Michelangelo Pieta

Evan O'Meara September 18, 2012 Humanities Seminar WF 11:30 Prof. Lomanno The Beauty of Pieta Michelangelo Buonarroti is one of the most critically acclaimed artists in human history. His artwork was created during the time of the Renaissance (15th century-17th century Europe). The Renaissance was a period of prosperity for literature, philosophy, art, music, politics, science, religion, as well as other aspects of intellectual inquiry. Michelangelo’s works have stood the test of time and are still available to the public eye today. Of all Michelangelo’s masterpieces the Pieta stands out from the rest.This famous work of art depicts the body of Jesus in the arms of his mother Mary after the Crucifixion. It is an important work as it balances the Renaissance ideals of classical beauty with naturalism. The statue is one of, if not the most beautiful works of art by Michelangelo Michelangelo’s Pieta is his most beautiful piece of art in my eyes. I have never seen a sculpture with such intricate detail in my entire life. Michelangelo is famous for sculpting every muscle, tendon, and vein on the human body with unfathomable exactitude, as he does with the Pieta.The detail makes this sculpture beautiful because I have never seen anything like it. The sculpture almost looks too perfect. I cannot marvel how the hand of Michelangelo in such a short period of time produced such divine work. I cannot understand how one can just take a block of marble and have the Pieta as a finished product. It almost seems impossible, but that is what makes it beautiful. Another element of this sculpture that I find beautiful is the way Michelangelo sculpted the Virgin Mary’s robe. It almost seems as if her clothes are not made of marble.Every crease in her robe is sculpted with such precision and detail. I do not know where Michelangelo found the patience to complete this piece. What most people could not achieve in a lifetime Michelangelo achieved in a year. He created a sculpture that defines divine beauty. Michelangelo did not want his version of the Pieta to represent death, but rather to show the religious vision of abandonment and a serene face of Jesus. The Virgin Mary’s face is youthful, yet beyond time; her head leans only slightly over the lifeless body of her son lying in her lap unlike other versions of the Pieta.Michelangelo wanted to express divine beauty in his version. This version is more peaceful than the others. The crucifixion wounds on Jesus’ hands and feet are small and non-violent. The fact that Michelangelo wanted to sculpt a new version of the Pieta in which nobody had ever seen is beautiful to me. The Pieta truly is Michelangelo’s most remarkable work of art. It was the first piece he personally signed. It was his first masterpiece in his eyes. Just days after it was placed in Saint Peter's, Rome, Michelangelo overheard a pilgrim remark that the work was done by Christoforo Solari, a rival sculptor.Michelangelo knew his sculpture of divine beauty was going to be one of the best the world has ever seen. That night, in a fit of rage, Michelangelo took hammer and chisel and scrawled: â€Å"Michelangelo Buonarroti, Florentine, made this† across Mary's breast. This is the only work that Michelangelo ever signed. He later regretted his passionate outburst of pride and determined to never again sign a piece of his work. Signed by the artist or not, Michelangelo’s Pieta will forever be a work of divine beauty that is often imitated, but never duplicated. Word Count: 580

Example Exam Paper Essay

In Malaysia, however, the practice has never left the school grounds. Caning has always been legal in Malaysian schools. The Education Ordinance 1957 (Amended 1959) allows corporal punishments, such as caning, to be meted out by school authorities, but only to schoolboys. An Education Ministry directive issued in 1994 listed eight offences that could warrant caning: truancy, involvement in criminal activities, obscene and impolite behaviour, loitering, dishonesty, dirty appearance and vandalism. 5 II A probe on human rights awareness among secondary school teachers, students and administrators conducted by researchers from local universities engaged by the Human Rights Commission of Malaysia revealed the regular use of the cane in schools. What the inquiry found was a gross breach of a child’s rights committed by teachers and administrators alike. In their findings, out of the 5,754 students who participated in the survey, about 52 per cent of the students surveyed agreed that caning commonly happened in their schools. It took place more often in rural schools than urban ones and almost 80 per cent of the cases occurred at technical schools. 10 15 III Understandably, Â  is disheartened by the findings of its study. Commissioner and education working group chairman, Professor Chiam Heng Keng said that while SUHAKAM understands the need to discipline and punish wrongdoers, it maintains that caning is not the best corrective measure. She further added that caning only tells the child to stop whatever he has done. In other words, it does not address the underlying problem. She stressed that teachers must work with parents to get to the root of the problem. In addition, they also revealed that girls were not spared the rod. Almost seven per cent of female respondents from girl schools had reported this. Under the present Child Act 2001, only boys between the ages of 10 and 18 may be subjected to corporal punishment. 30 35 V Last October, the Ministry of Education allowed teachers other than 40 headmasters, principals and those involved in disciplining students to use the cane. The decision followed the rise in cases of assault on teachers and gangsterism in schools. It was recommended that only certain teachers be empowered to cane students. Ideally, they should have at least 10 years of teaching experience and be married with children. 45 VI The secretary-general of the National Union of the Teaching Profession, Lok Yim Pheng, admitted that there are other ways of disciplining a student. These include imposing fines, sending students to detention class and making parents sign a pledge to ensure that their children do not misbehave.

Boys Without Girlfriends

As a coeducation institution boys and girls study together in North South University, they come in contact with many strangers on the sidewalks, steps, classrooms, and library. At first these individuals constituted a confusing blur of people they didn’t know. In a relatively short period, however, as they walked down on the campus or sat in the classrooms, some faces began to stand out simply because they passed by or sat beside a few individuals more than once. These casual and unplanned contacts soon led to mutual recognition. Those boys and girls may not have known who these individuals were, but they came to recognize their faces. As a result both of them were more likely to say â€Å"Hi† the next time they saw one another and perhaps exchanged a word or two about random topics such as the upcoming exam, or some event on campus. Thus they become familiar to each other and this familiarity leads to liking. This happens when there is too much exposure between boys and girls and they become friends each other. As a result, repeated exposure ordinarily results in increasingly positive feelings and friendly relations. They become friends and come closer to each other. It helps them to find the right person they are looking for, and they expect more company from their likeable persons to know each other very well. Most of the students are aged between 20 and 25, as young people they normally have more attraction towards the opposite sex, they may fall in love with their male or female classmates. Young boys have this kind of feelings or attraction to girls. When any young boy finds the qualities in a young girl that he is looking for, he may fall in love with that girl. The young male students of NSU have this kind of feelings and they may look for the right girl in NSU. But all boys may not have female friends in NSU for several reasons and the research paper will be focused on mainly the condition of those boys without female friends and how they handle the situation. [pic] The boys without girlfriends in NSU Most of the boys are without girl friends in NSU, there may be some reasons behind it. At present love is a great issue in any young person’s life; every boy wants to have a girl friend to get company. It is also a psychological need of any young boy, they need love, and affection, and caring and mental support from someone special and it is usually his female friend. When any boy doesn’t have girl friend, he may feel the need of company and the lacking of his psychological needs. It may be a typical condition for those boys who seriously want the mental support and love from a girl whom they are looking for. The other boys don’t have this kind of problem if they find themselves perfect without girl friends. The possible reasons for having no girl friends, the condition without girl friends and feelings of those boys are mainly discussed on the basis of questionnaire For the research I did my survey on 50 boys who did not have any girlfriend in NSU. I prepared the research paper analyzing their replies and showed the answers through graphs. [pic] The reasons for not having girlfriend The first question was to identify the reason why the boys don’t have girl friend. Boys may have different reasons for having no girlfriend; the reasons may be financial problems, study pressure and others. The options were mainly given based on the realistic situations of the boys in NSU. The first option was -study pressure; all students need to work hard, study regularly in NSU. They always remain busy with their studies and do not have enough free time. The next option was shortage of money. Money is a big issue in today’s competitive world and it is considered one of the most important facts in any relationship. It is not exceptional for the boys in NSU and they don’t want to spend too much money beyond their limitations. The third option was lack of time. The students always remain busy with their studies, classes, project and part time jobs. Some students might not have so much time to spend in vain. They are always in rush to finish their works on time. The last option was for those boys who did not want to have affair with girls during their study. But it was rare. The result of the options will be found from the following graph. [pic] If we look at the graph, 15%students said they did not have female friends for study pressure, 20% showed the reason of shortage of money and the rest 15% did not have enough time to continue affair, their lake of time was the reason for not having girlfriend. [pic] The idea about love Love is a central issue in most people’s lives and some times people may not know the right meaning about love. Their perspective may be different and every one can think about love in different way. The second question was asked that the boys had clear idea about love to make relationship with any girl. [pic] From the graph, the opinions of the question will be clear. It was found that 20% said they had clear idea about love, 10% said that they did not have so much knowledge about love to make affair with any girl. The rest of the 20% gave opinion that it was not necessary to have clear idea about love, because everyone might have different feelings and thoughts to get involved in affair. [pic] Effect of money The importance of money in love was mentioned in the first question. Money has magical effect to start and continue an affair. There is a popular modern proverb â€Å" The thicker the money bag of boys, the deeper the love is of the girls†. So money has major impact on affair. Most of the boys in NSU strongly supported that proverb, as they do not have enough sources to earn money and to spend the money for their girlfriends. Money is mainly important for boys to treat, give precious gifts to their girlfriends. It is one of the strategies to impress girl and to maintain social status. It is seen that boys always spend money when they have affair with a girl. At present this traditional way to impress girl has not been changed, in the survey it was found 40% boys strongly agreed with the impact of money on affair. Most of the students believed that it was not affordable for them to treat a girl in some prestigious and expensive restaurant or first food shop. They also gave opinion that they paid a lot of money for their education, so they were not supposed to pay extra money for maintaining femalefreind. If anyone had a girlfriend, he managed money in different ways. Only 5% believed that money did not have any effect on affair. The rest 5% answered money might have effect on affair occasionally not for always. So economical issue is considered as one of the important fact for the boys who think shortage of money is the main reason for having no girlfriend. [pic] From the graph the effectiveness of money is visible, so it can be said that money is one of the important factors on affair. [pic] What boys think about NSU girls? The research paper will mainly focus on the boys who don’t have girl friends in NSU. There was also a question what the boys thought about NSU girls. The options were mainly based on the different perspectives. First option was the NSU girls were not good for long time relationship. It was found some girls lost their attraction and they did not have so much patience to continue the relationship for a long time. The next option was they could only be good friends for their friendly qualities and behavior. The third option was that the girls hang out only for study benefits, it was often seen some girls mainly hang out with the boys to get the assignment, project done by the boys and they made good relationship only for study benefits. After the semester they were not as friendly as they before. It was also found that many girls were very rude and they did not want to have affair with any boys. Most of the boys thought that those girls did not value any one’s feelings and they never preferred the likeness of others at any cost. It will be clearer from the graph what boys actually think about NSU girls. [pic] From the pie chart, it has become obvious that the girls of NSU are not good for any long time relationship. The half of the boys (25%) agreed with that. But they can be good friends according the opinion of 10% boys. Other 10% boys gave different opinion; they said some girls hang out only for study benefits. The rest 5 % replied that a few girls did not value the feelings or likeness of any boy. So it is found that NSU girls are not good for any long time relationship according to the opinion of the boys. [pic] Necessity of having girlfriend in NSU There was also a question whether the boys thought that it was necessary having a female friend in NSU. Since boys and girls study together for a long time it is possible for them to get involved in affair. If we look at the graph it will be clear how many boys think to have affair with a girl in NSU. Their opinions related with the question will also visible. pic] Half of the students said that they might have girlfriend without hampering study. When any boys and girls have affair, there may be some emotional problems, which causes loosing concentration to study. As the students pay al lot of money for their studies and they never want to fail or getting lower grades in their courses. 25% boys wanted to have girlfriend without hampering their studies. Other 15% strictly said that it was not necessary to love any girl in NSU. Only 5% replied it was necessary having girlfriend and the rest 5% said that the boys could have only one girlfriend not more than one. It is found most of the boys prefer to have girlfriend without hampering their studies. [pic] Bad expereince about affair with NSU girls When people have any bad expereince of any thing in his life, he will never want to do the same thing again. If any boy has bad expereince about romantic relationship, he must try to avoid getting involved in relationship due to his previous expereince. Some boys may have bad experiences about relationship with NSU girls. It was also included in the questionnaire. The first option was about the heart breaking, there might be some facts that could break any boys’ heart. The second option was about those who did not have any bad expereince about relationship with NSU girls. The next option was the fact of being rejected. It was found in most cases that the majority of the boys were rejected and they suffered mentally for a long time. When any boy is rejected, it might be difficult for him to overcome his mental depression. It is a common fact in NSU that many boys have the pathetic expereince of being rejected. The following graph will show how many boys have bad expereince about relationship with NSU girls. [pic] From the bar graph, we can see that few students (10%) had heart broken expereince. The majority of the students (20%) did not have any bad expereince. Some boys were found having the expereince of being rejected; those 15% mainly did not get any response from the girls to get involved in affair. The rest of the students had other experiences. [pic] What boys do when they see any couple? It is found that most of the boys are without girlfriends in NSU, and few of them have girlfriends. What happened when the boys saw the couples and their reaction was asked in the questionnaire. It was found that most of the students did nothing when they saw any couple, they did not have any reaction and they took it normally. Few of the students were found that they admired, criticized and sometimes dreamed to be like them. It will be clear from the graph [pic] It is seen that 40% boys did nothing and they did not show any reaction. So when they saw any couple it seemed to be usual fact to the boys. A few of boys were found who admired or criticized when they saw any couple. Fantasies also worked in the boys who dreamed to be a couple with the girls whom they loved. pic] Feelings of boys without girlfriends The next question was about the most sensitive issue- the feelings of the boys without girl friends. Most of the boys feel loneliness†-an emotional and cognitive reaction to having fewer and less satisfying relationship than one desires. † Loneliness is accomplished by negative effect, including feelings of depression, anxiety, unhappiness, and dissatisfacti on. The boys who did not have enough friends, they felt lonely without girl friends in NSU. Some boys do not bother responsibility in any kind of serious type of relationship like affair. Those boys may be happy without girlfriends because they do not have other responsibilities and restrictions. They are free from emotional bindings. A young boy without girlfriend may feel boring, he become tired for his monotonous life without the regular company of a charming girlfriend. It is usual fact for the young aged people; they always expect the company of opposite sex. Few boys may be found that they do not want to get involved in an affair. They may dislike having romance with any girl during their study. The reply of the boys is shown in the following graph. [pic] The bar graph shows that half of the boys (25%) replied they were free from all kinds of responsibilities in affair. They did not need to be worried about their duties to girlfriends. The other 15% felt the loneliness. Though they had friends, they expected the company of a girlfriend and the lack ness made them feel lonely. Only 5% felt boring in the condition without girlfriend and the rest 5% thought differently. They said that they were fine without girlfriends and they did not want to be involved in any close relationship with a girl in NSU. [pic] Passing time without girlfriend When a boy is involved in an affair with a girl, he usually passes time together and enjoys the every moment they are passing together. But the boys without girlfriends passed their time in different ways. When they are alone they pass the time in studying, Most of the boys without girlfriends pass their time chatting with friends. This gives them opportunity to pass time in an enjoyable way. It may fill the lack of the girlfriend’s company, and the boys do not feel loneliness. Some boys who did not have enough friends, they might feel loneliness and those boys passed the time walking alone outside the campus. Most of the boys without girlfriends do not want to be frustrated and they pass time according to their own choice. From the graph it will be clear by how most of the boys pass time without girlfriends. [pic] If we look at the graph, majority of the boys (35%) passed time by chatting with friends and enjoyed the company while they were with their friends. The other 10% students replied that they passed time by studying in library. A few of the boys (5%) passed time by browsing Internet and mailing friends who live in abroad. From all the replies of the boys, it is visible that most of them enjoy their friend’s company to pass free time. pic] Facing problems without girlfriends When boys could not get involved in romantic relationship with the girls whom they loved, they (boys) were frustrated and passed through problematic life. The problem that they actually face is for loneliness. When any boy feels loneliness, he may be frustrated or depressed and it hampers his mental sati sfactions. A boy may suffer more depression when a girl refuses him, he may be frustrated for his heart broken. He lost confidence or attraction to love when he found his dream did not come true, it might change his mentality and idea about love. When any boy proposes a girl, he must be self-confident but after the refusal he can loose his self-confidence and never want to propose any girl in future. In this way the boys may be dissatisfied with affair and they loose attraction to love. The options in the question focused the problems that boys faced without girlfriend. [pic] The graph is indicating that how many boys face problems when they don’t have girlfriends. 20% of the boys felt the problems of requiring regular company of a girl. 15% replied that they were often frustrated and dissatisfied with their condition without girlfriends. The other 10% said that they were loosing confidence when any girl refused them, and the rest 5% answered that they were loosing attraction to love. [pic] Future desire to have girlfriend The boys who are now without girlfriends may have wish to get involved in affair with a girl in future. The last question was about the future planning of boys to make any girl as girlfriend in future, it actually depended on some several conditions. Every body wants to find out the similarities from others to continue a relationship. Similarities are more important than repeated exposure. When any boy finds similar mentality, choices with a girl, he becomes emotionally weak to her. They always look for a girl who has all kinds of qualities that the boys are looking for. Some students do not prefer girlfriends in student life and they never want to make girlfriends in future. Sometimes it actually depends on the situation if the boys are capable to continue relationship. Most of the boys are afraid to get involved in affair due to family restriction. If the boys get support from the parents, they may be involved in romantic relationship with girls. They will try to do that when there is no family restriction. [pic] Since the research paper is based on the opinion of the boys without girlfriends, there was also given two open questions to write down how they coped with the situation and whether they actually preferred the condition without girlfriends. Many boys gave different opinions and expressed feelings when they had no girlfriends, they passed life with bad expereince if they were rejected or cheated by any girl. It might have impact on a boy’s mind when he would not get the girl whom he loved. From the replies of the boys it is also seen that some of the boys are fine because they don’t have any extra responsibilities for a particular girl as the boys have no romantic relation with any girl. [pic] Conclusion When life itself does not come to a halt and any one does not stop breathing, than there is no being upset in being upset for not having girlfriend and jeopardizing their own life. Actually this is the age to study and to build them up and there will always be a better one for waiting. Most of the boys in NSU are young and this is the stage to prepare them for the future. Their entire future mainly depends on how they pass their young age and how much they can concentrate in study. When any student can overcome all his problems and pay attention to study he must be successful in his life, he won’t be afraid to face any problems that he may come across in future. Most of the boys are without girlfriend in NSU, it can give them mental dissatisfaction for the want of company. The reasons and conditions without girlfriends may be different, but the important thing is not to take the condition without girlfriends seriously. So if the boys think their life is boring and they are loosing confidence due to frustration, it will be harmful to them in future. No one can progress without self-confidence. If any boy has problems without girlfriend, he should try to overcome the depression by any means to keep him free from all kinds of emotional and psychological problems. It will be beneficial for their own future. This is the age for having fun not getting into serious mental depression. They should look at the bright side of not having girlfriends; they spend money and time in enjoying games, eating out with friends, and camping.

John D. Rockefeller, critical analysis. Did he make America better Research Paper

John D. Rockefeller, critical analysis. Did he make America better. NON-Biographical - Research Paper Example Whether his intention in giving back to the country that made him super wealthy was altruistic is debatable and shall be debatable. Saint or capitalist sinner, John D. Rockefeller undoubtedly changed the face of business in America as well as its attitude toward education. John D. Rockefeller, the storied industrial mogul and philanthropist â€Å"...appeared to the general public either as a demon of avarice and extortion...or as a high-minded philanthropist, bestowing his bounty with charitable devotion to good works† (Latham, Introduction v). It is undeniable, however, that perhaps one of the most important contributions by Rockefeller was in the area of education. Generally today we think of the State University of New York (SUNY) system as one of the finest in the country and we credit Rockefeller for its original and ongoing funding. Yet one wonders based on evidence presented whether his motives were as pure as most would like to think. Gatto’s quote of Benjamin Kidd, the British evolutionist, provides a chilling analysis of these intentions as a way for him and the â€Å"Education Trust† of the early twentieth century to â€Å"impose on the young the idea of subordination† (Chapter 2:2) – a subordination that would ultimately further the goals of capitalist endeavors by creating a malleable workforce. Rockefeller himself in the 1906 Occasional Letter Number One is quoted by Gatto: â€Å"...In our dreams...people yield themselves with perfect docility to our molding hands† (Chapter 2: 2) Rockefeller goes on to admit his intention [and the intention of capitalist support of mass education] is not to educate great thinkers but to â€Å"organize children...and teach them to do in a perfect way the things their fathers and mothers are doing in an imperfect way† (Gatto, Chapter 2:2). Intentions aside, and Rockefeller’s view of what he was actually promoting

Condiment snack holder Essay Example | Topics and Well Written Essays - 1250 words

Condiment snack holder - Essay Example A tab connected with the cup is attached to the sidewall of the food container. There is preferably a slit in the sidewall of the food server, and in the preferred embodiment there are preferably two slits in the sidewall, through which the tab on the condiment holder extends. In the preferred embodiment the condiment holder comprises a frame having an opening for receiving the cup, and the tab extends obliquely from the frame so that the cup is supported in a generally horizontal orientation. The holder is preferably made from a generally teardrop shaped blank, having a bulbous section with an opening therein forming the frame, and a tapering section forming the tab. The sections are separated by a score line along which the blank can be folded so that the tab extends obliquely from the frame section. The present invention provides in combination, a food container and a condiment container. The food container includes a front panel, a back panel attached to the front panel by at least one side panel and a bottom panel for defining an enclosure there between. A cut-out portion is provided in the at least one side panel and is attached to the front panel and to the back panel and extends into the enclosure. The condiment container includes a top end, a bottom end, and side walls sized for placement against a side panel of the food container. A clip structure is positioned at the top end for attaching and suspending the condiment container to the at least one side panel of the food container. The cut-out portion is sized and positioned for securing the condiment container near the bottom end in co-action with the clip structure. Inventors: Szczerbinski, Jeff P.; Application Number: 928111 Filing Date: 2001-08-10 Publication Date: 2002-05-14 International Classes: B65D 021/02 Field of Search: 229/400,902,904,906 220/23.4,23.83,482 206/541 Description: BACKGROUND OF THE INVENTIONField of the Invention: The present invention relates generally to food and condiment containers. More specifically, the present invention is primarily intended as a combination of a stackable and nest able paperboard container with a cut-out portion and a clip-on condiment container sized for insertion through the cut-out portion in co-action with the clip-on attachment to the paperboard container. SUMMARY OF THE INVENTION The present invention provides a food and condiment container combination. According to the present invention a combination is provided and comprises a food container, a condiment container, and a clip structure. The food container includes a front panel, a back panel attached to the f

Nursing Roles for Advanced Practice-Resources (Certified Nurse Essay

Nursing Roles for Advanced Practice-Resources (Certified Nurse Midwife) - Essay Example sing people in nursing homes, refugee camps, and a variety of places that other people would otherwise not go were they not in the nursing profession, which is a helping profession. Today’s nurse is more preoccupied with more logistics than before, but that has increasingly become more possible with technological advances in nursing now. The major components of my future professional role include maintaining a high level of quality care as well as a professional image. According to the ANA website (2011), â€Å"The American Nurses Association (ANA) represents Americas registered nurses (RNs). We promote high nursing quality [and] address nursing ethics [issues]† (pgh. 1). The required components of graduate education for my specific role mainly include two things: 1) completion of a successful training program; 2) having the required credits to graduate in my field; and 3) clinical experience. My current program of study helps address all of these requirements by helping me to not only receive a theoretical foundation, but also provides a place where praxis takes place. 1. Go to the American Nurses Credentialing Center and look up and describe possible advanced certification exams and criteria relevant to your future specialty practice. http://www.nursecredentialing.org/cert/eligibility.html There is an exam required for case management. For case management nursing certification, the American Nurses Credentialing Center (2011) says, â€Å"All requirements must be completed prior to application for the examination. [One must]: [h]old a current, active RN license in a state or territory of the United States or the professional, legally recognized equivalent in another country; [h]ave practiced the equivalent of two years full time as a registered nurse; [h]ave a minimum of 2,000 hours of clinical practice in case management nursing within the last three years; [and] [h]ave completed 30 hours of continuing education in case management within the last three

The Economics of Marriage and Divorce Research Paper

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Discussion on intangible assets - Essay Example The assets have propelled various companies such as Coca-Cola to greater heights of performance and competitiveness globally. However, a number of concerns arise with respect to their value as estimated, amortization, and representation. The first concern is that, intangible assets present immense challenges when financial statements of a company are prepared. The challenges emanate since the assets lack definite value compared to tangible assets. The issue leads to the realization of numerous gaps within the process that result to misrepresentation of the actual performance level of a company (Abdallah, 2004). Concerns also arise on whether the value of the intangible assets should be reported at their carrying amounts or fair value amounts. This is a major issue as evident various financial reports given that some assets such as goodwill carries some cost of impairment that affects the value. Likewise, most companies have failed to separate the value of acquired intangible assets in their books as required under GAAP regulations as established in various financial statements. They include the value of the acquired intangible assets in the value of goodwill (Abdallah, 2004). This poses a challenge of establishing t he actual value of a company’s goodwill that determines investment decisions. Overstatement of values of intangible assets that is becoming common in most institutions also forms a significant cause of concern. This occurs due to inaccurate estimation of the useful life of an asset and the amortized value over the useful life period. Subsequently, the validity of the goodwill impairment tests has been raising systematic concerns especially at times of the financial crisis (Abdallah, 2004). The concern arises since the tests causes’ acute increase or decreases in value of the carrying amount of the intangible asset hence affect the overall reliability of the value obtained.

Life cycle of malaria Outline Example | Topics and Well Written Essays - 250 words

Life cycle of malaria - Outline Example These sporozoite stage plasmodiums enter into the blood circulation (Hall and Fauci, 1640). The merozoites invade and enter vulnerable erythrocytes from where they go through differentiation and replicate over several days. They are produced in large numbers and soon rupture the erythrocytes. These results in their release back into the circulation to begin the blood stage again (Hall and Fauci, 1640). The parasites may differentiate into gametocytes while in the blood stage. On been taken up by a feeding mosquito, the gametocytes replicate and mature into male and female gametes which fuse forming zygotes that go through differentiation and replication in the mosquito gut to form sporozoites that move to the salivary glands of the mosquito from where they can be transmitted (Hall and Fauci, (1640). a. Modifications of the plasmodium cells, the infected erythrocytes, and changes in transcript abudance during maturation of the parasite within the erythrocytes as Bozdech, Llinas, Pulliam et al., (n.p.) found out. Bozdech, Zbynek, Manuel Llinas, Brian Pulliam, et. al. â€Å"The Transcriptome of the Intraerythrocytic Developmental Cycle of Plasmodium falciparum.† Plos Biology 1.1, (2003); n. pag. Web. 24 March 2014. Delves, Michael, David Plouffe, Christian Scheurer, Stephan Meister, Sergio Wittlin, Elizabeth A. Weinzler, Robert E. Sinden and Didier Leroy. â€Å"The Activities of Current Antimalarial Drugs on the Life Cycle Stages of Plasmodium: A Comparative Study with Human and Rodent Parasites.† PloS Med 9.2 (2012): n. pag. Web. 9 March 2014. Hall, Fenton and Anthony Fauci. â€Å"Malaria Control, Elimination, and Eradication: The Role of the Evolving Biomedical Research Agenda.† The Journal of Infectious Diseases 200.11 (2009): 1639 – 1643. Web. 9 March 2014. Pongtavornpinyo, Wirichada, Ian M. Hastings, Arjen Dondorp, Lisa J. White, Richard J. Maude, Sompob Saralamba, Nicholas P. Day Nicholas J. white and Maciej F.

Propaganda, Recruitment and Resistance Essay Example for Free

Propaganda, Recruitment and Resistance Essay When war broke out, the British army was professional but small. The government desperately needed a lot more troops, and they turned their heads straight to recruitment. Britain was very different to its allies in recruitment; they started the war recruiting volunteers. The Government believed that as tradition, they should not force any men into conflict; they had never done, and believed they never would. Volunteering was a British thing to do; using posters, and leaflets, they thought would get enough soldiers to volunteer. The Government assumed that many soldiers would come forward as patriots and out of honour, for generations mens predecessors had fought in civil war, Lord Kitchener and the PM Asquith supposed men had to maintain the loyalty. Those who wanted to join the army, joined out of excitement, the thrill of killing, and a break from normal life. They thought that the war was going to be a short, easy war which they would not be a major part of, as they had been reassured that the Naval power would wipe out supplies of food, and arms. These troops would have been highly motivated and ready for whatever was to come at them (or so they thought). Propaganda was a factor in men volunteering; a number of the male citizens were genuinely persuaded by the propaganda and believed what it told them. The Government realised that all men who volunteered were going to train harder, and in the long term where going to be superior soldiers, even if there was a smaller number of them. Women, older men (who had fought in civil wars before them) pressured young men who had not enlisted, also their friends, and relatives were joining. In theatres, actresses interrupted performances to call men up onto the stage and sign up. Those men who were watching the play felt embarrassed, also as if everyone was watching them and urging them to sign up. The Government encouraged this in homes, and although it was an illegitimate way of getting men to join, it was very useful, and many of those who were put under such pressure, crumbled and enlisted. The figures of unemployed men in Britain were rising, and the amount of jobs for these men was decreasing, as they didnt have the necessary skills to acquire a job that paid good money. Prime Minister Asquith seized upon this opportunity to give these unemployed a future in the army. The unemployed had to accept the opportunity, as it paid good money, it was an exciting experience and that they simply they had no where else to go. The men were happy to receive this break away from their dirty, shabby lifestyle. Asquith, and Kitchener exaggerated this prospect, and the unemployed believed that this was easy money, and a gateway to a new life. Men who volunteered into the army where grouped in accordance of what area they came from. Theoretically this was a good idea, but in practice demonstrated a fatal blunder. Pals Battalions as these neighbouring units were named, were awfully effective in making each soldier feel at home, and able to settle in to army life. At the front though it was a different story, as each Pals Battalion went over the top it was usually on the first day of a major battle, which resulted in 70% or more of their men killed or seriously wounded. Local areas in England wit a small population lost many of its younger men in a short space of time. The rest of the male population who did not volunteer chose not to for various reasons. Some men decided not to enlist on occupational grounds. Men who worked in vital industries such as mining felt it was there duty to stay home and continue their essential job. However, this was not the only reason on work-related grounds that people did not volunteer. Some men did not want to fight because they had a well paid job and good career prospects, whilst others left the rest of the population to volunteer because they thought that the war would not last long. They assumed that if they joined the army they would die, they were scared of dying and losing everything that they had worked for. This fear of dying was made a great deal worse when rumours of the conditions on the front line filtered through to the public. They were told of the huge numbers of deaths and casualties that the British were taking. Other chose not to volunteer on the moral or religious grounds. The Quakers did not volunteer because they did not believe the war was the answer. Many other men refused to play God, ad take away another mans life. Some men refused to volunteer because they had people at home depending on them, and they were the main breadwinner of the family, for example children and wives or elderly relatives. The Government thought that the war would be over by Christmas, and this small army would do fine, because the Navy would be the major battle point in the war, where the ships would create blockages, and starve them to surrender. Conscription being introduced from 1914 would have caused pandemonium in Britain, for the fact that the public would have realised that this war was going to be a long and drawn out war. Asquith did not want to cause any panic, and wanted to carry out business as usual, one of his ideas to keep Britain an active and calm country to live in still, although the war was only overseas, but as many exports and imports happened overseas, and where transported into foreign countries, business as usual could not happen. Also the government didnt introduce compulsory military service because they trusted the public to volunteer, as it was a change, it was supposedly exciting, and the thought of becoming a hero was a chance to be loved by your friends, but most importantly, the whole country. Lord Kitchener and Asquith were spot on; by the end of August in 1914 300,000 more soldiers had enlisted. In September of 1914, 462,901 out of 600,000 volunteers stepped up to support the war efforts. The aim for the end of December was an army of 4 million (which even for the Supreme British, I believe was a long shot). Conscription would have faced a battering by civil rights activists if introduced in 1914, as conscription was anti-liberal, and a breach of civil rights and individual freedom. In hindsight, with all the protesters, volunteering was an easier way of recruiting without hassle. Another aggravation of conscription was the cost of it. It was considered that conscription would be a waste of needed money and resources. All of the eligible men must be registered in a system, not all men would turn up to register, resulting in wasted time, which could be used to produce posters to round up troops for volunteering. However by 1915 not enough soldiers were being recruited, and drastic measures hadto be taken to gather enough soldiers to compete with the large German army. In 1916 there was a change in Government. Lloyd George became the new Prime Minister, he was determined to win this war, and his practical mind led to the introduction of conscription. The Government primarily thought that they would recruit enough soldiers without moving to conscription, but they were very wrong. The German land forces were huge, and the previous Prime Minister (Asquith) believed this war would be won by Britains naval supremacy. Again, they were wrong, the trenches was where the major fighting was taking place, thousands of deaths happened each day at the front. As the war dragged on and on, fewer and fewer amounts of men were enlisting to fight, this was mainly due to leaks from the front of the poor conditions, and high amount of deaths were published by the media. As the numbers of deaths on the front grew, the Government started to ban the lists of deaths. This was due to over the top tactics as men were old to walk in lines, shooting to gain breach the trenches of the Germans. As the deaths increased men became more wary of what was really happening in the war, and some men began to see through the lies of propaganda. But deaths were not the only reason why men werent signing up; the wages at home were increasing while unemployment was decreasing, resulting in men taking the chance of staying at home rather than fighting for the army, which at that time had very low pay. The army was made up of lots of previously unemployed men, but as many of those had already enlisted, there was a shortage of men that wanted to sign up. As volunteers piled through in the early months of the war, the Government believed the army was going to have enough men to win this war, on foot and on sea. But as the number of volunteers each month declined, women of husbands who had volunteered, and the general public (except most younger men) began to complain that it was unfair that some men had volunteered and others had not. There had to be a fairer system, those who had not volunteered were getting away lightly. The only way to improve this system was to introduce conscription. Not only were there thousands of deaths occurring on the front every day, but men did not receive the right, or enough ammunition to compete with the constant bombardment of shells, and the onslaught of machine gun bullets ripping through the British defence, it s men. This was called the Shell Scandal. The reason for the shortage of ammunition was due to the amount of workers that had joined up to the army from indispensable war industries. Factories that made shells, bullets, and armour where literally deserted. The pay was substantially higher in the army, it was an exciting prospect and a change for the men that work the same shift, producing the same goods all day. The press began campaigning to introduce conscription, because they knew the real deaths that were taking place at the front, given that the government banned them from publishing the amount of deceased. Bearing in mind that the newspapers had a major influence over the public then, (and still do now) it started to persuade (using propaganda) the public that conscription was acceptable, and the right way forward. The general public began to succumb to the idea, and by the end of the campaigning the national Service league (NSL) demanded the change from the new government. Lloyd George, as a practical man realised that this was the only way to win the war. Conscription commenced in January 1916, but a long time before that there was talk on how the government would assemble all of the eligible men for active military service, and the restrictions they would put on those that could be exempt from military service. They started the process by creating a National Register, which collected together every citizens details from the age of 15 to 65 e.g. name, age, marital status, occupation and skills. All of the data was collected together. It allowed the government to calculate how many men were of military age, and those who would be in the future, but also those who were in reserved occupations, which means those jobs that are essential to the war effort e.g. industry and agriculture. The National register not only provided the government with information, but also opened the door for new ideas. One of these ideas was the Derby Recruiting Scheme. It was named after Lord Derby the Director of Recruiting, as he was the one who manipulated the information from the National Register to his advantage. He asked all British men aged between 18 and 41 if they would be disposed to serve in the army. Although you may have thought like the propaganda posters, the personal, frontal approach would have worked, it didnt. The results were disappointing. Firstly, those who were not in reserved occupation did not like the idea of fighting in the war, those would did want to fight were summoned with two weeks notice and secondly, a plus can be drawn from this, this was the first time an actual system had been put in place for conscription, so things could only get better. After the poor response from all those who were not exempt from the war, there was only one way to get men to fight, that was to force them. Four months after The Derby Recruiting scheme the conscription came in form of the Military Service Act, which required all unmarried men, and widowers without children or dependents e.g. sick mother, between the age of 18 and 41 to join the army. Unmarried men in reserved occupations were exempt from duty, as well as those who were breadwinners or sole supporters in their household, those who had medical disabilities and finally conscientious objectors. But as the National Register was unreliable, needed soldiers were not raced. The change from total volunteering to conscription happened in a short space of time, only four months. Compulsion did not just stop at exempting men, it became universal, on May 3rd 1916 all men despite any circumstances between 18 and 41 were forced into battle. Universal Conscription was now introduced and there was no going back. As soldiers died and needed soldiers were untraceable due to poor organisation, the government looked overseas to all British born people, and for Allied citizens living over here to fight for their natural country. This was another Military Service Act to boost friendship with their Allies. It gave each side more men to fight but mustnt have gone down well with those who tried to flee the country. In two years the British public had gone from hating the idea of conscription to deeming it as acceptable. The newspapers had much to do with bringing the country round to believing the Government, but the Government wanted everyone involved. In November 1917, the Ministry of National Service was formed; the power given to them was unbelievable. They could cancel all exemptions on occupational grounds; almost playing God with peoples lives, as they well knew that 70% of these men would die or become seriously injured, before the war had ended. The government began to keep on rising the age limits, and the limits on who should fight, they were becoming desperate; the age limit was raised to 50, and if deaths were on high occurrence then it would be a staggering 56! Even Ireland was made to abide by the same rules of compulsion that was already in place in England. The British Army wanted to out number the Germans, but in the end they had a lot of soldiers at the front unwilling to fight, even those who had volunteered were becoming reluctant to fight. By the end of the war the British realised that they no longer needed so many men, as they were slowing crushing Germany, and the Minimum age of exemption was 23. Men under that age were considered too weak. Slowly but surely the Government extended the restrictions on compulsion. If there hadnt been a change in government then I believe compulsion would have been introduced at a much later stage, because Asquith was against the idea of forcing men to fight; it was a breach of civil rights.

Impact of FDI on European Economic Development

Impact of FDI on European Economic Development INTRODUCTION The functioning of a market economy under the conditions required by efficiency demands important financial resources, whose allocation must be directed to those areas which in their turn can generate value added and resume the active process of creating added value. If for a company the investment are realised mainly from classical sources, respectively the depreciation fund, profit or issuance of new shares, but with the risk of the dispersion of the proprietary right on business, to which we can add the financing of bank loans, a fairly expensive solution for a company in search of activity diversification. Based on these considerations, the need to review the role and function of investment funds and FDI in the economy, in the reorientation and begining of the investment process is one of utmost importance. Considering the last events that marked the world economy, from which the foreign investment funds, be they even FDI, to which we can add the stock innovation were among the main determinants of the process of translating the investment flows. Though investment funds in the conventional, manifesting as traditional investors, with a pronounced classical character, buying or selling financial instruments, stocks, bonds or other financial instruments or developing new production capacities, in their action they determine a significant impact on the economic activity outlining some features of the economic environment within which they occur. For countries like Romania, for example, or Serbia, this process is actual, but difficult to achieve because it needed more than financial resources. From this point of view Inadequate progress in second-generation reforms provides explanation in variation of FDI inflows. A number of empirical studies focusing on transition economies have corroborated this finding. Garibaldi et al. (2002) have shown, that the quality of institutions explains the variation in FDI flows to transition economies. [1, p.11] The sustenable economic development requires the existence of a set of tools and specific mechanisms through which the financial resources necessary to achieve this goal must be mobilized but especially they must contribute to an efficient redistribution of financial resources in the process of social breeding. The only one able to achieve this requirements are the investments, which succeed through mobilizing the available capital to restart the complex process of production of plusvalue. Directing the financial resources, in the economic policy, to those economic objectives able to develop in their turn a growth of the rate of employment of labor requires a new governance in terms of investments, whose key source should be profit, fund depreciation or GDP, at the economic level. As known, sometimes financial resources available to the national economy are not sufficient to promote massive actions, attracting new finance being required, in addition to foreign capital markets. These completion investments, although they are not quite common in many of the emerging countries, they use them. On the other hand we are witnessing independent investment flows, directed either to initiating new production capacity or upgrading existing ones, promoted by global financial players that make up the foreign investment flows. As it is stated in one of the european documents The fact that the market has failed in the financial sector does not mean that it does not work at all, but points out the need to avoid, namely to correct the wrong market developments, through legislative measures and of targeted surveillance. Therefore, the new policy must be built on the foundation of a market economy, which stimulates and rewards their initiatives and risk taking. [10, pct.3.4]. So the financial resources attracted through foreign investments should be targeted at those areas that present a high reproductive capacity, either by the recognized degree of generating profits or by the significant beneficial efects that they have on the workforce. FDI should ensure a high degree of efficiency, both for the investor who chooses to invest and must be rewarded by high rates of profit, and for the country within which is achieved by increasing the resources mobilized through tax mechanisms, the state budget, and the remune ration for labor involved in achieving the resulting business. Literature review The analysis of the role of FDI in the economy was made in a number of important studies. From these we mention (Serbu, 2006) which claims that promoting FDI is not always in favor of countries that receive these flows, analyzed at least in terms of qualification of employment and not contribute to economic growth, so the role of FDI is questioned. On the other hand ÃÆ'–ZTÃÆ'Å“RK, Ilhan (2007) argues the opposite, namely that the role of FDI in economic growth is major and decisive, which is achieved through multiple channels such as gross capital formation, technology transfer and effects on human capital. In another study[6], Ben Ferretti (2004) explores the relationship between FDI and productivity growth and concludes, after making a brief analysis of the theoretical models, in terms of game-theoretical models, that this is determined by the spatiality and the intensity of FDI flows on economy and economic agents in particular [4]. The same ideas has Damjan Joze et al l (2003) which explores the role of accumulation of FDI and R D on technology transfer and their effect on economies in transition [3] or Hunya, Gabor (2002) which analyzes economic restructuring phenomena from FDI perspectives on manufacturing industry.[5] The analysis Market Integration from Foreign Direct Investment intensity perspective Foreign direct investments consist of significant vectors in achieving economic and social objectives, in the context of diversification of society needs in satisfying the goals promoted at the macroeconomic level. The need for financial resources is an ever growing from year to year and the financial resources attracted from the foreign capital market is a solution to achieve these goals. From this perspective each states ability to attract these resources depends to a very high measure on the degree of integration of national markets in the total investment flows but also on the degree of atraction of each state. In this context the analysis of foreign direct investment in the community economy is of special importance. Referring to GDP make these data to show a high relevance through removing the national economies dimension outlined by each state. These data are presented in the table below. As seen from the data presented above, there is a syncopated evolution of investment flows, both in integrated economies in the economic space, but also for those who want integration (Croatia and Turkey) and especially the most developed economies (USA and Japan). At the EU level we can see an increase in the intensity of FDI during 2004-2007, from 0.9 in 2004 to 3.8 in 2007, meaning an increase of 4.2 times. This growth rate was a syncopated one which means that the european economy has been trained in the massive wave of investment and capital flows with relatively high degree of risk, which resulted that since 2008 this indicator decreased by 1.7 times compared to last year. In the case of member countries we can see a different evolution. If in the case of the last two countries that joined the EU in 2007 we may find a slight improvement, as is the case of Romania, this indicator increased from 3% to 3.5%, a low level compared to 2006 when this indicator recorded 4.8% when the interest of foreign investors was much higher than the economy, or maybe they were just strengthening their investment positions by purchasing generators of economic value added or Bulgaria, which after membership is growing at 12.6% in 2006 to 15.2% in 2007, the next year it registers a 10.3 drop. This situation can result from the inability to pay on which is encumbered the whole bulgarian economy. For the european countries which were old members, this indicator presents a high volatility. After register significant levels of 6.7% as in the case of Germany in 2000 it reaches in 2008 at a value of only 2.4%. Such is the case of France which in 2000 recorded 8.2% and eight years later only 5.2%. These developments are mainly due to the shaken european economic environment, where the investors are orienting and reorienting the capitals according to high profit rates than to business stability. For Serbia, a non-EU country assets owned by foreign entities in Serbia are growing in nominal values. But if we look at share of foreign owned assets in total financial institutions, we may observe that there has been a decrease of 0.2% from 84.3% to 84.1%, despite the entry of 13 new fully foreign owned institutions during the analyzed period. This confirms that financial institutions owned by domestic entities are operating even better than the foreign owned ones. Since we know that before the restructuring of the financial sector in Serbia most banks and insurance companies have operated with significant loss, we may conclude that that remaining domestic owned institution have significantly changed their business culture.[8] Regarding the U.S., the evolution of this indicator for 2000-2006, reflects the difficult moments that this countrys economy has passed. If in 2005 this indicator recorded the lowest level of the period analysed, of only 0.3% (more than up to 5 times compared to 2001), one year later to grow by 500%, due to the trust granted in the economic development through FDI. For the Japanese economy the evolution of this indicator is ranging at around 0.4-0.5%, which means the sustainability of investments supported through these instruments, especially the economy of this country design was based more on capital exports to third countries than absorption of this type of capital in its economy. But 2007 brings a doubling of the level of this indicator actually marking the shift towards exporting the capital investment to emerging economies, in particular. In one of the UNCTAD documents it is shown that The ISD explosion in some developing economies in transition reflects the growing competitiveness of many firms in these economies. The evolution of ISD in some countries was partialy feed by the income from exports of manufactured goods and natural resources, which have increased the financial strength necessary to engage in investment from abroad. Perhaps most important is that the firms in these economies have been increasingly affected by global competition. They came to understand how important it is the entering on international markets and connect to global production systems and knowledge networks. Therefore, their view of the business was internationalized and ambitions and their concerns are more regional or global. .[9]. Over time many countries have became sources of financing through FDI as a solution generating of resources or partners to enhance or start some income-generating activities. The stock of FDI is an important element in the analysis of investment flows in the european economy against the background of increased interdependencies among these economies. In the table nr.2 is presented the FDI stock in some european countries but also for the two biggest economies of the world USA, respectively Japan. If we consider the definition of FDI stocks in the acceptance of UNCTAD these are presented at book value or historical cost, reflecting prices at the time when the investment was made. For a large number of economies, FDI stocks are estimated by either cumulating FDI flows over a period of time or adding flows to an FDI stock that has been obtained for a particular year from national official sources or the IMF data series on assets and liabilities of direct investment [8] From this perspective we can see an increase in direct investment stocks both at EU-27 level over the period 2004-2008, from 15.2% share in GDP from 19.4% share in GDP in 2008. This situation of growth can be observed in the case of Japan but with values much more reduced. If in 2000 in the case of Japan these represented only 1.1% in GDP, seven years later this share was 2.9% in GDP, an increase double to the reference year. This can not be saidin the case of the U.S., where direct investment stocks have a fluctuant evolution. Against this background is noted that The convergence of corporate governance models, combined with ICT development, with an increasing activism manifested by the institutional investors and their reference measure regarding the profitability, all these put the large companies in a position to maximize with any price the profitability (dividends and capital gains) of shares held by them. Considerations on the ability to generate future cash flows as well as the nature of partnership highlighted by the european social model were left on the second level. [11] In most developed economies of the EU-27, namely Germany, France and UK we see during the long analysed period significant growth which means that investments made in this period were so well-consolidated that they increased their value through engaging in activities with value added to high. In the case of the last two states that joined EU in 2007 the situation is quite different. If for Bulgaria since 2007 we saw some increase from 92.9% share in GDP to 96.5% in GDP in 2008, to Romania it means a return to pre-integration values (2006) respectively 35 , 3% share in GDP. Analyzing the situation of direct investment stocks we observe, analysing economy as a whole, with few exceptions, an increase of this indicators value. The causes may be diverse but reflect the economic situation conducive to the development for the period analyzed. In this context the situation intra-EU direct investment reported by EU member states provide an integrative picture on the amplitude of this phenomenon. Each economy is closely linked, interdependencies manifesting deeply both at macroeocnomic level but especially at the micro level, where FDI contributes to strengthening the business relations and the transfer of knowledge and technology. The level of investments made in each national economy and the member states within the EU economic space reflects the importance of this type and level of investment for mobilizing financial resources for economic exploitation. In Serbia FDI in the previous decade has reached US$ 17 billion, which was sufficient to boost the economic activity. Highest investments were in the financial sector, accounting to over US$ 5 billion. This sector which was characterized by low capitalization and weak profitability in the past has due to foreign capital become sector with very high growth rate. The influence of foreign capital to Serbian financial sector was twofold.[8] Evolution is presented in Table 3 Intra-EU direct investment reported by EU Member States, Financial account, Direct investment, in there porting economy for the period 2001-2008. Investment flows that occurred outside the community space have reflected the strength of economic ties with other states that benefit from this transfer of resources. Knowing that they represent over 10% in the company capital or voting rights we see the interes in promoting and acquiring production capacity with significant economic impact. If in the period 2005-2007 we saw a growth of FDI flows within the community space, the year 2008 brings a reduction in these flows, below those of 2002. The investment relations generated by FDI at community level enhance the process of interdependence of community economies, especially that for the old member states like Germany, France, UK, the flows registered massive drops, especially as they represented exporters of financial resources for the transition and emerging economies. In terms of FDI flows, at least for Romania, as an example of an economy new entrant in the community economic space, in the year 2008, according to BNR data there were 9.496 billion euros, mostly oriented towards economic objectives that have been designed for the privatization process as well as for the initiation of new economic objectives like car production capacity at Pitesti or mobile phones in Cluj-Napoca. So in this context, Net participations of the direct foreign investors to the social capita l of foreign direct investment enterprises in Romania amounting to 4.873 billion euros (51.3% of the net flow of ISD). These resulted from the reducing of the participations worth 5.265 billion euros with a net loss, amounting to 392 million euros. The net loss resulted from the decrease in net profit of foreign direct investment enterprises in 2008, worth 6.412 billion euros, with 2.696 billion euros in dividends distributed in 2008 and with foreign direct investment enterprises losses in 2008 amounting to 4.108 billion euros. [12] Opening economies and accepting a high degree of penetration of FDI flows made possible the development of economic sectors, which until yesterday were doomed to decay due to the rising need for capital. Revitalization of these sectors able to generate profits at the expense of FDI has contributed to diversification but generating added value and growth and diversification of portfolio risk. At the end, we may say that quality of operations of Serbian financial institutions is growing, that assets values are rapidly increasing, and that all companies, regardless weather it is domestic or foreign owned are equally profitable. It is certain that this sector is ready to become core of Serbian economy, and a boost for increased FDI in the second stage of transition.[] Regarding the other component, namely The net credit received by firms with foreign direct investment from the foreign direct investors included in the group, amounting to 4.623 billion euros, representing 48.7% of net flow of ISD.[12] This situation defines the degree of atractability for foreign investors that the economy shows, especially because of some factors that accentuate their competitivity degree like very cheap labor force and highly qualified but also the strategic position that this economy has in the community space. The following table gives an overview of direct investment flows as% of GDP, made by the member states of EU. In this context we can see that the community space was an important source of investment for emergent countries in particular. They have targeted primarily the purchase of economic objectives or develop new ones. FDI is an instrument to achieve economic potential. In this context, according to numerous research carried out, it is considered that à ¢Ã¢â€š ¬Ãƒâ€¦Ã‚ ¾A very large number of foreign firms combined with relatively business friendly environment may explain uniqueness of Romania in terms of the existence of very significant knowledge spillovers to domestic firms, as an econometric study of CEEC-8 (excluding Latvia and Lithuania) has shown. Finally yet importantly, the share of FDI in total capital formation together with the length of a period offers some insights as to their relative weight in the economy. The average share of FDI in Gross Domestic Investment of around 20% in the 1997-01 period suggests a significant presence of foreign firms. With around one-fifth of domestic investment carried out by foreign firms, the associated influx of management skills and technology has already had a beneficial effect on the entire economy. [1, p.15] Conclusions As we have seen FDI is an essential component in the economic development, thus creating a proper environment to achieve this point is an object of profound significance for each economy separately. FDI directs the necessary financial funds to those areas that can generate high VAB, implicitly identifying those economic areas with high potential. We must accept however that the promotion of FDI absorption brings some risks, the investor can always choose to leave the country, giving away his investment. The analysis made at the level of the community space, reveals the fact that FDI represented fundamental economic levers to promote economic growth, especially for those countries that joined the EU in the second wave. Massive transformations that have taken place in the community economy had an impact on the flows of FDI. Through FDI, capital was aimed at those companies able to carry on business profit activities, often engaging with themselves a technological transfer contributing to sustenable development as a whole.

Multiple Determinants of Health in the Workplace

Multiple Determinants of Health in the Workplace Melissa Evans    Introduction Occupational Health is a two-way relationship between health and work. According to Occupation Health (2007), Occupational Health is as much related to the effects of the working environment on the health of workers as to the influence of the workers state of health on their ability to perform the tasks for which they were employed. Its main aim is to prevent, rather than cure, ill health from wherever it arises in the workplace. A persons health can impact on their work and their work can impact on their health. Approaching the impacts on work health holistically, we can look at the determinants of health within the workplace through the use of various models; however we are going to focus on the Dahlgren-Whitehead Rainbow Model. In essence the Dahlgren-Whitehead model highlights a causal relationship between individual lifestyle choices, social networks, working and living conditions and economic, political and environmental factors, globally, nationally and locally. While the configuration of these different layers and factors can have both positive and protective influences on our lives, they can also undermine health and wellbeing, both for individuals and communities. For example, adverse economic conditions have implications for employment and training opportunities, public services such as health, social care, education, the wide range of services provided by local authorities, as well as the funding they provide to support local voluntary sector services. Where adverse conditions persist, they can have a significant and negative impact on social attitudes, social cohesion and social mobility(NHS Education for Scotland). Developed in 1991 by Goran Dahlgren and Margaret Whitehead the Dahlgren Whitehead Rainbow maps the relationship between the individual, their environment and health. The rainbow looks at five main areas. These areas include: Age, Sex and Constitutional Factors This is the core of the Dahlgren-Whitehead model and it focuses on the key areas of age, sex, ethnicity and genetic/biological constitutional factors. A workers age, sex or constitutional factors can reveal if the worker brings with them a pre-existent health status to the workplace such as inheritance and genetic susceptibility. Other factors in the extended layers can also be influenced by this component of the model. Individual Lifestyle Factors This layer focuses on a persons lifestyle choices. Behaviours such as alcohol and other drug misuse, poor diet, smoking, lack of physical activity, the number of jobs they do or if they play a sport can have an impact on a workers health and in turn could affect their ability to complete certain tasks in the workplace. Injuries caused by lifestyle choices such as sport could impact on a workers ability to carry out certain tasks or could put them at a higher risk of aggravation within the workplace which could lead to more serious injuries. Social and Community Networks This layer focuses on family support, friends and wider social circles. In this layer we can look at things like different cultural backgrounds, communication, community support groups and interpretation services. Quality not quantity should be taken into consideration. Living and Working Conditions This layer focuses on access to opportunities such as work, unemployment, training, health care services, housing, public transport and amenities. It also includes items such as water, sanitation and access to essential items such as food, fuel and clothing. When we focus on work we need to focus on the type of work to see if there is a potential for occupational disease or stress. Financial instability and access to health services could be a result of unemployment. General Socio-Economic, Cultural and Environmental Conditions This layer factors that impact on health and wellbeing such as social, economic, cultural and environmental. Items include availability of work, wages and taxation, prices of essential items such as food, clothing, transport and fuel. Cultural factors could include health being affected by traditions and beliefs of the family community. These conditions get reported on through to the government and in turn can influence the priorities of health policy and spending by the government. Whilst there is extensive documentation and evidence prior to the development of the Dahlgren-Whitehead with respect to Occupational Health, the model has been widely used to assist with research of the vast array of factors that can impact our workers from both a health and work level. The development of the model now allows us to look into reviews and research papers, and including qualitative and quantitative evidence in a more in-depth way. When using this information it should be supplemented with local and expert knowledge, policy information, and proposal specific information. According to the Declaration on Occupational Health for All by the World Health Organisation (1994) by affecting the health of the working population, occupational injuries and diseases have profound effects on work productivity and on economic and social well-being of workers, their families and dependants. Depending on the type of occupational injury or disease its effects can be far reaching. Whilst a majority of occupational injuries and diseases are minor there are also those that are more severe that the outcome could be long term, for example, could result in ongoing hospital treatment for an extended period, may need extended rehabilitation, permanent disability or even death. Lets look at the potential outcome of a worker who sustains a permanent disability and is wheelchair bound for the remainder of their life, it is not just the worker who is effected but their family, friends, their wider community, the costs that it generates, the loss of productivity at the workplace and the impact on social security systems. The World Health Organisation (1994) states that health and safety problems at work are, in principle, preventable and should be prevented by using all available tools legislative, technical, research, training and education, information, and economic instruments. In order to achieve this outline a workplace needs to consult Federal, National and State Legislation such as the Work Health and Safety Act 2011 as well as Australian Standards and Codes of Practice to assist with the development of a Safety and Health Policy in the first instance. From the policy a workplace then needs to delve further and design and implement Safety Management Systems, work instructions, job descriptions, job dictionaries, etc. Once the documentation has been researched, designed and implemented they then need to look at training and education. As part of this phase they need to identify hazards, conduct risk assessments and look at controls and interventions for prevention and control. Reference List Aw, T.C., Gardiner, K. and Harrington, J.M. (2007) Occupational Health. NHS Education for Scotland. Retrieves March 20, 2017 from http://www.bridgingthegap.scot.nhs.uk/understanding-health-inequalities/introducing-the-wider-determinants-of-health.aspx Dahlgren, G. and Whitehead, M. (1991). The Dahlgren Whitehead Rainbow. Retrieved March 18, 2017 from http://www.esrc.ac.uk/about-us/50-years-of-esrc/50-achievements/the-dahlgren-whitehead-rainbow/ World Health Organisation (1994). Declaration on Health for All.

Perspectives on Shylock from Shakespeares Merchant of Venice Essay

Shylock is a character famously known as being the antagonist of Shakespeare’s play merchant of Venice. In this play, Shakespeare portrayal of Shylock the moneylender is one of anti-Semitic stereotype. Shylock is depicted as a typical bloodthirsty Jew who lives a life void of any depth or meaning. His sole purpose for living seems to be to amass wealth and vengeance as seen from his adamant claim for his â€Å"pound of flesh†. Despite Shakespeare’s attempts to humanize Shylock at points in the story, it appears that his primary focus is to steer the audience against Shylock, painting him as being a cruel, bitter and inaffable figure. It is clear that in both Shakespeare’s merchant of Venice and Grace Tiffany’s Turquoise Ring, Shylock exposes his dark side of hatred and contempt. However, by providing keen insight into Shylocks personal life prior to the events of the court case, Grace Tiffany adds a complexity and depth to Shylock, which allows the reader to sympathize and understand what compelled him to be the man he was. The novel begins by describing Shylock’s relationship with his wife Leah and the events leading up to there subsequent marriage. In so doing, it shows an aspect of Shylock not seen in the merchant of Venice. It reveals Shylocks sense of kindness and sensitivity through his romance with Leah. Never in this ordeal is Shylock portrayed in a negative light. This point is best illustrated in the incident where Shylock returns from being interrogated by two men from the Christian brotherhood. Although Shylock tells his wife the events which transpired, seeing that his wife was already in a fragile state of shock, he refrains from mentioning the harsh details of their threats, as it says â€Å"he said nothing to Leah of the c... ...esses the fact that he recognizes that not all Christians are inherently evil as he says â€Å"good gentiles live†. As well, he obviously had the generosity to lend Bassanio money in the first place, despite the apparent risk of nonpayment which proves that he could not have hated them. Shylock even states that he has no real intentions of enforcing his bond. It is only because of the way Antonio persecutes him both verbally and physically, which evokes past memories of Christians abuse, that his tolerance is pushed to the limit so that he is forced to act the way he does. Shylock is generally a kind, caring, and sensitive person as seen through his relationship with his wife. â€Å"His ability to mask his anger was the means by which he thrived†. It is only through cumulative stress that he explodes, a common human flaw which is understandable and somewhat pardonable.

to thine own self be true: The Wise Polonius of Hamlet :: GCSE English Literature Coursework

The Wise Polonius of Hamlet      Ã‚  Ã‚   In Shakespeare’s tragedy Hamlet there is one character, besides the protagonist, who is very quotable because of the wisdom of his comments. This is the father of Laertes and Ophelia, namely Polonius. He is the subject of this essay. In â€Å"Shakespeare’s Nomenclature† Harry Levin discusses the name â€Å"Polonius’ and other names from the play: The Latinism Polonius reminds us of the Polish question, moot throughout Hamlet, where the onomastics are polyglot. If Marcellus and Claudius are Latin, Bernardo and Horatio are Italian, and Fortinbras signifies â€Å"strong arm† not in Norwegian but French (fort-en-bras). On the other hand, the son of Polonius has a Greek godfather in Laertes, the father of Odysseus. The Scandinavian names, at least the Germanic Gertrude, stand out because they are in the minority. (79) What’s in a name like Polonius? Here is a literary critic who respects his advice: Rebecca West in â€Å"A Court and World Infected by the Disease of Corruption† talks about Polonius: Polonius is interesting because he was a cunning old intriguer who, like an iceberg, only showed one-eighth of himself above the surface. The innocuous sort of worldly wisdom that rolled off his tongue in butter balls was a very small part of what he knew. It has been insufficiently noted that Shakespeare would never have held up the action in order that Polonius should give his son advice as to how to conduct himself abroad, unless the scene helped him to develop his theme. But â€Å"This above all – to thine own self be true; And it must follow, as the night the day, Thou canst not then be false to any man† (I.3.78), has considerable . . . value when it is spoken by an old gentleman who is presently going to instruct a servant to spy on his son, and to profess great anxiety about his daughter’s morals, when plainly he needed to send her away into the country if he really wanted her to retain any [. . .].(108) Polonius’ entry into the play occurs at the social get-together of the royal court. Claudius has already been crowned; Queen Gertrude is there; Hamlet is present in the black clothes of mourning. When Laertes approaches Claudius to give his farewell before returning to school, the king asks Polonius: â€Å"Have you your father's leave? What says Polonius?† And the father dutifully answers:

Barry Sanders :: Sports Athletes Essays

Barry Sanders Barry Sanders arguably the best back ever to play the game of football. Barry is not one of those players who is just out there to make money, he loves the game and is always trying his hardest when he is out there. Barry Sanders was born July 16th, 1968 in Wichita, Kansas. He grew up in a family being one of eleven other children. When Barry was a kid he was considered to be too short to play football well at the college level. In fact, his 1,417 yards rushing in his senior year of high school wasn't enough to impress college recruiters. One recruiter told Barry's coach, "We don't need another midget." Only two colleges offered Barry a football scholarship. Barry accepted a scholarship from Oklahoma State University and the rest is now history. Here are some of Barrys career achievements that he has done in the short time he has played the game. Which has made him such the over achiever that he is. 1988, won the Heisman Trophy Award for best player in the nation. 1989, lead the NFC in rushing and was Rookie of the Year. 1992, became the Lions' All-Time leading rusher. 1994, rushed for the fourth best NFL season record of 1,883 yards and included a 237 yards in week 11 vs. Tampa Bay. In 1996, became the first player in NFL history to rush for over 1,000 yards in his first eight seasons, won the NFL rushing title, selected to the Pro Bowl for the eighth time and became the first player to rush for over 1,500 yards in three consecutive seasons. Sanders continues adding to his extraordinary numbers on the field. He has run for 1,300 yards and now stands seventh among the NFL’s all-time rushers with 11,472, having surpassed Ottis Anderson, O.J. Simpson and John Riggins. He’s 128 yards behind Kansas City’s Marcus Allen, Sanders’ boyhoodhero when he was growing up in Wichita, Kan., and Allen was a Los Angeles Raider. Next year, providing he keeps up this trend of 1,000-yard seasons, Sanders will pass Franco Harris (12,120), Jim Brown (12,312) and Tony Dorsett(12,739) and slide into third place behind Eric Dickerson (13,259) and Walter Payton (16,726). Sanders is the first player in league history to rush for at least 1,000 yards in eight straight seasons, and Thursday he was named to his eighth straight Pro Bowl. â€Å"Anytime he touches the ball, it’s a highlight reel,† says Allen, now in his 15th NFL season.

Economics Syllabus

CARIBBEAN EXAMINATIONS COUNCIL Caribbean Advanced Proficiency Examinations Correspondence related to the syllabus should be addressed to: The Pro-Registrar Caribbean Examinations Council Caenwood Centre 37 Arnold Road, Kingston 5, Jamaica, W. I. Telephone Number: (876) 920-6714 Facsimile Number: (876) 967-4972 E-mail address: [email  protected] org Website: www. cxc. org Copyright  © 2008, by Caribbean Examinations Council The Garrison, St. Michael BB 11158, Barbados This document CXC A20/U2/08 replaces CXC A20/U2/03 issued in 2003. Please note that the syllabus was revised and amendments are indicated by italics and vertical lines.First Issued 2003 Revised 2008 Please check the website www. cxc. org for updates on CXC’s syllabuses. RATIONALE1 AIMS 2 SKILLS AND ABILITIES TO BE ASSESSED2 PRE-REQUISITES OF THE SYLLABUS3 STRUCTURE OF THE SYLLABUS3 UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLY 4 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 MODULE 3: DISTRIBUTION THEORY 17 UNIT 2: MACROECONOMICS MODULE 1: MODELS OF THE MACROECONOMY27 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES28 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS36 OUTLINE OF ASSESSMENT44REGULATIONS FOR PRIVATE CANDIDATES 55 REGULATIONS FOR RESIT CANDIDATES56 ASSESSMENT GRID57 RESOURCES58 GLOSSARY59 T T he Caribbean Advanced Proficiency Examinations (CAPE) are designed to provide certification of the academic, vocational and technical achievement of students in the Caribbean who, having completed a minimum of five years of secondary education, wish to further their studies. The examinations address the skills and knowledge acquired by students under a flexible and articulated system where subjects are organised in 1-Unit or 2-Unit courses with each Unit containing three Modules.Subjects examined under CAPE may be studied concurrently or singly, or may be combined with subjects examined by other examination boards or ins titutions. The Caribbean Examinations Council offers three types of certification. The first is the award of a certificate showing each CAPE Unit completed. The second is the CAPE diploma, awarded to candidates who have satisfactorily completed at least six Units, including Caribbean Studies. The third is the CAPE Associate Degree, awarded for the satisfactory completion of a prescribed cluster of seven CAPE Units including Caribbean Studies and Communication Studies.For the CAPE diploma and the CAPE Associate Degree, candidates must complete the cluster of required Units within a maximum period of five years. Recognized educational institutions presenting candidates for CAPE towards the award of the Council’s Associate Degree in nine categories must, on registering these candidates at the start of the qualifying year, have them confirm in the required form, the Associate Degree they wish to be awarded. Candidates will not be awarded any possible alternatives for which they d id not apply. T ? RATIONALEEconomics is the study of how society provides for itself by making the most efficient use of scarce resources so that both private and social welfare may be improved. The subject, therefore, covers the study of individuals, households, firms, government and international economic institutions as they attempt to make better use of scarce resources. The study of Economics enables individuals to develop a better understanding of the economic issues which affect them and the world in which they live. It will also enable students to offer informed comments on economic matters.The knowledge gained from this course in Economics will be of lifelong value to the student. The influence of the subject on all areas of activity should stimulate the individual to continue reading and conducting research in Economics. It is recognised that persons doing this course may be drawn from different backgrounds and may possess different interests. Some may wish to study Econom ics as preparation for further specialisation in the subject. Others may study the subject to complement other subject disciplines, such as, careers in finance, accounting or law.Some students may see the subject as one worthy of study in its own right. Students of Economics will be able to contribute, significantly, to economic and social development in the Caribbean and the wider world by acting as catalysts for wider awareness of social and economic issues. A study of Economics at the CAPE level will be of benefit to all students by introducing them to the philosophy which underlies everyday economic interactions. The study will also train the student to think logically, critically and impartially on a variety of contentious issues. AIMS The syllabus aims to: 1. promote understanding of the basic principles and concepts of economics which are accepted in large measure by economists while recognising that the field is changing continuously; 2. develop an appreciation of the variou s methods used by economists in analysing economic problems; 3. develop an understanding of the global economy and of the relationships between rich and poor nations with respect to international trade and finance and the most important international financial institutions; 4. ncourage students to apply economic principles, theories and tools to everyday economic problems, for example, inflation, unemployment, environmental degradation, sustainable development and exchange rate instability and to contribute meaningfully to any dialogue on these issues; 5. encourage students to apply economic theory to the critical issues which affect the small open Caribbean-type economy; 6. encourage students to evaluate contentious economic issues so that decision-making may be informed by logical and critical thinking; 7. sensitize students to the need for ethical behaviour in the conduct of economic transactions. SKILLS AND ABILITIES TO BE ASSESSED The assessment will test candidates’ ski lls and abilities to: 1. identify and explain economic theories, principles, concepts and methods; 2. interpret, analyse and solve economic problems using economic models and concepts; 3. develop structural and reasoned expositions and evaluate economic theories and policies. PRE-REQUISITES OF THE SYLLABUS Successful participation in this course of study will be enhanced by the possession of good verbal and written communications skills. A good foundation in Mathematics would be an asset to students doing this course.STRUCTURE OF THE SYLLABUS The Syllabus is arranged into two Units. Each Unit consists of three Modules, each Module requiring 50 contact hours. UNIT 1: MICROECONOMICS Module 1-Methodology: Demand and Supply Module 2-Market Structure, Market Failure and Intervention Module 3-Distribution Theory UNIT 2: MACROECONOMICS Module 1-Models of the Macroeconomy Module 2-Macroeconomic Problems and Policies Module 3-Growth, Sustainable Development and Global Relations Lists of reso urces are provided in the syllabus. The lists provide information that may be helpful for the study of each Module.It is advised that the topics listed in the sections do not necessarily follow sequentially. Teachers may thus introduce certain concepts before others. It is recognised that Economics may be taught using a strictly qualitative approach or a strictly quantitative approach. However, a proper mix of the two approaches is critical to the understanding of the subject at this level. Teachers are advised, therefore, that proper delivery of the subject would involve the integration of the two approaches. ? UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLYGENERAL OBJECTIVES On completion of this Module, students should: 1. appreciate the main problem of economics namely, the allocation of scarce resources and the inevitability of choice; 2. understand the laws, principles and theories governing demand and supply; 3. understand the basic tools of economic analysis. SPECIFIC OBJECTIVES TOPIC 1: Central Problem of Economics Students should be able to: 1. explain the concept of scarcity; 2. apply the concept of opportunity cost in a variety of real-life situations; 3. explain the concept of production possibilities frontier (PPF); . use the production possibilities frontier to indicate constant returns, diminishing returns and increasing returns; 5. account for shifts in the production possibilities frontier (PPF); 6. differentiate between positive and normative economics; 7. outline the advantages and disadvantages of the alternative mechanisms by which resources are allocated. CONTENT 1. The meaning of scarcity, free goods and economic goods. 2. (a)Definition of opportunity cost. b) Choice: what, how and for whom to produce. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) ) The concept of opportunity cost applied to economic agents (individuals, households, firms and governments). 3. (a)Assumptions: maximum output attainable, g iven full employment and constant state of technology. (b)Regions: attainable, unattainable, efficient and inefficient levels of production. 4. Production possibilities frontier: slopes and shapes. 5. Use of production possibilities frontier to show growth and technological change. 6. Examples of positive and normative statements. 7. Different types of economic systems: traditional, market, planned and mixed. SPECIFIC OBJECTIVESTOPIC 2: Theory of Consumer Demand Students should be able to: 1. explain the concept of utility; 2. explain the law of diminishing marginal utility and the limitation of marginal utility theory; 3. explain the meaning of indifference curves and budget lines; 4. explain consumer equilibrium using the marginal utility approach; 5. explain consumer equilibrium using the indifference curve approach; 6. isolate the income and substitution effects of a price change; 7. explain effective demand; 8. derive the demand curve using both the marginal utility and indiffe rence curve approaches; 9. ifferentiate among normal, inferior and Giffen goods; 10. distinguish between shifts of the demand curve and movements along the curve; UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 11. identify the factors that affect demand; 12. explain the meaning of consumer surplus; 13. explain price elasticity, income elasticity and cross elasticity of demand; 14. calculate numerical values of elasticity; 15. interpret numerical values of elasticity; 16. assess the implications of price elasticity of demand for total spending and revenue; 17. state the factors that determine the price elasticity of demand.CONTENT 1. Utility: total, marginal, cardinal (marginalist approach), ordinal (indifference curve approach). 2. (a)Explanation of diminishing marginal utility. (b)The main assumptions and limitations of Marginal Utility Theory. 3. Indifference curves and the budget constraint (budget lines). 4. The law of equi-marginal returns. 5. The point of tang ency of the budget line to the indifference curve. 6. Income and substitution effects of a price change. 7. Effective demand. 8. Deriving the demand curve using the marginal utility as well as the indifference curve approach. . Normal, inferior and Giffen goods using the indifference curve approach. 10. Shift versus movements along demand curves. 11. Price and the conditions of demand. 12. Consumer surplus including graphical representations. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 13. Price, income, and cross elasticities. 14. Calculation of values of elasticity. 15. Classification and interpretations (sign and size); including the drawings and interpretations of graphs. 16. The implications of price elasticity of demand for total spending and revenue. 17.Factors that determine the price elasticity of demand. SPECIFIC OBJECTIVES TOPIC 3: Theory of Supply Students should be able to: 1. identify the factors of production; 2. explain the term production functio n; 3. differentiate between the short run and long run; 4. explain the law of diminishing returns; 5. calculate total, average and marginal physical product; 6. explain the relationships among total, average and marginal physical product; 7. identify the stages of production as they relate to total, average and marginal product; 8. calculate total, average, marginal and other costs; 9. xplain the relationship among total, average and marginal costs; 10. explain why supply curves are usually positively sloped; 11. explain the concept of producer surplus; 12. explain the shape of the short run and long run supply curves; UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 13. explain returns to scale and the concepts of economies and diseconomies of scale; 14. distinguish between a movement along the supply curve and a shift in the supply curve; 15. explain the concept of elasticity of supply; 16. calculate elasticity of supply; 17. interpret elasticity of supply. CONTENT . Factors of production: land, labour, capital and entrepreneurship. 2. Relationship between output and input. 3. Fixed and variable factors. 4. The law of diminishing returns. 5. Calculation of total average and marginal physical product. (See suggested teaching and learning activities). 6. Change in the relationship as input increases. 7. Production and its stages, as they relate to the total, average and marginal product including the use of graphs. 8. (a)Fixed cost, variable cost, total cost, marginal cost, average fixed cost, average variable cost, average total cost, sunk costs. ) The shape of the long run average total cost curve. c) Productive optimum. 9. The relationship between total, average and marginal cost including the use of graphs. 10. Relationship between quantity supplied and price. 11. Producer surplus including graphical representations. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) 12. Relationship between marginal cost and the average cost in the short run and long run. Explanation of why the supply curve is the section of the marginal cost curve above the average variable cost and average total cost. 13. (a)Long run and economies of scale. ) Factors determining economies of scale. c) Internal and external economies of scale. d) Diseconomies of scale. 14. Price and the conditions of supply. 15. Concept of elasticity of supply. 16. Calculation of elasticity of supply. 17. Classification and interpretation (size of coefficient) including the drawing and interpretation of graphs. SPECIFIC OBJECTIVES TOPIC 4: Market Equilibrium Students should be able to: 1. explain the concept of the market; 2. explain market equilibrium; 3. calculate equilibrium price and quantity; 4. outline factors that cause changes in equilibrium; . evaluate the impact of price controls on market equilibrium; 6. analyse the effects of taxation and subsidies on market equilibrium. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) CONTENT 1. The concept of the market. 2. Equilibrium price, equilibrium quantity. 3. Use of demand and supply data to calculate equilibrium price and quantity. 4. Changes in conditions of supply and demand. 5. The effects of price ceilings and price floors on equilibrium. 6. (a)The effects of taxation and subsidies on market equilibrium. (b)The incidence of an indirect tax.Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, Central Problem of Economics, let students provide examples from personal life, the home, firms and government to demonstrate opportunity cost and the production possibilities frontier (PPF). 2. For topic 2, Theory of Consumer Demand, let students derive their own schedule and plot the demand curve for commodities which they use in their everyday lives. 3.For utility, use water or any other drink to show the different levels of satisfaction (utility). Use the data to derive total and marginal utility curves. 4. For the concept of elasticity, teachers may use two types of materials, one that could change in varying degrees and the other which remains the same regardless of circumstances. Teachers should then apply this concept to market conditions illustrating the concepts of elasticity and inelasticity. 5. For deadweight loss, teachers may use the graphs for consumer and producer surplus to show how market intervention may lead to loss welfare (deadweight loss). 6.For stages of production, allow students to derive the total average and marginal product curves using simulated data. Use the results of the graphs to point out the different stages of production. An example is given below. UNIT 1 MODULE 1: METHODOLOGY: DEMAND AND SUPPLY (cont’d) GRAPH SHOWING THE STAGES OF PRODUCTION [pic] (i)Stage 1occurs up to the point where APPL is at its maximum. (ii)Stage 2 occurs fr om the point where APPL is at a maximum up to the point where MPPL is zero. In this stage new workers add to total physical output. (iii)Stage 3 occurs when MPPL is negative. The producer will operate in stage 2.In stage 1 there is insufficient labour being used (up to the point where MPPL is at its maximum) and the output per worker is increasing. In stage 3 the producer gets no addition to total physical output from additional workers. It would be possible to have more total physical product with less labour applied to a fixed factor (say machinery). UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION GENERAL OBJECTIVES On completion of this Module, students should: 1. appreciate the distinction between the different types of market structures; 2. develop awareness of the causes of market failure; . appreciate the measures that can be adopted to reduce or eliminate market failure; 4. appreciate the arguments which suggest that government intervention may not necessa rily improve economic performance. SPECIFIC OBJECTIVES TOPIC 1: Market Structure Students should be able to: 1. outline the goals of the firm; 2. explain how firms measure profits; 3. explain the concepts of average, marginal and total revenue; 4. explain the concept of market structure; 5. outline the characteristics of the different market structures; 6. distinguish among the different market structures; 7. xplain the factors that influence the pricing and output decisions of the firm; 8. calculate measures of industrial concentration; 9. interpret measures of industrial concentration. UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) CONTENT 1. Profit maximization, growth, satisficing, sales and revenue maximization, market dominance. 2. Total revenue, total cost, normal and economic (abnormal) profit. 3. Relationship between average, marginal and total revenue. 4. Types of market structures: perfect competition, monopoly including price discrimin ation, monopolistic competition, oligopoly and cartels. . Characteristics of the different market structures. a) barriers to entry; b) control over market and price; c) nature of the good; d) numbers of buyers and sellers; e) competitive behaviour and performance. 6. Focus on all characteristics of the different markets in addition to profit maximization. a) Examples of close approximations of market structures in the Caribbean. 7. Marginal cost and marginal revenue, total cost and total revenue, marginal cost pricing and average cost pricing. 8. Herfindahl Hirschman Index – the percentage of an industry’s output produced by its four largest firms (four-firm concentration ratio): pic] where si is the market share of firm i in the market, and n is the number of firms. 9. (a)Interpretation related to market structures. b) Limitations of measures of industrial concentration. UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) SPECIFIC OBJECT IVES TOPIC 2: Market Failure Students should be able to: 1. explain the concept of economic efficiency; 2. distinguish among private goods, public goods and merit goods; 3. distinguish between social costs and private costs and social benefits and private benefits; 4. explain the concept of market failure; 5. explain what is meant by deadweight loss; . outline the causes of market failure. CONTENT 1. Inclusion of discussion of Pareto efficiency. 2. (a)Examples of private goods, public goods and merit goods. (b)Discussion of issues of rivalry and exclusion. 3. Social costs, private costs, social benefits, private benefits, external costs, external benefits. Use of graphical representations. 4. Divergence of social costs and social benefits and efficiency. Use of graphical representations. 5. Deadweight loss including verbal and graphical representations. 6. Causes of market failure: a) monopoly; b) public goods and merit goods; c) externalities: positive and negative;UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) d) divergence between social and private costs and social and private benefits; e) imperfect information; f) asymmetric information: adverse selection and moral hazard; g) open access to resources; h) lack of property rights (squatting, streams, ocean); i) non-existence of markets (for trading). SPECIFIC OBJECTIVES TOPIC 3: Intervention Students should be able to: 1. evaluate the measures used by government to correct market failure; 2. evaluate the measures used by the private sector to correct market failure. CONTENT 1.Measures used by government to control market failure: a) -regulation; – anti-trust policy; – taxation; – privatisation and deregulation; – state ownership; – subsidies; – legislation; – market creation (tradable permits); b) pros and cons of government intervention; c) -merits and demerits; – effectiveness of intervention in Caribbean societies (effect of small size in relation to policy making). UNIT 1 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION (cont’d) 2. Private Sector Intervention: (a)corporate code of conduct; (b)corporate social responsibility; (c)voluntary agreements; (d)corporate ethics.Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For price discrimination, teachers could identify the first, second and third degree price discrimination using different examples from students’ experiences. Teachers should then illustrate by use of diagrams. 2. For the kinked demand curve model, teachers may use the daily newspaper or mobile phone industry as examples. UNIT 1 MODULE 3: DISTRIBUTION THEORY GENERAL OBJECTIVES On completion of this Module, students should: . understand what accounts for the returns that accrue to the owner s of the factors of production; 2. appreciate the issues surrounding poverty and the measures used to alleviate poverty; 3. develop skills in applying microeconomic analysis to critical social issues involving income inequality. SPECIFIC OBJECTIVES TOPIC 1: The Demand for and Supply of Factors Student should be able to: 1. explain the rewards of the factors of production; 2. explain the concept of derived demand; 3. outline the marginal productivity theory; 4. apply the marginal productivity theory to the demand for land, capital and labour; 5. nalyse the factors affecting the supply of land, capital and labour; 6. analyse the factors determining rent, interest and wages; 7. distinguish between transfer earnings and economic rent. CONTENT 1. Rent, interest, wages and profits. 2. Derived demand. 3. (a)The assumptions and limitations of Marginal Productivity Theory. (b)Marginal Physical Product, Marginal Revenue Product and their relationship. UNIT 1 MODULE 3: DISTRIBUTION THEORY (con t’d) 4. The value of the Marginal Product: a) land; b) labour; c) capital – using present value (use of graphical representation required). 5.The fixity of land, the supply of loanable funds and the labour supply. 6. The demand for and supply of factors. 7. Numerical, graphical and verbal explanations of transfer earnings and economic rent. SPECIFIC OBJECTIVES TOPIC 2: Wage Differentials Student should be able to: 1. explain the concept of wage differentials; 2. analyse imperfections in the labour market; 3. analyse the effect of labour mobility on wages; 4. explain the concept of compensating wage differentials; 5. explain the role of Government, Trade Unions and Employers’ Associations in the pricing of labour. CONTENT 1.Differences in wages within industries and among industries. 2. Imperfections on the demand side (for example, differences in marginal productivity) and on the supply side (for example, geographical immobility). 3. The mobility and immobility of labour; geographical (migration of workers), occupational. 4. Compensating (equalizing) differentials. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 5. The minimum wage rate; monopsonies; migration of workers; collective bargaining; trade union strategies, the role of employers’ associations; efficiency wage. SPECIFIC OBJECTIVES TOPIC 3: Income inequality, Poverty and Poverty AlleviationStudents should be able to: 1. differentiate between size and functional distribution of income; 2. explain the concept of income inequality; 3. explain the measures of income inequality; 4. explain the measures used to reduce income inequality; 5. distinguish between absolute and relative poverty; 6. outline factors that contribute to poverty; 7. explain why certain categories of people are more susceptible to poverty than others; 8. evaluate the different ways used to measure poverty; 9. outline strategies used by Governments to alleviate poverty; 10. analyse the economic costs of poverty; 1. assess the economic benefits of government intervention to alleviate poverty. CONTENT 1. Size and functional distribution of income. 2. How income is distributed. 3. Lorenz curve measurement of income inequality; and Gini coefficient (interpretation only). 4. Measures to reduce inequality: taxes, subsidies, transfers. UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 5. Absolute versus relative poverty. 6. Factors that contribute to poverty including: a) social and physical environment; b) discrimination – gender, race; c) restrictions on certain economic activities; d) non-ownership of resources; ) family size; f) single parent; female- headed families. 7. Persons who are most susceptible to poverty: (a)people with special needs; i) physically challenged; ii) elderly; iii) youth; iv) single parent families; v) indigenous people; (b)reasons – Limited access to employment, level of training, legislation, availability of income to share among family. 8. Wa ys used to measure poverty: a) basic needs; b) poverty line; c) head count; d) UNDP Human Development Index (HDI). UNIT 1 MODULE 3: DISTRIBUTION THEORY (cont’d) 9. Strategies to alleviate poverty: a) transfer payments; b) free education and health care; ) housing; d) minimum wage legislation; e) equal employment opportunities; f) Government employment creation(special works programmes). 10. The cost of poverty, including: a) unemployed human resources; b) lower potential output; c) inefficient allocation of Government expenditure; d) social and environmental costs. 11. Economic benefits including: a) provision of education and health leading to development of human capital; b) improvement in well- being as measured by the UNDP (HDI); c) more equitable distribution of income. Suggested Teaching and Learning ActivitiesTo facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. Use knowledge from topic 3, unit 1, Theory of Supply, to derive the demand curve for factors of production. 2. Teachers may use graphical representation of the Lorenz Curve to illustrate unequal distribution of income. Teachers should also relate the Lorenz Curve to the GINI coefficient. Also show the effect of taxes on the Lorenz Curve and the GINI coefficient. UNIT 2: MACROECONOMICS MODULE 1: MODELS OF THE MACROECONOMYGENERAL OBJECTIVES On completion of this Module, students should: appreciate the notion of National Income accounting and the importance of these accounts for macroeconomic theory and policy; 1. understand the views of the classical keynesian and monetarists schools; 2. understand the factors that influence the level of investment in an economy. SPECIFIC OBJECTIVES TOPIC 1: National Income Accounting Students should be able to: 1. explain the circular flow of income; 2. explain the concept of National Income Accounting; 3. explain the different ways of der iving National Income Accounts; 4. nterpret National Income statistics; 5. use National Income accounts to analyze the performance on an economy as a whole; 6. derive real GDP from nominal GDP; 7. explain the limitations of GDP. CONTENT 1. Economic agents. 2. Gross Domestic Product (GDP),Gross National Product (GNP) and other measures. 3. Calculation of GDP, GNP and their components (personal income, disposable income), Net National Income (NNI), and per capita income; avoidance of double counting. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 4. Total measures: a) GDP at market prices; b) GDP at factor costs. 5.Use of National income accounts to measure economic performance over time and to make inter-country comparisons. 6. Calculation of real and nominal GDP using the price deflator. 7. Limits of National Income Accounts as a measure of well-being: a) non-inclusion of the informal sector (the underground economy, illegal activities); b) non-payment for do-it-yoursel f activities; c) non-accounting for externalities, environmental degradation (Green GDP); d) the fact that it measures changes in the value of output but not changes in the quality of life. SPECIFIC OBJECTIVES TOPIC 2: Classical models of the MacroeconomyStudents should be able to: 1. explain why within the classical model, all employment is voluntary; 2. explain how full employment is restored in the classical model; 3. explain the factors that influence aggregate demand; 4. explain the factors that influence aggregate supply; 5. interpret the classical long run supply curve; 6. explain price level determination within the classical model; 7. use the classical aggregate demand and supply model to show changes in the price level and employment. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) CONTENT 1. Flexibility of wages and prices. 2.The role of wage price and interest rate flexibility. 3. The factors that influence aggregate demand: a) consumer spending; b) investmen t spending; c) Government spending; d) net export spending. 4. Factors that influence aggregate supply including changes in input prices and incomes. 5. The assumptions of the vertical aggregate supply curve. 6. The interaction of the classical aggregate demand and supply curves. 7. Shifts in the aggregate demand and aggregate supply curves. SPECIFIC OBJECTIVES TOPIC 3: Basic Keynesian Models Students should be able to: 1. explain the consumption function; 2. xplain the relationship between saving and consumption; 3. calculate the simple multiplier; 4. explain the effect of changes in investment on national income; 5. explain the effect of government spending on national income; 6. describe the effect of withdrawals and injections on national income; UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 7. explain the relationship between net exports and national income; 8. determine the equilibrium level of national income; 9. explain inflationary and deflationary gaps. CONTE NT 1. Autonomous and induced consumption. 2. (a)Income = consumption plus saving. b)marginal propensity to consume and save. (c)average propensity to consume and save. 3. Simple multiplier [pic]. 4. Relationship between changes in investments and national income. 5. Government’s expenditure and its effects on national income. 6. (a)Concepts of injections and withdrawals in an economy. (b)The effect of injections and withdrawals on national income. (c)Small multipliers in the Caribbean context due to leakages. 7. (a)Relationship between net exports (x – m) and national income. b) Exports as an injection and imports as a withdrawal. 8. Determination of equilibrium income using: a) 45 o line or E=Y; ) withdrawals and injections approach; c) the Keynesian aggregate demand and supply curves (long run and short run). UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) 9. (a)Full employment level of output. (b)Actual level of output. (c)Equilibrium level of national i ncome could be either below, at or above potential level of output. SPECIFIC OBJECTIVES TOPIC 4: Investment Students should be able to: 1. explain the concept of investment; 2. differentiate between the investment demand curve and the investment curve; 3. explain the accelerator theory; 4. outlinethe factors that account for the volatility of investment.CONTENT 1. Investment (induced and autonomous). 2. (a)Marginal efficiency of capital (investment demand as a function of expected rate of return). b) Marginal efficiency of investment (non-interest rates as determinants of investment demand, taxes, costs, stock of capital goods on hand expectations). 3. Accelerator theory of investment. 4. Determinants of investment: a) The accelerator; b) Durability; c) Irregularity of innovation; d) Variability of profits, expectations and interest rates. UNIT 2 MODULE 1: MODELS OF THE MACROECONOMY (cont’d) Suggested Teaching and Learning ActivitiesTo facilitate students’ attainment o f the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, teachers should pay special attention to the rules of accounting working from the GDP down to consumption and savings. Teachers should also deal with the concepts such as market price and factor costs, as well as real GDP and normal GDP. Make use of the circular flow diagram from the closed economy to the open economy. 2. For topic 2, Classical Models of the Macroeconomy, teachers should use graphs to emphasize flexibility and the automatic return to equilibrium. . For topic 3, teachers could demonstrate the operation of the multiplier by using data to show the successive rounds of spending. Calculations and graphical representations of the multiplier are required. 4. Use the 45 ° line and average demand and average supply to show inflationary and deflationary gaps. 5. For topic 4, Investment, teachers may use tables to illustrate and expla in the accelerator, that is, the necessity to increase expenditure, constantly, for investment. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES GENERAL OBJECTIVES On completion of this Module, students should: nderstand the reasons why an economy may be characterised by unemployment and how intervention may be used to improve economic performance; appreciate the role of the Central Bank in the economy; understand monetary and fiscal policy and their applications; understand the nature and burden of the national debt. SPECIFIC OBJECTIVES TOPIC 1: Unemployment and Inflation Students should be able to: 1. explain what is meant by the labour force; 2. explain the unemployment rate; 3. distinguish between unemployment and underemployment; 4. evaluate the costs of unemployment; 5. explain the causes of unemployment; 6. valuate the policies used to reduce unemployment; 7. explain the causes of inflation; 8. distinguish between real and nominal variables; 9. explain how inflation is me asured; 10. explain the causes of inflation; 11. evaluate the effects of inflation; UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 12. evaluate the policies used to combat inflation; 13. explain the relationship between the unemployment rate and inflation. CONTENT 1. Employed and unemployed. 2. The unemployment rate. 3. Unemployment and underemployment. 4. The effect on output, income and growth: additional financial burden on the state; social costs. . Labour immobility, other market imperfections, structural changes in the economy, inadequate aggregate demand, increase in labour force participation rate, seasonality, intervention. 6. Fiscal policy, monetary policy, wage subsidies, retraining programmes, investment tax credit, employment tax credit, government employment programmes, reducing market imperfections. 7. Inflation: general price level. 8. Real and money wages: a) real and nominal GDP; b) real and nominal interest rate. 9. The GDP deflator; the reta il price index; the producer price index. Calculations and limitations of the indices. 10.Demand shocks, supply shocks, increase in the money supply growth rate. 11. The costs and benefits of inflation: the impact of redistribution of wealth; impact of business activity and growth, impact on the balance of payments. 12. Income policy, monetary policy, fiscal policy and supply side measures. 13. Trade-off between inflation and the rate of unemployment: Phillips curve – stagflation. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) SPECIFIC OBJECTIVES TOPIC 2: Monetary Theory and Policy Students should be able to: 1. explain the concept of money; 2. outline the functions of money; 3. explain the demand for money; . explain the supply of money; 5. explain monetary policy; 6. explain how the money supply is controlled; 7. explain how money is created in the banking system; 8. explain why residents substitute foreign for domestic currency; 9. explain the Quantit y Theory of Money; 10. outline the types of monetary policy; 11. describe the effects of monetary policy on national income; 12. evaluate the limitations of monetary policy. CONTENT 1. (a)The meaning of money. (b)Types of money: token and commodity. 2. Functions of money. 3. (a)Liquidity Preference Theory. (b)Motives for holding money (transactions, precautionary, speculative). UNIT 2MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 4. The money supply (M1, M2). 5. Monetary policy – expansionary and contractionary policies. 6. (a)The role of the central bank in creating high-powered money (monetary base). (b)Instruments of monetary control: i) open market operations; ii) discount rates; iii) financing fiscal deficits; iv) reserve requirements; v) moral suasion; vi) interest rates. 7. (a)Excess reserves. (b)Credit creation. (c)The money multiplier. 8. The nature of currency substitution and hoarding. 9. The Quantity Theory of money. 10. (a)Tight monetary policy (in flation). (b)Easy monetary policy (unemployment). c)Balance of payments. 11. How monetary policy affects national income. 12. Limitations of monetary policy including the fact that it is: a) permissive, not compelling and only creates the environment; UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) b) difficult to control the money supply of foreign-owned commercial banks; c) difficult to eliminate lags in monetary policy; d) weakened by fiscal indiscipline. SPECIFIC OBJECTIVES TOPIC 3: Fiscal Policy Students should be able to: 1. explain the concept of fiscal policy; 2. outline the goals of fiscal policy; 3. explain the nature of the budget; 4. xplain the balanced budget multiplier; 5. outline methods of financing budget deficits; 6. evaluate the limitations of fiscal policy; 7. distinguish between discretionary and non-discretionary fiscal policy. CONTENT 1. The meaning of fiscal policy. 2. Fiscal policy as a means of addressing: a) aggregate demand; b) unempl oyment; c) inflation; d) balance of payments. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) 3. The nature of the budget: a) taxation, revenue, transfer, expenditure; b) budget surplus and budget deficit; c) balanced budget. 4. Explanation of the balanced budget multiplier. 5.Methods of financing budget deficits including external and domestic borrowing. 6. Lags and potency of fiscal policy. 7. (a)Expansionary and contractionary. (b)Automatic stabilizers. Specific objectives TOPIC 4: Public Debt Students should be able to: 1. explain the national debt; 2. explain the cause of the national debt; 3. evaluate the effects of the national debt on the economy; 4. explain the burden of the national debt; 5. evaluate ways of reducing the debt burden; 6. interpret the debt service ratio; 7. calculate the debt service ratio. UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d) CONTENT 1. The national debt: ) stock/flow; b) fiscal indiscipline; c) domestic and foreign debt. 2. The causes of the national debt. 3. The effects of the national debt on the economy: a) output and investment decisions; b) exchange rate pressures; c) inflation; d) crowding out and crowding in. 4. The responsibility for debt repayment. 1. Management of the national debt: a) internal and external borrowing; b) taxation; c) debt rescheduling; d) debt forgiveness. 2. Interpretation of the debt service ratio. 3. Calculation of the debt service ratio (principal plus interest as a percentage of export). UNIT 2 MODULE 2: MACROECONOMIC PROBLEMS AND POLICIES (cont’d)Suggested Teaching and Learning Activities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in the teaching and learning activities listed below. 1. For topic 1, Unemployment and Inflation, teachers should use the Phillips Curve to show the relationship between the unemployment rate and inflation rate. 2. For topic 2 (money multiplie r), show the various rounds in the money expansion process as done in the multiplier. Use Central Bank Acts and Reports for data gathering. 3. For fiscal policy, there is no need for students to derive the balanced budget multiplier.This should only be explained. 4. Teachers should emphasize the causes of the national debt and the burden it places on future generations. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS GENERAL OBJECTIVES On completion of this Module, students should: 1. understand the basic concepts of growth and development; 2. understand the impact of imports and exports on the macroeconomy; 3. understand the balance of payments accounts and appreciate the causes and consequences of balance of payments crises; 4. become aware of the benefits and costs derived from current integration arrangements, such as CARICOM, FTAA and the EU; . understand the role and functions of international economic institutions. SPECIFIC OBJECTIVES TOPIC 1: Growth and Sustainable Development Students should be able to: 1. distinguish between growth and development; 2. explain the concept of sustainable development; 3. outline the factors that determine growth; 4. outline the factors that contribute to sustainable development; 5. explain the concept of human development; 6. anaylse the structural characteristics of Caribbean economies; 7. analyse the impact of the region’s structural characteristics on sustainable economic development. UNIT 2MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) CONTENT 1. Differences between growth and development. 2. Current growth versus the well-being of future generations. 3. Differences between exogenous (technical change) and endogenous growth (capital accumulation, human capital). 4. Economic, social and environmental factors. 5. Indices of human development including mortality rates, literacy, per capita income, life expectancy. 6. Structural characteristics of Caribbean ec onomies including: a) small size; b) openness; c) composition of exports; d) resource base; e) poverty; f) economic dependence. . Implications for regional economies: a) dependence on aid; b) preferential trade agreements; c) foreign direct investment (FDI); d) vulnerability to natural and man-made change; e) changes in world prices. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 2: International Trade Students should be able to: 1. analyse the role of imports and exports in a small open economy; 2. outline the factors that influence exports and imports; 3. explain the effects of foreign exchange earnings on a small open economy; 4. explain the theory of comparative advantage; 5. valuate the arguments for protection; 6. evaluate the arguments for Trade Liberalisation; 7. outline methods of trade protection; 8. explain the commodity, terms of trade; 9. interpret changes in the commodity terms of trade; 10. calculate the commodity, terms. CONTENT 1. The role of exports in creating domestic income and the role of imports in generating income for foreigners. 2. The factors which determine exports and imports including: a) international price; b) domestic production; c) domestic prices and exchange rates; d) international economic activity as it affects the tourism market in the Caribbean; UNIT 2MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) e) shifts in international demand and the emergence of substitutes; f) changes in International Income. 3. Foreign exchange earnings from exports: a) access to capital goods; b) the export multiplier; c) access to consumer goods; d) increased domestic production. 4. The theory of comparative advantage. 5. Arguments for protection including: a) infant industries; b) employment; c) food security. 6. Arguments for Trade Liberalisation including access to technology, availability of cheaper goods and services. Application of the theory of comparative advantage. . Methods of protection including: tariffs, quotas and other non-tariff methods. 8. Explanation of the commodity terms of trade. 9. Interpretation of changes in the commodity terms of trade. 10. Export price index divided by import price index multiplied by 100. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 3: Balance of Payments and Exchange Rates Students should be able to: 1. explain the balance of payments; 2. distinguish between the current account and capital account; 3. analyze the causes and consequences of balance of payments disequilibria; 4. utline the policy measures for correcting balance of payments disequilibria; 5. explain exchange rates; 6. explain exchange rates determination; 7. distinguish between fixed and floating exchange rate regimes; 8. describe the effects of the exchange rate changes. CONTENT 1. Explanation of the balance of payments. 2. Capital items and current it ems. 3. The causes and consequences of balance of payments – disequilibria. 4. Policy responses to balance of payments crises including: a) devaluation; b) expenditure switching; c) expenditure reducing measures. 5. Explanation of exchange rates. 6.Determination of exchange rates. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) 7. Fixed and floating exchange rate systems (fixed, free floating and managed float). 8. The effects of exchange rate changes. SPECIFIC OBJECTIVES TOPIC 4: Economic Integration Students should be able to: 1. explain the main forms of economic integration; 2. evaluate the costs and benefits of economic integration; 3. evaluate the objectives of Caribbean integration; 4. analyse the implications of international integration arrangements for Caribbean economies. CONTENT 1. Main forms of economic integration, including: ) free trade area; b) customs union; c) common market; d) economic union. 2. The costs and benefits of economic integration including trade creation and trade diversion. 3. The objectives of CARICOM and the rationale for the CARICOM Single Market and Economy (CSME). 4. The significance of integration movements, for example European Union (EU) and the North American Free Trade Agreement (NAFTA) for Caribbean Economies. UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) SPECIFIC OBJECTIVES TOPIC 5: International Economic Relations Students should be able to: 1. xplain the role and functions of the World Trade Organisation (WTO); 2. explain the role of international financial institutions (IFI’s); 3. explain the term multinational (transnational) corporation; 4. explain the nature of foreign direct investment; 5. outline the potential benefits and disadvantages of foreign direct investment; 6. explain the term globalisation; 7. describe the factors responsible for globalisation; 8. evaluate the effects of globalisation on developing countries . CONTENT 1. The role and functions of the WTO. 2. The role of the IMF and World Bank in the International Financial System. . Explanation of multinational (transnational) corporation. 4. The nature of foreign direct investment. 5. Potential benefits and disadvantages, including: a) access to technology and capital; b) access to markets; c) access to management skills; d) repatriation of profits; UNIT 2 MODULE 3: GROWTH, SUSTAINABLE DEVELOPMENT AND GLOBAL RELATIONS (cont’d) e) transfer pricing; f) crowding out of domestic businesses. 6. The concept of globalisation. 7. Forces driving globalisation, for example, technological innovation, trade liberalisation, and liberalisation of capital markets. 8.Implications of globalisation for developing countries with particular reference to the greater Caribbean (greater competition, access to markets, access to technology, cheaper prices and greater variety of goods, loss of preferential markets). Suggested Teaching and Learning Activ ities To facilitate students’ attainment of the objectives of this Module, teachers are advised to engage students in examining the structure of the economies of the Caribbean and the problems of imports and exports using international partnership agreements and policies. Teacher should ensure that students could distinguish among; ) Terms of Trade; b) Balance of Trade; and c) Balance of Payments. ? OUTLINE OF ASSESSMENT Each Unit of the syllabus will be assessed separately. The same scheme of assessment will be applied to each Module in each Unit. Grades will be awarded independently for each Unit. Candidate assessment on each Unit will comprise two components: i) External Assessment undertaken at the end of the academic year in which the Unit is taken. This component contributes 80% to the candidate’s overall grade. ii) Internal Assessment undertaken throughout the course of the Unit. This contributes 20% to the candidate’s overall grade. EXTERNAL ASSESSMENT | (80%) | |Paper 01 |Forty-five multiple-choice items, fifteen (15) on each Module. |30% | | |(1 hour 30 minutes) | | | | |Paper 02 |The paper consists of three (3) sections comprising six (6) questions spread across |50% | | |(2 hours 30 minutes) |all Modules in the Unit.Each section contains two (2) essay type questions from which| | | | |candidates are required to attempt one (1). | | | | | | |INTERNAL ASSESSMENT FOR EACH UNIT | | |