Psychology Essay Essay Example for Free

Psychology Essay Essay Omkar Kawade Charles Ramskov Psychology Essay Perception can be defined as the process of how an organism interprets a sensation. Many psychologists studied different types of perception, such as Constructive Perception (top-down) that was studied by Rock, Neisser, and Gregory. Another approach of perception was the Direct / Ecological (bottom up) which was studied by Gibson. Constructive (top down) perception is an active and deductive reasoning process. It is seen as an obstacle, object, or any matter that changes your perspective of its view. The way you view the object can be in any matter, but usually it connects back to a memory or an experience that you have had before. For example, a person called Eddie is an active user of a social network called Facebook, in which he has many friends, and talks to them very often. In this chat, he uses emoticons that are made up of keyboard functions such as colon and parenthesis â€Å" 🙂 â€Å". If you take this emoticon and rotate it, you will see a smiley face. When Eddie sees this arrangement of keyboard functions, he sees a smiley face. However, Kevin, a person who has no social interaction through the computer and/or Internet, sees this simply as a colon placed next to a right parenthesis sign. Direct Ecological (bottom up) perception is an inductive reasoning process. Gibson stated his theory of bottom up perception was basically visual perception and the information needed was available from the proximal stimulus that was produced by the distal stimulus. In this case, the example is that Kevin looks at the emoticon and sees only a colon and right parenthesis, but to furthermore find more perception in this symbol, top down perception is needed. Bottom up perception is the visual environmental view of what we see and how we interpret and distinguish certain things apart from each other, while top down perception is how we furthermore establish a different meaning for i t.

Free Merchant of Venice Essays: The Role of Shylock :: Merchant Venice Essays

Perhaps The Merchant of Venice, by William Shakespeare, is neither pro-Jewish, nor pro-Christian, since the illustrations which show neither the Jew nor the Christian to be perfect are countless. After having suffered through The Merchant of Venice, and seeing how unjustly poor Shylock was treated by his Christian contemporaries, I can't help but wonder if Shakespeare was actually trying to show the world how hypocritical members of any religion could be, be it Jewish, Christian, or anything else. For, although these buggers disliked each other based mainly on differences of religious doctrine, they had more in common than bleeding when pricked, laughing when tickled, or dying when poisoned. As stated in the book of Timothy (vi, 10), "The love of money is the root of all evil." It's not money that is the root of all evil but the love of it that is pure evil and causes so many problems. The principal characters do love their money, don't they? From Portia to Bassanio, Antonio to Shylock, Martin to Lewis. Shylock, in particular, keeps babbling on and on about those precious ducats of his, as if they could actually be more important than his own flesh and blood (and, considering his daughter's deviation, they probably were). As for that bozo Antonio, he was one who loved money, but, in a different way than Shylock, for he seemed to get more of a buzz out of loaning/giving it to others than out of hoarding it, but, nevertheless, he certainly felt an incessant need to have it, as demonstrated by his appeal to deal with the cunning Shylock. Unfortunately, Shylock's cunning didn't match up to his greed, as he was bested by a woman, of all things. Yes, folks, that pesky Portia, who was hot for Bassanio's bod (lust, after all, is a type of greed, is it not?), used her wily ways to help destroy the Jew's empire. Bummer. Of course, Shylock really didn't lose it all, since Antonio allowed him to keep the half he was to have been allotted, provided Shylock give it to his unworthy daughter upon his passing from this plane. What a sweetheart.

Business Regulations

Business Entities, Laws, and Regulations Paper Dorian Rowe BUS/415 Shaun Koenig November 14, 2011 Businesses in every industry have to deal with entities, laws, and regulations. Management teams have to take into account items such as consideration of control, taxation, and liability issues among others. The purpose of this paper is to discuss the restaurant/bar, professional practice, and construction scenarios. For each scenario the business entity that represents the best choice for each business, ownership structure, taxation, and liability issues for consideration. Identification of laws and regulations each business must consider in starting the business, and identification of risks against which each business must protect itself will also be examined for each scenario. Scenario 1 Cynthia and Mark plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Sandra, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership (University of Phoenix, 2010). The business entity that represents the best choice for this business is a general partnership that two or more people can form. Taking control would consist with the three co-owners to make a partnership agreement in which each partner has equal rights in which to participate in the managing and controlling of the business. A majority rules over disagreements within the partnership situation and amendments to the agreement would require consent from all three owners. Each individual is responsible for his or her tax forms. Liability issues that should be taken into consideration include the unlimited personal liability for company loses, for a partner’s debts, for a partner’s transgressions. Laws and regulations the business must consider in starting the business deal with duration that technically a general partnership terminates with withdrawal of a co-owner, death or disability and sharing profits. Scenario 2 Renaldo and Naomi have just completed all educational and experiential requirements to be licensed as obstetricians. They want to open a birth clinic together. They will take out a large loan to finance start-up costs (University of Phoenix, 2010). Renaldo and Naomi are newly license as obstetricians and want to open a birth clinic together. Both will need to take out a huge loan to finance their start-up amounts. Renaldo and Naomi would be best to create a limited liability partnership (LLP) to organize their business. By forming the LLP, the partners protect themselves from liability beyond their initial capital contribution should the partnership fail or face a lawsuit. Members of an LLP are also not personally liable for the malpractice of one partner and states require LLP to carry substantial liability insurance in exchange for this limited liability. The limited liability protects Renaldo and Naomi from taking personal responsibility for the loan they will take out should the business become insolvent (Cheeseman, 2010). Forming an LLP ensures that Renaldo and Naomi retain control of their business because they are the only shareholders. For tax purposes, an LLP is not taxed as a separate entity so Akiva Renaldo and Naomi will only pay tax for the business profits on their individual tax returns. To form their LLP, Renaldo and Naomi will need to write and file articles of partnership in the state in which they wish to operate. If they choose to conduct business in another state, they will first need to register as a foreign LLP with that state. Organizing their business as a limited liability partnership offers Renaldo and Naomi the best combination of liability protection, tax benefits, and control of their business (Cheeseman, 2010). Scenario 3 Mei-Lin is the hiring manager for Surebuild, Inc. , a new construction company. She has advertised a position as a jackhammer operator. The position’s description states that the successful applicant must have a high school diploma. The following people apply for the position: Donna, 35, who appears to be pregnant, is a high school graduate, and was formerly employed as a jackhammer operator; Duane, 55, who is experienced with a jackhammer, but has no high school diploma; Rick, who is 38, does not speak English, has no high school diploma, but is experienced with a jackhammer; and Jennifer, 23, a college graduate, who is epileptic and has no experience with a jackhammer (University of Phoenix, 2010). Duane and Rick automatically do not qualify because they do not have a high school diploma that is a specified requirement in the job description. Donna and Jennifer do because they each have a diploma and from there the employee with the most experience should be hired. As an epileptic the Americans with Disabilities Act (ADA) protects Jennifer, but because Donna has experience and Jennifer does not Donna is more qualified. Although Donna is pregnant the employment law and regulation with which the business must comply in making a decision would be the amended 1964 Pregnancy Discrimination Act from the Title VII of the Civil Rights Act. The Pregnancy Discrimination Act covers employers with more than 15 employees including local and state government governments, employment agencies, labor organizations. The basis of pregnancy, childbirth, or related medical conditions constitutes unlawful sex discrimination under Title VII, and to the federal government. The Pregnancy Discrimination Act says that an employer simply cannot refuse to hire a woman who is pregnant because of pregnancy, pregnancy-related conditions or because of the bias of fellow coworkers or customers. In this scenario Donna is fully qualified for the job because of her high school diploma and her previous experience as a jackhammer operator, therefore; pregnancy cannot be the reason she is not hired. Each business decision is unique and requires research to determine what solution is correct for the business. Every organization must consider the different types of business entities, laws, and regulations before and during operating. Laws and regulations provide the framework to compliance of local, state, and federal business laws. Stakeholder understanding and knowledge of these laws is essential to compliance. Documented training and retraining of management and employees should ensure compliance. References Cheeseman, H. R. (2010). The legal environment of business and online commerce (6th ed. ). Retrieved from https://ecampus. phoenix. edu/content/eBookLibrary2/content/TOC. aspx? assetdataid=fb9bdcea-ca02-48cc-b883-c1cf12695559&assetmetaid=61859383-2c36-48f5-8ac2-4a24e5c61e14 University of Phoenix. (2010). Syllabus. Retrieved from University of Phoenix, BUS 415 website

Benefits of Having a Car in College

There are seemingly a lot of benefits to having a car in college. After all, who wouldn’t want to have access to wheels whenever they choose? And while there are some important cons to consider, there are certainly several key pros as well. You Can Leave Campus If and When You Need a Break Whether it’s heading to a concert somewhere in town, going out to dinner with some friends, or even just being able to take someone on a date, having the ability to get away from campus whenever you wish is certainly a luxury. You Can Help Friends Out If your friends are moving, needing to transport something too big to fit on the bus, or just need a ride to the airport, having access to your own car allows you to help them if and when they ask. It can feel good to know you’re helping someone out in a pinch or even helping support a fun event for someone special, like a celebratory birthday night downtown. You Dont Have to Worry About Transportation Around the Holidays Getting home – even if it’s a day or two drive – can be done on your own terms. You won’t have to worry about expensive flights, delayed trains, long bus rides, or other transportation woes. You can more or less leave when you wish. Additionally, as the owner of the car, you can also coordinate something fun, like a road trip toward your hometown that lets you drop off friends in their hometowns along the way. You Can Plan Road Trips Speaking of road trips, you can provide transportation for some seriously memorable road trips over things like Presidents’ Weekend or Spring Break. Having access to and use of a car both ensures you’ll get to go and that you’ll have some say about the itinerary. You Can Get an Internship or Job Off Campus Without a car, of course, you can also work or have an internship off campus, but having your own transportation definitely makes the logistics easier. Having a car can therefore open some additional professional doors, whether it’s a part-time gig at a company you’d like to work for after you graduate or an internship at an interesting museum in town. You Can Save Money by Shopping Around True, having a car on campus might cost a bit extra, but you can also save money in other aspects of your college life. When you’re stuck on campus, you’re quite limited in terms of where you can buy items, like groceries or school-related supplies. With a car, however, you can make the long trip for items at discount clothing stores, cheaper food options (think: Costco or Walmart), and other less-expensive retailers. Sure, buying in the campus bookstore can be smart for several types of purchases, but overall you’re likely to find better deals elsewhere. You Can Be More Flexible With Your Family Needs ​If you often need to help out with a family business, help take care of an ill family member or provide childcare for your family, having a car can cut down on the time it takes for you to get back and forth. This simple time saver can therefore provide you with more time to focus on your studies instead of commuting back and forth. Overall, the choice of having a car with your during your time in school depends heavily on the specific factors relevant to your situation. As with most things during college, however, it’s best to make an informed, educated decision about which choice seems the smart way to go.

Teetotaller - Definition and Origin

Definition: A teetotaller is someone who totally abstains from liquor. In the 19th century, the Preston Temperance Society in England and, later, the American Temperance Union encouraged a pledge of abstinence from intoxicating liquor, as part of the temperance movement. Those who had signed the pledge were asked to use a T with their signature to mean total abstinence. The T plus the total led to those whod signed the pledge being called T-totallers or teetotallers. The term was in use as early as 1836 when an explanation of it as meaning total abstainer appeared in print. From there, the term came to be used more generally, for anyone who voluntarily committed to abstinence, or simply for a nondrinker. The Pledge The pledge of temperance from the Preston Temperance Society (in Preston, England) read: We agree to abstain from all liquors of an intoxicating quality whether ale, porter, wine or ardent spirits, except as medicine. Also Known As: Abstainer, dry, nondrinker, prohibitionist Other words for teetotalism:  Abstinence, temperance,  abstemiousness, on the wagon, dry, sober. Alternate Spellings: t-totaller, teetotaler Examples: First Lady Lucy Hayes, wife of President Rutherford B. Hayes, was known as Lemonade Lucy because, as a teetotaller, she did not serve liquor in the White House. Henry Ford required a teetotaller pledge for those he hired in his new auto production industry, to promote better productivity and workplace safety. Learn more about how teetotallism fit into the more general movement to limit or ban the use of alcoholic beverages: Temperance Movement and Prohibition Timeline Image: the image included is an example of the Victorian era pledge, complete with very Victorian floral embellishment. Religious groups that require or encourage abstinence from the use of alcoholic beverages: Assembly of God,  Bahai, Christian Science,  Islam, Jainism, The Church of Jesus Christ of Latter-day Saints (LDS. also known as the Mormon Church), Seventh-day Adventist Church, the Church of Christ, Sikhism, Salvation Army.   Also, some Hindu and Buddhist sects, and some Mennonite and Pentecostal groups. Methodists in English and American history often taught abstinence but rarely do that currently. In the Victorian era, many in both the Evangelical and Unitarian movements taught at least restraint, if not temperance and teetotalling. Most of those religions that prohibit alcohol do so on the grounds that it is harmful, that it inhibits mindfulness, or can easily lead to unethical behavior. Some famous women teetotallers: In history, women becoming teetotallers was often an expression of religious values, or was based on general social reform principles.   In the modern world, some women become teetotallers for such reasons, and others because of a past history of alcoholism or alcohol abuse. Tyra Banks: a model and actress.Susan Boyle: singer.Pearl S. Buck: writer, won Nobel Prize for Literature, 1938.Faye Dunaway: actress.Janeane Garofalo: actress.Kathy Griffin: comedian.Elisabeth Hasselbeck: television personality.Jennifer Hudson: singer.Carrie Nation: temperance activist.Kelly Osbourne: actress.Marie Osmond: singer.Natalie Portman: actress.Anna Quindlen: writer.Christina Ricci: actress.Anne Rice: writer.Linda Rondstadt: singer.Sarah Silverman: comedian, actress and writer.Jada Pinkett Smith: actress.Lucy Stone: womens rights activist.Mae West: actress.  Frances Willard: temperance reformer.

If The Political Party Development Act Of The Philippines

If the Political Party Development Act of the Philippines is adopted into a law, it could follow the footstep of the British Political Parties, Elections, and Referendums Act of 2001 that established rules on party financing to restore public confidence in the parties. Much as the proposed political party development bill in the Philippines, the British version has the goal of ensuring reasonable party financing operations, limiting donations from inappropriate sources, and contributing to equality of opportunity for the various parties to participate in the election. This new Act took 5 years in its making starting from the creation of the Committee on Standards in Public Life in 1997. Specifically, this Act prohibits British political†¦show more content†¦They also thought it was unnecessary to submit a regular nil return donation reports even when they rarely received a large amount of denotation. Large parties, on the other hand, complain about high demands placed on th em by the accounting and auditing requirements of the Act. From the perspective of donors, they questioned that the definition of donation may be too broad given that commercial transactions are at risked to be considered as political donations. Companies warned that this wide definition of donation may be deterring them from working with political parties. The United Kingdom actually has 240 registered political parties in Great Britain and Northern Ireland in December 2000. Of these 240 parties, a number of them are parties in name only. Sometimes they may comprise only of two people registered as party officers because they simply seek to gain publicity and promote their organization or brand without really having the intention to contest elections. The Philippines should learn from this experience and must impose more stringent requirements related to registration as a political party or its ideology and reasons for contesting elections. The UK experience actually shows how the country fails to strengthen and institutionalize its political party system because anyone can register as political parties, which means it encourages the emergence of weak and unorganized parties. However, theShow MoreRelatedThe Political Party Development Act1133 Words   |  5 Pagesthree proposed political reform agenda this paper discusses. The Politic al party development act deals with providing minimal standards for party operations. It also prohibits party switching while encouraging party loyalty and discipline. By amending the Party-list system act of 1995, the definition of party-list sort out. It is for proportional representation, as what the Constitution states. Thus, this amendment ensures party-list groups to receive a state subsidy for development. The upcomingRead MoreThe United States During The Cold War1733 Words   |  7 Pageshad political interest in both Vietnam and the Philippines because of they wanted to spread democracy and defend people against communism. They also wanted to give Vietnam to France as they once had it, but Ho Chi Minh declared independence for Vietnam and himself president without the acknowledgment of the U.S.. The Philippines had gained their independence from the U.S. in 1946, and then became an ally to them going into the Cold War. The United States drastically influenced the political developmentRead MoreThe Political Environment of the Philippines1001 Words   |  5 PagesThe Political Environment of the Philippines Historical Facts: The Philippines overcame many obstacles in history that reshaped the political environment of modern times. The Philippine islands have a strong Spanish influence. Records in history date back to 1521 where Ferdinand Magellan colonized the islands in the name of Charles I of Spain. The Spanish objectives focused Philippine society toward the spread of Christianity, colonization in the name of Spain, and acquiring key positionsRead MoreThe Political Environment of the Philippines Essay975 Words   |  4 Pages;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Political Environment of the Philippines Historical Facts: The Philippines overcame many obstacles in history that reshaped the political environment of modern times. The Philippine islands have a strong Spanish influence. Records in history date back to 1521 where Ferdinand Magellan colonized the islands in the name of Charles I of Spain. The Spanish objectives focused Philippine society toward the spread of Christianity, colonizationRead MorePhilippine Nationalism1449 Words   |  6 Pagesmultidimensional social construction reflected in the communal identification with ones nation. Nationalism is further oriented towards developing and maintaining a national identity based on shared characteristics such as culture, language, race, religion, political goals or a belief in a common ancestry. Nationalism therefore seeks to preserve the nations culture. It often also involves a sense of pride in the nations achievements, and is closely linked to the concept of patriotism. On the other hand, aRead MoreRamos Administration : The Philippines Essay1550 Words   |  7 PagesAdministration, the Philippines experienced economic growth but also encountered many economic difficulties due to of the lack of foreign investors and coup attempts. In the 1992 elections, Defense Secretary Fidel Ramos, who was endorsed by Aquino, won the presidency with only 23.6 percent of the votes in a seven-way race. Even though Ramos assumed presidency, analysts still viewed the Philippines as a risky investment based off the fact that the per capita income growth in the Philippines was significantlyRead MoreThe World War I : An Era Of Social Unrest1114 Words   |  5 PagesBecause economy and politics are close linked, political parties and party platforms were inevitability affected by these changes in social patterns. A new political party, populists’ party, gained widespread acknowledgement from Americans while democrats and republicans set out to remake their platf orms to fit the ideals of the common man. Faced with growing economic and expansion problems in American society, these three major influential parties of the era had their own distinct economic visionsRead MorePolitical System of the Philippines3425 Words   |  14 PagesPolitical System of the Philippines The political system of the Philippines occurs within an organized framework of a presidential, representative, and democratic republic with the president as both the head of state and the head of government within a pluriform multi-party system. The three brunches of government, the law-making body or the legislative branch, the law-enforcing body or the executive branch and the law-interpreting body or the judicial branch forms political system of the PhilippinesRead MoreIs There a Philippine Public Administration1548 Words   |  7 PagesIn Onofre Corpuzs esssay on Is there a Philippine Public Administration, he negatively stated that there is a Philippine public administration by repeatedly stating, Its all very Filipino. He even stated that ...the existing public administration is faithfully Filipino.. I must agree with his statement because indeed, a Philippine public administration exists, I believe in terms of structure. I would like to quote Alex Brillantes, Jr. and Maricel Fernandez on their statement. Yes we haveRead MorePolitical Turncoatism9214 Words   |  37 PagesIntroduction To be a party to an organization is to be identified to that organization and renunciation of the other party. However, in the Philippine case politicians freely and gracefully shift from one party to another, the other changed his mind and do the same. Party- switching had been a common scenario in the Philippine politics. Its occurrence is usually at election times or at times when there is a need to resolve a certain conflict involving a political issue or question and during times

Principles of Economics Structural

Question: 1. Explain why real GDP might not be an unreliable indicator of the standards of living. 2. Why does unemployment arise and what makes some unemployment unavoidable? 3. Consider the following statement: When the average level of prices of goods and services rise, inflation rises' Do you agree or disagree? Explain. 4.What is the aggregate demand (AD) curve and why does it slope downwards? Explain. 5. What is the long-run aggregate supply (LRAS) curve and why is it vertical? Why does the short-run aggregate supply curve slope upwards? Answer: 1. Utilizing GDP to quantify the prosperity of people in a given economy presents different impediments which make the system questionable with regards to the measuring of the ways of life. One reason why real GDP can't be utilized to gauge the nation's well-being is the way that it doesn't consider the leisure time. Relaxation time is a vital item which contributes a ton to the economic prosperity and performance of a person. Accordingly, keeping different variables consistent, the more leisure time we have, the happier we are. Another reason why the strategy is unreliable in measuring standards of living is that gross domestic product does not figure fundamental components, for example, air, and water contamination. (Coyle, 2014, p.76-119). Two economies of two different countries may have similar GDP, yet one contains contaminated water and air while the other economy doesn't have any contamination. The way of life between these economies will be distinctive, yet this won't be indicated in the real GDP. Real gross domestic product concentrates on products which pass through the markets and ignores those goods which are usually produced for subsistence purposes only. Subsistence farming is among the main economic activities which take place in under-developed and developed countries. Failure to include subsistence farming in the country's GDP implies that the well-being of that particular nation is low. 2. Seasonal unemployment is a type of unemployment which arises as a result of the changes in demand which occurs regularly in a given periods of the year. (Janoski, Luke, Oliver, 2014, p. 105-123). Examples of industries where this type of unemployment is experienced include tourism and farming. Structural unemployment happens because of the long-term reduction in the demand in a particular industry prompting to less opportunity as demand for labor reduces. The latest supplanting of robots with human labor in different assembling enterprises, for example, the car industry is a case of structural unemployment. Aside from the replacement of robots with human work, structural unemployment may likewise be accordingly of global rivalry brought by globalization and changes in relative comparative advantage. Cyclical unemployment is brought on by the absence of demand for the available products. It emerges when the economy of a given nation is below the required capacity. A good example is a point at which an economy encounters the recess period whereby the total demand will reduce leading to a reduction in the level of yield and negative economic development. Due to lack of demand for goods and services, companies usually produce a limited quantity of output. Less output means that the organization will earn less income and may prompt the company to lay off some of the employees to reduce various fixed expenses. Continuous transformation of various industries from labor to capital intensive and changes in economic phases such as boom and recession make unemployment to be unavoidable. 3. I agree with the statements that rise in the average cost of products and services prompts to increment in inflation. Inflation is defined as the rise in prices of commodities and services which leads to decrease in the purchasing power of the currency. From the definition, we can safely say that there is a positive correlation between inflation and the prices of goods and services. When the rate of inflation is high, the commodity prices also become high. Too much money in the economy means that a lot of cash is in the hands of the people. Having a lot of money means that individuals will either choose to spend the money or save. But due to low-interest income which individuals will get as a result of saving, many people will decide to spend the extra amount of money also known as discretionary income. Discretionary or disposable income is defined as the remnant of the individuals' basic salary after other deductions such as PAYE have been subtracted. (Rogers, Jalal, Boyd, 2008, p. 300). Since many consumers will choose to spend the disposable income, there will be an increase in demand for goods and services. The increase in demand will force the sellers and suppliers to increase in prices of the commodities and services as a measure to counter the inflating demand. The average prices of goods and services will increase or reduce based on the increase or decrease in the rate of inflation respectively. Therefore, we can conclude that, when the overall prices of commodities increases, inflation also increases. 4. The aggregate demand curve is defined as the sum of overall demand for final products and services in a given economy at a particular period. When the curve slopes downward, it implies that as the prices of the goods and services decrease, the level of output on the other hand increases. It also means that when the level of prices reduces, the level of national income increases. There are three main reasons why the curve slopes downwards. The reasons are Mundell-Fleming's exchange rate effect, Pigou's Wealth effect, and Keynes's interest rate effect. According to Mundell-Fleming's exchange rate effect, when the prices of products reduce, the interest rates also reduce. Reduction in interest rates may force the investors to withdraw their domestic investment and concentrate in foreign investment since domestic investment provides low-interest income. (Sparknotes, 2016, par. 4). Apart from an increase in foreign investment, there will be depreciation in the exchange rate and increas e in the net exports which will translate to increase in aggregate demand. The second reason is Pigou's Wealth effect. The nominal value of the currency is fixed, but the real value of money depends on the level of prices. Reduction in the level of prices leads to increase in the level of consumer consumption. High level of consumption leads to increase in aggregate demand. The third reason is Keynes's interest rate effect which postulates that reduction in the price level leads to a reduction in the level of interest rates and increase in investment which in turn increases the aggregate demand. 5. The long-run aggregate supply curve is defined as a graphical representation of the long-run relationship between the price and the output. It is a period which is efficient for companies to arrange various factors of production to meet the expected economic profits or losses. The LRAS curve is vertical since, in the long run, the quantity of goods and services generated relies on the technology, natural resources, labor, and capital present in an economy and not the price. Salaries and prices are highly flexible, and this means that when there's a change in the level of prices as a result of inflation, wages and other factors of production respond accordingly. For example, if the prices of commodities are doubled or reduced by half and the wages adjusted consequently, there will be no change and the economy will remain at full-employment. Short-run aggregate supply curve slopes upward because the supply curve is drawn based on a fixed nominal variable such as wage rate. In the short-run period, wages are fixed, and therefore, any rise in the prices leads to high profits due to increasing in output level. (Gans, 2011, p. 858). References Coyle, D. 2014. GDP: A brief but affectionate history. Princeton, New Jersey: Princeton University Pres. https://search.ebscohost.com/login.aspx?direct=truescope=sitedb=nlebkdb=nlabkAN=1063822 Gans, J. (2011). Principles of economics. South Melbourne, Vic: Cengage Learning. Janoski, T., Luke, D., Oliver, C. (2014). The causes of structural unemployment: Four factors that keep people from the jobs they deserve. Cambridge, UK: Polity Press. https://search.ebscohost.com/login.aspx?direct=truescope=sitedb=nlebkdb=nlabkAN=808923. Rogers, P. P., Jalal, K. F., Boyd, J. A. 2008. An introduction to sustainable development. London: Earthscan. https://public.eblib.com/choice/publicfullrecord.aspx?p=429931. Sparknotes 2016. Agrregate Demand. [Online]. Available from: https://www.sparknotes.com/economics/macro/aggregatedemand/section2.rhtml. [Accessed 7 January 2017].