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Michael Y.
Undergraduate
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Public Administration
TutorMe
Question:

What Factors can offer a justification for the existence of a government?

Michael Y.
Answer:

A government is a group of people that governs a community or unit. It sets and administers public policy and exercises executive, political and sovereign power through customs, institutions, and laws within a state. A government can be classified into many types--democracy, republic, monarchy, aristocracy, and dictatorship are just a few. Governments almost certainly originated with the need to protect people from conflicts and to provide law and order. Why have conflicts among people happened throughout history? Many people, both famous and ordinary, have tried to answer that question. Perhaps human nature dictates selfishness, and people inevitably will come to blows over who gets what property or privilege. Or maybe, as KARL MARX explains, it is because the very idea of "PROPERTY" makes people selfish and greedy. Whatever the reasons, governments first evolved as people discovered that protection was easier if they stayed together in groups and if they all agreed that one (or some) in the group should have more power than others. This recognition is the basis of SOVEREIGNTY, or the right of a group (later a country) to be free of outside interference. Country, then, needs to not only protect its citizens from one another, but it needs to organize to prevent outside attack. Sometimes they have built Great Walls and guarded them carefully from invaders. Other times they have led their followers to safe areas protected by high mountains, wide rivers, or vast deserts. Historically, they have raised armies, and the most successful ones have trained and armed special groups to defend the rest. Indeed in the twentieth century, governments have formed alliances and fought great world wars in the name of protection and order. In more recent years, government responsibilities have extended to the economy and public service. An early principle of capitalism dictates that markets should be free from government control. But when economies spun out of control during the 1930s, and countries sank into great depressions, governments acted. The United States Congress created the FEDERAL RESERVE SYSTEM in the early twentieth century to ward off inflation and monitor the value of the dollar. FRANKLIN ROOSEVELT and his "BRAIN TRUST" devised New Deal programs to shock the country into prosperity. Many political theorists feel that the primary purpose of government is to protect its citizens, both from one another and from outside attack. Over the years, the concept of protection has been expanded to include far more than protection from foreign enemies. Most people now feel that the government's purpose includes protecting citizens from economic disarray, which can range from protection from individual or household want or loss to protection from the loss of value of the national currency. In addition, government protection also often includes protecting citizens from exploitation, from unsafe or unfair business practices, from consumer fraud or dangerous food and products and from crime perpetrated by fellow citizens. While citizens at times disagree on the extent to which government should insert itself into the choices and freedoms of some of its citizens in an effort to protect other citizens, the protective nature of government remains its most crucial purpose. Government in a democracy is essentially a conservative institution. It is responsible for creating and sustaining markets, enforcing contracts, protecting private property, and producing systems of education and infrastructure that allow commerce to function efficiently. We live in a fallen world. As individuals we are simply not the people that we ought to be. We all have desires. Some are good and some are bad. Also, we all desire to achieve our ends with as little effort as possible. Thus the temptation to avoid work altogether and simply take what we want from others by force or fraud. As some people drift further and further into immoral behavior they are more and more willing to use force and violence against others to achieve their own ends. The result of such action produces chaos and discord in society. Such behavior disturbs the peace. Therefore, governments are established in order to secure the peace so that those wishing to live peaceably with their neighbors may do so. That is, governments are established to use force for the purpose of legitimate self-defense. These and other factors could offer a justification for the existence of government.

Entrepreneurship
TutorMe
Question:

identify and explain the entrepreneurial processes?

Michael Y.
Answer:

Phase 1: Identifying and Evaluating the Opportunity Most good business opportunities result from an entrepreneur being alert to possibilities. Some sources are often fruitful, including consumers and business associates. Channel members of the distribution system-retailers, wholesalers or manufacturer’s reps-are also helpful. Technically-oriented individuals often identify business opportunities when working on other projects. Each opportunity must be carefully screened and evaluated-this is the most critical element of the entrepreneurial process. Phase 2: Develop a Business Plan A good business plan must be developed in order to exploit the opportunity defined. A good business plan is important in developing the opportunity and in determining the resources required, obtaining those resources and successfully managing the venture. Phase 3: Determine the Resources Required. Assessing the resources needed starts with an appraisal of the entrepreneur’s present resources. Any resources that are critical must be distinguished from those that are just helpful. Care must be taken not to underestimate the amount and variety of resources needed. Acquiring needed resources, while giving up as little control as possible, is difficult. The entrepreneur should try to maintain as large an ownership position as possible, particularly in the start-up stage. As the business develops, more funds will probably be needed, requiring more ownership be relinquished. Alternative resource suppliers should be identified, along with their needs and desires, in order to structure a deal with the lowest cost and loss of control. Phase 4: Manage the Enterprise. The entrepreneur must employ these resources through implementation of the business plan. This involves implementing a management structure, as well as identifying a control system.

Business
TutorMe
Question:

Define finance.

Michael Y.
Answer:

The lifeblood of every business is finance. According to Ravi (2008), finance is an art and science of managing money. It is again noted that nature and its use has necessitated the need for the establishment of financial management. This study’s the process of procuring and judicious use of financial resources with a view to maximizing the value of the firm thereby the value of the owners. Finance deals with the various methods and techniques which can be adopted depending on the situation of business and the purpose of the decision. As a science, it uses various statistical and mathematical models and computer application for solving the financial problems relating to the firm. Finance is the most encompassing of all business enterprises. To understand finances one must know about the entire business, indeed the entire economy. The financial system is composed of consumers, manufacturers, distributors.

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