Induced consumption, on the other hand, differs in that the amount of consumption varies based on income. As disposable income rises, so does the rate of induced consumption.
This process applies to all normal goods and services. For induced consumption, disposable income is at zero when induced consumption is at zero.
As the value of disposable income rises, it induces a similar rise in consumption. Induced consumption demonstrates the typical phenomenon of how expenditures increase as wealth grows: People begin to enjoy more lavish lifestyles, spending more often, making more purchases, and incurring greater expenses. When people have more disposable income, they are in a better position to save or invest money to be used as future income.
Autonomous consumption is defined as expenditures taking place when disposable income levels are at zero. This consumption is typically used to fund consumer necessities, but it causes consumers to borrow money or withdraw from savings accounts.
Autonomous consumption occurs most often when people are in dire straits and have no income, but still, have expenses. Even if a person is broke, he still has basic needs such as food, shelter, utilities, health care, and transportation. When a consumer is in this situation, they are forced to spend more money than they earn, which results in dissaving
When a person uses debt instead of cash or savings to finance autonomous consumption it is also called "dissaving."
Such consumers are forced to spend all of their incomes as well as the money they don't have, just for necessities. As a result, they have no disposable income. Some people in these situations may end up in a spiral of debt and may have to take on high-interest payday loans to cover their basic bills for shelter or food.
Autonomous consumption can go up or down depending on foreseen or unforeseen events that may limit or take away income, or even shifts in a person's ability to borrow, like a plummeting credit score. There are actions people can take to make a change in their autonomous consumption, like moving to a cheaper location, giving up a car, or signing up for a lower-cost health plan.
Jesus is a life-giving Spirit. He came to give life abundantly. His death produced life for us by the Holy Spirit, remember we only had the Holy Spirit after He died and He was glorified.
So if we put off our sinful nature and we put on Christ, we automatically walk in the Spirit. When we submit to the Spirit of God we will not live according to our sinful nature.
This way we
- Walk in love (because He is love and sheds love in our hearts)
- Walk in light (because He exposes darkness with His light)
- Walk by faith (because He helps to understand the word that builds faith in our heart since faith comes by hearing and hearing by the word - Romans 10:18)
- Walk circumspectly (as wise, we are not deceived. He is full of wisdom.)
We have a part to play in submitting to God and resisting the devil.
Walking according to the Spirit is living in the Spirit. It’s listening and obeying Him. It’s studying the word. It’s a lot of things I can’t outline. It’s depending on His help for everything, praying about everything. It’s putting to death the deeds of the flesh, resisting the enemy.
It’s doing all God will have us to.
Where do I start from? I have exams on Analysis of Business Problems this Saturday, Management Communications and Data Analysis next week Saturday. Which areas should I focus on? I have been thinking of what exactly to read.
For DA and MC I can read up notes but for ABP its not about the notes. Its going to be a test of my ability to apply logical reasoning correctly. I'm meditating and recollecting on the salient points made by the lecturer during classes and trying to immerse myself in the thinking process. Do I have the time to review all the cases treated in the course? Certainly not. Do I have the time to review the key points I jotted during the class? I think I do and that is what I will be doing.
The question of why we write examinations have come up several times in my educational life.
It is no different in this MBA. Majority are of the opinion that we should not bother about exams if the aim is for us to learn and apply what we have learned.
Some lecturers/teachers would even tell you that they prefer not to give exams if the school did not insist on it.
Whatever the case, I realize that studying for exams help bring the learning all together.
Whilst, it may not show if one has truly acquired the knowledge especially with regards to its use in the real world, it is necessary for assessment. Call it closure if you may, but it is a culmination of all the teaching done.
I am currently studying for my ABP exams for Saturday and the experience is both enlightening and stressful in that I see the light in some areas and are more confused in others.
I conclude that it is all part of the learning process.
"Good writing requires slow thought which is not available while one is speaking"
Writer's block is when for some reason you are unable to process a thought to create content. It is a common occurrence which ironically happens when it is necessary for you to write. It is an extremely inconvenient situation that is not amusing at all.
Writer's block can be dealt with quite simply. The first solution though difficult but extremely effective is by having backup. Be it rough drafts or listed ideas that can be fleshed out, having an alternative write up is a great time saver. This is a safe and practical option.
A more risky option is to forget about it altogether. Focus on other things and have several other conversations, complete other tasks and somehow, your subconscious being aware of its outstanding responsibility, will have its interest piqued or an idea will spark and something outstanding will be birthed. In this situation, it is important to not over-analyse the new options mind/ life present you with otherwise, you may forget the idea altogether. That will be double jeopardy.
The third and most effective method which may not always be attainable because of time constraints is quietening your mind and letting it focus on the writing task at hand. A clear mind just like a clean slate is one of the best ways to produce masterpieces.
Writer's block is hardly ever anticipated and sometimes, it is the inspiration for great content (as in this case ).
Few days to my Analysis of Business Problem (ABP) Examination, my bones are waxed sick. However, I cannot but write a blog in a mandate to make up for the week's blog. Framing the "Objectives/Goals" in Analysis of Business Problems is a problem to a lot of people, including me. We tend to misplace Objectives with Statement Problem. So this blog will clarify what Objectives are. Let us use the Christendom as an example to frame our objectives.
In Christendom, the Objective of that body is to make Heaven, while Decision Problem or Statement Problem is a function of how you will get to Heaven. It is apparent that to excel well in this Analysis of Business Problem (ABP) step; you have to understand the case very well. So many people say if you can have a perfect Summary of the case, you are not likely to miss stating your Objectives, and I do agree with that. The Objective is always a function of your goal and what you want to achieve.
It all boils down to understand the case well. If you need to read the case study multiple times to understand the point, so be it. You absolutely cannot make a sound judgement of things you do not know or things cloudy to you. So, understanding the case well is the key.
I hope my blog has been informative to you, and i like to thank you for reading.
If I die today
The day will still break tomorrow
The sun will rise in the morning and darkness at evening
My children might cry for few days but soon move on with life
My wife might mourn for few months but move on with life
My assets will be shared according to my will or will of others
My clothes and shoes will be taken by others
The memory of my life either pleasant or unpleasant will tarry with those that know me
It will be the end of struggle about what to eat, drink, wear, live and all the concerns of this world
It will be the beginning of unending bliss and glory where there will be no more pain or sorrow
If I die today, life goes on
Neuroplasticity or neural plasticity is a term used to describe the human brain's ability to change form with the acquisition of new learnings or skills. It is the process through which neural networks in the brain change through growth and exposure to new experiences.
This concept is responsible for human beings ability to adapt to new environments, learn new languages, sports, vocations and subjects, to mention a few.
In my work experience, I have found myself in new roles or projects several times and always wondered on day 1 how I would cope. Interestingly , in all cases within a matter of days , the tasks that seemed daunting or impossible had become easier. The same thing applies to sports and all new environments.
It is neurosplasticity that is responsible for the scenarios above and it will be in play for the rest of lives.
On a personal note , I will have to trust this super ability of the brain to carry me through what will be some of the most intense 15 days of my life during which I will write 3 exams in LBS, attend the almighty intensive week,launch a personal project, drive achievement of the monthly sales and volume targets at work and then handle the planning for my wedding ceremony.
In our Ethics class, we were faced with the Volkswagen Scandal emission scandal.
In September 2015, the Environmental Protection Agency (EPA) revealed that the world’s largest automaker by sales at the time, Volkswagen AG, cheated on US Government gas emission by installing a "defeat device" - or software - in their diesel engines that could detect when they were being tested, changing the performance accordingly to improve results. The discovery was made due to the study undertook in 2014 by a non-profit organization that advocates for the reduction of vehicle emission called the International Council on Clean Transportation (ICCT).
EPA sued Volkswagen for breach; the company agreed to fix or buy back nearly 500,000 vehicles that were fitted with the illegal defeat device; they had to set aside EUR6.7Billion for the payment of fines and recalls.
How they could have remedied the situation faster?
Reputational Risk is a very high and damaging risk; it is difficult to quantify its cost. VW was then faced with a strong race to re-establish its credibility to its customers. Beyond what they had done as we saw in the case (which I need not repeat here), I will also suggest that they should have also done the following actions to remedy the situation:
- Get a Credible Third-Party to verify their product: To regain customer trust, it is highly advised that they should get an independent and credible verification company that will ‘certify’ their cars and their claims on them. Having lost the trust of the public, this can be a way to start the rebuilding (especially as it is obvious that they can beat the government agencies set up for this test).
- Rebranding: They need to rebrand. By rebranding, I do not mean changing just logo and name (if that is even necessary), I mean bringing to the fore the character and policies of this company, which indeed exist. They should not only reconnect with their customer through it, but they must also ensure that they truly live it from the bottom to the top. As part of this rebranding strategy, they should sponsor research and other ventures that can help to save lives, especially those that help to protect the environment.
- Healthy and Fearless Work Environment: An unhealthy and competitive work environment breeds fear. People are afraid to speak up, people are afraid to fail. This is an environment where making money is what matters. Such an environment breeds unhealthy competition which then leads to this kind of scandal. VW should engender a culture of collaborative and shared values. A fearless environment that will inspire people to speak up for the long term good of the company. A healthy that will inspire healthy innovations that will avoid all shut cuts solutions.
It was the close of business around 5:30 pm today, colleagues started exiting the office to their various destinations. After The last person before me left at about 6pm, i decided to burn some time back at the office giving room for the traffic to subside before entering the road.
I sat back on my seat staring at my system and thinking of what to blog for the week, then i taught to my self , why not order some grills to relax with, while you blog. Nice Idea!
So i got my wallet from the drawer to hand over some cash to the security who would assist in purchasing the sumptuous grills near by.
Immediately i stepped out the door i heard a click at the back of my head. WHAT!! i screamed out. The most annoying thing had just happened. I got locked out from the office and my belongings (System, car key, phone) was on top of my desk inside the office.
Damn me. How would i resolve this with no cell phone to call any colleagues or car keys to drive out. I couldn't even drive because all the equipment were still on as i was meant to shut down.
As i began to ponder on what to do, i quickly remembered i had the office key in my car parked outside the office. I searched for a panel beater near by and was lucky to get one who was just climbing his bike to zoom of home. After lots of plea, he agreed to offer me the service of opening the car to enable me get the office keys but at a premium charge. what can i do. The panel started fiddling with the car door and trying different methods to get a long string in through the front door which he would used to pull the door nub. After 30 min of trying without success he took a brake. Just then one of my colleagues car drove in and without hesitation i quickly asked if he had the office key. I was so relieved immediately he said yes.
Lucky me, he came back to pick some documents he forgot at the office which he needed to make use this evening.
After 1hr 45min i gained entrance back into the office and here i am blogging about the occurrence.
What a day!