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Decision making: Purchasing a House Report (Assessment)

Shelter is one of the basic human needs; international and national human rights provide the right to have adequate, quality and good shelter. Different economies provide for different ways to have shelter; these ways include renting, purchasing, leasing or use of government houses. The method of having shelter that one adopts is dependent on an individual’s economic and social standing in the economy as well as some personality and lifestyle attributes.

With the limited resources I have, I would prefer to purchase a house instead of renting or using government facilities; the reason for my decision is that the economy has various mechanisms that I can utilize to have my own house.

Some of the facility that I world utilize are mortgage and cash deposits. With my current financial standing the facility that is affordable and available for me is mortgage facility.

A mortgage is important in that it offers the contractor (buyer of the house) a chance to own a house and pay in instalment depending with the cost of the facility and the income of the contractor. The instalment payable will allow the policyholder to be staying in a house with adequate facilities with the anticipation that in the future he/she will fully own the house.

If the house had been rented, the beneficially of rent payable will be the owner of the house to the disadvantage of the tenants. When paying mortgage the interest paid is a deductible allowance when calculating individual tax payable do the holder of a mortgage policy will enjoy reduced taxes.

There are different specifications for mortgage; some houses are already built by the mortgage provider while other policies allow the policy holder to specify the king of house that he wants built; this offers severity to the policy holder thus he can get what he want (Bhagwati, 2004).

Principles of economics are directly related to the purchasing decision

Economics can be divided into macroeconomics and microeconomics; since the decision to purchase a house is a personal decision, it falls under microeconomics. When making the decision forces of supply and demand will determine the house price, the expenditure is home consumption expenditure where an individual will own a house.

Get your 100% original paper on any topic done in as little as 3 hours Learn More In the transaction, there will be number of macro-economic policies operating in the economy; these policies include, taxation policies, government incentives given to the mortgage issuing company to make the facilities affordable and interest rate policies that the government has embarked in the economy to ensure that loan facilities are affordable to the public.

Taxation policies apply to the deductibility of interest paid on the mortgage from individual taxes computation; the government has also taxation allowances to developers of mortgage facilities in the efforts of ensuring that the entire population has adequate housing equipped with necessary housing facilities as required by human rights both domestically and internationally.

Housing as a whole is an issue of macro-economic concern where the government has the role of ensuring that its population has access to adequate and houses of good standards. The rise in population has put pressure on available housing and sanitation facilities calling for government economic intervention to that effect.

Another economic policy that can be seen in the house purchase decision is lifestyle and living standards improvement; it is the role of the government to ensure that the population is having an improved living standard; when I buy the house, I will ensure that I move to an estate that has better facilities than my current estate. This way I will have improved my living standard; improving living standard is a matter of both microeconomics and macroeconomics (Hilary, 2006).

Compares the marginal benefits and the marginal costs associated with the decision of whether to buy a house

When I buy a house, I will be required to pay an extra fee over and above the amount that I am paying for my rented house; the extra cost and the expense benefits that I would have used the money with are the marginal cost that I am going to incur. The marginal benefits that I will benefit from include the freedom that I will start enjoying immediately after the purchase and finally the ownership of the facility.

Freedom is a benefit that cannot be quantifies in financial terms, if offers an individual psychological comfort and self-esteem, which are virtues/ attributes that human beings look for in their entire life. When I have my own house, I will be able to do what I want, anytime I want it as long as I will not be infringing someone else’s human rights.

A rational buyer will have to consider marginal benefits (MB); which is the sum of both economic and social benefits and compare with marginal costs (MC) (both economic and social costs) then if MB?MC, the house purchase is worth (Blanchard, 2000).

We will write a custom Assessment on Decision making: Purchasing a House specifically for you! Get your first paper with 15% OFF Learn More How marginal benefit and cost are affected by economic strength of the economy

The supply and demand forces in an economy affect the cost of the housing; on their part, economic strength plays a crucial role in controlling market forces dynamics. If the economy is well developed, then there are likely to have a large number of houses developed for mortgage reasons; these buildings will be on high demand from an economy with stable income.

The result of such a market is the intervention of the government to facilitate in trade of such facilities. In terms of marginal cost, the buyer of the facility is likely to enjoy low costs of the building thus, the marginal costs will be reduced.

In the efforts of increasing the welfare of it citizens, developed economies are more concerned on provision of social amenities to its citizens; the new purchase will be to an area that is higher in the services that my current state so the marginal benefits will be increased.

In the case of low developed economies, the cost of the house is high since the governments major concerns in the economies is revenue from different sectors of the economy; it is thus unlikely to regulate prices down wards. The marginal cost will be higher than the cost in the case of developed economy, however the cost is lower than the marginal benefit in whichever the case.

The strength of an economy has minimal effect on the marginal benefit and marginal costs that someone purchasing a house have; the main concern is that the marginal benefit are higher than marginal costs in whichever the case (Gills,

Marxist Criticism on The Lottery by Shirley Jackson Essay

Nursing Assignment Help The story The Lottery continues to bring forth heated debates since its publication. The story touches the nerves of people as they try to interpret its meaning. The focus of this paper will be on a Marxist criticism of the story.

Kosenko (1985) posits that the story employs Marxist undertones. According to him, the story symbolises an attack on capitalism. The story attacks the ideology and social order of the town. One Marxist explanation for the story lies in the symbol of the black dot made on a paper for the lottery. The black color of the dot represents evil that is linked to business, which in turn stands for capitalism.

For example, Mr. Summers who draws the dot is involved in the coal business. He represents the powerful class in capitalism that has the control of the town both politically and economically because Mr. Summers also administers the lottery (Kosenko, 1985).

Moreover, the location of the lottery at the town square between two buildings- the post office and the bank represents the political and economic power of the government and those in power such as Mr. Graves and Mr. Summers. The common people stand no chance against the capitalist order.

The lottery is an old tradition that represents the rigidity of a capitalist society. The ritual of the lottery has been in the town for so long that the people no longer know its origin but continue to practise it annually. When some people suggest that other towns have abandoned the ritual, the Old man rebukes them and says that the ritual must go on because it is tradition.

The old man represents people in a capitalist society who opt for maintenance of the status quo. They are afraid of abandoning the way they do things to continue benefiting at the expense of the majority. The people are deluded by the lottery that the society is democratic hence they will not criticize the ruling class.

The people in the society are made to believe that the lottery is democratic and anyone stands an equal chance of selection. There is a possibility that Summers knows the paper with the black dot and his family members are safe from being stoned at the lottery. Thus, we can say the lottery is an election for the powerful but a random selection for the common people.

Get your 100% original paper on any topic done in as little as 3 hours Learn More The story also depicts the social order in a capitalist society in which few powerful individuals control the rest of the society. For example, the powerful people in the lottery are Mr. Summers, Mr. Graves the postmaster and Mr. Martin the grocer respectively. These three individuals are powerful in the small town due to their position.

To illustrate this point when the lottery is picked it is asked who has picked it, was it the Watsons or the Dunbars. The two families mentioned are not powerful in the town. Why did they not ask whether the Graves or the summers had it? This shows that the powerful are in control of the lottery and have no chance of being victims of stoning.

In addition, the women in this society are low in status. They have no power and only the men in their families can pick the lottery for the families and if the man of the family is absent, his son represents him instead of the wife. Just like in a capitalist society, people who have no power have no say in the affairs of the society, which is left to the powerful few.

Finally, the author of the story seems to criticize a society that oppresses the weak and depends on outdated practices to maintain discriminative social order. The lottery helps the powerful to continue to control the town in other words capitalism goes on to enable Mr. Summers and his likes remain in positions of power.

Reference List Kosenko, P. (1985): A Marxist-Feminist Reading of Shirley Jackson’s ‘The Lottery.’ New Orleans Review, 12, 27-32.