Respond to the following in a minimum of 175 words:

  • Discuss how economics plays a vital role in shaping public discussion in the following policy areas:
  • Household taxation
  • Business taxation
  • Import taxation (tariffs)
  • Provide several examples of how economics plays a role in policy or public discussion related to your career. Why is understanding economics important for you?

ORDER A CUSTOM-WRITTEN, PLAGIARISM-FREE PAPER HERE

Discussion

Household taxation

             Economics consists of decisions that influence how levies are charged per household. For instance, when a government realizes policymakers and high inflation rate impact that economy, it increases household taxes to cut disposable income. As a result, household purchasing power will be reduced significantly. Consequently, commodity prices will reduce because there is little money in circulation to maximize the glut supply. However, household taxation can be reduced, recessions to increase consumer spending hence spiking the gross domestic product rates.

Business Taxation

           Through economics, analysts can forecast business growth levels. Also, decisions and policies required to boost or slow economic growth are defined. Since every country is determined to grow its economy, most governments implement policies that lower business taxation. As a result, disposable incomes increase, seeing more cash in bank accounts. Money drawn from business bank accounts can be used for investment hence creating jobs. As businesses continue to expand, the GDP also grows. 

Import taxation (tariffs)

           With macroeconomics concepts, governments foresee the results of policies or bilateral ties they make with other countries based on current business conditions. When a country adopts that it can scale up production, protect domestic manufacturers, and gain a comparative advantage, import tariffs for increased local production. As the market becomes stable, they alternate tariffs to compete with foreign products. 

How Economics important to me

            Economics events has a positive influence on my career. Comprehending economics has influenced policymakers to deliberate why the education system needs extra financing. The education sector is a significant contributor to economic growth. Most educational infrastructures that I have used have been made possible by policies and public discussions. Through economics, I reckon the amount of tax I must remit based on the minimum wage set for people who work within my field. As an economist, I know how the market work, especially when I want to invest in trade fairs or bond market. I have also learned how the government reacts to inflation and pandemics by imposing a tax cut.

Reference

Huerlimann, G., Brownlee, W. E., & Ide, E. (Eds.). (2018). Worlds of Taxation: The Political Economy of Taxing, Spending, and Redistribution Since 1945. Springer. https://doi.org/10.1007/978-3-319-90263-0

ORDER A CUSTOM-WRITTEN, PLAGIARISM-FREE PAPER HERE

As you learned in this unit, work settings are strongly linked to social interactions, perceptions, and decision-making. For this assignment, you will compose a reflection paper in which you will consider how topics studied in social psychology influence these concepts in the real world.

To complete your paper, first, pick a topic you previously learned about in this course. Then, address the following points.

Define your chosen topic as it was presented in the prior unit.

Describe how your topic could be applied in a work setting. In your description, be sure to mention the similarities and the differences you would expect in applying your topic to the real world.

Would your chosen topic be perceived as beneficial or detrimental if you were in the role of employee? Why?

How would your perspective on the topic change if you were in a nonpaid position, such as a volunteer or intern?

Think about the concepts of behavioral economics. What is a rational course of action to protect (if a detriment) or promote (if a benefit) yourself, as an individual employee? How does this compare to actions that protect or promote the company at large? How could you balance the two?

Your response should be at least two pages in length. You must use at least one source as a reference in your paper. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Please format your paper and all citations in accordance with APA guidelines.

ORDER A CUSTOM-WRITTEN, PLAGIARISM-FREE PAPER HERE

Social Interactions, Perceptions, and Decision-Making

Social Interactions, Perceptions, and Decision-Making

            Discrimination was one of the topics presented in the previous unit.  It features the predisposition of persons and groups (Stangor, 2016). Unfair judgment is based on sexual orientation, age, gender, class, social origin, race, or ethnicity (Stangor, 2016). On paper, discrimination is considered illegal, but some companies do not treat their workers the same. Discrimination at the workplace means that some employees will be treated less favorably than others.  The inclination of discriminating employees is based on personal attributes instead of what they have to offer.  Hints of discrimination see people answering odd interview questions that are provocative. Victims experience inappropriate jokes and denied promotion. Leaders within the organization can be demeaning, thus favoring or discriminating against some of their juniors.          

            Discrimination in the workplace sees some employees occupying fixed roles and treated better than others. Family or community-owned businesses usually overlook diversity, citing the creation of jobs for their people.  Discrimination at the workplace results in reduced job satisfaction, low productivity, go-slows, and resignations (Jones et al., 2017). Discrimination in the real-world situation has some similarities to that is evident in workplaces.  Victims of discrimination are subject to victimization, marginalization, and harassment.  Workplace discrimination differs from real-life discrimination because it is determined by personal attributes and favoritism (Stangor, 2016).  The latter is caused by social stratification and pre-formed negative judgment. If I were to apply discrimination in the real world, I would be depriving social justice people.

           If I were an employee, discrimination would be detrimental. I would be subjected to inequity and unfair treatment.  A discriminative work environment would derail my objectives and compromise abilities. I am certain that I would not be promoted or rewarded for efforts, productivity, or skills. I would be susceptible to psychological issues and start to doubt myself or regret working for my employer. Emotional distress would also affect my physical wellbeing, and end up being hospitalized. Discrimination at the workplace ruins relationships with other employees because they might perceive a villain or an outcast (Jones et al., 2017). The vice hinders career development.

           If I were working as an intern, I would drive change and address discrimination.  Despite my lean influence in the organization, I would urge employees and managers to consider open communication where concerns are discussed. Employees should feel secure and comfortable when sharing their woes with supervisors. It is imperative to drum support for diversity in the workplace. Everyone should be given a chance to showcase their skills and expertise regardless of their social origin or personal attributes. Everyone should be heard and represented in the work setup.  As an intern, I can inform managers and employees of the negative consequences of discrimination. Embracing inclusivity would change detrimental perspectives that people have towards others. A happier, healthier, and positive work environment would see the cultivation of diversity and assimilating inclusion as an organization value.

           Since psychological facets are associated with behavior, discrimination at the workplace has economic and social effects (Jones et al., 2017). The fight against discrimination protects the values of the company. As an intern, eradicating discrimination is beneficial because I will develop my skills, build relations, and develop my career. Eradicating the vice cannot end without resentment or revolt because some employees benefit from it. Since change starts from the bottom, all employees should have respect and believe in each other. Personal interests should be put aside for the organization’s mission and objectives to be achieved.  Leaders within the organization should reckon that discrimination hinders the company from achieving its goals.

References

Jones, K. P., Arena, D. F., Nittrouer, C. L., Alonso, N. M., & Lindsey, A. P. (2017). Subtle discrimination in the workplace: A vicious cycle. Industrial and Organizational Psychology10(1), 51-76.

Stangor, C. (2016). The study of stereotyping, prejudice, and discrimination within social psychology: A quick history of theory and research.