Dynamic Equilibrium Definition (Chemistry)

A dynamic equilibrium is a chemical equilibrium between a forward reaction and the reverse reaction where the rate of the reactions are equal. At this point, the ratio between reactants and products remains unchanged over time. For elementary reaction, the equilibrium constant may be expressed in terms of the rate constant. For the reaction: A â‡Å' B The equilibrium constant K is: K [B]eq / [A]eq Source Atkins, P.W.; de Paula, J. (2006). Physical Chemistry (8th. ed.). Oxford University Press. ISBN 0-19-870072-5.

Behavioral Economics Essay - 598 Words

Introduction Behavioral economics studies cognitive, emotional and social factors effects on economic decisions made by an individuals and consequences returns, resource allocation and market prices. It assumes that human beings are rational in the decisions they make. Behavioral economics do not involve assumption. The difference comes in from the notion that the human behavior observation contradicts behavior of people to be perfectly rational. Therefore, the two starts from different points. Both behavioural economics and economics try to proscribe and describe patterns of human spending. The implication is that it does not only try to describe human behavior but tries to dictate human behavior. Behavioral Economics The authors draw†¦show more content†¦From this perspective, psychology influenced an individual’s decision making. Neoclassical economists rejected the psychological perspective and adopted the behavioural perspective. The neoclassical economist stated that the behavior of one dictates ones rationality in the making of decisions which is proscriptive. With classical economists, empirical evidence implies humans are static no matter how much they try to change their behavior. Presently, the classical and neo classical economist have combined to achieve modern economics. It comprises of both psychological and behavioral activities in making of decisions. A classical economic theory market is not all about demandand supply of sellers and buyers. A seller benefits more by giving a buyer more than he needs or selling at higher prices. According to Pareto efficiency that states that the distribution in the markets creates efficiency and both buyer and seller trades off well. This model does not benefit both parties;therefore, a more realistic model was adopted. Hyper rational economist is one who uses ancient ideas to be a prey and a predator at the same time. This mode tries to balance the welfare of both parties involved in the market. Both classical and neo classical shows the behavior of an individual taking into account the social, cognitive and resource allocation and the consequences on demand andShow MoreRelatedCognitive Economics : Behavioral Economic s1115 Words   |  5 PagesBehavioral economics has also consulted inter-temporal choice. Inter-temporal choice describes to how humans decide about what and how much to do at different times when decide at a time effect the facilities available at another time. Choice under risk or ambiguity relates the dual-system theory. Research suggests that people’s decisions can be affected by the â€Å"type and amount of information† they find. 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The great economist Adam Smith was the first follower of this idea through his book â€Å"The theory of moral sentiments† which dates back to 1759. However, it took over 100 years to get a more clarified meaning of how big of a role the psychology of a buyer plays in economics. In behaviouralRead MoreA Re search Study On Behavioral Economics1956 Words   |  8 PagesThe specific area of interest I focused on for this assignment is Behavioural Economics. Behavioural Economics (BE) is a scientific discipline that involves the study of a variety of effects on the economic decisions made both by institutions and individuals (Lunn, 2014). This is a dynamic and exciting field and sub-discipline within the field of economics that has gained much popularity in recent years. Behavioural economists have the opportunity to make important contributions in a variety of fieldsRead MoreEconomics : A Behavioral Economics2663 Words   |  11 Pages Introduction Economic decision processing which relates with the study of economics is commonly refereed as a behavioral economics. Behavioral economics is a very fast growing concept which tells us how market decisions and the mechanism are made through public choice. People’s choice and attitude over the time are the broad idea of behavioral economics. Some social program are designed in ways that needs clients to make decisions and follow a series of steps in order to benefit- from choosing whichRead MoreA Behavioral Economics Analysis Of The Exploitation Of Consumer s Time Inconsistency Preferences By Modern Credit Card Companies1824 Words   |  8 Pages A Behavioral Economics Analysis of the Exploitation of Consumer’s Time Inconsistency Preferences by Modern Credit Card Companies Jayshawn Anderson April 28, 2016 CWRU Behavioral economics, as defined by the National Bureau of Economic Research, is the â€Å"combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications.† Many doubted the assumptions in place under neo-classical economics, so new ones were establishedRead MoreRational Fools : A Critique Of The Behavioral Foundations Of Economic Theory1260 Words   |  6 PagesCritique of the Behavioral Foundations of Economic Theory written by economist, Amartya Sen, takes a look at behavioral self-interest and its relation to behavioral economics. At the time that this paper was written, behavioral economics was becoming a popular area to explore and economists were trying to figure out how they could apply their research to encourage human flourishing. Sen begins this paper by critiquing the work of Edgeworth, who claimed that the 1st principle of economics was that everyRead MoreEssay on Behavior al Economics1279 Words   |  6 PagesIntroduction Described as the economic field that deals with the analysis of the effect that the process of decision making impacts on the decisions reached, behavioral economics is a field that has elicited lots of interest from various scholars (Altman, 24). The economists consider this branch of economics as cognitive science due to the fact that it deals with analysis of the process of decision making. Eric Wanner one of the earlier founders of the discipline describes this economic field as a componentRead MoreChapter 8 : Behavioral Economics1490 Words   |  6 PagesThe most fascinating chapter for me was Chapter 8, Behavioral Economics, more specifically the two-part process of our brains, System 1 and System 2, the most common biases, and the two systems interaction with each other. I’ve always been fascinated by human behavior and thought; why we do the things we do, what causes our actions, and why we constantly indulge in self-destructing habits and tendencies even though we have a clear understanding of the adverse effects of those choices. LearningRead MoreBehavioral Economics Of A Pensioners Choice1934 Words   |  8 Pages Behavioural Economics Surrounding a Pensioners Choice BSc. Mathematics and Actuarial Sciences University of Leicester Submitted by: Usman Raza Khan (119047679) Supervisor: Nick Foster Contents: Introduction What is Financial Myopia and Hyperbolic Discounting? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 What is Inertia? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Governments Efforts †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Controversy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 Introduction: Due to better health

Poverty in Canada or USA Free Essays

During the period between 1929 and 1953, the United States occupational pay ratios and earning inequality is declined, mainly across World War II (Ober 1948, Phelps Brown 1977, Williamson and Lindert 1980, Goldin and Margo 1922b). The evidence showed that the condition of income inequality was occurrence in that period. Moreover, the problem of income inequality is declined. We will write a custom essay sample on Poverty in Canada or USA or any similar topic only for you Order Now But, the problem of income inequality is existed. The government cannot spread the income distibution evenly. Many reasons obstructed the income distribution evenly. In my discussion, I concentrate to explain five reasons to influence the income distribution in the United States in the 20th century. Changing in social norms is related to the income distributions. Many people think that women represented a cheaper alternative for employers. Their jobs were viewed as temporary to be abandoned in favor of marriage and a home. High turnover combined with a large pool of replacements in any occupation will tend to depress wages, but it also means there is no incentive to provide career opportunities or invest much effort to train persons for more responsibility. Consequently, women tended to fill the more specialized and lower-paying work, while men moved into the new office manager roles. The fact is that clerical, service, and sales work does not yield significant financial returns to people with more formal education or longer work experience (Bibb Form, 1977). In large part, this is because most of these are low ceiling careers, lacking in meaningful promotion opportunities for higher paying positions. The jobs have been filled advantageous position by one sex or the other. The point is strongly influencing the income distributions. The point of the unionization is related to the income distributions. Unions have improved wages and benefits, increased job security, and protected workers from discriminatory managerial decisions. Male workers are more likely to be members of trade unions, thus enjoying the advantages of collective bargaining for wages and earning more than women (Flaherty Caniglia, 1992). Overall, women are about half as likely to be union members as men. Rinehart wrote, ? Â § This accommodation to capitalist power was formalized in what is known as the post ? V World War II compromise forged in the midst of the intense class struggles of the 1940s. This settlement between labor, big capital, and the state featured the establishment of a new industrial relations system and stipulated a set of trade ? V off. Unions were legally recognized and accorded organizational security.? (P. 184) Changing in the education level of the population is related to the income distribution. In the U. S, the financial return to a university or college degree also declined during the 1970s. One explanation of this phenomenon was the substantial increase the proportion of the population going to university, particularly the entry into the labor force of the ? Baby-Boom? generation during the 1970s (Welch 1979). Freeman (1976, 1980) argued that the demand for educated workers also declined, so that not all of the change in relative earnings could be attributed to temporary developments on the supply side. Dooley (1986) concluded that the entry of the large baby? Vboom cohort during this period did lower earnings growth for this group, but that this demographic effect could not account for the observed harrowing of earnings differentials by level of education. Dooley? s results thus suggest that demand ? V side forces may also have played a role. Changing in the age structure of the population is related to the income distribution. The shapes of the earning streams reflect the main key factors which is earnings increase with age but at a decreasing rate. This concave shape reflects the fact that individuals generally continue to make human capital investments in the form of on-the-job training and work experience once they have entered the labor force. This job experience adds more to their productivity and earning s early in their careers due to diminishing returns to experience. However, to the extent that education increases productivity, individuals with the same amount of work experience but more education will earn more, perhaps substantially more. Migration is related to the income distribution. Economic theory predicts that the forces of competition would serve to reduce pure regional wage differentials so that they reflect compensating differences, short-run adjustments, or noncompetitive factors. Those forces of competition were the movement of capital from high- to low-wage areas, and the movement of labor from low- to high-wage areas. Empirical evidence tends to verify the implications of migration as a human capital decision. In a recent study, Osberg, Gordon, and Lin (1994) explore the determinants of interregional and interindustry mobility of individuals in the Maritimes. Using the 1986-87 LMAS, they find that younger individuals and those with higher expected wage gains are more likely to migrate. As well, the process of migration tends to reduce the regional disparities that induce the migration decision. In conclusion, the five reasons are influence the income distribution in the United States in the 20th century. The social norms show that the income inequality is happened between men and women. The unionization shows that the unions have a power to improve the wages and benefits for their members. In this situation, the income inequality is happened between union? s members and non-unions members. Although the demand for education workers was declined, education people still earn more than the uneducated people do because they have an expertise knowledge and experience. Migration is benefits for the young individuals. They can have a chance to prove themselves. Therefore, the movement of migration decreases the regional disparities. How to cite Poverty in Canada or USA, Papers