Economics in Context Essay Example | Topics and Well Written Essays - 750 words

Economics in Context - Essay Example There is an overall increase in the price and quantity. ‘if the price of a complementary good increases then the demand for the good will fall. This will result in a leftward shift in the demand curve of any complementary good’(Biz/ed team 2010, Spotlight on the theory: Demand Curve, Movements) Obligation to follow fair trade policies has resulted in increased cost of production, thereby causing a decrease in supply as producers shift to other activities. This translates into a higher quantity at a lower price. The elasticity of demand price is becoming more inelastic for tea. This can be explained by the fact that rising tea prices have not deterred tea demand and have been accompanied by increased tea demand. Tea is a stable drink in the diets of many and is catching on in many countries like China and it has relatively few alternatives (only real one being coffee) which makes the demand inelastic. Another reason for the inelastic demand is that tea consumes a low percentage of the consumer’s income making them less sensitive to its price changes.(Price of Tea, Economics Help). This seems unlikely but an exception might exist for consumers who treat teas as a luxury, their demand would be price-elastic. The elasticity of supply price would tend to be inelastic. This is because although an increase in price should create more incentive for suppliers statistics show that this has not happened at least in the short run. At the moment for example supply is being outstripped by demand. Also irrigation, weather conditions and land shortages make it hard to increase tea production.( Rahman Lutfur Mohammad ‘Imapct of price and other factors on tea in Bangladesh: Sources of variation and Disparity over Vision) In the long run however supply is likely to respond to the tea pressure. It has been estimated by the FAO that supply will

Aristotle's Nicomachean Ethics Research Paper Example | Topics and Well Written Essays - 1250 words

Aristotle's Nicomachean Ethics - Research Paper Example To strengthen virtue, this has to be exercised and observed at all times. In the same manner that nature nurtures the body that is rightfully nourished and trained, virtue is also strengthened by perpetual observation. This virtue or moral disposition is determined on how pain or pleasure influences an individual’s behavior. If a man is susceptible to pleasure, he is licentious. But if he is able to restrain himself and abstains from indulging in physical pleasure naturally without distressing himself, then that said man is virtuous. The ability to restraint oneself from excessive physical pleasure is necessary because it is the temptation of pleasure and its excesses that makes and induces us to behave badly. For us to endure and become virtuous, training is necessary for an individual to feel and experience joy and grief at the right time which is a requirement in the observance of the golden mean. This training has to begin in infancy for us to be educated on becoming virtu ous because joy and grief are the basic motivations that dictates our actions. If our sense of joy and grief are misplaced; that is, feeling joy and grief at the wrong time and place, it would inhibit us from becoming virtuous. We would tend to be shunning the wrong pains and we would be seeking the wrong virtues that would lead us to become licentious. Early training would predispose us to act according to the right virtues and would avoid vice. This sense of virtue which had been nurtured since infancy would also dictate on how we make choices. The good man, who had been trained since infancy to be feel joy and grief at the right time and place is likely to be right in his choices. In the same vein, the bad man will likely to decide wrong when given a choice especially when it involves pleasures. Pain and pleasure regulate our conduct and the virtuous man is he who effectively regulates his sense of pleasure and pain. And the real virtuous man is he who exercises virtue by choice and not just performs them because it is expedient. Rather, the real virtuous man effectively conducts himself and makes those choices for the sake of doing it amid difficulty and he knows what he is doing. Knowing the choices that one is making that is virtuous is different from an incidental virtuous man who only acts virtuous when it serves a particular purpose or without difficulty. The real virtuous man chooses it from a fix and steady purpose whatever the circumstance or qualification. The doctrine of the golden mean According to Aristotle, the acquisition of virtue is a result of the right habit which was nurtured by education and choice. This virtue which has been nurtured by early training and conscientious choice can be destroyed either by excesses or deficiency and it is important that the individual should hit the mean condition of virtue to remain virtuous. This â€Å"golden mean† according to Aristotle is an approximation of in-betweens between two extremes that is neither excessive nor deficient. It is to feel fear, confidence, desire, anger, pity and pleasure that is neither too much nor too little because both polarized directions are wrong. What is desired is to have â€Å"feelings at the right times on the right grounds towards the right people for the right motive and in the right way is to feel them to an intermediate, that is to the best, degree; and this is the mark of virtue. Such, there are three dispositions of virtue which are excessive, deficient and the