Reference no: EM131377609
Case study: Survivor island
You were a passenger on a ship, on a holiday cruise around the world. After a few weeks at sea, a violent storm broke out and the ship ran aground on the rocks of a nearby island, Only a few passengers were shipwrecked on this isolated island in the middle of nowhere.
You tried to salvage what you could from the ship. Most of your supplies were lost in the storm.
The-day after the storm, the group took stodk of all available resources. Apart from metal and wood from the ship, you also managed to salvage some clothes.
One of the group members was injured and could not help the rest in their struggle for survival.
1. Discuss the central economic problem facing this group of survivors.
2. Make a list of the basic needs and wants of the survivors.
3. Now put this list of needs and wants in order of importance and give reasons for prioriLsing your needs. Use the following table to answer this question.
4. Study your answer to question 3 - how can you use the concept of 'opportunity cost' to determine the importance of the order in which you will have to satisfy your needs and wants' Will you change the order of importance in question 3 after you have looked at the concept of opportunity costs?
5. Do you think that the order of importance of needs and wants will be different for another person? (Substantiate your answer.) What method will you use to make decisions in the group?
6. A shelter for the survivors is a very important need.
7. Identity and explain the three basic economic questions (what? btnc and for whom?) that the group cif survivors will have to answer every day.
8. Draw a diagram of the circular flow of the economy on this Island. Briefly explain the workings of this circular flow.
|
Discuss who wins in given case
: Oliver maintains that a price quotation alone is not an offer. Southworth claims a valid contract has been made. Who wins? Discuss.
|
|
Estimate the horsepower that can be transmitted
: Estimate the horsepower that can be transmitted with 99% reliability, based on tooth bending fatigue.
|
|
Does a binding contract exist
: On April 6, the Adjutant General's office received by mail the signed contract dated April 3 and postmarked April 5. Does a binding contract exist? Explain.
|
|
Identify the common roles in a human resource project
: Identify the common roles in a human resource project. Then, analyze these roles to typical human resource functions.Reorganize any two (2) roles at TriHealth that result in shared responsibilities and then state why you chose those two roles.Suggest..
|
|
Discuss the central economic problem facing
: Discuss the central economic problem facing this group of survivors and Make a list of the basic needs and wants of the survivors - shelter for the survivors is a very important need.
|
|
Who should receive the money
: The city of Everett brought an action against the Sumstad estate and the Mitchells to determine the owner of the money. Who should receive the money? Why?
|
|
Should newman prevail
: Irwin Schiff is a self-styled ‘‘tax rebel'' who has made a career, and substantial profit, out of his tax protest activities.- When Schiff refused to pay, Newman sued. Should Newman prevail? Explain.
|
|
What is the motion of the arm
: Sun S2 is fixed. All gears have the same pitch. For each clockwise revolution of S1, what is the motion of the arm?
|
|
Give your opinion of the purpose of the bfoq
: Using the e-Activity, choose two (2) of the following employment tests: drug tests, medical examinations, polygraphs or honesty tests, and scored test of ability. Next, analyze the manner in which the testing itself could be considered illegal whe..
|