Final research paper

Then started sharing my idea with my best friend, Stalin Gomes, who is currently studying at Bridgeport University in Connecticut and is also a under Of this company. He also shared a similar idea and we started working towards building our company in 2010. Then we named it â€Å"Athletic Footwear†. Our company's USPS is â€Å"The best you can have†. We are committed to provide our customers with varieties of top quality footwear. We are working with all the top athletic footwear brands like Nikkei, Aids, Rebook, Puma, New Balance, Gender Armor, Acacias, Sketchers, Vans and Umbra to bring all the new gears to our customers.Our company's marketing targets are runners, athletics, sneaker lovers and others. Our company's top priority ND goal is to provide the best customer service possible and going global. We want to run our business successfully and also want to go international. To reach our goal we need a very successful website and to make it; we need storefront softw are that offers us similar options and services we are looking for. In the article, Starting an online store made easy and ‘really sexy': E- commerce TTY McMahon and DOD Jones talk about the future of e-commerce.They wrote, â€Å"A whole new era of e-commerce is emerging – one where just about anyone can create high-end, custom branded online stores for next to thing. This is being made possible by a crop of emerging online e- commerce platforms backed by venture capital† (McMahon & Jones 2011). These days it's very tricky to find the right storefront software as there are so many storefront software offering different features like hosting, design, pricing and payment options, marketing tools, reports etc.There are also many fake web builders which might be harmful for businesses. The purpose of my research is to find the right storefront software for building a website for our business. The research that I have completed describes the important features that we need to consider when choosing storefront software. Below I have detailed each key features required for building a perfect website for my business. Also, I have selected three storefront software and compared their key features. At the end I have chosen the best one for my business.IMPORTANT STOREFRONT FEATURES FOR BUILDING A WEBSITE There are a lot of different storefront software companies these days offering different options and services. The most important thing to keep in mind when choosing a storefront software is our business needs, like it loudest make sense to use a smaller web hosting if we are building a huge website that requires multiple servers, it wouldn't make sense to pay for a lot of storage and features that we are not going to use if we are launching a small blob. I have decided to compare key features between three storefront software. They are Spiffy, Evolution and Precision Web Hosting.The important features that I have chosen to write about are unlimited w eb hosting, customizable web design, 24/ 7 customer service & security, shopping cart & payment options, product management, marketing & SEE, bile commerce and social media connectivity. Kari Fabian writes, â€Å"This type of application should help you design your website, upload and manage your inventory, connect to a shopping cart, and provide secure payment options to your customers† (commerce Software Review 2014). UNLIMITED WEB HOSTING Unlimited web hosting is the most important feature for building a website.I Want to expand my business in domestic level and also internationally, so it's very important for me to choose storefront software that offers unlimited web hosting. Spiffy and Evolution both offers unlimited be hosting but precision web offers very limited web hosting. In the article, Spiffy; The brains behind the online business the author writes, â€Å"Spiffy takes care of coding storage, backup servers, security and payment administration, in return for a su bscription fee and, with basic plans, a fee on each transaction† (Canadian Business 2011).Spiffy offers Content Delivery Network (CDC) which is large network of servers placed across the world to ensure that customers can load any website store quickly, no matter where they are. According to the article, For busy Evolution, e-business is good, Lori Hopkins talks about the features of Evolution. He writes, ‘Evolution helps businesses build their websites, update product information, offer online coupons, handle credit card transactions and track inventory, all in one place.Its social shopping feature lets customers add e-commerce stores to their Faceable and Namespace fan pages† (Hopkins 2010). Evolution also offers CDC, powered by Zamia, consists of tens of thousands of servers across the globe, allowing shoppers to access any site at lightning speed. Precision Web Hosting doesn't have servers all around the web, shoppers can't have access o all sites and also some loads slowly. That is a clear negative side of Precision Web Hosting as I want to expand my business globally. Ant my customers to access my website from any part of the world at lightning speed. All three storefront software also offer mobile common:e feature which lets users pull up smart phone ready storefronts. Evolution and Spiffy come with multiple hosted email accounts to help business owners communicate with customers. These web-based accounts allow owners to access their messages any†here they have an internet connection. On the there hand Precision Web Hosting comes with very few hosted email accounts to help business owners communicate with customers.I want to communicate with my customers so that I can let them know about new merchandise and sales, so think Evolution and Spiffy are in a better position in this case than Precision Web Hosting. CUSTOMIZABLE WEB DESIGN Choosing storefront software that offers customizable web design is also very important for a build ing a perfect website. In this feature we can customize our web page just as we want it or choose from different readmes templates to make it user friendly and website attractive.Spiffy offers â€Å"Spiffy Theme Store† which hosts a collection of over 1 00 premium and free commerce templates. The Theme Store includes professional looking templates for cloth ins & fashion, jewelry, electronics, art & photography, and other types of commerce sites. According to spiffy, many of the commerce templates found in the Spiffy Theme Store have been created by world-renown designers including happy cog, clearest and pixel union.On the other hand, Evolution offers dozens of free, ready-to-use templates by which we can make our website shine in less than sixty seconds y choosing from any of our high-quality commerce templates. With a wide variety of free templates to choose from, we will have a stylishly professional site that's sure to impress our customers. They also offer custom design and branding services to make businesses look unique. Precision Web Hosting also offers some similar services but a bit limited. They don't have options to design larger websites.They have limited ready to use templates and customizing options. I want to expand my business and also go international and for that I need storefront software, which is going to offer me to expand thou charging me more. Based on this information I think Spiffy and Evolution have better web customizing options then precision Web Hosting. 24/7 CUSTOMER SERVICE & SECURITY One very important feature to look at when selecting storefront software is 24/7 customer service and security from the storefront software company to protect the website and also function properly.Security is very important these days. Especially with increased threats of online fraud and identify theft. In the article, Evolution; Evolution announces credit card fraud protection service for online store owners the writer wrote, † In 2009, the umber of personal records that hackers exposed – data like Social Security numbers, medical records and credit card information tied to an individual – exceeded 220 million records, compared with 35 million in 2008†³ (Information technology business 2010). Evolution, spiffy and Precision Web Hosting offers secure and flexible commerce hosting.They offer PC/Clips-certified securities which are dedicated to keep our site's most sensitive sales and customer data safe from harmful activities. But Precision Web Hosting doesn't have 24/7 customer service. As Precision Web Hosting doesn't have 24/7 customer service, think it's not perfect for my business because I want my customers to get 24/7 customer service so that they are ready to do business with my company over and over again. SHOPPING CART & PAYMENT OPTIONS Another very important feature we need to consider when choosing storefront software is shopping cart.Evolution, Spiffy and Precision Web Hosting a ll accept credit cards. With Spiffy Payments, set up is instant, so we can accept Visa, Mastered and American Express the minute we launch our shop. Spiffy offers a low credit card rate, and no hidden fee. Evolution offers legible payment options. We can accept a variety of payment options including credit cards, Papal, Google payments and international currencies. Precision Web Hosting also offers different payment options like credit cards and Papal. Evolution, Spiffy and Precision Web Hosting all offer flexible and simple shipping options.Spiffy has shipping rates that can be set up in a number of different ways, including fixed-price, tiered, weight-based and location-based rates. Also, unlimited plan users can receive automatic shipping rates from major shipping carriers like LASS, USPS and Fed. While Evolution and Precision Web Hosting also has similar features but Spiffy has better product management and product tracking options. So, Spiffy is the best option to setup a shopp ing cart for our business website. PRODUCT MANAGEMENT Products make up the business of commerce.A great range of products keeps customers coming back for more. But adding thousands of products is not an easy task and is often vulnerable to errors. Also delivering and keeping track of the product is also a very important task. Spiffy have Track product inventory option through which they can help us avoid selling rodents that have run out of stock, or let us know when we need to order or make more of our product. Evolution has mass import service which can do exceedingly fast product setup and we can relax as their skilled data feed managers guarantee us error free product updates.While Precision Web has a very limited product management service with no product tracking options. As I am going to expand my business in the feature I will have more products and to track them need a storefront software that has good product management service. So, think Precision Web is not a good option for my business. MARKETING & SEE Marketing and SEE is another very important feature that we need to consider when choosing a effective storefront software for our business. SEE stands for search engine optimization.Spiffy, Evolution both offers advanced SEE built right into our store, we can earn higher organic rankings in Google, Bingo and other search engines. Also, they automatically help to earn rich snippet displays like Star ratings, pricing and stock Status in organic search results. Evolution also offers their customers to sell their products on Amazon and eBay. On the other hand, Precision Web also offers similar eaters like Spiffy and Evolution but are limited. They don't options for selling in Amazon and eBay.Spiffy, Evolution and Precision web all offers email marketing options which helps customers to know about all the latest updates and discounts of the business. I am looking for the best marketing and SEE featured software and I think Spiffy and Evolution are very good options to choose from. MOBILE COMMERCE These days almost 30% of the commerce sales are made through a mobile device. Spiffy plan includes a free, built-in mobile commerce shopping cart. This means our customers can browse and buy from our store hill on the go, using any mobile phone from anywhere.Also, we can manage our store on the go and choose from beautiful mobile responsive themes. Evolution also helps shoppers buy from businesses anytime, an)Where by delivering a completely mobile optimized experience, from browsing all the way to checkout. Instead of making shoppers fumble through the site with their thumbs, site will be fully compatible with any smart phone or tablet device. In Precision web shopping cart automatically re-sizes the Shop template to fit mobile Screen resolutions but doesn't have beautiful mobile themes to choose from. So, I think Precision Web is not a good choice for my business.

Anxiety of High School Students Essay

1.1Introduction Anxiety is a general term for several disorders that cause nervousness, fear, apprehension, and worrying. These disorders affect how we feel and behave, and they can manifest real physical symptoms. Mild anxiety is vague and unsettling, while severe anxiety can be extremely debilitating, having a serious impact on daily life. People often experience a general state of worry or fear before confronting something challenging such as a test, examination, recital, or interview. These feelings are easily justified and considered normal. Anxiety is considered a problem when symptoms interfere with a person’s ability to sleep or otherwise function. Anxiety occurs when a reaction is out of proportion with what might be normally expected in a situation. Anxiety disorders can be classified into several more specific types. The most common are briefly described below. †¢Generalized Anxiety Disorder (GAD) is a chronic disorder characterized by excessive, long-lasting anxiety and worry about nonspecific life events, objects, and situations. GAD sufferers often feel afraid and worry about health, money, family, work, or school, but they have trouble both identifying the specific fear and controlling the worries. Their fear is usually unrealistic or out of proportion with what may be expected in their situation. Sufferers expect failure and disaster to the point that it interferes with daily functions like work, school, social activities, and relationships. †¢Panic Disorder is a type of anxiety characterized by brief or sudden attacks of intense terror and apprehension that leads to shaking, confusion, dizziness, nausea, and difficulty breathing. Panic attacks tend to arise abruptly and peak after 10 minutes, but they then may last for hours. Panic disorders usually occur after frightening experiences or prolonged stress, but they can be spontaneous as well. A panic attack may lead an individual to be acutely aware of any change in normal body function, interpreting it as a life threatening illness – hypervigiliance followed by hypochondriasis. In addition, panic attacks lead a sufferer to expect future attacks, which may cause drastic behavioral changes in order to avoid these attacks. †¢A Phobia is an irrational fear and avoidance of an object or situation. Phobias are different from generalized anxiety disorders because a phobia has a fear  response identified with a specific cause. The fear may be acknowledged as irrational or unnecessary, but the person is still unable to control the anxiety that results. Stimuli for phobia may be as varied as situations, animals, or everyday objects. Look more: problem cause solution speech outline essay For example, agoraphobia occurs when one avoids a place or situation to avoid an anxiety or panic attack. Agoraphobics will situate themselves so that escape will not be difficult or embarrassing, and they will change their behavior to reduce anxiety about being able to escape. †¢Social Anxiety Disorder is a type of social phobia characterized by a fear of being negatively judged by others or a fear of public embarrassment due to impulsive actions. This includes feelings such as stage fright, a fear of intimacy, and a fear of humiliation. This disorder can cause people to avoid public situations and human contact to the point that normal life is rendered impossible. †¢Obsessive-Compulsive Disorder (OCD) is an anxiety disorder characterized by thoughts or actions that are repetitive, distressing, and intrusive. OCD suffers usually know that their compulsions are unreasonable or irrational, but they serve to alleviate their anxiety. Often, the logic of someone with OCD will appear superstitious, such as an insistence in walking in a certain pattern. OCD sufferers may obsessively clean personal items or hands or constantly check locks, stoves, or light switches. †¢Post-traumatic Stress Disorder (PTSD) is anxiety that results from previous trauma such as military combat, rape, hostage situations, or a serious accident. PTSD often leads to flashbacks and behavioral changes in order to avoid certain stimuli. †¢Separation Anxiety Disorder is characterized by high levels of anxiety when separated from a person or place that provides feelings of security or safety. Sometimes separation results in panic, and it is considered a disorder when the response is excessive or inappropriate. 1.2 Background of the Study Anxiety is an unpleasant emotion experienced as dread, scare, alarm, fright, trepidation, worry, and uneasiness, which triggers mechanism for self-regulation strategies that facilitate performance (Schultz and Davis, 2000). Minimal amount of anxiety can mobilize human beings to respond rapidly and efficiently, but excessive amount of anxiety may foster poor response and sometimes inhibit response (Simpson et al., 1995). The quantity  of anxiety experienced by the learner and the negative effects of it on their academic achievement are one of the major reasons for educators to be concerned about (Price 1991, and Clement 1997). Anxiety is a common symptom found in different population especially among students. Researchers have focused on the role of anxiety in their attempt to understand these difficulties. Anxiety difficulties in certain students may be related to motivational orientation and the lack of effective study skills and test-taking skills. These students may not utilize cognitive, metacognitive, and self-regulated learning strategies effectively. Therefore, for these students, anxiety becomes an issue during course instructions and academic performance suffers. Educators are perceived to have enormous task and responsibility in helping the students reach their career goals. They play a very important role in making the learners realize their full potentials by helping them overcome the various obstacles they encounter in the process. The experience of anxiety seems to be inescapable in the phenomenological-existential world of these learners. Hence, an imperative need is felt by the researchers to further investigate this problem about anxiety. The present study is relegated to the high school students in a public Secondary Education Institution in Manila. The respondents chosen for the study were from the Polytechnic University of the Philippines Laboratory High School. Curriculum on this institution imposes a student to strive for academic excellence because of high standards and policies for grades. The schedule for these students is very demanding and requires attendance in class, laboratory work, six days a week along with daily homework. Frequent testing of students is necessary throughout the program for evaluation of progress in mastering content. Students verbalize and exhibit a great deal of anxiety regarding examinations, practicum, projects and other requirements. This study on the anxiety of high school students of Polytechnic University of the Philippines Laboratory High School is conducted to provide baseline data for the guidance and counseling department to plan and map relevant  intervention programs to address this specific concern of the recipient students. The findings gathered by this study can be of great help to the students, educators, parents, and the school administrators of the institution in arriving at solutions to the problem of anxiety among learners. 1.3 Theoretical Framework This study is anchored on the theory of Sigmund Freud (Freud, as cited by Fiest & Fiest, 7th Edition). He emphasized that anxiety is a felt, affective, unpleasant state accompanied by a physical sensation that warns the person against impending danger. The unpleasantness is often vague and hard to pinpoint but the anxiety itself is always felt. In one point of hid theory, he indicated that anxiety is a signal from the ego about a real (existing) or potential danger (Theories of Anxiety, Strongman, 1995). This study is also concerned o how anxiety relate to physical state of the students. In connection with this, researchers shall explore the physiological and neurological theories of anxiety. They account for anxiety as involving particular parts of The Central Nervous System, with addition of general arousal and their overt effect on the body, like perspiration and fast heart beat. According to the biological theory, the GABA system is responsible for the motivation of fear and anxi ety. GABA is known as Gamma-Amino Butyric Acid, it is a naturally occurring transmitter inhibitor. It is a substance in the body which helps us to maintain an optimal flow of stimulation or information thereby reducing the flow of neural transmission. There are GABA receptor sites which the GABA will bind and produce the effects mentioned previously. The ability to bind is not fixed, and is dependent on the presence of benzodiapines. This benzodiapines are anti-anxiety drugs such as Valium, Librium, and Alprazolam, which help regulate neural transmissions. The body naturally produces this chemical, but it has not yet been isolated. When the benzodiapines bind to the sites, it increases the ability of GABA to bind to its own receptor sites (Tallman et al., 1980). The GABA receptors then trigger the opening of Chloride channels which leads to a decrease in the firing rate of critical neurons in many parts of the Central Nervous System. Those who experience more anxiety than others (high level of anxiety), fail to produce or release  benzodiapines which are necessary for the amount of GABA needed to regulate neural transmission. This study wants to determine the level of state anxiety, the level of trait anxiety and the student’s perception of situational threat. State anxiety, like kinetic energy, refers to palpable reaction or process taking place at given time and level of intensity (Batoc, 2011). Its intensity is expected to be in high in circumstances perceived as a threatening and low in non-stressful situations. While trait anxiety, like potential energy, refers to individual differences in reactions (Batoc, 2011). It implies differences between people in the disposition to respond to stressful situations with varying amounts of state anxiety (Spielberg, 1982). The State-Trait Anxiety Theory which was developed by Spielberg gives the foundation for identifying the different psychological construct properties of state anxiety and trait anxiety, and for categorizing the different variables in studying anxiety. He postulated the State and Trait Anxiety are analogous in certain respect to kinetic and potential energy (Spielberg. 1985). While in Cognitive Perspective, loss of control and inability to make a coping response are two main focuses. Loss of control refers to a situation when there are unpredictable or uncontrollable events in one’s life which lead to anxiety and/or depression. As a result, feelings of helplessness develop. The unpredictability which may be associated with a task may cause anxiety (Seligman, 1975). The inability or perceived inability to make an adaptive response to a threatening event or the fact or perception that no such response is available will lead to feelings of anxiety. Since anxiety is very ambiguous, it is the key which prevents the elaboration of clear action patterns to handle the situation effectively (Lazarus, 1991).

Commentary for Soldier’s Heart

Commentary for â€Å"Soldier’s Heart† Author, Gary Paulsen The book Soldier’s Heart, is based on a true story about a fifteen-year-old boy in Minnesota named, Charley Goddard, who lies about his age to join the First Volunteers of Minnesota to fight in the Civil War. Some of the events and time sequences are not completely factual, but the essential elements of the books story are true. Charley Goddard is a fifteen-year-old boy growing up in the farming community of Winona, Minnesota, in 1861, just prior to what will become the Civil War. The whole are is talking about what they think will be a â€Å"shooting war. The atmosphere at the town meetings discussing the possibility is festive, with flags, and drums, and patriotic speeches. As a volunteer army is beginning to form, Charley decides he wants to be a part of it. Everyone assumes that it will be an easy, victorious battle, most likely over in a month or two, if it happens at all. Charley lies about his age and joins the volunteers in what he thinks will be a fun experience that will make him a man. The pay is eleven dollars a month, much more than he makes working on the farm. Charley trains and learns to be a soldier. Upon leaving the camp, the mean are treated as heroes even before they leave town, accompanied by much cheering and flag waving. Charley feels great, and spirits are high. However, not long after, he finds himself in his first battle. The Union soldiers lose badly. He is caught in the middle of violent suffering and death, and he cannot believe what is happening so suddenly all around him. When the battle is over, hundreds of his comrades had been killed, and Charley and the other survivors are stunned. It is eventually named the Battle of Bull Run. A camp is created near Washington and eventually reaches ninety thousand men. Charley becomes part of the day to day routine of the camp. He and others forage the farms in the area for food and eventually build log houses to live in during the approaching winter. However, many men get diseases such as dysentery and die in the camp. During the time here, Charley participates in one nearby battle against the Rebel Soldiers. The Union wins, but not without losing many men. One of them is a man whom Charley befriended only hours before. His name is Nelson, and he is shot in the stomach. Nelson knows the surgeons do not have the skills or time to mend his wound and that he will be left to die. As a result, he kills himself on the battlefield as the other soldiers leave for the return march to the camp. Charley takes part in a battle near Richmond, Virginia where the Confederate Army uses its mounted calvary to charge Charley and the Union soldiers. Nearly one hundred men on horseback charge six hundred foot soldiers. Charley and the others are told to shoot the horses in our to defeat the cavalry, and they do so, killing every horse and man. Next, Charley participates in the Battle of Gettysburg, the final battle of the war. Here he has the protection of rocks, and logs, and a large force of artillery behind him. Most of the charging Rebel soldiers are killed in the lines as they attack, but some eventually get close. Charley participates in a hand to hand battle with bayonets. He is finally wounded, and after being patched up as well as possible, he is sent home to Minnesota. Charley is a broken man in Winona, Minnesota. He can barely walk with a cane. He constantly passes blood, and his mental health has been affected severely. He contemplates suicide but he decides to hold on to his dreams of the war a while longer. He later dies of complications of the war wounds at the age of 21.

Innovation in management services in supply chains(SCM) Essay

Innovation in management services in supply chains(SCM) - Essay Example Importance of innovation Innovation is best described as the development and creation of unique possibilities for making value added contributions in a particular industry. The entire process of innovation goes beyond the traditional method of implementing new manufacturing processes or developing innovative products because it comprises of much broader aspects such as innovation in the market, organization and input resources (Kim, Kumar, & Kumar, 2012; Ozturen & Sevil, 2009). Innovation in tourism and hospitality industry In the last few years, the researchers such as Boon-itt and Pongpanarat (2011), Martinez-Ros and Orfila-Sintes (2009) and Spekman, Spear and Kamauff (2002) have done extensive studies on the role of innovation in service sector especially tourism and hospitality industry. Tourism and hospitality industry consists of many areas and dimensions and the study is catered across different elements. As the world has become global, travelling to different destinations wor ldwide is now the favorite leisure activity of majority of the consumers of any society. It has been reported by many countries such as France, USA, UK, Malaysia, Singapore, Turkey, China and Canada that the number of tourists is increasing at a faster pace than expected (Nassiry, Ghorban, & Nasiri, 2012). In order to provide exceptional tourism experience to the visitors, the tourism and hospitality industry of each country has to introduce innovative products and services that will meet the expectation level of the customers (Anthony, Johnson, & Sinfield, 2008). This industry is mainly made up of tour operators, travel agencies, hotels and accommodation service providers and airline companies. One of the key areas of focus by the players in the respective industry is the development of an effective Supply Chain Management (SCM) that ensures that the tourists are provided the most satisfying level of services (Zhang, Song, & Huang, 2009). Real life examples of SCM initiatives and i nnovations Since the demands of customers change at an accelerating pace in each market, it is required by every company to closely monitor the changing patterns of innovation requirements in the products and services. The customers of tourism and hospitality industry are looking for open service innovation which was the concept introduced by FedEx. Almost all the firms existing in the industry have ensured that they employ the latest technology in their services so that they have a strong presence in the market (Gunasekara, 2006). The consumers need to know about the tourism and hospitality industries so that they develop an interest in trying out the services. Some of the initiatives that have been observed in the Tourism supply chain (TSC) are integration of supplier and buyer relationship (Rizova, 2006), taking the suppliers on board when developing new products so that the feasibility of the project can be effectively designed (Handfield & Lawson, 2008) and eliminating the unne cessary intermediary steps so that the cost can be saved to a much larger extent (Miles, 2008). Such types of initiatives is a necessary act to be conducted by the organisations as

Markting 3000 Essay Example | Topics and Well Written Essays - 1250 words

Markting 3000 - Essay Example The behavioral pattern of the people, in the decision making process of buying products and services, helps provide important clues for preparing appropriate market strategies so that maximum mileage could be garnered for the products. The paper is an attempt to study the consumer psychology that culminates in purchase of goods. Two consumers, who had bought cars, were studied for the learning processes that led to their buying decision vis-Ã  -vis five major factors: need recognition; information search; evaluation of alternatives; purchase; and post purchase dissonance. The consumers had come from diverse socio-economic background and their purchase psychology would significantly provide a wider spectrum of important clues for marketers. The interviews consisted of same set of questions regarding their pre and post purchase psychology and the factors and issues that had considerable impact on their decision making process. Consumer A belonged to an affluent class and was working in a multinational company as a System Analyst. He had bought a Mercedes’ Benz. Consumer B was a Teacher in a semi urban locality and belonged to a middle class society. He had bought Honda City. As per their responses, it was found that both the consumers had different need recognition that was driven by their beliefs, attitude and lifestyle imperatives. Consumer A was conscious of his social status and wanted a car that would add value to his lifestyle. He therefore, wanted a high end, flashy car that would also give good return vis-Ã  -vis his investment. Consumer B’s requirement was primarily need driven because of the long and time consuming public transport to his workplace. He, therefore, required a sturdy, low investment and comfortable family car that would be economic as well as reliable. He was, therefore looking for a medium range, practical and comfortable car. The information search

HSIE Essay Example | Topics and Well Written Essays - 500 words

HSIE - Essay Example All in all, I assisted in putting the power point presentation into a coherent group presentation. In addition, my role was to do complete the dot point that stated the task to ‘provide a brief suggestion for how this topic would be implemented in a classroom context’. This required research and the development of ideas on how the topic of Indigenous Australians could be implemented and integrated into the classroom setting. The experience in this group field visit work was, all in all, a positive experience. A primary reason is that, the experience allowed me to develop my negotiation skills, especially as group works often require members to negotiate with each other. Through the visit, as a student, I was able to gain hands-on experience and better understanding of indigenous Australians. More specifically, it allowed me to understand deeply the Indigenous Australians culture and lifestyle, especially where the resources for their daily lives were shown. The most significant professional and pedagogical learning that I have gained from the group field work is on the knowledge I was able to gain about this unique group of people. In other words, I was able to see what the Indigenous Australians’ way of life was. It allowed me to gain knowledge on their creation. For instance, I was able to see how the woven baskets they used served multiple purposes – in carrying their food and in some instances, their babies. Also, the most significant learning from the group was that due to each member’s research and information gathering, I was able to gain a functional understanding of the different equipment they used to survive, for instance, the New South Wales shield. In addition, my experience allowed me to also gain information on how the Indigenous Australians were influenced by the Europeans. This was clearly apparent on the items seen in the Australian Museum, including the shield (Australian Museum, 2012). In additi on, the most

BlackBoard Assignment Example | Topics and Well Written Essays - 250 words

BlackBoard - Assignment Example Such tools include chat rooms, wikis, blogs, peer assessment, groups, and discussion boards. Therefore, the core aim of the research is to dig out into the significance of the virtual blackboard in modern learning. In achieving the objectives, various scholarly sources will be analyzed. Moreover, various case analysis will be conducted on various institutions that have shown adoption to the program, counterchecking the advantages, shortcomings, effectiveness, and the diverse features facilitating its use. The discussion board does enhance communication. All the students can engage in discussions, a tool that leads to creativity and innovation. Forums are different discussion topics students can engage in at a time. Some discussion features enables the instructor to follow up on what the student has done over time, hence perfect evaluation tools. Additionally they empower students, promote exploratory learning, and enhance reflection. Chat rooms lead to generation of ideas arising during and after classwork. Blackboards groups are the foundation of collaborative learning. They contribute to diversity, interpersonal growth, active learning, and opportunity to feedback provision. They come along with other features such as members’ enrolment key, groups’ creation, personalization, and disabling vs. enabling protocol. The peers’ assessment tool promotes the listening, analysis and critique aspects among students and their work. The assessment aids in fairness maintenance during assessments, judgment skills development, and workload reduction for instructors and acts as a learning opportunity. Blogs are online platforms whose role is to facilitate interaction via leaving the comments on the materials provided. Students who may fail to be active in class may divert their attention to blogs. As collaborative tools, they enhance consistent

Human Services Program and Profession Discussion UNIT 6 Research Paper

Human Services Program and Profession Discussion UNIT 6 - Research Paper Example More so, today several laws were made with the purpose of protecting a child’s right (Stein, 2006). These laws include protection from abuse, exploitation, discrimination and neglect. Second right to a provision in terms of education health and a standard of living and the right to participation in communities and have services and programs for children. These laws have developed gradually since the orphan train. Children and adolescents are sometimes unable to verbalize their thoughts about what they are feeling and want they go through during the day. Some of the health issues they face include anxiety, suicidal thoughts, depression, drug use and long term behavioral problems such as conduct disorder. According to mental health professionals in schools, some of these emotional and behavioral problems are because of school violence or bullying (Finch, 2012). These issues can be treated by observing the child or the teen, and analyzing the frequency of the problem. The two agencies in child, adolescent and family are The National Association of Child Care Recourse and Referral Agencies (NACCRRA) and The Administration of Children and Families (ACF). The ACF is a federal agency that provides programs that are related to children family issues, such as, childcare and support, and child welfare. The NACCRRA objective is to make sure families get access to the best and affordable health care (Pecora, 2009) the agency also maintains state childcare resources as well as programs or people that care for

The Times of Harvey Milk connection to Sociology Essay

The Times of Harvey Milk connection to Sociology - Essay Example ranciscans participated in the protest rally after the murder and they expressed their anger by indulging in violent activities including attack on police vehicles. People were more furious on the leniency shown to White, during the trial procedure. (Profile/milk, time.com). It is very interesting to view this movie in the context of sociological theories, and especially the hero Harvey Milk, due to the concepts of deviance and conflicts involved, through out his life. All the deviant activities and conflicting events including his assassination and the resulting violence were illustrating the various aspects of different sociological theories of deviances and conflicts. Every conflicts and perceived deviances occurred as a result of the courageous life practiced by Harvey Milk, by questioning the conventional ideas and traditional social perceptions. Conflict theories suggest that society and culture influences individual behavior. Economic and social inequality in a society is cited as the most significant cause of conflict. According to conflict theorists every society will be economically unequal. The most important and influential position are handled by powerful people in a society. (pathway2, sociology.org.uk). In this movie also it is evident that the Harvey Milk being a member of a gay community was discriminated by the general society, especially the governing class. The protagonist of the movie, Harvey Milk, is suffering mainly from the inner conflicts. The socio economic environment in which he was brought up was sufficient enough to create conflict in his own inner sense. While dealing with other people his sociological background influenced him. Conflicts are created through out the structure of the society presented in the movie. Conflict in the society is instigated by competition. There are three assumptions related to conflict theory which are suggested by the traditionalists. Interests of various groups in the society are the one aspect of

McDonald Essay Example | Topics and Well Written Essays - 250 words

McDonald - Essay Example Recent statistics shows that McDonald’s operates 31,000 restaurants in 119 different countries (Kroc 23). Additionally, the corporation also operates several other restaurant brands like the Piles Cafà © and Donatos Pizza. Some of the countries that have the McDonald’s food store include Singapore, Malaysia, India and most of the states in the United States and Europe (Kroc 29). McDonald has maintained its vigorous advertising campaign for several decades. They usually use the radio, social networks, billboards, newspapers, television and the internet to advertise their products. Through these advertising schemes, McDonald’s has significantly augmented its market. Until recently, McDonald’s has used up to 23 different slogans to advertise its products in different regions and countries. One of the interesting ads by McDonald’s is the ad concerning Rock and Fries. The ad portrays the McDonald emblem using a human hand. Such an advertising strategy has touched me and many others, and it proves that there is a proper marketing integration because McDonald has augmented its market (Kroc 34). The company is considered as one of the most vigorous fast food

Georg Philipp Telemann Sonata in F Minor Essay Example | Topics and Well Written Essays - 4750 words

Georg Philipp Telemann Sonata in F Minor - Essay Example His musical prowess, which he has painstakingly nurtured amidst the resistance of his family especially his mother, makes him the most prominent composer during his period, even greater than the currently renowned Bach (Georg Phillip Telemann 2007). Telemann has been born in a family which most of the members is involved in church activities but is not directly musical. Only his great-grandfather who served as Cantor at Halberstadt is known to have been directly involved in musical activities. He lost his father at an early age, leaving him at the sole care of his mother who opted that he build a career in fields other than music. Yet, his musical genius is discovered early in his life, with Telemann writing his first opera at the age of twelve. Fearing that he will pursue a career in music, his mother confiscates all his instruments and sends to a school in Zellerfield. However, the approval of the superintendent of the institution discovered and approved of his talent giving him the opportunity to learn to play various instruments including recorder, viola, organ, viola da gamba, flute, oboe, chalumeau, double bass, and bass trombone (Baroque Composers and Musicians n.d.) With his mother's insistence, he studies law at Leipzig where he is commissioned to write music for two of the city's main churches. At the same time, he also founds the Collegium Musicum which gives performance of his music. Because of his growing prominence, Telemann is given the main position as the musical director of five churches in Hamburg, a position which he holds for the rest of his life. He is also noted for his regularly publication of his works (Georg Philipp Telemann 2007). Historical Information A. The Baroque Period Telemann's Sonata in Fminor is composed during the Baroque period which is an era in the European classical music which flourished between 1600 and 1750. Baroque music becomes a major component of the classical music canon which is widely performed, studied, and listened to. The general musical style which best characterized Baroque music are "more elaborate musical ornamentation, as well as changes in musical notation and advances in the way instruments were played" (Baroque Music 2007). Others include "unity of emotion, ornamentation, and a contrasting rhythm with improvisation melodies usually had a continuous line moving, terrace dynamics and extensions (Baroque Music 2007)." B. Sonata Form During the Baroque period, sonata refers to a variety of works including works for solo instrument such as keyboard of violin or groups of instruments. Sonata is a composition for one or more instruments always with continuo (Sonata 2007). Sonata form is "a way of organizing the musical ideas in a movement on the basis of key." Generally, it follows the following outline or standard form: 1. Introduction. "The introduction section is optional, or may be reduced to a minimum. If it is extended, it is generally slower than the main section, and focuses on the dominant key. It may or may not contain material which is later stated in the exposition (Sonata Form 2007)." 2. Exposition. "The primary thematic material

Children Today Essay Example for Free

Children Today Essay There are many factors which lead to the way children act today. The way a child is raised, is a reflection of the lack of respect which an adolescent embraces for their elders. Over time, generations of human beings have become more reliant on technology. This has made mankind lazy and uncultured, causing a reflection on our children. Also, there have been many laws which were set against structure in a childs life. Whether the child is at home, school, or with a care giver such as a â€Å"babysitter†, there are limits to how a child can be disciplined. However, when a child has a lack of authoritative parents, it often times produces the young ones disrespect for others. The powerful painting by Banksy entitled, Girl Patting Down Army Soldier, demonstrates role reversal between child and adult. The image clearly illustrates a young girl in a pink dress and pig-tails, patting down a strong, fierce soldier. Soldiers represent power and authority, and this little girl is taking over that roll. This, to an extent, is the way our generation of children are becoming. They believe they are equals with adults in this world. They do this by bossing their parents around, and disrespecting them day after day. The way our world uses technology is only part of the reason why our children are so ignorant today. In the past, parents would send their children outside to get their pride and joy out of their hair and to have some fresh air. Presently, they set their child in front of a television to watch a show or play a video game. Due to the fact that most parents do not monitor every show or game their child takes part of, many children begin learning how to act by observing what is on the television screen in front of them. The television show entitled, Toddlers and Tiaras, is a prime example of these types of shows. Here, children of various ages dress as though they are twenty years old, yet act the total opposite. Kids which are two and three yeas old talk back to their parents and constantly role their eyes at the people they love. There are also multiple children hitting their competition and parents when they do not get what they want. When any child watches this type of show, they often times will begin to mirror the negative behavior. In fact, according to Illinois State Medical Societys  experiment entitled, Monkey See Monkey Do, â€Å"In a matter of seconds, most children can mimic a movie or TV character, sing an advertising jingle or give other examples of what they have learned from watching media. These examples may include naming a popular brand of beer, striking a â€Å"sexy† pose, acting impolitely, or play fighting. Children only have to put a movie into the DVD player, flip through the channels, open a magazine, click on a web site, pop a video game into an X-Box or watch television to experience all kinds of messages. The impact of these messages can build slowly when children see and hear them over and over again.† Our youth today does not understand what is real and what is not on the T.V. If kids do not have guidance from their parents, they will most likely begin transforming into impolite little people. Therefore, parents need to not place their child in front of the television, but rather spend more time with them. Many kids care givers are also beginning to spend more time with their technology instead of their child. This is beginning to cause children to act up due to the fact they feel they are getting no attention. An article on The Washington Post entitled, Parents are ignoring their children for their Blackberry, stated, If youre taking [parental attention] away from the child, for what looks like it is not a good reason, kids might think, What am I doing wrong that my parents dont like me? and may start acting out to get their parents attention because they have a hard time distinguishing positive from negative attention. Although parents do not mean to push their child away and make them feel as though they are less important than their phone, they are. This is why our generation of kids are beginning to throw tantrums and are becoming more impolite. The laws which have been set against a childs punishment have changed tremendously over the past fifty years. This is a large factor of why our children have become so disrespectful to the people around them. In the past, teachers had the right to inflict corporal punishments on children. This is a form of discipline which ended around 1989 in Oregon. According to American Academy of Child and Adolescent Psychiatry, corporal punishment is a method which a, â€Å"Supervising adult deliberately inflicts pain upon a child in response to a childs unacceptable behavior.† The purpose for this  type of punishment was to try to prevent non-tolerated actions to reoccur. It was meant to change their long-term behaviors and to show the child what was and was not acceptable. In current times, children can not be touched in any physical matter from any one other than their parent or guardian. This is because it is now illegal to physically harm kids. This law has led some children to understand they can get away with excessive amounts of negative behaviors due to the fact there are less ramifications that follow their unfavorable actions. Because of these laws, kids can not be disciplined to any amount which the state would find excessive. Therefor, when these kids become disrespectful, there is no possible way for the children to be disciplined by any teacher or caregiver. The law of non corporal punishment has effected our children to a point because they cannot be punished for their actions, making them more disrespectful. There are many parents who hold a lack of authority. This is part of what is producing our youths disrespect for others. An authoritative parent is someone who expects a lot from their child. They also have strict rules which they predict will be followed at all times. These parents are also a large part of child rearing. According to ChildRearingMatters.com, â€Å"The aim is always to bring?out?the best in each child, and to prevent and overcome difficulties.† In other words, parenting. When a childs parents lack this, their children in most cases, end up running the house. These children think they are their own parent. When this occurs, the adolescent ends up pushing their own parents around as well as the others around them. Many children today are becoming unexceptionably disrespectful to their elders and others around them. This is due to the way they are raised and brought up since birth. There are three main aspects which have created this issue which is occurring now. These include the number of parents relying on technology, the laws which protect children from any form of physical discipline, and the lack of authoritative parents which these children have. If the way our children are raised never changes, the issue of disrespect towards others is only going to worsen. Having respect for other is a large aspect of life. If children can not learn how to respect others, how are they supposed to respect themselves?

Margin of Appreciation

Margin of Appreciation The analogy of the doctrine of margin of appreciation reflects the rational behind the separation of power and constitutional framework. Margin of appreciation is a means by where member states are conferred a privilege to balance between the rights of the individual with the rights of the public at large. When there is a conflict between the security of public with the individual human rights then it is for the state to determine whether it is within the margin of appreciation that they can violate that individual’s human rights without being held liable for violation. In the case of Goodwin v. United Kingdom(1) the court held that the United Kingdom arguments for violation was not within the margin of appreciation and the fair balance inherent in the Convention tilted in favour of the applicant.   Margin of appreciation is the term that refers to margin between the governments justification to be excused from infringing human rights. This exception is delegated to member states under certain circumstances. Not all rights are subject to margin of appreciation(2). In Harb v. His Majestry King Fahd Bin Abdu(3) the applicant challenged the lawfulness of a private hearing, it was argued that the Article 6 of the ECHR were not incompatible as Article 6(1) permitted a hearing in private and the margin of appreciation should be extended to reflect the principle underlying state immunity. To large degree, there is a legitimate justification for the existence of the margin of appreciation, most of all it is necessary as a means of balancing between the human rights of individual citizen against the protection and safety of the public as whole. If this balance did not existed, human rights would inevitably override the protection of public and pose great concern to the interest and security of the public. â€Å"In particular the press as a public watchdog are entitled to a high degree of protection.(4)† In vast number of cases, courts have indicated that authorities have wide margin of appreciation. In the House of Lord case, A (FC) and others (FC) (Appellants) v. Secretary of State for the Home Department (2004)(5) it was decided that Article 15(1) gives the authorities a wide margin of appreciation. This was clear evidence that where there is a pressing need for the security and protection of public the authorities possess a power of derogation to derogate from compliance with the human rights(6).   Conversely, in the Chahal v United Kingdom (1996)(7) European Court of Human Rights declared that Article 3 is the most fundamental right in a democratic society and â€Å"no derogation from it is permissible under Article 15 even in the event of a public emergency threatening the life of the nation(8)† This clearly demonstrates the conflict as to when margin of appreciation can and cannot be used as a justification for violation of human rights.   Arguably, there are evidence of pressing social and political needs for the rational and necessity of margin of appreciation. Margin of appreciation is a necessary and prerequisite element of state privilege in the measures they take when confronted with human rights issues of an individual citizen or a group of citizens(9). Nonetheless, the extent of margin of appreciation vary in accordance with the type of right the states authorities are interfering with and each case depended upon the circumstances and merits of the case. In Pretty v. United Kingdom [2002](10) it has been established by the ECtHR that â€Å"the national States margin of appreciation is narrow as regards interferences in the intimate area of an individuals sexual life†(11); explicitly, this is referring to interference with Article 8 of the ECHR or the HRA 1998. Further rational was set out in R (on the application of Tangney) v. The Governor of HMP Elmley and Another [2005](12) confirming that Strasbourg polices the boundaries between criminal and disciplinary charges, but it has to be appreciated that no two member states operate an identical penal disciplinary system and inevitably when dealing with fact specific situations in which the context is important each member state has some margin of appreciation(13). In other words, this coherently identifies that margin of appreciation is necessary for the smooth governance of a state in accordance with laws, norms and moralities of that specific state.   The legislator has a wide margin of appreciation in implementing social and economical policies and the legislator’s judgement are respected as to what constitutes â€Å"in the public interest†; thus, in James v. United Kingdom (1986)(14) the ECtHR determined that national courts are better in balancing individual and community interest. In this matter, Article 15(1) leaves those authorities a wide margin of appreciation(15). On the contrary, Article 2 and 3 do not recognise a margin of appreciation as they are absolute rights and not subject to any limitations because right to life and protection from torture is most fundamental right than non-discrimination as the government can derogate from right to non-discrimination in the event of a public emergency threatening the life of the nation (Article 15)(16).  Ã‚   Broadly speaking, the ECtHR developed the margin of appreciation doctrine to enable states to balance conflicting fundamental rights. For example where there is a outstanding claim for a possession order, the claimant has a right to a fair hearing under Article 6 whereas, the defendant probably has a right to a respect for family home under Article 8. In this case, the two rights clashes but it is the court’s duty to balance conflicting fundamental rights by using their power under margin of appreciation(17).  Ã‚   All qualified and limited right other than absolute rights under the HRA and the ECHR is subject to a range of restrictions. Restrictions provided under the Articles are similar between all the qualified and limited human rights and the restrictions have been applied in a similar way by the Commission and the ECtHR. The prescribed human rights may be restricted by limitations proscribed by law, which are necessary in a democratic society in the interest of public safety, for the protection of public order, health or morals, or for the protection of the rights and freedoms of others(18). The ECtHR recognises that its role is to review and ensure that the decision of local bodies fall within the margin of appreciation as identified in Ahmad v. United Kingdom (1981)(19). Case law suggest that there are arguments for and against the existence of margin of appreciation. However, to preserve a same level of human rights to each citizen there must be a provision enabling the state to draw a line between two or more conflicting right or the protection of the citizens of that state. There are more rational behind the existence of margin of appreciation as a means of balancing mechanism in a democratic society.

The Basic Theory Of The Arbitrage Pricing Theory Finance Essay

The Basic Theory Of The Arbitrage Pricing Theory Finance Essay The Arbitrage Pricing Theory is an asset pricing theory that is derived from a factor model, using diversification and arbitrage arguments. The theory describes the relationship between expected returns on securities, given that there are no opportunities to create wealth through risk-free arbitrage investments. APT is one of the most influential theories in the stock pricing which is initiated by the economist Stephen Ross in 1976. It predicts there is a linear relationship between expected return and risk which can be linked by SML. APT suggests that the assets return to investors could be influenced by many independent macro-economic variables. It does not require the existence of true market portfolio and demand less restrictive assumptions compare the other asset pricing model such as the CAPM. Arbitrage arises if an investor can construct a zero investment portfolio with a sure profit. APT relies on three propositions: (i) the security returns can be described by a factor model (ii) idiosyncratic risk can be diversified away (iii) arbitrage opportunities are eventually diversified away. Since no investment is required, investors can create large position to secure large level of profit. However, profitable arbitrage opportunities disappear in efficient markets. The APT formula is as following: E(Ri) = Rf + b1*(E(R1) Rf) + b2*(E(R2) Rf) + K+ bn*(E(Rn) Rf) Rf = Risk free interest rate bi = Sensitivity of the asset to factor i E(Ri) Rf) = Risk premium associated with factor i where i = 1, 2,n Multi-factor model and many relevant researches to basic financial factor has developed since Ross (1976) raised the arbitrage pricing theory, such as the three factor model of Fama and French (1993). Fama and French (1993) continues the research method of Fama and Macbeth (1993)Aand conclude that the APT has explain better the return of the stock than the CAPM . Fama and French (1996) argue that the CAPM does not explain the patterns such as size, book-to-market equity, earnings/price etc. in average return on common stock. And these anomalies are captured by the three factor model of Fama and French (1993). The three factor model is as following which indicates that the three factors, (Rm ? Rf), SMB and HML are used to explain the returns of stocks : SMB = Small Minus Big; returns on small stocks in excess of returns on large stocks HML = High Minus Low; returns of stocks with high BTM ratio in excess of returns on low book-to-market ratio According to the equation above, Fama and French (1993) states that the pattern in the HML slopes does not predict the continuation but the reversal for future returns. Therefore, the continuation of short-term returns documented by Jegadeesh and Titman (1993) is left unexplained by the three Vfactor model (Fama and French). The three-factor model in the above equation captures much of the cross-sectional variation in average stock with the reversal of long term returns documented by DeBondt and Thaler. The results of the empirical tests were taken by Fama French]1996^are consistent with APT asset pricing. Fama and French argue that it is an equilibrium pricing model, a three-factor version of APT (Ross 1976) due to the empirical successes. Fama and French (1996) conclude that the three-factor model is a good model although it does not explain the expected return on all securities and portfolios. But it captures the anomalies on the portfolios formed on size and book Vto market equity, earnings/price etc. On the other hand, Roll and Ross (1995) conclude that The APT approach to the portfolio strategy decision involves choosing the desirable degree exposure to the fundamental economic risks that influence both asset returns and organizations. Roll and Ross (1995) states that APT can be adapted to special situation comparing to many traditional approaches because of its flexibility and it will be well-suited to the management of huge amount of funds. Later on, Chen, Roll and Ross (1986) examined the validity of the APT in the US stock markets. The test is based on the APT and suggests the multi-factor model .Chen, Roll and Ross (1986) found that the set of macroeconomic variables including: industrial production, changes in the risk premium, twists in the yield curve etc. are found to be significant in explaining the expected stock returns. The result of their research is consistent with the APT (Ross 1976) which implies that APT is valid. They believe that the multi-factor of APT captu res more risk factors and explains better of the asset returns, therefore, it is more useful than the CAPM. In conclusion, Arbitrage pricing theory (APT) is a valuation model as it does not required the existence of true market portfolio and fewer assumption is used which is more rational comparing to the CAPM. APT relates the individual asset price to the variety of unanticipated events driving it rather than rely on the measuring of the market performance. Beenstock and Chan (1986) found that the multi-factor APT has a better explanation than the single factor CAPM in the UK stock market through the Non-Nested Test. Also, Fama and French (1996), Chen, Roll and Ross (1986) have consistent results with the APT and therefore support APT over CAPM. However, there still many ambiguities hide in the model. Shanken (1982) challenge to testability of the APT as theory has been silent about which economic state variables are likely to influence all assets and there is a complete ignorance to the identity of the relevant factors that explains different returns. Also, the economic variables are not yet determined that which are responsible to the asset prices. Reinganum (1981) found that his results are inconsistent with the APT and according to the Roll and Rosss study, they conclude that although the evidence generally support the APT, acknowledged that their empirical tests were inconclusive. Therefore, due to the complexity of and dubiosities of the APT, companies choose to apply the CAPM instead. In view of this, more researches and improvements should be made to the APT in order to increase the usefulness of it. BibliographyG Beenstock, M. and Chan, K. 1986, Testing the Arbitrage Pricing Theory in the United Kingdom, Oxford Bulletin of Economics and Statistics, Vol. 48, No 2, pp.121-141. Eugene F. Fama and Macbeth, J, 1973, Risk Return and Equilibrium: Some Empirical Tests, The Journal of Political Economy, Vol.8, pp.607- 636 Eugene F. Fama and Kenneth R. French, 1992, The cross-section of expected stock returns, The Journal of Finance Vol.47, pp.427-465 Eugene F. Fama, and Kenneth R. French, 1993, Common Risk Factors in the Returns on Stocks and Bonds, The Journal of Financial Economics, Vol.33, pp.3-56 Eugene F. Fama, and Kenneth R. French, 1996, Multifactor Explanations of Asset Pricing Anomalies, The Journal of Finance, Vol. 51, (Mar.,1996), pp.55-84 Nai-Fu Chen; Richard Roll; Stephen A. Ross, 1986, Economic Forces and the Stock Market, The Journal of Business, Vol. 59, No 3 (Jul., 1986), pp.383-403. Reinganum, Marc, 1981, The Arbitrage Pricing Theory: Some Empirical Results, The Journal of Finance, Vol.36, No.2, (May,1981), pp.313-321. Richard Roll and Stephen A. Ross, 1995, The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning, The Financial Analysts Journal, January-February 1995. Shanken, Jay, 1982, The Arbitrage Pricing Theory: Is It Testable, The Journal of Finance, Vol.37, pp.1129V1140. Stephen A. Ross, 1976, The arbitrage theory of capital asset pricing, The Journal of Economic Theory, Vol.13, pp341-360. Zvi Bodie, Alex Kane, Alan J.Marcus, 2009, Chapter 10, Arbitriage pricing theory and multifactor models of risk and return, Investment

A Clockwork Orange Essay: The Future Dystopia -- Clockwork Orange Essa

The Future Dystopia in A Clockwork Orange      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A Clockwork Orange is an anti-utopian novel, describing an imminent future in a stately supervised country. The hero Alex revolts against the state using violence and is therefore locked up. Later he is turned into a harmless subject without free will, incapable of committing any crime.    Burgess paints a future outlook of a land that is still committed to democracy, yet has already adapted radical methods facing youth criminality. There are several indications leading to the supposition that the general form of the government is a socialist one, e.g. the teenage slang called Nadsat which handles chiefly Russian vocabulary, streets named after personalities like Yuri Gagarin and paintings of nude working men in the style of Russian socialist art. So the state is on the say to become totalitarian, after the example of many communist countries.    In addition Alex lives in a society which lacks individualism and opposition. Under the strict governmental rule ordinary citizens are deceived end benumbed by TV and drugs. Moreover books and newspapers are hardly read, theatres and cinemas rarely visited. Everything is done to prevent normal subjects from thinking.    The few people representing an opposition against the government are hooligans like Alex and political reactionaries like Mr. Alexander and his friends. Hooligans are relatively held under control by a strong police force, reactionaries don't have any support from the people. Indeed there is a regular opposition in the country, yet it seems to come into terms with the ruling party.    This leads us back to Burgess' opinion that we should not trust the state. The hero Alex is in fact ... ...tine Books, 1984, (1965), S. 171-177 Hahn, Ronald M. und Volker Jansen. Uhrwerk Orange, in: Hahn, Ronald M. und Volker Jansen. Kultfilme: Von "Metropolis" bis "Rocky Horror Picture Show". 4. Auflage. Mà ¼nchen: Wilhelm Heyne Verlag, 1990, (1985), S. 293-303 Kagan, Norrnan. A Clockwork Orange, in: Kagan, Norman. The Cinema of Stanley Kubrick. New Expanded Edition. New York: The Continuum Publishing Company, 1989, ( 1972), S.167-187 Melchior, Claus. Zeittafel zu Leben und Werk von Anthony Burgess, in: Burgess, Anthony. A Clockwork Orange. 1. Auflage. Stuttgart: Phillip Reclam jun., 1992, S. 247-249 Melchior ,Claus. Nachwort, in: Burgess, Anthony. A Clockwork Orange. 1. Auflage. Stuttgart: Phillip Reclam jun., 1992, S. 251-260 Rabinovitz, Rubin: Ethical Values in Anthony Burgess' A Clockwork Orange, in: Studies in the Novel, 11 (1979) S. 43-50

Flute Acoustics Essay -- acoustic sound

A flute blows a rapid jet of air across the embouchure hole. The pressure inside the players mouth is above atmospheric (usually 1kpa: just enough to support a 10cm height difference in a water manometer). (http://newt.phys.unsw.edu.au/music/) The work done to accelerate the air in this jet is the source of power input to instrument. Sound requires an oscillating motion or air flow. In the flute, the air jet, and the resonance in the air in instrument produces an oscillating component of the flow. As the air starts to vibrate some of the energy (sound ) is radiated out the ends and through any open holes. Most of the energy is lost as a sort of friction (viscous loss) with the walls. The pitch or note can be altered very slightly by breath and lip adjustment, but if changed completely the length of the air must change. This is why the holes in the flute are used to remove the constriction of the air at that particular point. The resonance of the air column in the flute mostly determines the playing frequency which is the pitch. (http://newt.phys.unsw.edu.au/music/) Since the...

The Process of Successful Change

The Process of Successful Change Norma Taylor HCS 325 July 10, 2012 The Process of Successful Change There are many responsibilities involved with the title of manager. Implementing and rolling out change to your employees can be overwhelming. There are different techniques used to ensure a smooth, uneventful transition to change. Some techniques are not as useful and successful as others, depending on what type of change is involved. Motivational techniques to implement change in a company are not an easy task, but it is possible.Expectancy theory, two-factor theory, goal-setting theory, and equity theory are a few different techniques that I would use in my company. The expectancy theory is a unique way to motivate employees during a time of change. Victor Vroom’s expectancy theory suggests that â€Å"people will do what they can do when they want to do it† (Lombardi & Schermerhorn, 2007). This theory depends on three different factors: Expectancy, Instrumentality, an d Valence. Expectancy is the belief that working hard will result in a desired level of task achieved.Instrumentality is defined as a person’s belief that successful performance will be rewarded and has other good outcomes. Valance is the value a person assigns to the possible rewards and other work related outcomes. There are pros and cons to the expectancy theory. One pro is that this theory is a commonly recognized for supporting an employee’s decision-making method. A shortcoming of this theory is that it has numerous elements that may make this theory not as successful. For example, this theory does not take the emotional state of the individual into consideration.The individual's personality, abilities, skills, knowledge as well as previous experiences are factors that may affect the outcome of this model. The expectancy theory of motivation is a â€Å"perception† based model. The manager needs to guess the motivational force (the value) of a reward for an employee. The theory can be difficult to implement in the group environment (Leadership-Central. com, 2012). As a leader using the expectancy theory, I would set realistic goals for the employees. In addition, I would also ensure that they are setting realistic goals for themselves.Failure to set a realistic goal will result in a low motivation as the expectancy will yield a low result. Rewards are a form of motivation to everyone and I would set realistic rewards. As a leader I need to understand what my employee’s value and I would link the reward with the goal. The trick here is to ensure that you operate within your constraints as well as make sure not to exaggerate the reward in comparison to the effort they will need to express. High reward with low effort will create an expectation effect and may work against you.I believe the expectancy theory technique would work well in a small office. Implementing change and offering a reward to committed employees with positive r esults will give effective outcomes. The two-factor theory is another motivational techniques used in the workplace developed by Frederick Herzberg. This theory states that there are certain factors in the workplace that cause job satisfaction as well as a separate set of factors that cause dissatisfaction. This theory used as a motivational technique can cause great outcomes in the workplace. Job satisfaction can be achieved in the simplest ways.Acknowledging great performance would give employees a sense of job satisfaction at their workplace, thus creating a positive outcome. According to Herzberg job satisfaction can be a sense of achievement, feelings of recognition, sense of responsibility, opportunity for advancement and feelings of personal growth (Lombardi ; Schermerhorn, 2007). Job gratification can indicate a great degree of incentive or productivity with workers. J. Stacy Adams developed the equity theory, which assists in the explanation that wages and environments do n ot conclude motivation to employees.His theory indicates that the perceived unfairness is a motivating state. When people believe they have been inequitably treated in comparison to others, they will try to eradicate the discomfort and reestablish a sense of fairness to the situation (Lombardi ; Schermerhorn, 2007). As a leader this type of motivation is essential to a work environment. According to Adams’ prediction, he believes that employees would deal with unfairness by changing their work contributions and decreasing their labor.He also believes that employees will ask for incentives, or simply terminate their position in the company because of unfair or unjust treatment compared to fellow employees. Treating everyone equally and fair is a practice required in any type of work environment. Using this tool as a motivation to implement change would be necessary. It would aid in the impartiality of rewards for doing an excellent job during the change as well as the repriman ds needed for employees not embracing the change as necessary.In 1960’s, Edwin Locke put forward the goal-setting theory of motivation. This theory states that goal setting is essentially linked to task performance. The theory states that specific and challenging goals along with appropriate feedback contribute to higher and better task performance. In simple words, goals indicate, and give direction to an employee about what needs to be done and how much effort is required. This is one of my favorite theories because I believe that it is the most effective theory to use when implementing a change in a work setting.There are numerous important features in this theory. For example, Edwin Locke states that the employee’s willingness to work toward the attainment of a goal is a main source of job motivation. A clear, difficult, and specific goals are greater motivating factors than having easy, general and vague goals. Specific and clear goals lead to greater output and b etter performance (Management Study Guide, 2012). Goals ought to be reasonable and challenging to give employees a sense of gratification and accomplishment when attained.The more challenging the goal, the greater the reward, and the higher the employee’s desire are for achieving it. Feedback is a means of gaining reputation, making clarifications and regulating goal. There are many theories to implement change and motivate employees; some may work while others may not. Change in a workplace is a process. As a leader I would start with what would benefit the company. Once the notice of change has been communicated, setting up training would be the next step.Using the goal-setting theory I would let the employees know clearly what is expected from them and continue to implement the change. To motivate the workers and make the change a little more pleasant, I would reward them once the goal is achieved. Change is not always bad, but it is definitely a challenging task, because of the various needs and desires of each individual. References In-Tuition. (2012). Follow These Strategies for Managing Change. Retrieved from http://www. practical-management-skills. com/strategies-for-mamaging-change. htm

Business Law Memo

M E M O R A N D U M TO:Client FROM: DATE:November 16, 2011 RE:Suggestive Business Entity for Cure of Cancer Question Presented What business entity would be best suited in order to create the enterprise for the client’s scientific cure of cancer, while keeping his main interests in mind: to get assistance in running the business portion of the enterprise, while limiting his personal liability; and providing investors with the most profit possible while limiting the scope of the amount of how many people that will eventually be involved? Brief Answer A C Corporation will likely suit the needs of the clients’ interest in creating his business enterprise of creating the cure for cancer. Facts Based on the information provided by the client, he wants to manage the scientific aspect of the business and hire business professionals to run the enterprise and raise additional funds. In addition, he wants to limit his liability in the enterprise and wants to limit the scope of how many investors would be involved. Discussion Based on my interpretation of the clients’ interest, he wants to hire another business professional to handle the business side. Because of this, C Corporation would be most beneficial. If the client brought on his main investors as limited partners and then they ended up making significant management decisions while he developed the science, they would be treated as general partners for liability reasons. Also, the client did not say exactly that he did not want investors to be liable, only limit the scope of how many people would be involved, he did say that he wanted to limit his personal liability. Therefore, C Corporation would be most beneficial because the client and his investors would have limited liability. In the alternative, an LLC could be a possibility if the client wanted to take part in running the business aspect of the enterprise, then this would be the best. The client and the business professional that is hired would be partners running the business aspects of the enterprise. The client would also be responsible for science aspect of the enterprise. The investor he brought on would become limited partners who would only contribute assets and would not participate in the management of the business. Therefore this would keep their personal assets protected from the business just in case the company fails. Although this would protect the investors it would leave the client completely liable for any wrongful actions the investors make can. If the client did not want the investors to be held liable at all then in fact, a Limited Partnership would be best because the client would become the general partner. Therefore, he would be the one to run the business aspect of the enterprise. On top of running the enterprise he would also be in charge of the science aspect of the enterprise also. The investors he has now and in the future would become limited partners who would only contribute assets and would not participate in the management of the business. This would keep their personal assets protected from the business just in case the company fails. Although this would protect the investors it would leave the client completely liable for the partnership debt. It would also leave the client responsible for the business aspect of the company which he previously stated he was not interested in handling. â€Å"We could get around this by suggesting they develop a LLP as the general partner. †(Loafman, lecture) Conclusion Although, Limited Liability Company and Limited Partnership have positive aspects, C Corporation would still be most beneficial to our client because he just wants to be the scientist and does not want to be the one to manage the business. He wants to hire some business professional to run the enterprise and limit his liability.

Ralph Waldo Emerson Essay

Those who think Transcendentalism is just a literary movement that took place in the early 1800s are only half correct. Transcendentalism is indeed a literary movement; however, it is much more than that. It is meant to challenge people to think for themselves and cause change. Authors such as Ralph Waldo Emerson, Henry David Thoreau, Jerome Lawrence and Robert Edwin Lee taught the importance of non-conformity and civil disobedience through short stories such as â€Å"Self Reliance† and â€Å"On the Duty of Civil Disobedience†, and the play, The Night Thoreau Spent in Jail. Transcendentalism is based on the belief that knowledge is derived from experience and personal reflection as opposed to reason. Transcendentalism promotes self-revelation because it encourages people to form their own opinions and then voice them in a way that will promote change in society. Transcendentalists ground their philosophy with the idea that every person’s inner self is where knowledge is gained. In Ralph Waldo Emerson’s â€Å"Self Reliance†, he says, ‘†What I must do is all that concerns me, not what the people think†¦It is easy in the world to live after the world’s opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd keeps with perfect sweetness the independence of solitude. ‘† Emerson realizes that it is easy to conform to society, but there is value in forming one’s own opinion. What makes a person great is if he or she can stand out in a crowd of people. While in a crowd, one can see the overall ideas of the group but never the individual thoughts that made up these ideas. Emerson is saying that to be great, one must be able to be with the crowd physically, but mentally remain one’s own person with their own ideas. Because Transcendentalism values individual opinions, it is also important to people such as Henry David Thoreau that everyone, especially the government, is open to other peoples’ opinions. In â€Å"On the Duty of Civil Disobedience† Thoreau says, â€Å"There will never be a really free and enlightened State until the State comes to recognize the individual as a higher and independent power†¦ and treats him accordingly. † Thoreau understands that citizens should be able to influence the government and cause change. To do this, the government needs to treat its citizens with respect. Politicians and other government workers need to do away with their pride and listen to what is really important- the citizens. When people can form their own opinions, respect others’ opinions, and voice their opinions, there will be harmony. In Transcendentalism, people are encouraged not only to form their own opinions, but to voice them as well. Thoreau tells everyone to â€Å"make known what kind of government would command his respect, and that will be one step toward obtaining it† (Thoreau). He supports transcendentalism by encouraging people to stand up and talk about their opinions. Thoreau understands that change, especially in government can only occur when individuals make their opinions heard. During his life, Thoreau challenged the idea of slavery, government corruption, payment of taxes, and the Mexican-American War. In The Night Thoreau Spent in Jail, Thoreau is talking to his old professor about how he should voice his discontent with the Mexican-American War. When Thoreau’s professor asks when he should voice his opinion Thoreau yells, â€Å"‘NOW! A year ago was too late! I’ll get you an audience. This afternoon. At Concord Square! †Ã¢â‚¬â„¢ (Lawrence and Lee 89). In the play, Thoreau expresses that opinions are no good if they are not proclaimed to the world. If opinions are not voiced they cannot be heard. Transcendentalism values individual opinions and acknowledges that voicing them is crucial if they are going to spearhead change in their society. Transcendentalists agree that self-revelation is wasted if it is not voiced and then heard and thereby causing change. During The Night Thoreau Spent in Jail, Thoreau spends a small amount of time as a schoolteacher. While Thoreau is a schoolteacher, he gets into trouble with the schoolmaster because he lets his kids â€Å"Huckleberry† in order to come to a conclusion in a class discussion. After he gets in trouble Thoreau sarcastically tells his students, ‘â€Å"You must not listen to a cricket or smell a flower that has not been approved by the School Committee. You’d better close both ears and hold your nose- though you may have to grow an extra hand to do it†Ã¢â‚¬â„¢ (Lawrence and Lee 20). In this instance, Thoreau is trying to speak out against the strict policy of the school committee. He sees that the policy is unfair and that students should be able to learn in a way that is effective for them. By speaking out against the school committee, Thoreau is opening up the possibility for a reform in the education system. Thoreau sees that there is an opportunity to promote change so he takes it and speaks his opinion. According to Thoreau and other transcendentalists, the government needs to be ameliorated. Thoreau says, â€Å"The government itself, which is only the mode which the people have chosen to execute their will, is equally liable to be abused and perverted before the people can act through it† (Thoreau). Transcendentalists agree that the government usually does not work for the people it is protecting. However, they do realize that it is necessary for the survival of the United States. Thoreau is encouraging people to take a stand against the current government, which he hopes will lead to a reform that will empower people to demand more influence in politics. Transcendentalism emphasizes that individuals need to voice their opinions if change is going to occur. According to Transcendentalists, promoting change in society occurs through self-revelation. There must be free thinking people in the world who are willing to make their voice heard if change is ever going to occur. Today many people think that the American school system is something that needs to be reformed. There is a problem if most students are no longer engaged and excited to go to school. Transcendentalists would say that students should be learning things that are interesting to them and cause them to think beyond what is being taught. Students should be encouraged to investigate and debate ideas in order to come up with their own. If America were still in the Transcendentalism time period, people would be insisting on these types of changes. They know that if they do not speak out, nothing will happen.

An Assessment of the Impact of Mortgage and Non-Mortgage Loans

Toby Clark a senior financial analyst in MINTEL comments â€Å"There is a major need for financial education and for a drive to prompt borrowers to take a fresh look at their debts. Without a detailed understanding of exactly how much they owe and what rates they are paying, it is easy to see how the situation could spiral out of control†. This statement clearly highlights the position of the average British consumers as far as their mortgage and non-mortgage debts are concerned.It is observed by the report from MINTEL that the British consumers who have outstanding mortgage debts have a better control on the amount of their outstanding than the non-mortgage debt consumers. When the mortgage holders were asked to estimate the amount of the outstanding loan they could estimate the figure at ? 92,200 which matched with the estimation of ? 95,000 made by Bank of England and mortgage lenders. There are different purposes for which the consumers obtain mortgage and non-mortgage loa ns.The purposes also differ between different income earners. The high income earners borrow for paying a house, buying a second home or for paying the university or school fees of their children. Whereas the low income earners have totally different purposes of taking the loans like bringing up their children; paying their tax bills or meeting their regular commitments. Irrespective of the purpose for which the loans are taken the loans do have an impact on the financial soundness of the borrowers.On few occasions and for few consumers the loans become handy to take care of their financial struggle but in most of the cases the loans have had adverse impact only on the lives and finances of the consumers. Especially when the average consumer does not even know the extent of their debts the impact would be still worse. â€Å"Many debt problems are caused by poor decision making, with taking on more debt to pay back what debt you already have not always a wise move, according to the free and impartial debt advice organisation Debt Free Direct.† (Linkroll) In most of the cases the consumers get in to debt traps either due to poor decision making or not being accurately able to assess the impact the debts have on their financial capabilities and standing. This includes the decisions of debt consolidation. Quite often consumers think that debt consolidation is the best solution for solving their debt problems which will only aggravate the burden to the already debt trapped consumers. The loan burden on the borrowers is made to increase by the actions of the lenders also.Luring the customers in tot taking additional loans with the intention of just increasing their lending activities and without assessing the capabilities of the borrowers to pay back the loans often take the borrowers to a point of no return. â€Å"A number of Britons report that their debt problems are causing them difficulties in other areas of their life, according to a new study. In rese arch carried out by R3 – the Association of Business Recovery Professionals – one out of six consumers are said to be unable to manage with repayments on secured loans and credit cards†. (Loan Arrangers)With this background I intend to make an analytical study of the British Loan Market and its impact on the average British consumers. In the process I also intend to study the kinds of mortgage and non-mortgage loans available to the consumers in the UK. 1. 1 RESEARCH OBJECTIVES This study has among other things the following central objectives: 1. Studying the psychological and economical reasons for the British consumers getting in to the debt trap. 2. Analytical study of the impact of the various loans on the lives and financial wellbeing of the average consumers – including mortgage and non-mortgage loans.3. Studying the role of the banks and other lending institutions on extending the debt burden of the average British consumer 1. 2 RESEARCH QUESTIONS This study by undertaking a detailed research in the subject tries to find plausible answers for the following research questions: 1. What are the prime reasons that make the British consumers to get into the debt trap? 2. What are the major impacts that the mortgage and non-mortgage loans have on the lives of the average British consumers? 3. What are the different ways that an average British consumer can manage the debts effectively? 1.3 STRUCTURE OF THE DISSERTATION In order to present a comprehensive paper I intend to divide the paper into the different chapters. While chapter 1 introduces the subject matter of the study to the readers along with stating the research objectives and questions, chapter 2 makes a detailed review of the available literature on the subject of the impact of debts on the British consumer. Chapter 3 makes a detailed presentation of the research methodology adopted by this study for conducting the research. In chapter 4 I have included the findings of t he research and a detailed discussion on the analysis of the findings.Concluding remarks recapitulating the issues discussed in the paper and few suggestions which will enable the British consumer to manage his debts are included in the chapter 5. CHAPTER 2 LITERATURE REVIEW CAPM, Bonds, Securities, Economics, Finance This chapter presents a detailed review of the available literature on the debt creation by the British consumers and the impact of such debt creation on the bond and securities market, on the finance and monetary policy and economic situation of the country apart from the life styles and financial status of the individual consumers. 2.1 IMPACT OF DEBT CREATION ON BOND AND SECURITIES MARKET: A latest report from Bloomberg. com says â€Å"European 10-year bond yields held near a three-month low as an Australian hedge fund filed for bankruptcy protection on losses related to a slump in U. S. home loans, prompting speculation global economic expansion will slow. † (Lukanyo Mnyanda, 2007) There has been a widespread skepticism about the future of the bond market because of the higher levels of failure in the sub prime mortgage repayments. This phenomenon has also been felt in the UK which is evident from the statement of the credit rating firm Standard & Poor.â€Å"Standard & Poor's said business conditions for securities firms are worse than in the second half of 1998 when trading revenue slumped 31 percent after Russia's debt default. Revenue from investment banking and trading could fall 47 percent in the final six months of this year, the ratings company said. † (Lukanyo Mnyanda, 2007) 2. 1. 1USE OF OPTIMIZING MODELS IN THE CONTEXT OF CONSUMER DEBT: On the basis of micro economic foundations there are certain models that analyse the likely economic consequences of structural changes in the economy.Though in general these models help the analysts to comment upon microeconomic foundations, sometimes these models are found inappropriat e for analyzing such consequences. â€Å"This is because their parameters are generally complicated functions of an economy’s technology, institutions and government policy, and the preferences of economic agents. Subsequent changes in any of these structural characteristics would mean that those parameters, and hence the relationships between key economic variables, would be expected to change. † (Bank of England)However the optimizing models enable the analysis of the deep structural relationship which is dependent upon the individual variables in relation to the economic shocks and their identification. The optimizing models â€Å"describe the intertemporal optimisation problems facing economic agents. They often try to capture the interactions between the different types of agent in the economy (consumers, firms, government, foreign sector), each of which is assumed to solve well-defined dynamic optimisation problems, subject to certain informational and technolog ical constraints.These models can be used to analyse how economic agents might optimally respond to various demand and supply shocks that have or might hit the economy, or to changes in the structure of the economy. Equally, they can be used to examine likely explanations for observed patterns of behaviour in the data. † (Bank of England) These models are useful in †¢ Modeling consumer behaviour including consumer spending †¢ Applications to financial markets †¢ Analysis of the labour market †¢ Analysis of the role of money One of such models being widely used is the CAPM which can provide useful insights into the reasons behind the financial market changes.However there is a serious limitation of this model is that it does not perform well in the empirical tests. 2. 2 IMPLICATION OF THE RISE ON THE HOUSEHOLD DEBT ON THE MONETARY POLICY: It is observed that the increase in the household debt in the UK over the last three decades was the result of the contin ued increase in the owner-occupied buildings and the number of mortgages created as a proportion of the total households. The rise in the prices till the time of the sub prime mortgage issue was also because of this increased private ownership of the houses.However it is interesting to note that the increase in the household debt didn’t have much impact on the consumption growth. This was due to the fact that the households were focused on the accumulation of financial assets during the recent past. â€Å"Finally, while it is possible that higher levels of debt may make household consumption more sensitive to interest rate changes, this may easily be offset simply by moderating these same changes. † (Stephen Nickell) While there was some contraction in the economies of US and Germany, the UK economy remained strong during the year 2001.There was a significant relaxation in the monetary policies of the country during this period and hence the UK economy witnessed an inc rease in the domestic demand though the situation was different with the world economy which was weak and was suffering a fall in investments. The increase in the domestic demand made the overall growth rate of the economy positive. However some of the economists were of the view that such a growth in the UK GDP as against the widespread recession in other developed countries was possible only at certain implied costs.For Example in an article in ‘The Observer’ dated 27th March 2005 Fred Harrison noted that â€Å"Encouraged by low interest rates, people went on a spending spree. They reduced savings and extracted equity from their homes to fuel a consumption boom† A similar view was expressed by Hamish McRae in his article in the ‘The Independent’ stated â€Å"What is, however, clear is that the credit-fuelled spending boom is, one way or another, coming to an end†. (The Independent dated 16th March 2005). Hence it was observed that booming co nsumption resulted in a rapid expansion of debt.Thus there has been a significant increase in the debt to income ratio which was a matter of serious concern to the analysts and the financial economists. In this context Philip Thornton made the following remark in the ‘The Independent’ issue dated 30th July 2003 â€Å"Britons piled on an all-time record amount of debt last month, triggering fears that consumers have embarked on an unsustainable borrowing binge that will end in a crash reminiscent of the early 1990s† 2. 2. 1 RELATIONSHIP BETWEEN INCOME, CONSUMPTION AND HOUSEHOLD DEBTS:Generally it is assumed that the macroeconomic policies of the UK government had resulted in a house price bubble coupled with a boom of the consumer spending. Thus the economy got missed out from the impact of the global recessionary trends. However Stephen Nickell argues that over the period 2000 to 2003 which was supposed to be the consumption boom the average quarterly consumption growth was only 0. 77 percent very similar to the average consumption rate of 0. 72 percent that was existed over the last twenty five years.The consumption rate was also below the average consumption rate in the previous period 0f 1996 to 1999. â€Å"From 1998 to the end of 2003, the proportion of post-tax income that was consumed was relatively flat, hardly evidence of a debt fuelled consumption boom. Nevertheless, mortgage equity withdrawal (MEW) plus unsecured credit growth rose from around 2% of post-tax household income in 1998 to over 10% in 2003. So there was indeed a significant rise in the rate of household debt accumulation from 1998 to 2003 despite the fact that the ratio of consumption to post-tax income remained stable throughout.† (Stephen Nickell) With this argument the author proceeds to state the majority of mortgage equity withdrawal leads to increased financial assets accumulation and not to increased consumption. Further it is also argued that there is a strong relationship between the aggregate secured debt accumulation and aggregate financial asset accumulation especially in a period of rapidly spiraling house prices. Similarly there is no strong relationship between the factors of aggregate consumption growth and debt accumulation. In that case the following will be the effect of the household debt on the monetary policy.2. 2. 2 HIGHER LEVELS OF DEBT AND MONETARY POLICY: May et al (2004) observed â€Å"In 1975, household debt was around 38% of household post-tax income. By 2004, this had risen to around 125%. Currently, over four-fifths of household debt is secured on property, ie. consists of mortgages, and around 95% of all household debt is held by mortgagors. † As already stated the important factor causing the rise in the household debt was the increase in the number of owner-occupied buildings and the proportion of the houses carrying a mortgage.Another factor that contributed the increase in secured debts is the ch ange in the mode of financing by leaving the front end loading of the repayment of mortgages. Such a method of financing has lead to higher loan to income ratios. It also resulted in higher mortgages relative to income. Based on these basic premise there are three arguments that can be support the view that the household debt is a predominant factor in the determination of the monetary policies. 1. The first argument is based on the concept that the there will be significant impact on the bahaviour of the economy due to shocks if there is a high level of household debts.As observed by Griffiths commission â€Å"Debt is a time-bomb which could be triggered by any number of shocks to the economy at any time† (The Griffiths’ Commission, 2005, Executive Summary). Though any adverse economic shock will have the impact on the employment and the consumption levels, higher levels of debts will make the conditions worse. â€Å"The excessive debt may still induce greater precau tionary saving and a larger drop in consumption. Overall, it is hard to tell whether higher debt levels will generate a significant additional cut back in consumption which cannot be modified by easier monetary policy†2. The second argument is based on the possibility that the there may be a cut in the consumption due to the sudden realization of the debtors about the real interest on the debts and their extent of exposure to the debts in spite of their efforts to reduce the level of debts. This will create severe macro economic problems leading to large scale adjustments in the monetary policies. However this argument is countered by indicating that the inexperience of the secured debt holders being young and there may be occasions that these people may behave in an irrational way to reduce the consumption.But such phenomenon can not be identified with a majority of debts. 3. The third argument was based on the fear that with more number of people the more will be the trouble when there is a collapse in the housing market. This fear has become true presently with housing boom bubble exploding. â€Å"If house prices fall by 30 or 40 per cent, more people with mortgages means more people in negative equity. Of course, the consequences of this depend to some extent on the behaviour of lenders.If the mortgage debt continues to be treated as secured, even though some is not, then debt service costs remain unchanged. So a lot will then depend on the collateral damage associated with the collapse in the housing market and what caused it in the first place. The issue is, if some disaster happens in the housing market, does the fact that more people have mortgages make the consequences very much worse? So much worse, indeed, that monetary policy should be used to discourage individuals from taking out mortgages. † 2. 3 DIFFICULTIES OF CONSUMERS BECAUSE OF DEBT CREATION – AN OVERVIEWAccording to a research conducted by R3 – the Association of Business Recovery Professionals one out of six consumers find it difficult to manage the repayment of their secured loans and credit card payments. â€Å"Of those struggling the most with their day-to-day finances, 21 per cent of respondents were reported to have encountered debt problems as a result of becoming ill, with a third (33 per cent) highlighting redundancy as the source of their monetary difficulties. † (Secured Loan News) Educational loans taken for higher studies form a major proportion of debts to be repaid by the 50 percent people in the age group of 18 – 24 years.The same is the case with one third of the people in the age group of 25 – 34 years still struggling to settle the loans taken for their educational purposes. A study carried out by Abbey in early 2007 showed that the British consumers had to pay ? 48. 7 billion by way of unexpected bills and charges over the previous year. On an average 79 percent of the British people have spent money on unbudgeted things and the average cost of such spending is estimated at ? 1375. Some of the issues identified with the debt creation in the UK are:? The personal lending figures stood at ? 1,318 billion as of July 2007 signifying that the British consumers are indebted on an average twice as the citizens of other European Countries. The people with serious debt management problem are estimated at 7 to 9 million Britons. ? A majority of the people have no savings or definite plans for savings to meet any unexpected future expenditure. A proportion of less than 50 percent of the people only have made adequate provisions for meeting the exigencies of a drop in their income level or other serious financial difficulties.? Some important statistics indicate that a substantial proportion of the population suffer from serious financial worries and resultant stress due to the increase of their debt burden. These statistics show that â€Å"74% of British couples find money the most diffi cult subject to talk about; 32% lie to their partners about how much they spend on credit cards; 35% are kept awake at night worrying about their finances†. ? According to the estimate from Bank of England around 50 percent of the people who have identified their debts as a serious burden on them belong to the lower income groups.It is the case with those people who live in the housing provided by the loca authorities are likely to live in debt burden at two times the average person has. ? Debts being burdensome on their own are also responsible for several other social problems and debt and these problems are interdependent on each other in terms of their cause and effect. Groups of people like those out of work, school dropouts, people from single parent families or unemployed parents are more likely to have serious debt management problems. 2. 4 REASONS FOR DEBT CREATION Consumers obtain loans for different purposes.Similarly people in different income groups and different strata of life opt for secured and unsecured loans for various purposes depending on their life styles and needs for different purposes. The main reasons cited for increase in the debts of the consumers is the increased availability of the loans, overspending and the desire to ‘buy instantly’ doing major purchases like purchase of cars or spending on a foreign vacation. The debt management problems of majority of the British consumers have arisen due to these and other reasons most of which are emotional spending.However why people get into serious debt problem is a very complicated question to find the answers there for. Though there are several factors responsible for leading the consumers to severe debt problems the following are some of the major causes that create a ‘debt trap’ for the British consumers: 2. 4. 1EASY AVAILABILITY OF DEBT: In recent years the economy of the country was doing extremely well resulting in lower rates of inflation, low inter est rates and low levels of unemployment.This economic buoyancy there had been an increased demand for the credit and the cost of such credit was low. The highly competitive financial services industry had been innovative to find many a number of products to suit the needs of various strata of people. â€Å"Today over 400 mainstream financial institutions compete fiercely to satisfy consumer demand. † (Lord Griffiths of Fforestfach) In this background it can be said that the easy availability of credit was the main reason for the creation of more debts by the average consumer.2. 4. 2 DIFFERENT TACTICS OF THE LENDERS TO ATTRACT THE PEOPLE Although the banks do not explicitly solicit or lure the vulnerable people to sell their financial services products, the products themselves have been so designed in addition to the lending practices of the banks to target the vulnerable people. Such practices include â€Å"aggressive marketing; a lack of transparency in calculating the cos t of borrowing; undue care in lending and a lack of data-sharing. † (Lord Griffiths of Fforestfach)Though it cannot be said that the banks and other lending institutions purposely target the vulnerable people â€Å"customers are often enticed into over-borrowing with disastrous consequences; research evidence suggests there is a strong correlation between serious indebtedness, drug and alcohol addictions and family breakdown. † (Lord Griffiths of Fforestfach) This often leads to a situation where the vulnerable people stand the chances of more likely to get into serious debt problems. 2. 2. 3 LOW FINANCIAL CAPABILITIESIt is observed out of a poll conducted in the year 2004 that 33 percent of the people in the UK are not confident enough to handle money issues and only 30 percent of them even knew the basic interest calculations which forms the basis financial intelligence. If this is kind of financial knowledge that an average British consumer has then there is no doubt that such people may not be in a position to make sound financial decisions concerning their personal finances including availing of secured and unsecured loans.Such lack of financial knowledge will make them drown in serious financial struggle as a result of unmanageable debts they have contracted. 2. 4. 4 LACK OF SAVING CULTURE: The trend of today’s Britain is ‘buy now and pay later’ as against the traditional way of living of saving money to buy assets. This has seriously disturbed the saving habit of the people over the period of time. In the current scenario more than 50 percent of the British pensioners make a cut on their other needs to settle their annual fuel bills.The decline in the habit of saving is one of the main reasons for the increased debt problems. Unless the saving habit of the people change drastically the situation of debt problems is likely to grow into greater magnitude. 2. 4. 5 MATERIALISTIC ATTITUDE OF THE MODERN SOCIETY The attitude of the society towards borrowing and its effects on life has considerably changed over the last few decades. Credit is no more considered as dangerous as it was perceived once upon a time. Now it is considered as more neutral and beneficial to the society.With this change in the attitude people have become more materialistic to obtain loans to buy the things irrespective of the need for such things in their lives. This is evident from the buying habits of British consumers exhibited in the following section. In one of the surveys conducted by Abbey, the financial service provider, it is learnt that â€Å"Britons have spent more than ? 169 billion on items that they rarely, if at all, use. Overall the average consumer has paid out some ? 3,685 through unnecessary objects, which could consequently impact upon their ability to handle their day-to-day finances.† (Secured Loan News) The survey also revealed that half of all consumers own an expensive clothing item which they wear on ly occasionally and over 35 percent of them have unworn shoes. â€Å"However, women were reported to be driving pointless fashion spending. Some 58 per cent of females were said to have unused garments, with this figure falling to 45 per cent for footwear. Meanwhile, spending on such products accounted for 45 and 23 per cent respectively among men. † (Secured Loan News)Electronic items, computer game console or video cameras and cooking equipments, repeated purchase of fine china items, exercise equipments, beauty gadgets that are not frequently used are some of the other items on which the British consumers spend their money and create debts for themselves. â€Å"However, financial problems could be particularly increased for those 288,000 people who have bought a second home in Britain which they claim to make little use of, which as a result may see them to struggle to make secured loan repayments. † (Secured Loan News) 2. 5 LEVEL OF CONSUMER CREDITThere has been a steady growth in the consumer lending in the period during the 1990s to early 2000s. But the growth has been sluggish after the climb in the last decade. According to the statistics released by Datamonitor â€Å"unsecured Loans and borrowing via other forms of consumer credit fell by 4. 5 per cent over the course of last year (2006) to ? 207. 8 billion†. (Secured Loan News) Maya Imberg the financial service analyst from Datamonitor says â€Å"A weaker labour market, combined with high consumer debts and weakened consumer confidence, meant that consumers cut down considerably on spending and aimed to repay more of their debts over 2006.† The study also indicated that the debt outstanding for an average customer stood at ? 4,522 in Consumer credit debt for the year 2006, which is against the ? 4,510 recorded for the year 2005. This outstanding debt figure was corroborated by the statistics released by the financial charity Credit Action which estimated the debt due by an average Briton at ? 4,550 by way of debts obtained on unsecured personal loans, credit cards, overdrafts and other forms of borrowing. This amount was estimated as at the end of March 2007.Credit Action has compiled the following statistics on the UK personal debt as on 1st of September 2007 which is alarming: ? â€Å"Total UK personal debt at the end of July 2007 stood at ? 1,355bn. The growth rate increased to 10. 1% for the previous 12 months which equates to an increase of ? 117bn. ? Total secured lending on homes at the end of July 2007 stood at ? 1,140bn. This has increased 11. 0% in the last 12 months. ? Total consumer credit lending to individuals in July 2007 was ? 214bn. This has increased 5. 3% in the last 12 months.? Total lending in July 2007 grew by ? 10. 3bn. Secured lending grew by ? 9. 2bn in the month. Consumer credit lending grew by ? 1. 1bn. ? Average household debt in the UK is ? 8,856 (excluding mortgages). This figure increases to ? 20,600 if the average is based on the number of households who actually have some form of unsecured loan. ? Average household debt in the UK is ? 56,000 (including mortgages). ? Average owed by every UK adult is ? 28,550 (including mortgages). This grew by ? 210 last month. ? Average outstanding mortgage for the 11.8m households who currently have mortgages is ? 96,560 ? Average interest paid by each household on their total debt is approximately ? 3,700 each year (this equates to 9% of take home pay). ? Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to ? 4,515 per average UK adult at the end of July 2007. ? Britain's personal debt is increasing by ? 1 million every 4 minutes. † (Credit Action) A pictorial representation of the growth in the UK personal debt is depicted below