Capitalism & Market Principles: Essential Economic Concepts
Core Principles of Capitalism
Voluntary exchange is a second characteristic of capitalism, defined as the voluntary act of buyers and sellers freely and willingly engaging in market transactions.
Another major feature of capitalism is private property rights, which allow people to own and control their possessions as they wish. Private property gives people the incentive to work, save, and invest.
The Profit Motive
The profit motive is the incentive to improve one’s material well-being.
Profit Defined
Profit:
Read MoreKey Concepts of Transformative Eras: Science, Enlightenment, Industry
The Scientific Revolution
Geocentric Theory
An Earth-centered view of the universe.
Heliocentric Theory
The theory that the Sun is at the center of the universe.
Galileo Galilei
A scientist who was forced by the Catholic Church to retract scientific ideas that conflicted with the Church’s doctrine.
Scientific Method
A logical procedure for gathering and testing ideas.
Isaac Newton
A scientist renowned for discovering the laws of motion and universal gravitation.
Nicolaus Copernicus
Devised a model of the universe
Read MoreUnderstanding Core Concepts & Crafting Professional Emails
Philosophical & Political Concepts: Key Definitions
Delve into foundational ideas that have shaped ethical and political thought throughout history. Each concept offers a unique perspective on human behavior, societal structures, and the pursuit of a just life.
Moral Conscience: Guiding Ethical Behavior
The inherent moral sense that directs our actions toward what is right and enables us to judge deeds as good or bad.
Morality: Defining Good and Evil
The established set of judgments concerning what
Read MoreAchieving Excellence: Quality Control & TQM Strategies
Quality Control: A Survival Factor
Quality is a crucial survival factor in a globalized world.
Stages of Quality Evolution
- Screening: Controlling final products (departmental control).
- Statistical Monitoring: Ensuring product specifications are met.
- Quality Assurance: Implementing documentation systems like ISO 9000.
- Total Quality Management (TQM): Fostering a culture of continuous improvement through attitude and behavior.
The Deming Cycle: Plan-Do-Check-Act
The core principle: Plan, Do, Check, Act.
Modern
Read MoreAdvanced Motor Speed Control Techniques & Power Electronics
Introduction to Induction Motor Speed Control
Historically, induction motors were primarily used in applications requiring constant speed, as variable speed applications were dominated by DC drives. However, conventional methods for induction motor speed control were often expensive or highly inefficient. With the availability of thyristors, power transistors, and GTOs, the development of variable speed induction motor drives became feasible.
Unlike DC drives, which require frequent maintenance due
Read MoreUnderstanding Resistors: Types, Features, and Applications
RESISTORS: Components that oppose the current.
Types: Linear, Nonlinear, Variable.
LINEAR RESISTORS FIXED:
Features:
1. Nominal Resistance (RN): Expected value in ohms of resistance at 25ºC.
2. Tolerance: Difference between the upper and lower resistance values.
3. Power Rating (PN): Maximum continuous power the component can dissipate without deteriorating.
4. Maximum Voltage (Vmax): Maximum AC voltage (50Hz) or DC voltage the component can withstand at a specified working temperature.
5. Series Critical
Kant’s Deontology vs. Utilitarianism & Aristotle’s Soul Theory
Kant’s Critique of Utilitarianism
Immanuel Kant argues that utilitarianism allows for expediency and morally questionable actions to occur and become habitual. He explains that this is problematic because utilitarianism permits moral laws to be broken. Furthermore, he discusses his fundamental issues with the principle of utility and consequentialism.
Kant views that if we strictly follow the principle of utility, there is no possibility of distinguishing between higher and lower pleasures, thereby
Read MoreMercantilism’s Modern Face: US Trade Policy Under Trump & Biden
Mercantilism: A State-Centered Economic Perspective
Mercantilism is a state-centered perspective in International Political Economy (IPE). It views the economy as an instrument of national power and security rather than a neutral system. Mercantilist theory assumes that international economic relations are inherently conflictual, operating under a zero-sum logic where one state’s gain comes at the expense of another. Under this logic, wealth is finite, and nations compete to secure the largest
Read MoreFundamental Economic Concepts: Principles & Market Dynamics
Central Problems of an Economy
An economy, whether capitalist, socialist, or mixed, faces scarcity of resources, leading to three central problems:
What to Produce
Due to limited resources, an economy must decide which goods and services to produce and in what quantity. Should it produce more consumer goods like food, clothes, and mobile phones, or capital goods like machinery and infrastructure? Since resources are scarce, choosing one means sacrificing another — this is known as opportunity cost.
Linguistic Foundations: From Comparative Philology to Applied Linguistics Theory
Comparative Philology’s Impact on Language Teaching
Comparative Philology significantly influenced language teaching, particularly until the 1950s. Its impact was most evident in the grammar-translation method, which centered on translating one language into another, mirroring the traditional approach to ancient Greek and Latin.
Grammar-Translation Method: Focus on Rules
This method emphasized the importance of teaching grammar, vocabulary, and rules, often at the expense of communicative competence.
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