1) Protection of one domestic industry can harm another if it limits international trade. For example, protecting US steel may help steelworkers but hurt manufacturers that rely on steel as an input.
2) Comparative advantage is more important than absolute advantage for trade because it considers opportunity costs. A country is better off specializing in industries where they have lower relative production costs rather than trying to produce all goods domestically.
3) The discussion highlighted how considering total costs and comparative advantages can lead to greater profitability compared to focusing only on short-term cheaper options. This lesson about taking a broader view can be applied when making management decisions about budgets and investments.
DBMotivation can either be internal or external and depends on.docx
1. DB
Motivation can either be internal or external and depends on
what needs people need filled. Different employees may need
different motivators depending on what is important to them or
what they need. Finding the correct balance of rewards for
motivation in an organization can be difficult because what each
person needs is hard to determine. Intrinsic rewards are based
on internal motivators such as feeling good about the job that
you performed. For some people going to work and knowing
that you helped someone or that you completed a project is
enough of a reward. Extrinsic rewards are based on external
rewards such as monetary, promotions, or recognition.
The expectancy model, developed by Vroom, is based on three
factors: valence or personal preference, expectancy or the belief
that effort will result in task completion and Instrumentality or
that a reward will be received for the completed task
(Newstrom,2015). One of the disadvantages of this theory is
that everyone’s perception is different, so even though I may
think I have completed the task and done it well it may not be
what the organization expects and therefore I will not be
rewarded.
Another model, based around the expectancy model, is the
emerging concept of Organizational Collective Motivation
(OCM). Hitchcock (2017) describes OCM as an opportunity to
motivate employees as a collective group in the organization so
they can learn to work towards success together. The idea is
that when people feel that they are part of the organization and
contribute to its success then they are either intrinsically or
extrinsically motivated to perform well. “An organization
whose workforce is both individually and collectively
motivated will thrive because its members will be engaged
and committed to organizational success (Hitchcock,2017).”
One of the companies I worked for offered a flexible schedule,
2. the opportunity to telework, and monetary rewards based on
annual performance appraisals. Although people like the
monetary rewards there is always discussions about what other
people got and why. The problem with those type of rewards is
that they are calculated based on supervisors’
perceptions. Another organization that I worked for gave time-
off awards which added more vacation time and that was well
received with the organization.
KP
One situation that comes to mind where motivation positively
influenced an employee’s performance was when as a manager I
was getting ready to go out on maternity leave. I began
selecting an employee who could fill the spot in my absence.
This process involved shaping this employee and priming her in
order to motivate her to take on the task and succeed at it. The
first task in stimulating this motivation was to identify the drive
of the employee. Newstrom (2015) speaks extensively to the
importance of this identification in motivation stating
“Motivation also requires discovering and understanding
employee drives and needs, since it originates within an
individual” (p.116), “A manager’s job is to identify employees’
drives and needs and to channel their behavior toward task
performance” (p.117), and “They can then deal with employees
differently according to the strongest motivational drive that
they identify in each employee” (p. 120). The employee
exhibited tendencies toward achievement motivation. As Yilmaz
and Kaygin state “Achievement motivation is…’the tendency to
strive for success or the attainment of a desirable goal’” (p.2).
In knowing this I was then able to steer my motivaters to align
with this drive. One of the first important factors was providing
consistent and positive feedback. As Newstrom (2015) states
“…Performance feedback leads to both improved performance
and improved attitudes …” (p. 157). Once the foundation was
laid, the employee was then told the plan, at that point mutual
3. and clear goals were set in order to facilitate her transition into
this new role. As each milestone of learning new tasks, building
on her foundation of facility knowledge, and improvement in
interpersonal interactions was attained, the employee gained
confidence and was ready to meet her next challenge. “Meeting
goals also help satisfy a person’s achievement drive, contributes
to feelings of competence and self-esteem, and further
stimulates personal growth needs” (Newstrom, 2015, p. 129).
Locke and Schattke (2018) reiterate this in stating
[achievement motivation] …is not the doing or enjoyment of the
activity as such but doing well and/or doing better than before,
in other words improvement” (p. 4). In the end, the employee
was fully ready and confident in taking over this role and was
able to become a role model for other staff. She continued to be
a role model even upon my return and in such motivated other
staff members to take on challenges and improve their
performance. Eventually she was also able to move to a
different unit that brought new challenges and rewards.
Comparative Advantage in International Trade
Read the articles:
1) The Boomerang effect.
http://www.economist.com/node/21552898
2) Comparative Advantage and American Jobs.
http://online.wsj.com/article/SB10001424052748703555804576
102500952966450.html
In your initial response to the topic you have to
answer all questions:
1) Does the protection of one domestic industry harm another?
Please explain.
4. 2) Why does comparative advantage matter more than absolute
advantage for trade? Please explain.
3) Reflection –in the initial response in their own words
reflecting on specifically what they learned from the assignment
and how they think they could apply what they learned in the
workplace.
·
Comparative Advantage and American Jobs - WSJ.pdf
(174.91 KB)
· Comparative advantage_ The boomerang effect _ The
Economist.pdf
(356.98 KB)
Directions: Read the Answer /Response below and give a
comprehensive analysis in one paragraph using an example to
show understanding of material.
Do not answer the questions again, Just respond to the answer
/response section as directed above.
ANSWER/Response
1-
The U.S. will protect domestic industries in order to protect
against the import of foreign firms’ products. Foreign firms are
usually able to produce products and sell them at a much
cheaper cost than the U.S. domestic firms will (The Economist,
2012). So, in the instance of trade (import and export), the
5. protection of U.S. domestic industries harms the trade industry
of foreign firms.
2-
Comparative advantage is more important than absolute
advantage because comparative advantage means the country is
self-sufficient in producing their own variety of goods.
Comparative advantage offers a greater opportunity cost and
allows the country to choose between different options for
production specialization when production advantages are
marginal and resource limitation exist (Segal, 2019)
3-
From this discussion assignment, I learned the difference
between different costs that go into developing a product and
how sometimes a more costly option will result in greater
overall profitability. This is easily applied to the workplace by
keeping in mind that cheaper options may be tempting at the
moment, but looking at the overall big picture will illustrate the
greater profit margin for the options available. This is important
to consider as a business owner or a professional in the position
to make management decisions in budgeting.
References
Segal, T. (2019, March 20). Absolute vs. Comparative
Advantage: What's the Difference?Retrieved March 28, 2019,
from https://www.investopedia.com/ask/answers/033115/what-
difference-between-comparative-advantage-and-absolute-
advantage.asp
The Economist. (2012, April 21). The Boomerang Effect.
6. Retrieved March 28, 2019,
from https://www.economist.com/special-report/2012/04/21/the-
boomerang-effect