economies. This looks at economy-wide phenomena, such asÂÂ  Gross National Product (GDP) and how it is affected by changes in unemployment, national, rate of growth, and price levels. For example, macroeconomics would look at how an increase/decrease in net exports would affect a nationsÂÂ  capital account or how GDP would be affected by unemployment rate. While these two learning of economics appear to be different, they are actually interdependent and complement one another since there are many overlapping issues between the two fields. For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and in turn affect the end products price charged to the public. http://www.investopedia.com/ask/answers/110.asp Task2: In this particular task I am going to explain the existing relationship between demand and price also will be giving more detail related to market demand curve and factors affecting demand. According to some researchers demand can be defined as the quantity of a good buyers wish to purchase at each conceivable price, market demand could also be defined as a set of arrangements by which buyers and sellers are in contact to exchange goods or services. The relationship between demand and price describes the behaviour of buyers at every price at every particular price there should be quantity demanded the term quantity demanded makes sense only in relation to a particular price for example in everyday language we say that when the demand for a football match tickets exceeds their supply some people will not get into the ground. Demand curve shows the relation between price and quantity demanded the other things relevant to demand curves can usually be grouped under three groups: the price of goods, the income of consumers and consumer tastes or preferences. Price controls are government rules or laws that forbid the adjustment of prices to clear market for example high food prices mean considerable hardship for the poor the government would prefer to impose a price ceiling on food in order to help the poor to continue purchasing adequate food quantities. In order to be effective a price ceiling must be imposed below the free market equilibrium price therefore it is going to reduce the quantity supplied and lead to excess demand unless government itself provides the extra quantity required. The main factor affecting demand is consumer revenues; consumers intend to purchase a product in order to satisfy their due to their incomes however quantities of demand could increase as consumer incomes rise for example low income people satisfy their needs for clothes by buying low quality clothes as their incomes rise they switch to better quality clothes. Market demand curve is the sum of the demand curves of all individuals in that particular market by asking, at each price, how much each person demands. it also could the horizontal addition of individual demand curves Individual Demand Curve By looking at the graph we could what an important role price plays in the market therefore we can conclude in this demand of goods or services depend on the price and also on consumer incomes the graphs summarise the demand responses to changes in incomes it also show us the effect of income increases although income rises increase the quantity demanded of goods by consumers. Task 3: In this particular task I am going to explain how an equilibrium price and equilibrium quantity can be achieved and also the effects of excess supply, demand on market equilibrium. According to David Begg economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. It is the point at which quantity demanded and quantities supplied are equal, for example, refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. Price controls are government rules or laws that forbid the adjustment of prices to clear market for instance we can assume that when price controls are maintained for many years they may have further repercussions. For example many countries have imposed rent controls limiting the rent a landlord can charge for accommodation. Countries such as the UK have had price ceilings for many years in the rental market in also failed to raise insignificant amount with the inflation therefore many private landlord have quit the business. There are many reasons why government wish to intervene in a free market to set prices as a result prices are set the market forces ( where demand and supply vary) but in some cases government will need to set prices for different products. For instance the European Union EU has used minimum prices for farmers it is also could be argued farmers incomes are too low therefore minimum prices can be used to increase prices above the equilibrium however the government decided to have price controls in farming to encourage farmers to supply as much as possible. This graph show us the existing relation between equilibrium price and demand and also how an equilibrium price and equilibrium quantity can be achieved however we could conclude on this task that equilibrium price is the price at which the quantity demanded by consumers and the quantity at which companies offer services and goods . Task 4: Perfect competition: Economist definition of perfect competition is different from the meaning of competition in everyday usage in economic theory a perfect competition can be defined as a description of markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some auction-type markets say for commodities or some financial assets may approximate the concept. Economic markets in many sectors can be described by the term oligopoly this is where few producers dominate the majority of the industry and the market, perfect competition operate on a number of different assumptions. Economist also assumes there a number of a different buyers and sellers in the marketplace this could lead to a perfect competition in the market which could allow price to change in demand and supply. Perfect competition can be characterized by many sellers and buyers, many products that are similar in nature and as a result of many substitutes, for example in a perfectly competitive market a single firm decide to increase its selling price of a good, the consumers can just turn to the nearest competitor for a better price, affecting any firm that increases its price to lose market share and revenues. According to Stanley Fisher An oligopoly is a market dominated by a few producers, each of which has control over the market. It is an industry where there is a high level of market concentration. However, oligopoly is best defined by the conduct (or behaviour) of firms within a market rather than its market structure. Characteristics of oligopoly can be by competition other than price. Price wars , cutting prices in the market where all large firms tend simply to lead to lower profits, changing little market shares, instead , oligopolistic companies intend to charge relatively high prices but also compete through promotion and advertisement but existing firms can be safer from new companies entering the market because entry barriers to the market are high, for example existing successful brands have a number of a products considerably promoted in the other hand it will be difficult for a new company to establish its own new brand in the market. This graph show us how important perfect competition is in the market in order to launch new product firms will need to follow some entry barriers and have some requirements and follow government policies such price control. Task 5: In this particular I am going to give an explanation and evaluation of what is meant by Keynesian, Monetarist economics: According to Keynesian theory, some microeconomic-level actions if taken collectively by a large proportion of individuals and firms can lead to inefficient aggregate macroeconomic outcomes, where the economy operates below its potential output and growth rate. Such a situation had previously been referred to by classical economists as a general glut. Keynesian economics: during recession periods when aggregate demand is insufficient, monetary and fiscal expansion can boost demand, product and employment in 1930 Britain was partly pulled out the slump of Keynesian policy of government heavy spending on rearmament as the threat of war loomed however in the three decades after 1945 governments of both political parties in Britain attempted to implement the Keynesian policy in order to manage the level of aggregate demand but some of the policy did not work perfectly . In the decade after 1965 both inflation and unemployment grew fairly steadily which build up inflation proved to be a costly after effect Keynesian policies. Today we are more doubtful about the success of the activist period of 1950 and 1960. Keynesian economics proceeds on the assumption that price level given but what can happen if the price level change for example when the economy is near full employment and there is no longer space capacity to make companies think before raising price of products or increasing wages of their employees. On the other hand Keynesian government should be able to tackle unemployment issues otherwise effects of unemployment could reduce production of goods. According to Monetarism theory the governments proper economic role is to control the rate of inflation by controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply . Finally we can conclude that there is much about which all economists agree but there are some important differences of opinion, both in the positive economics of how the world we are living actually works and in the normative economics of how the government should behave in the market. Due to market power economist intend to play a role in the market by solving problem faced by consumers such as price rises therefore they intend to have price ceiling for each product and I have learn economic is just not a science subject it is there to reconcile the conflict between people virtually unlimited demand with society limited ability to produce goods and services to fulfil these demands.

A Comprehensive Time-Series Analysis Essay

The report is mainly focused on the structural time series model as it is applied as a means of portraying the structural behavior of life insurance demand. The study is focused on the impact of selected variables including the price level, revenue, interest rate, seemingly perpetual joblessness and population on life insurance demand. Problem The importance of life insurance companies has increased significantly over the past several years. However, despite this remarkable rise, there is little that is known about the structural behavior of the demand for the products and services offered by life insurance companies, and what external factors drive this demand. The problem of this study aims to tackle is the behavior of life insurance demand within a period of deregulation and reform that is existing within the industry, also exploring the relationship between demand and a specified set of explanatory variables over this time. Feasibility This project has the prospect of being highly feasible. Although there is very little research with regards to life insurance there are extant research conducted pertaining to life insurance and other kinds of insurance in other regions of the world (e. g. Southeast Asia) that is similar in several aspects to our study. Aside from this, the proponents of this research are leaders in the field of life insurance and as such their study is heavily grounded on years of experience and knowledge in the field. This shows the feasibility of such an endeavor. Audience The primary audience for this market study may be useful in assisting life insurance companies in the various facets that comprise their current corporate strategy for Life insurance. One of the cases that this paper can be applied is for the case of seasonal issues. Secondly, this research and similar research in this area can be of interest to other institutions that are similarly involved in life insurance. For example, it might be useful to generalize the results of the comparison of forecasting models to other categories of financial intermediaries such as banks and monetary agencies providing aid in life insurance issues. Topics to investigate This report intends to examine clearly the following areas pertinent to Life Insurance: †¢ Provide a very innovative perspective to the study of life insurance demand. †¢ Determine the relationship between the cyclical and trend components of demand and the specified set of economic variables affecting life insurance. Determine whether insurance demand is stochastic using an singular variation model o Determine if life insurance demand has a deterministic seasonal component attached to it existing within the first quarter of each year of the sample period and a relative fall during the fourth quarter of the year. †¢ Utilize a seemingly unrelated time series model in order to test for the presence of common factors. †¢ Investigate the forecasting power of the singular variation model when it is opposed to the multivariate model that includes explanatory variables Methods/Procedure In an effort to provide an original perspective towards the study of life insurance demand and overcome inadequacies in previous research, this study employs the structural time series model. As opposed to traditional methods, this methodology is based on representing explicitly the components of a series. While these components cannot be observed directly their usefulness can be found in an economic point of view. This paper is based on a sample of quarterly, seasonally unadjusted insurance data covering the period between the second quarter of 1980 and the fourth quarter of 2003 that results in 90 total observations. The main advantage of using quarterly data, as opposed to annual data, is that it allows us to address possible seasonal fluctuations appropriately. Qualifications/Facilities/Resources The researchers of this study are esteemed experts in the field. Part of the group hails from a college institution under the Department of Economics and Finance. The rest are expert leaders in the field of life insurance and are employed in multinational commercial insurance companies. The group is knowledgeable in the statistical method to be used and have been involved both directly and indirectly in the creation of research pertinent to Life insurance.

The Ideal Approach to Bar Essay Samples Assualt and Battery

The Ideal Approach to Bar Essay Samples Assualt and Battery The Fundamentals of Bar Essay Samples Assualt and Battery Revealed If you've recently become the victim of an assault, speak to our Los Angeles personal injury attorney today to schedule a complimentary consultation. The most important thing is, it frequently requires a court case and a superb attorney to argue the facts of your case to receive it sorted out fairly. Battery is that kind of contact that has to be intended. Likewise, it is a successful assault depending on your point of view. In other words, it requires unlawful physical contact to another. So in case you DO hit somebody, it's battery. The organization employs zinc for the anode portion of the battery, combinin. When you have questions regarding battery, our Los Angeles assault and battery attorney is able to give an educated answer to any question you may have. Bar Essay Samples Assualt and Battery - What Is It? First-degree assault and battery charges are the absolute most severe and it has extreme bodily harm, usually by means of a weapon. Again, it must satisfy both elements of assault. Notice that battery demands using force whereas assault only requires the present ability coupled with the aim to use force on somebody else. There is not any evidence of assault because there is not any physical harm while the battery can be proved easily because there is physical evidence. Lies You've Been Told About Bar Essay Samples Assualt and Battery There's no individual offence for a battery regarding domestic violence. In some specific circumstances, moreover, consent isn't possible to prove. Domestic violence cases are usually conducted in their very own separate courtrooms because of the special issues which are often present in domestic violence cases. Furthermore, Virginia law criminalizes a selection of acts of physical violence that aren't classified as assault and battery. The Good, the Bad and Bar Essay Samples Assualt and Battery Another frequent instance of assault is whenever someone places a loaded or unloaded gun to a different individual's head. It is sometimes defined as any intentional act that causes another person to fear that she is about to suffer physical harm. An assault can lead to fear of impending violence in an individual even though there is not any true violence inflicted. If a person is facing assault and battery charges, they could possibly be in a position to claim self-defense in the event the threat or physical harm was used to safeguard their person. Key Pieces of Bar Essay Samples Assualt and Battery Employing a Personal Injury Lawyer If you or someone close to you has been injured as a consequence of an assault, battery, or a different intentional tort, you may choose to check with a neighborhood personal injury attorney to find out if you're able to recover for your injuries. Thus, even when you did not really make contact with the individual, in the event that you intended to make contact, you might be found guilty of assault. You likely have questions regarding sexual assault defenses, and will also wish to learn more about mandatory sex registration, in case you be convicted. Our profile's contact form is not difficult to use and makes it simple to attach with a Roanoke, Virginia lawyer and seek out legal counsel. For instance, a number of states do not demand proof of a real injury or pain to support a simple battery charge. Normally, the evidence supplied to the court would consist of hotel receipts, plane tickets, charge card bills and witness corroborations. Over time, battery laws have developed and expand ed to include conduct besides an outright fist fight. When you review every one of your answers, keep an eye on your mistakes. Instead you wish to learn new material and put it in the appropriate context. The term apprehension, for example, evokes a feeling of fear and alarm. Both the concepts are explained in detail within this paper with suitable examples. The idea of battery has been in existence for decades under criminal and civil law. Bar Essay Samples Assualt and Battery - the Conspiracy While the absolutely free essays may give you inspiration for writing, they cannot be used `as is' because they won't satisfy your assignment's requirements. Call today for a completely free consultation. Bar Essay Samples Assualt and Battery - Dead or Alive? Get in touch with an Attorney Being accused of sexual assault can be a trying situation issue to manage. If you're charged with a crime, you should speak to a Virginia criminal defense lawyer. In the United States, sexual assault is defined differently based on the state laws in effect. FindLaw's Assault, Battery and Intentional Torts section gives info rmation about the respective acts that are deemed intentional torts and the elements a victim must prove so as to prevail in their case.

The Mass Decline Of Childhood Identity And The Social...

Throughout modern society, children have become the primary consumers of marketing (Hill, 2011, p. 348). As the documentary Consuming Kids illustrates, infants are easily deceived by society, culture, and especially media scams (Barbaro, 2008). Marketing has shifted the focus of children from traditional playing to various consumerist desires. This paper will explore the causes of the mass decline in childhood identity and the social implications involved. The impact of marketing for children will be examined through its effects on culture and society, children’s identity, consumerist tendencies, the increase in need for media and their effects through symbolic interactionism. Jennifer Ann Hill states, Consumerism has led to a host of seemingly endless needs for sophisticated electronic media technology, making it increasingly difficult to provide children with an environment that allows for creativity or original thinking (Hill, 2011, p. 352)*** and the presence of this marke ting is the catalyst to several different issues in the development of children (Hill, 2011, p. 352). In this report, I will contend that marketing is detrimental to the growth of children shaping youth to become lifelong consumers and how it is a societal problem. Society is established through the cultural views and production of the individuals inside. The views of the individual can be driven by capitalism or societal norms. Under Marxist theory, the nature of society was determined primarilyShow MoreRelated The Sociology Analysis of Food and Food Ways Essay1841 Words   |  8 PagesAlthough eating is a vital part of survival, with whom, how and where we eat are not. 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Pregnancy†¦ In the first month of pregnancy head and trunk appear and tiny arm buds begin to form, followed by leg buds. The early embryo seems to have aRead MoreThe Influence of Age Factors on Second Language Acquisition2762 Words   |  12 Pagescomprehend or spoken or writen language, resulting from damage to the brain caused by injury or some diseases. It refers to the way the brain can reoganize itself by shifting functions from one brain area to another after damage, at least during childhood. The theory suggests that the little kid’s brain has a cellular receptivity to language acquisition. This receptivity may be a function of cellular plasticity or elasticity which is controlled by a sort of biological clock. With age, the biologicalRead MoreUnethical Behaviour12228 Words   |  49 Pagesleadership behavior is precipitated by a catalyzing thought, condition, intention, or event. 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Part of this group resides in the Eastern Cape Province especially the Xhosa and Zulu speaking groups. This group, like every social grouping in the world has its own cultural practices and beliefs which guide its members on how they should live or behave. Culture is like a fabric which is woven and with many shades

The Monkey Wrench Gang The Law breaking Heroes Essays

The Monkey Wrench Gang: The Law breaking Heroes nbsp; Everyone knows that breaking the law is bad and anybody who does is a criminal, but Edward Abbey author of The Monkey Wrench Gang (1975), puts a twist on those thoughts. The Monkey Wrench Gang is an adventurous novel about a gang of environmentalists who set out to destroy bulldozers, bridges, cars, trains, signs or anything that is destroying their beautiful country, the American southwest. Through characterization and description Edward Abbey glorifies the art of law breaking and leaves his readers rooting for his heroic criminals. nbsp; In the Monkey Wrench Gang there are four main characters: Bonnie Abbzug, Doc Sarvis, Seldom Seen Smith and George Hayduke. As†¦show more content†¦Seldom is a Mormon with three wives that he seldom sees, hence his name. Seldom is a professional guide, wilderness outfitter, boatman and packer whos business went down hill when the freely flowing Colorado River was stopped by a dam, the dam which had plugged up Glen Canyon, the heart of his river, the river of his heart (63). Every time Seldom passes over the Glen Canyon dam he prays for a little old pre-cision-type earthquake to free his trapped river (33). nbsp; In The Monkey Wrench Gang, Abbey is able to tap into the readers thoughts by presenting the characters persuasive opinions. All of Abbeys characters are very strong believers in the survival of the desert and its inhabitants and they risk their lives several times just to keep it alive. All this fantastic effort- giant machines, road networks, strip mines, . . .high-voltage power lines; the devastation of the landscape, the destruction of Indian homes . . . Indian burial grounds; the poisoning of the last big clean-air reservoir in the forty-eight contiguous United States, the exhaustion of precious water supplies-all that ball-breaking labor and all that back-breaking expense and all that heartbreaking insult to land and sky and human heart, for what? All for what? Doc- (160). nbsp; Down below the metal monsters roared, bouncing on rubber through the cut in the ridge, dumping their loads and thundering up the hill for more. The green beasts of Bucyrus,Show MoreRelatedExploring Corporate Strategy - Case164366 Words   |  658 PagesPhoto: S.I.N./Corbis ECS8C_C01.qxd 22/10/2007 11:54 Page 606 606 MINISTRY OF SOUND with no links to the local drugs gangs. He even hired a psychoanalyst to cope with the gangland threats that followed his drugs crack-down: If they say ‘we’re going to kill you’, you know what you’re up against. But the threats [from London’s East End drugs gangs] are much more sinister. The word is fed back that if the business is cut off, they will follow you home, go for your family, stab you

The process of developing and designing products Free Essays

The process of developing and designing products has taken a sharp change in the last couple of years. Companies are being pushed by demanding global customers and are being challenged by rapid change of technology. Manufacturers have had to increase the speed of design cycles while at the same time cut the cost of development and manufacture. We will write a custom essay sample on The process of developing and designing products or any similar topic only for you Order Now They must ensure the product takes full advantage of the latest and best technology. Leading companies have found that obstacles in the market today are far too rigorous to overcome on their own. This process of design and development of products has never been so competitive and daunting. However, it is more critical for future success. The Success of modern day companies is due to help from a resource that has been present since the early days of the company. The answer is suppliers. In some industries suppliers are taking on responsibility for designing parts, components, materials, assemblies, and even complete systems for automobiles, computers and other products. Leading manufacturers are using their supply bases as a key element of their product design strategies, and it’s paying off in a big way. In other words the old saw â€Å"Slow and sure wins the race† no longer holds. Speed is competitive edge today s business needs to succeed. Including suppliers in the manufacturing process adds to the clock-speed of a company. The Honda Motor Company is one such company that has recognized this need for speed and has thus adjusted its production to accommodate. The Honda Motor Company is one of the world s most well known producers of motor vehicles. The Company itself is based in Japan, but it had branches all over the world. From a simple start, Honda has grown to one of the world s most successful motoring companies, selling products in almost 200 countries. Honda has set new standards in vehicle production and design. From the Civic to ongoing participation in automotive racing, Honda s spirit of challenge and commitment forms the basis for every Honda project. Honda’s new â€Å"world platform† strategy will produce four variants of the new mid-size Accord platform. Honda s Research and development team found that the easiest way of producing their most popular make of car, the Accord, was to produce a world platform. This platform is an Accord chassis around which different accord bodies are built. For example; The Accord built for America will be larger than the one built in Japan because there is a market for larger cars. The one built in Europe will narrower so that it may compete with other cars on the European market. Essentially the Accord platform is universal. The car s appearance changes due to its location around the world. Accords will be produced in 11 and sold in 100 countries. How to cite The process of developing and designing products, Essay examples

Challenge For Developing Ethical Leadership -Myassignmenthelp.Com

Question: Discuss About The Challenge For Developing Ethical Leadership? Answer: Introduction Agile leaders are characterized by the democratic, inclusive, and openness towards innovations. According to Anthony (2012), the agile leaders are more likely keen in exploring and learning innovative functionalities and developing the strong ability skills of the associated workforce. In todays world, the advancements brought to the business scenario are responsible for emerging innovations. Therefore, the leaders often face the strategic challenges to cope with such competitive landscape and lead the workforce for achieving excellence. The study would concentrate on the strategic challenges faced by Singapore Airlines. The study would also discuss the leadership practices to mitigate the issues and present a development plan for increasing leadership agility. Furthermore, the study would reflect on developing leadership agility for obtaining the future achievements. Organisational Leadership Case Study: Description of the identified strategic challenges Singapore Airlines has captured the leading position in the international market due to the ever growing business excellence and commendable airline services. The company is focusing on the rapid innovations and becoming adaptive changes. However, it has been observed that the profit level of Singapore Airline has steadily dropped over past few years. It is observed that the intensifying competition and over challenging market scenario are responsible for such sudden decline in profit level. In the quarter of the year 2014, the profit rates were again down. The record follows almost 52% drop in the operating profits to SGD39 million, which is nearly US$31 million (The Straits Times. 2017). However, the excellence of the business management leaders helped the company to increase the profit level by adopting the preferable strategies. However, again on 2017, it is reported that the Singapore Airlines published a crushing set of the financial statement. This financial status reflects th at the company experienced the loss of $138 million for the most recent quarter (Centreforaviation.com. 2014). The rapidly growing competitiveness in the global business scenario is posing such challenges due to which it has become necessary for the business leaders to modify the strategic values. In order to mitigate the issues with the strategic development, the leaders play the most significant role. Adopting the skilled leadership practices can be much fruitful in such context. In order to remain fit for future purpose, it is essential for the business leaders to develop the personal insights that would help in becoming an efficient leader. The continuous development in the competitive scenario is persuading the company to adopt more innovative methods that would be helpful in structuring the business functionalities. In spite of the efficiency maintained in the innovative practices, the company is continuously struggling with the higher competition with the market. For instance, the major competitors, such as Thai Airways and Garuda, have taken the further steps to remain proactive in this competitive scenario. The American carriers and these regional players are introducing the most effective digital innovations for the betterment of the customer services. On the contrary, business leaders of Singapore Airlines are struggling to train the employees for utilizing the advanced d igital technologies. These challenges are considered as the potential threats to survive for a longer time in this competitive scenario. The Current Leadership Agility in Singapore Airlines According to McKenzie and Aitken (2012), agile leaders are much focused on fulfilling the needs of others by acknowledging others perspectives. They tend to concentrate on achieving the business goals by improving the competency level of the associated workers. It has been observed that the business leaders of Singapore Airline are following the transformational leadership style, which prioritizes the needs of the individuals. The managers think that the success of the company depends on the efforts provided by every individual working under this company. The agile attributes of the leaders is completely visible in the leadership practices undertaken by the business leaders of Singapore Airlines. The leaders perceive that the shared enthusiasm and perseverance of the staffs are contributing towards improving the customer experience. However, in spite of the flexibility maintained in the leadership practices in Singapore Airlines, there is the lack of shared knowledge. The workforce is facing challenges in operating the innovative technologies due to which the company is lacking the technological skills to participate in the market competition. An agile leader needs to create the learning scenario and drives as well as sustains innovation within the organization (Chatman et al. 2014). The leaders are responsible towards developing the workforce talents and direct them to accomplish the organisational goals. These leaders have the stronger ability to maintain communication transparency for sharing visions and inspiring others to ensure productive outcome (Nowak 2012). There are 12 major practices that an agile leader adopts in order to ensure the productive outcome and to deal with the emerging challenges. These practices are as follows: Personal values sensitization Emotional Intelligence Sense Make-Give Mindful of Impact Access Capability Create Learning Cultural Competence Total Leadership One-to-many Dialogues One-to-one dialogue Performance Challenge Agility Resilience The major gap in the leadership process of Singapore Airlines was found in managing the performance challenges, agility resilience, create learning, and cultural competence. As an agile leader, it is important to deal with people from diverse cultural background. In order to cope with the future opportunities, the leader needs to realize the interests of the other people and try to find the process of motivating them in different ways. It would help the leaders in ensuring productive outcome for the operations success. The leaders need to focus more on the specific issues that are preventing the workforce from developing the knowledge regarding the innovative business practices. An agile leader possesses the democratic trait, which determines the consultation with other people during any decision-making process. During any conflicting scenario, they need to be communicative towards the associated workers. Taking the performance challenge is necessary for a leader to deal with the har dships and accomplishing goals in spite of such difficulties. In the further section of the study, the discussion of the agile leadership practices would be discussed. Development Plan The case scenario follows the issues with the leadership consistency, which affects the performance parameter of the associated workforce. The obtained ideas from the above scenario describe the needs for the effective development plan that would direct the workforce towards achieving the organisational goals. It is to be stated that the individuals are involved in transformation in which undertaking the unique initiative is necessary. Singapore is a culturally diverse country where the people from different culture collaborate to perform the organizational functionalities. The development plan for the agile leadership is based on the following activities: Development Plan Leadership Agility Skills What needs to be done Involved People Tracking Progress 1. Development of Flexibility An agile leader requires being flexible enough to deal with the different circumstances that may occur at any point of time. It is essential for the business leaders of Singapore Airlines to maintain such flexibility to motivate the associated workforce from different cultural background. Moreover, the leaders need to train the employees in order to make them more adaptive to this dynamic business scenario. Internal Survey to receive feedback from the employees 2. Dealing with the Transformer Leaders The transformer leaders are the ones who have the capability of dealing with the workforce belong to diverse cultural background. While adopting the innovative technicalities for strengthening the competitive position in current business scenario. The business leaders of Singapore Airlines have to be much Test of the technical knowledge of the employees 3. Development of the learning scenario An agile leader needs to focus on the drawback and accordingly fulfill the gap. Therefore, it is essential for the leaders to develop a learning scenario for the employees and enhance their knowledge about the business technicalities. The business leaders of Singapore Airlines Allocation of the dynamic works to the employees once a week Table 1: Development Plan (Source: Created by the Author) The agile leaders have to be much cautious about the scenario and uncertainties. As a leader, it is necessary to be more cautious while conveying the messages to the people. It is essential for an agile leader to recognize whether the messages are heard or understood by the people. If not, it is the prime responsibility to improve the understanding regarding the potential drawbacks. While working under the dynamic and culturally diverse environment, there is the possibility of the situational conflicts. An agile leader focuses beyond the possibilities and improves the work practices to deal with such uncertainties (Lichtenstein and Aitken 2014). The case scenario depicts that the challenges posed by the competitive environment is responsible for the downfall in the organisational revenues. On the other hand, the current competitive scenario is mostly driven by the innovations and improved technicalities. The following improvements would help in creating the productive atmosphere in t he business field. In order to improve the performance parameter of the associated workers, it is important to provide them the proper learning session or training. In this training session, they would learn about utilization of latest technologies and digital innovative practices. The leaders need to conduct the internal survey to receive feedback from the employees about their issues and concerns. The leaders need to arrange the weekly meeting to communicate with the associated workers and updating them about the latest requirements in the technological aspects. The establishment of the communicational transparency would be beneficial enough to promote a multicultural environment within the organization. Identification of the training needs is also one of the most necessary aspects that are needed to be taken into consideration. The above initiatives are needed to be taken into account in order to improve the leadership agility in Singapore Airline. The progress report is needed to be monitored every week to derive the ideas about the further improvements. This process would be much helpful in developing the leadership values and driving the organization towards success in this competitive market. Conclusion The study develops the idea about the agile leadership followed by the case study of Singapore Airline, which has been experiencing the greater downfall in economic structure. It has been observed that in spite of the transformational leadership skills, the business leaders could not retain the consistency in managing the dynamic workforce. The leaders are responsible towards developing the workforce talents and direct them to accomplish the organisational goals. These leaders have the stronger ability to maintain communication transparency for sharing visions and inspiring others to ensure productive outcome Furthermore, the excessive competitive scenario is also posing some recognizable challenges. The study develops the basic leadership traits that would be helpful for becoming a successful agile leader and ensuring productive outcome in upcoming future. Developing the agile leadership would turn out to be much profitable for Singapore Airlines in the upcoming future. 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