As economies, society, and technology have developed so has the amount of activities that people can engage in. Unlike during our grandparents’ era, people have more occasions, appointments, and meetings to attend to. The exponential increase in these activities, hence time pressures, has been ma...
how systems have surpassed human control and works with its machines
Written for
British Columbia Institute of Technology (BCIT
)
Economics
ECON158
All documents for this subject (1)
Seller
Follow
klausspader
Content preview
Surname 1
Name
Instructor
Course
Date
Group Exercise 6 – Time Pressures and Supply
As economies, society, and technology have developed so has the amount of activities
that people can engage in. Unlike during our grandparents’ era, people have more occasions,
appointments, and meetings to attend to. The exponential increase in these activities, hence time
pressures, has been made possible by economic demands. To feed an ever growing economy,
there is a need to keep innovation and supply of new products on the rise. Thus the system has
surpassed human control and now operates within its own mechanics. In America, the capital of
global economics, this phenomenon is rather rampant.
People feel pressed for time when they have more things to do than the time available.
For instance, if one has three meetings to attend, each meeting lasting an average of ten minutes
each, then the person is prone to being pressed for time when they do not have more than that
minutes to spare for all the three minutes. In the principle of demand and supply, we can surmise
that when activities to be undertaken demand more time than the time in supply, the value of
time increases. When alternative activities that seems attractive, one feels pressed for time to
finalize the current activity so as to engage in the new attractive option. So when people are in a
hurry or pressed for time, it actually because their time’s value could get them more, in terms of
fun or interest, if they were engaging in an alternative activity.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller klausspader. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
