Economics Homework Help

respond to the 2 discussion posts below stating what you enjoyed or agreed with about their post in 100 words each 200 words total no citations please

1. As one of many controversial topics that are still ongoing for years, the implementation of robots in the workplace has gradually become normalized in the business world. In recent years, we have seen a huge increase in the number of robotic machines that appear almost everywhere in our daily lives. From the self-ordering machine at McDonald’s or the automated drone delivery services above our heads, there is no argument that big firms are continuously pouring more money into their investment in robotic technologies to work for their businesses. And as robots have slowly become a fundamental resource of various industries, it is most likely that these robots will appear more frequently in those companies, and progressively taking over many human jobs in the economy.

We call this the trade-off principle of the economy, which is the sacrifices that we have to make in order to obtain something else. In this case, we see that big firms are willing to spend a large amount of investment into owning robots and replacing human workers with these automatic technologies. Although the costs of a single robot can cost thousands of times more than hiring a human employee, most of these giants would not mind it as they can actually gain more benefits because they only have to pay the initial price for only one time. Furthermore, these employers would not have to worry about additional expenditures on health insurance or leave benefits; therefore, we see that many firms are replacing more human workers with these robotic machines in their companies. While having robotic machines may bring lots of benefits to firms, there are some trade-offs that the firms also have to face as well. According to CNBC International (Links to an external site.), almost 670,000 jobs have been taken over by robots in the time span from 1990 to 2007. In addition, nearly 50% of jobs in the U.S. may be handed over to automated machines within the next decade—which shows that robots will eventually leave a great impact on our society in the future years. In our daily lives, we see that automatic technologies such as self-checkout machines are taking over the jobs of lower-skilled workers. Hence, it is very likely that the lives of these workers would become more difficult (especially during this unfortunate crisis of a pandemic) as their incomes slowly decrease. The economy, in general, is not an outlier of this impact as well. Since the percentage of unemployment and poverty will eventually increase as time goes on due to this issue, the economy will likely face a huge decline in its economic market growth, and eventually, it may face a more severe economic inequality between the rich and the poor.

2. I chose an episode of the office where Andy gives incentives to the whole staff so they will increase their sales. Since Andy gave his employees the incentive to increase their sales to be able to tattoo his butt. This made the employees work extra hard and of course they increased their sales.

Economic conduct is based on incentives. Cultural standards, as well as financial rewards and punishments, can be used as incentives. Cultural norms can provide incentives by rewarding people who help the poor with social acclaim, or they can provide disincentives by penalizing those who steal. Financial incentives can take the form of monetary prizes or fines for good or bad behavior, or they might simply be a price shift that forces you to spend more or less for what you wish to sell or buy.

In the example video I provided, the type of incentive was a cultural standard. The employees would increase their work so they can watch their boss get tattooed. That makes them happy and gives them a good crazy reason to work even harder than before. Without this incentive, there is a possibility they would have never reached an increase in sales.