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May provide counseling and guidance relative to marital, health, financial, and religious problems. I don't know if it is going to be commercially viable to return the PGMs - but if it is going to be viable at all, to set up a space settlement supported by commercial industry - it seems most likely to be viable on the Moon perhaps even before asteroids - given the easy accessibility the lowest delta v asteroids have orbits most similar to Earth's and so phase in and out slowly so are most accessible only once every decade or so and also the low costs of transport to Earth. Inception of a new journey in newspace https: Sintered rocket landing pads, roads, bricks for habitats, radiation shielding--useful products and dust abatement, all at once. Anyway, if it's a disease spread naturally, then if it is too virulent it doesn't spread far. But that's no problem. In both cases the dust is both a hazard and a resource.
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A system of prices exists because individual prices are related to each other. If, for example, copper rods cost 40 cents a pound and the process of drawing a rod into wire costs 25 cents a pound, then it will be profitable to produce wire from a copper rod if its price exceeds 65 cents.
Conversely, it will be unprofitable to produce wire if its price falls below 65 cents. Competition will hold the price of wire about 25 cents per pound above that of rods. A variety of such economic forces tie the entire structure of prices together. The system of prices can be arranged to reward or penalize any kind of activity. The air in many cities is dirty because no one is charged a price for polluting it and no one can pay a price for having it cleaned.
The foregoing directs attention to the supply price of labour to the job—the rate that must be paid if employers are to be able to attract and retain the quantity of labour that they wish to employ at that rate. Every economic system provides solutions to four questions: In a decentralized usually private enterprise economic system, these questions are resolved, and economic coordination is achieved, through the price mechanism.
Even the simpler economy of a traditional society must choose between food and shelter, weapons and tools, or priests and hunters. In a modern economy the potential variety of goods and services that may be produced is immense. Consider, for example, the thousands of new book titles that are published each year—or the hundreds of colours of paint or the thousands of styles of clothing that are brought to the market annually.
Each of these actual collections is much smaller than the amount that could be produced. A price system weighs the desires of consumers in terms of the prices they are willing to pay for various quantities of each commodity or service. The payment for the services of a skilled surgeon a price much influenced by the number of surgeons reflects the unique nature of those skills for the buyer-patient, whereas the price of an electric popcorn popper reflects the minor convenience it provides.
Of course, the amount consumers agree to pay will be influenced by their wealth as well as their desires, but for any single consumer, relative desire is proportional to the price offered. Universal laws are not common in social life. Economists nonetheless place immense confidence in the proposition that the consumer will buy less of any commodity when its price rises. This law of demand is by no means a necessary fact of life; rather it is an empirical rule to which there are no known, reliable exceptions.
Bread, caviar, education, narcotics—interested buyers will purchase more of each when its price falls. These demand prices are the guides that in effect tell producers which items to produce and in what quantities. See supply and demand. The second question an economy must answer involves deciding how the desired goods are to be produced.
There is more than one way to grow wheat, train lawyers, refine petroleum, and transport baggage. The efficient production of goods and services requires that certain fundamental rules be followed: A functioning price system induces all participants in the economy to steer their resources toward activities that yield a reward.
Jobs that pay a high price for labour will attract workers seeking the reward of a high salary. Crops that yield a greater profit will attract more farmers to cultivate them.
Similarly, capital will be drawn from a faltering trade and redirected to an industry where it can earn higher returns. This same price system seeks to achieve production efficiency through competition.
If one firm, for instance, can design, produce, and distribute shoes while using fewer resources than its rivals, it will make larger profits; it is therefore motivated to discover more efficient combinations of inputs and plant locations, to devise wage systems to stimulate its workers, to use computers to manage inventories and streamline shipping, and so forth. The third question an economy answers involves determining who gets the product.
The incomes of individuals are determined by the quantities of resources labour skills, capital in all its forms they own and the prices they receive for the use of these resources. Workers are encouraged by the price system to acquire new skills and to exercise them diligently, and families are encouraged to save capital accumulation because of the rewards paid as interest or dividends.
Inherited ability and wealth also contribute to the distribution of income. If the price system is working reasonably well some of the common failures will be noted later , it performs all of these economic functions with remarkable subtlety and precision. The price system provides a seasonal price pattern that encourages the holding of inventories rather than early splurging and richly rewards speculators who correctly anticipate a crop failure and hold grain that will alleviate it.
In the same way, the desires of every sizable group of consumers or resource owners are registered through the price system; entrepreneurs are incited by price offers to provide opera and musical comedy , kosher food, and Persian delicacies.
One might almost say that the price system is devoted to minority rule, since the only pressure toward uniformity is in the possibility of lowering costs of production by standardizing goods. High prices in a properly functioning price system thus serve as incentives to produce more and consume less, and lower prices serve as corresponding deterrents. In addition the price system is a method of communicating information.
The English philosopher Herbert Spencer once stated, rather ponderously, that only by constant iteration can alien truths be impressed upon reluctant minds: A higher price of steel scrap, for example, tells thousands of owners and collectors of scrap that more scrap is wanted and that a more exhaustive search for abandoned rails, boilers, radiators, and machines is worth undertaking. A higher price of gasoline tells thousands of automobile drivers that gasoline should be used more sparingly, and the message is repeated each time each driver purchases more gasoline.
The complexity and variety of tasks performed by the price system will be illuminated by an examination of three specific economic problems. Individuals must be distributed among occupations in such a way as to serve two basic purposes. First, the labourer must be placed where he is most productive—making certain that Enrico Fermi becomes a physicist rather than a chef and that there are not too many plumbers and too few electricians.
Second, the individual worker should be given an occupation that is congenial to him; since he will spend a large part of his life at work, it will be a better life if he can choose the type he prefers.
The price of labour is the instrument by which workers are distributed among occupations: The choice of occupation involves, however, much more than simply a comparison of wage rates. The following are a few of the complications: Accordingly, the wage structure even for a single occupation in a single city is elaborate.
When a single wage price is imposed upon an occupation, labourers are no longer properly distributed by wages; for example, a city school system that pays all teachers of given experience the same wage finds it difficult to staff its less-attractive schools.
The preferences of the individual worker cannot be given full play, or each person would become president of the corporation at a sumptuous salary. Yet the labourer may choose to live in California rather than Maine; then the price system will incite employers to move their operations to California, where they can hire this labourer more cheaply.
A society has some resources that can be replaced by investment ; timber, for example, is now largely grown as a commercial crop.
Farmland is a more ancient example: Other resources are not replaceable, such as coal and petroleum. How does the price system conserve these exhaustible resources? The method of using a resource is independent of the pattern over time of income and expenditures that the owner of the resource desires. Even if the farmer is in urgent need of immediate funds and does not expect to live more than five years, he will still cultivate the farm at the uniform rate.
Only then is it worth its maximum value to him, and only then by sale or mortgage can he obtain the largest-possible funds even in the near future. In short, one need not adapt his expenditure pattern to his income pattern so long as he can borrow or lend.
If the growth of consumption or the decline of reserves threatens the exhaustion of supplies of a resource, then the price of that resource will rise and promise to rise more in the future, and this rise will serve to reduce current consumption and to reward the owner of the resource for holding back much of the supply for the future.
This rise in price will therefore also stimulate buyers to find more economical ways of using the commodity for example, burning the fuel more efficiently and stimulate producers to find new supplies or substitute products. The price system will therefore ensure that the supply of the resource will be stretched out so that the resource will be available in both the present and the future.
The price system is an extraordinarily powerful instrument in organizing an economic system, but it is subject to three broad classes of limitations. Sometimes prices are not permitted to do their work. Monopolies are able to exert control over prices, and they use it, sensibly enough, to raise their profits above the level allowed by competition. The monopolist or group of colluding enterprises sets prices at a level such that prices are above costs or, to use words of identical significance, such that resources earn more in the monopolized industry than they can earn elsewhere.
The basis of the monopoly is its ability to prevent outsiders from entering the industry to share in the unusual profits and, by the act of producing, actually serve to eliminate them. The fixing of prices by monopolists reduces the income of society. This is, in fact, the only well-established criticism on grounds of efficiency to be levied against monopolies; there is no reason to assume that they will make products less-suited to consumer tastes or innovate more slowly or pay lower wages or otherwise misallocate resources.
But the basic inefficiency led, first in the United States in and then increasingly in European nations, to governmental policies to maintain or restore competition. Public price control has two aspects. A large part of public regulation is intended to correct monopolistic pricing or other failures of the price system ; this includes most public-utility regulation in the United States transportation, electricity, gas, etc. Whatever the success of these endeavours—and on the whole there has been a substantial decline in confidence in the regulatory bodies—they are usually instructed to achieve the goals of an efficient price system.
Other public price controls are designed to serve ends outside the reach of the price system. Such policies are invariably defended on various economic and ethical grounds but reflect primarily the political strength of large and well-organized producer groups.
These may be illustrated by the air pollution caused by automobiles. Since no single automobile makes a significant contribution to air pollution, the owner has no incentive to bear the cost of installing antipollution devices even though all drivers would be better off if each did so.
Yet if there are many automobiles in a region, it would be prohibitively expensive for drivers to contract with one another to have each install devices in his automobile to reduce pollution.
An attractive garden pleases passers-by, but they cannot be charged a portion of its cost. He is also a contributor of Wikipedia. LinkedIn Facebook Google Plus. Buyer Inspection System in Garments Sector. See image of First Bulk Review Meeting below. This Inspection is done during production. See image below for Inline Inspection Sheet. Click on image for large size 3. Please note, during Inspection, defective goods are categorized as Critical, Major or Minor according to their importance to the customers.
One critical defect can make us failure in result of Inspection, so, we all need be more sincere about defects. Critical Defect is one that relates to a safety or legal problem, or a delivery error which prevents distribution of the product to the customer.