First econ Essay Example | Topics and Well Written Essays - 500 words

First econ - Essay Example The term opportunity cost in the study of economics is used to refer to the cost associated with the next best option given up (Siebert 163). This means that while making a decision of whether to buy or consumer product A or product B, individuals end up facing a cost when they give up the benefits that they may have gained from consuming product A if they had forgone product A and consumed product B. These costs can include both monetary as well as psychological costs. I experience the application of opportunity cost in my daily life when I have to choose between two things at the same time. For example: I face the issue of opportunity cost when I have to select between studies and my favorite sports of cricket. If I study I face the cost of enjoying the most favorite sport in my life and the physical and health benefits that I may derive from playing sports. On the other hand if I play sports, I give up the benefits of scoring high grades at my educational institute and even may en d up failing which will result in monetary losses. The concept of demand and supply in the study of economics state that when the price for a particular good as well as service is high, it is most likely less in demand and when the price of a particular good or service is high it is most likely more in supply and vice-versa. I have experienced the application of the concept of demand and supply in relation to my hobby of playing cricket. When the prices of cricket bats are on the lower side I am most likely going to buy them but when I go to buy them there are very few bats that may seem attractive, while when the prices are higher I see more and more cricket bats on the shelves and they attract me a lot but I fail to purchase them since they are highly prices. Various economic concepts apply to our daily lives. The concept of opportunity cost is applied in my life when I have to select between studying and

Lloyds Banking Group Integration Essay Example | Topics and Well Written Essays - 1750 words

Lloyds Banking Group Integration - Essay Example In the first type of hybrid structure company can combine the characteristics of both the functional and divisional structures. In this type of hybrid structure, Lloyds Group can organise its important functions into self-contained units by decentralising it whereas, the functions which require economies of scales and stability can be centralised. In the second type of hybrid structure, the company can combine the characteristics of functional, divisional and horizontal structures (Daft, 2009). Most of the multinational companies have hybrid structure. This structure is particularly useful for the organisations where the environment is highly uncertain and organisation can be best managed through divisional structure and some functional expertise is also required (Zamaros). This structure can offer great flexibility to Lloyds Bank. The following table describes the cultural dimensions (Gray & Larson, 2005) which could be affected by changing the organisational structure of Lloyds Gro up from Divisional structure to Hybrid structure. ... f Lloyds Group could be improved by developing teams in the functions which involve teamwork tasks and by emphasising on individual tasks wherever important. Company has the flexibility to achieve a balance between individual work and teamwork. Inter-unit Relations The inter-unit relations of Lloyd Group could be improved if Lloyds Group go for divisional structure and could be reduced if Group goes for functional structure. Company has the flexibility to achieve the balance of coordination and interaction between units. Control The control of the supervisors to influence the behaviour of employees could be improved in the segments of business with functional structure. Company has the flexibility to achieve the balance of control. Social Distance Lloyds could improve its culture by reducing the social distance in the segments where company adopt divisional structure and enhance the social distance where company uses functional structure Reward Criteria The reward criteria could be d efined by establishing seniority based and experience based priorities in functional structure and by establishing performance based criteria in divisional structure Conflict Tolerance Achieving the control tolerance balance across two kinds of structure (functional and divisional) could become a challenge for Lloyds Group Level of Effort The Group could enhance level of efforts of employees by increasing control through centralising some processes and decentralising others, based on particular needs Sharing Information Lloyds Group could control information sharing by using two kinds of structure External Orientation Lloyds Group could also become more flexible to respond to external orientations in a hybrid structure By adopting the hybrid structure, Lloyds Group could achieve various