Reference no: EM133200513

Assignment:

The current organization that I currently work for is the Arizona Department of Transportation, and I am an accountant 1 for the General Ledger team there. The goal of our job is to try and reduce costs as well as help others. "Governmental accounting maintains tight control over resources, while also compartmentalizing activities into different funds in order to clarify how resources are being directed at various programs. This approach to accounting is used by all types of government entities, including federal, state, county, municipal, and special-purpose entities." (Bragg, 2022) For my job, when the government, intervenes, it helps as we get more funding to help others. We all recently got raises due to the fact that inflation is so bad.

When the government gives us more funding, we are able to fund projects and programs that are needed to be used by everyone on a day to day basis, which is very good. When they cut funding, it hurts everything because the programs and projects are not as successful as they would be if they had the proper funding.

Bragg, S. (2022, May 23). Governmental Accounting. AccountingTools.

Respond to student:

I would say the company I work for would be considered monopolistic since it has a lot to do with beverages and snacks of various verities. The monopolistic competition also refers to a market structure, where a large number of small firms compete against each other. However, unlike in perfect competition, the firms in monopolistic competition sell similar but slightly differentiated products. Zeder, R. (2020). So, with my company, we have a sizable market share but there are plenty of local to international companies that provide similar products or have created new disruptions to the market. Going off what has happened in the past where the government's intervention has come into play such as laws it has negatively affected the companies. These companies are looking for new innovations and helping the bottom line with how they package goods.

In the past glass bottles for sodas were the main way it was distributed to its customers and now it is plastic. Since we know plastic has become harmful to the environment governments are pushing the restriction on plastic waste which will be pushed to the companies to find another innovative way to create, build, deliver, and stock for their customers. Also, in the past, taxes have been implemented toward products with sugar much like alcohol, and tobacco. So more government influence has hindered these companies and is a self-reliant market that utilizes capitalism to grow and succeed.

Zeder, R. (2020). The four types of market structures. Quickonomics.

Froeb, L., McCann, B.T., Shor, M., & Ward. M.R. (2018). MindTap for Managerial economics: A problem-solving approach (5th ed.). Cengage Learning.

Respond to student:

The market structure acts as an essential tool within an economy to show the different competition levels among firms. An economy is classified in the broader meaning of four basic market structures namely perfect competition, monopolistic competition, oligopoly, and monopoly. I work in a Maritime shipping company and it operates under an oligopoly. The exploitation of the environment by industries is one of the pressing problems of the modern world. It is impossible to stop environmentally unfriendly activities of industries in a laissez-faire economic model.

However, if the government intervenes in the economy, such deeds can be controlled, and environmental pollution can be abolished. This way, a major market failure can be eliminated with the help of the intervention of the government. Our company made a big transition in 2019 to embark on a new journey. They announced in August 2020 that one of our public companies is transitioning towards a sustainable business in renewable energy. Our company wanted to align our strategic direction and make a pivotal contribution to reducing emissions and making a good impact on a sustainable future. The goal is to incorporate various features and green innovations that significantly improve our operating window and efficiency.

There are a lot of challenges that could occur in the shipping industry, another example is, that it has been a subject of dispute between economists and politicians, and people working in the field for many years. The epicenter of these disputes lay in the way they perceive the industry's effects on the welfare of national economies. Politicians for example may argue that fostering a national fleet or supporting domestic shipyards takes up a larger portion of a government's budget than it should be consuming. Economists on the other hand might argue that the return on investment in the shipping business is too low for a government to even consider spending more on support measures. Seafarers and shipyard workmen would certainly oppose these views, arguing that the services provided by the industry are too important to be handled so lightly by government officials.

References:

Kokkalas, G., (May 2002). Thesis; Government Intervention in the Shipping Industry.