Economics Essay Example | Topics and Well Written Essays - 1250 words - 2

Economics - Essay Example Because of rationality in making economic decisions people often consider the cost and the benefit of their decision. In most cases, people will make an economic decision anticipating a gain (Hirschey, 2009). When purchasing a house I will expect a gain of value, my decision will therefore be based on the difference between the cost incurred to obtain the house and its value. This essay will give a discussion on the economic implication on my decision to purchase a house. Several principals among the ten economics principals will directly influence my decision towards buying the house. Firstly, people face tradeoffs. This is the first principal that I will encounter in the process of making the purchase decision (Slembeck, 2007). This principal implies that one has to give up something in order to acquire something else. According to this principal, I will need to give up my money in exchange to the house. I will also need to give up the purchase of other items that I need most such as a new car in order to acquire the house. Lastly, after acquiring the new house I will have to give up living in my old house in order to occupy the new house. Rational people think at the margin, this is the second economic principal that I will encounter when analyzing my decision to purchase the house (Slembeck, 2007). This principal implies that a rational decision is based on the difference between marginal benefits and cost. ... When buying the house I need to evaluate how the cost of the house compares to the cost of missed opportunities. Finally, people respond to incentives, this principal will be major influence when making the decision (Slembeck, 2007). This means that my decision will tend to follow incentives offered by the different sellers in the market. According to the principal, I will consider purchasing the house from the seller who offers the best discount. Marginal benefits are the additional utility or satisfaction that a person derives from the consumption of an additional unit of a particular commodity. On the other hand, the marginal cost refers to the opportunity cost of acquiring an additional unit of a particular commodity. In the cases of purchasing the house, marginal benefits will refer to the satisfaction derived from a second and subsequent consumption of a commodity (Hirshleifer, Glazer, & Hirshleifer, 2005). The marginal benefit of a house diminishes steadily after acquiring the first unit this is because a person cannot live in two houses simultaneously. This implies that people will tend to spend their money to acquire other items after acquiring their first house. Similarly first time homebuyers will consider their first house as an additional unit. In this case, the house will have a higher marginal benefit that compares well with the missed opportunities. The marginal cost of an item refers to the opportunity cost incurred from acquiring an extra unit of a particular commodity. The opportunity cost of a house is therefore the cost of missed opportunities resulting from acquisition of a second and subsequent house. The marginal cost of a house increases steadily after acquiring the first house since a person can only live in one

Criminal justice, procedure and human rights Coursework

Criminal justice, procedure and human rights - Coursework Example Of course, these are the extreme limits and the judge imposes sentence based upon the facts of the case. Although by statute there is no distinction drawn between voluntary and involuntary manslaughter, that is to say there is only one crime manslaughter, in general the distinction between the two are commonly acknowledged. There are two major categories that fall within the scope of involuntary manslaughter. These are: Constructive manslaughter assigns guilt to the defendant even though they may not have intended the injury or death of the victim and a reasonable person may not have conceived that the death would result, but the responsibility for the death, none the less, is found in the commission of an illegal "quite unconnected and possibly minor unlawful act" (LAWCOM 237, 1996: p. 13) which resulted in the death. ... Constructive Manslaughter Constructive manslaughter assigns guilt to the defendant even though they may not have intended the injury or death of the victim and a reasonable person may not have conceived that the death would result, but the responsibility for the death, none the less, is found in the commission of an illegal "quite unconnected and possibly minor unlawful act" (LAWCOM 237, 1996: p. 13) which resulted in the death. As found in Creamer1: A man is guilty of involuntary manslaughter when he intends an unlawful act and one likely to do harm to the person and death results which was neither foreseen nor intended. It is the accident of death resulting which makes him guilty of manslaughter as opposed to some lesser offence. In R v Mitchell2, at appeal the court found that several criteria must be met in order to establish that manslaughter due to an unlawful act had been committed. Upon decision the court found that to be convicted the following four conditions need to be met: The defendant committed an illegal act The act was dangerous in that a reasonable and sober person would recognise the inherent danger of act committed The death of the victim resulted from the act The defendant intended to commit the act even though they may not have foreseen the consequence of the death of the defendant In order to understand the criteria of each point required to show cause for a guilty verdict of involuntary manslaughter, it is necessary to review the case law for each of the above points. R v Franklin3 established the precedent that the defendant must have committed an unlawful act in order to be convicted of manslaughter. This was upheld in R. v. Lamb4. In R v Dalby5 the court attempted to establish that the defendant's