MAC/Apple and the Advances within Technology

What business do you think is the most likely to see significant advances in the next year?

The following year should be very interesting for the business world when it comes to economics and significant advances within the company. As far as who I think will see the most significant advances within the next year I believe is the Apple Macintosh Industry. With its booming advances in technology with its ipod, and new computers, there is no reason why it would not see significant advances in the next year. The conflict may be its advances could create problems for there business. The advancing of their products could cause a deficit in their profit within their products for people may be a bit shaky in diving into the product and spending a ton of money. With such incredible and technical advances the Macintosh business is advancing within its production of ipods and computers.

Though Apple just came out with their new MACBook AIR and sales should be booming, I think it my take some time before they have them flying off the shelves so to speak. I do believe though that within the next year and after all the hype over this skinny little computer is over, their profit will definitely rise for they then will be selling much more for the prices people are willing to pay. Don't get me wrong, I am not saying that MAC won't be seeing significant advances in the next year, but rather that they will not right away, hence within the next year they will.

An example of this "come out with a product and just with and see what happens relates o the newest addition to the ipod family. The newest Ipod Nano is new with brilliant colors, a clearer picture, and a smaller body. It wasn't right away that these "nano" beauties were selling hot off the shelf; it took time and finally business was booming.

Apple is selling the most computers, ipods, phones,ect that any other business within the economic world. Where is the proof? Why is this? To answer these questions it is only evident with the way in which they are technologically advanced. They have music, movies, downloads, internet, and phones all available within their electronic devices and they are constantly coming up with new ideas. No wonder they are the leading company within the computer and electronic world.

Whether it be computers, ipods, or iphones, Apple is going up and up. The business knows where it stands and knows how to run efficiently within the economy. Though it may have its ups and downs, I believe that Apple is going to be booming within the next year, and the significant advances we will see will only prove that this company truly knows the ropes and will continue advancing within its products.

Which business leader do you think best exemplifies both the height of business acumen and ethical integrity?

"There is only one boss: the customer, and he (or she) can fire everyone in the company from the chairman and down, simply by spending their money somewhere else"
- Sam Walton

Sam Walton is the founder of the well known Wal-Mart retail chain. The first true Wal-Mart opened in 1962 in Rogers, Arkansas. Wal-Mart eventually became the world's largest retailer. "From Walton's perspective, the "efficiency" of Wal-Mart's business model saves the consumer billions of dollars. He provides an example: From 1982 to 1992, Wal-Mart averaged roughly $13 billion a year in sales. Using conservative figures, he estimates that customers saved 10% "over what they would be paying" if Wal-Mart wasn't there. In other words, over that 10-year period, consumers -- many of them residing in rural and small-town America -- saved $13 billion"(Foolish Book Review)

Sam Walton's purpose and drive for his Wal-Mart chain was to drive prices down for the common people rather then drive them up rather as the department store were. "Once committed to discounting, Walton began a crusade that lasted the rest of his life: to drive costs out of the merchandising system wherever they lay — in the stores, in the manufacturers' profit margins and with the middleman — all in the service of driving prices down, down, down." The review of Sam Walton's diligence within the economic and business world proves that much of his focus was to reach out to the community and not simply build up his fortune within his business. This attitude within economics was established within Walton when he lived during the depression and took care of his family. "As Sam grew up and anyone could see how determined he was to succeed and as time passed he went from being a poor town boy to the richest man in the world."

Sam Walton was able to run an efficient business and open his first Wal-Mart by assuring that the following points were met within opening:
* properly stocking all the shelves with a wide range of goods with very low prices
* keeping his store centrally located so it was easily accessible to many customers
* staying open later than most stores especially during the Christmas season
* and experimenting with merchant discount (buying straight from the wholesaler which enabled him to lower his price per item and was able to sell a greater quantity of goods, thereby increasing his sales volume and profits). Sam Walton had 10 specific rules for building a successful business and in relation to reviewing the concepts of economics and the efficiency of Sam Walton's business, his ten rules captured the success for his business.


It can be proven that Walton's business exemplifies both the height of business acumen and ethical integrity for the charities he founded and the customer service he established within his business. Some of the basic concepts of management that Walton instilled within his business are still in use today and was very popular among his employees. Walton took the company public in 1970 and after introduced his "profit sharing plan". The profit sharing plan was a plan for Wal-Mart employees to improve their income dependent on the profitability of the store.

Sam Walton believed that "individuals don't win, teams do". Employees at Wal-Mart stores were offered stock options and store discounts. Walton was the first to establish benefits within the commonplace and he truly cared about his employees for then, he believed, they would care for the business and the productivity of the company. Sam Walton not only built up his own business, but he was able to build up hope and charities for those less fortunate and has donated millions of dollars to the less fortunate including multiple charities and foundations. With an estimated $90 billion fortune, the Waltons, the immediate heirs of Wal-Mart founder Sam Walton are the richest family in the world with Sam Walton as the foundation of their ethical and booming business.

Schrader, Michael.Sam Walton:The Inside Story of America's Richest Man. 1991,2004

MacNealy,Jeremy.Foolish Book Review:"Sam Walton: Made I America. 2006

“All of life is Economics”

In defending the statement "All life is Economics" within my contemplation of my future educational and career goals the definition o this statement seems to be that life is made up of choices, gives and takes, and vital decision-making that will determine that which is set out before us within our future. What is Economics? Economics is that which is the study of how the "forces of supply and demand allocate scarce resources. Subdivided into microeconomics, which examines the behavior of firms, consumers and the role of government; and macroeconomics, which looks at inflation, unemployment, industrial production, and the role of government." The fact that my use of economics is all based upon the fundamental idea that I may choose one thing over another is an idea that applies to my future path within economics no matter what decision is made. The definition that truly marks that which is economics within our everyday lives is "Economics is the study of the decisions involved in producing, distributing, and consuming goods and services."

For instance, I may choose to be a doctor in the future, but in choosing so, I then choose giving up much family time and social interaction. One may choose vacations in Hawaii or Europe and name brand department store clothing over a beautiful two-story house and a porche in their garage and this would be an economic decision that they therefore should not regret for they economically chose that lifestyle that fits who they are and how they happily live their life. There is a constant give and take to the life of economics for reasons that include supply and demand and that involving that which the consumer chooses. What is supply and demand?

Supply and demand is that in which is one of the most fundamental concepts of economics and it is the foundation to a market economy. "Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand. Life, in a sense may be viewed as a supply and demand translation.

First off, supply and demand is nowhere without the choices in which the consumer makes.Economic choices in life are made every single day within the realms of supply and demand whether these choices be made within buying a product within a business, purchasing a car, going on vacation, or even just going to the movies; there can not be one without the other and our everyday choices are evidence of supply and demand. Without the purchase we would not have the resources to buy and then to sell and in being so, it is evident that without a process of economics we would not be able to purchase, sell, or even trade. What comes in the way of supply and demand?

Scarcity is the answer. Scarcity is a term within economics that describes a situation where there are not enough products available to satisfy people's needs or wants, and it is built upon two different standing ideas which are: There is no limit to what we want and there is a limit to our ability to produce goods and services that will satisfy our wants. In short, scarcity always exists within the realm of economics. Scarcity simply opens the door for the human mind to choose that which they want most which then may lead to getting one thing to leave the other behind and then supplying that which was demanded. Without the option to choose what we truly want in life there is no room to supply and fulfill that which is sought after.

Lionel Robbins defined economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This statement truly captures the meaning under the concept that "All of life is Economics" because there are alternative uses to every decision made in life in relation to the spending of our money and the supply and demand we have within the ideas and purchasing of products. In relation to my contemplation of my future education and career goals I have a more thorough understanding of that which defines economics as the foundation for life. The choices I make for college may be determined by one having an excellent medical program yet it is out of state and one may be a stone throw away from the beach yet may not offer the strict major that I take interest in. Economics is based upon the trade-offs of life and the things that you will sacrifice to obtain one goal over another.