Economic Concept and Its Implications in Our Life Research Paper

Economic Concept and Its Implications in Our Life - Research Paper Example Economics is useful in each and every aspect of life. Economics mainly deals with choice and decision making. Understanding of economics concepts is helpful for our lives and existence in today’s world and to understand the functions of the business world. Here we will discuss the economic concept and its implications in our life. The law of demand defines that when the price of product rises and every other thing remains constant then the quantity demand of the product will fall. It means when the price rises then the quantity demanded declines. Every other remains constant is known as â€Å"Ceteris Paribus† assumption. It means that wealth; income, population, preferences and price of other goods are constant and remain the same. Shifts in Demand or change in demand happens at the time when any one of the components of demand changes other than the price. It can also be said as a shift in demand occurs when the situation is not ceteris paribus. The Law of Supply defin es that when the price of the product rises and every other thing is constant (Ceteris Paribas situation) then the quantity of product supplied will also increase. It means that when the price of the product is increasing then the quantity of supply of the product is also increasing. Shifts in Supply or changes in supply happen when any one of the components of the supply changes other than the price. It means when ceteris paribus doesn’t occur. The concept of demand and supply is also applicable to our daily life. For example- Rice is the staple food in most of the Asian countries.

Use Cases for ATM Service Case Study Example | Topics and Well Written Essays - 1000 words

Use Cases for ATM Service - Case Study Example dispensing a) There are no errors and the cash is dispensed b) There is a shortfall or no stock of cash in denomination entered by the customer c) The ATM is out of cash d) Connection gets timed out due to connectivity issues with the bank servers f) Internal Error of the ATM g) Power Outage 11) Customer is dispensed the cash 12) Customer receives the card back 13) Printed advice is dispensed 14) Customer is prompted for another round of transaction 15) Customer enters a yes or a no a) If customer enters a yes then the entire set of steps from step number 6 or in some cases step number 4 is repeated b) If customer enters a no then the screen is reset and the User Session is closed 16) the ATM is ready for a fresh session / customer. Withdrawal Transaction Use Case: Figure 1: Use Case of Event of a bank customer withdrawing money from the ATM Figure 2: Use Case Diagram showing actors and processes in the process of withdrawing funds from the bank account using an ATM Use case dependen cy for making an account deposit: Below listed is the step sequence for a customer attempting to deposit a deposit to an account from the ATM: 1. Customer inserts his ATM card 2. Customer is asked to enter a language option 3. Customer is redirected to a page asking for the PIN 4. Customer enters PIN and is redirected to the Menu where transactions can be chosen 5. Customer chooses deposit money into account 6. Customer successfully deposits money into the account. Figure 3: Use Case Diagram for Depositing money into an account through an ATM Accounts Transfer Use Case: In order to make an account transfer from one account to another account the following steps need to be followed by the customer. 1. The customer inserts his ATM card 2. The customer enters language preferences followed by... The ATM is one component of the entire money transferring process from the Account holder’s bank account, right into the hands of the ATM operator in the form of currency notes. Account numbers are one of the most sensitive personal data. It is the access route to all finances of the bank’s customer. One of the major ethical issue related to the development or use of the ATM system is the failure of the network to securely transmit the credentials entered by the ATM user to the bank’s servers for transaction processing. This could lead to leakage of data and eventually hackers gaining access to the account through remote login into the account holder’s account. Another major ethical issue in connection with the development and use of the ATM that the Use Case exposes is the visibility of personally identifiable information to System Administrators, Data Operators for example: Name, email address, phone number, address and date of birth. Regarding security and compliance and Ethics every organisation should have common policies in place to prevent any sort of data privacy breach. Access Control, Multi Layer Data Encryption and Data Protection, Information Security, Biometric Scan etc should be in place to avoid any security or ethical breach. â€Å"Regarding security, every organization should have several common policies in place in addition to those already discussed relative to access control methods.